Rio Tinto Sells Stake in Coal Mine To Glencore Xstrata, Sumitomo for $1 Billion

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Rio Tinto is feeling less strapped for cash after “[agreeing] to sell its majority stake in Australia’s third-largest thermal coal mine to Glencore Xstrata and Japan’s Sumitomo Corporation for just over $1 billion, pushing ahead with plans to focus on larger, core operations,” reports The Economic TImes.

“The sale – for $1.015 billion in cash – will be a welcome boost for Rio’s plan to sell down unwanted assets, as the world’s third-largest miner pares debts of $22 billion, cuts costs and tries to meet shareholder demands for better returns.”

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The day’s biggest mover was the 3-month price of aluminum which dropped by 1.2 percent on Friday, October 25 to close at $1,847 per metric ton on the LME. The primary aluminum cash price weakened by 1.1 percent on the LME, settling at $1,801 per metric ton. Following a two-day drop, the Indian aluminum cash price increased by 0.6 percent.

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Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum flattened after two days of improvement. Chinese aluminum scrap stayed flat. The price of Chinese aluminum billet was essentially unchanged. The price of Chinese aluminum bar saw little movement.