A change to the ownership structure of Coal & Allied completed on 3 February 2016 helped enable this transaction.
Rio Tinto, as a 100% of Coal & Allied, receives all consideration associated with the sale of Rio Tinto’s interest in the Bengalla Joint Venture.
It also holds a 67.6% interest with management rights in the Hunter Valley Operations mine and holds interests of 80% and 55.6% respectively, with management rights, in the integrated Mount Thorley and Warkworth operations.
It currently holds 100% interest in the Mount Pleasant project. On 27 January Rio Tinto announced it had reached a binding agreement for the sale of Mount Pleasant to MACH Energy Australia for $224 million plus royalties. The sale is expected to close in the second half of 2016.
Mitsubishi Development has moved from holding a 20% stake in Coal & Allied to holding a direct 32.4% stake in the Hunter Valley Operations mine.
