Glencore has reached an agreement to acquire Rio Tinto's 82% interest in the Hail Creek coal mine in Queensland, Australia, as well as other resources, for a total cash consideration of $1.7 billion, it said on Tuesday March 20.
The transaction also includes adjacent coal resources, as well as Rio Tinto's 71.2% interest in the Valeria thermal coal resource in central Queensland, Australia. The remaining 18% of Hail Creek is currently owned by Nippon Steel Australia (8%), Marubeni Coal (6.67%) and Sumisho Coal Development (3.33%). Each joint venture partner has the right to sell its share...