Rio Tinto Agrees Sale Of Interest In Northparkes - Quick Facts

(RTTNews) - Mining giant Rio Tinto plc (RIO, RIO.L, RTNTF, RTPPF) announced that it has agreed for sale of its 80 per cent interest in Northparkes to China Molybdenum Co., Ltd. for $820 million. The transaction is expected to close by the end of 2013.

"Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy," said Chris Lynch, Rio Tinto's chief financial officer.

The sale is subject to Rio Tinto's joint venture partners, Sumitomo Metal Mining and Sumitomo Corporation Mineral Resources, waiving or failing to exercise their pre-emption rights under the terms of the Northparkes Joint Venture Agreement, the company stated.