Rio Tinto said it had completed the sale of its 50.1% interest in the Clermont Joint Venture to GS Coal, a company jointly owned by Glencore and Sumitomo Corporation.

Glencore’s immediate focus will be reviewing operations as part of the integration process and investigating synergies in production and marketing with the company’s existing operations in Queensland, according to the company.

“We made this investment as we believe Clermont is a strong asset that will complement our existing operations and marketing capabilities,” a Glencore spokesman told ICN.

“As with any acquisition we make, we will as a matter of course review operations at the mine in the months ahead – as we are doing at all our sites in the current challenging economic conditions – but a strong and committed workforce is central to the mine’s ongoing success.”

Glencore said the acquisition reflected its focus on identifying high quality assets that complemented existing operations and marketing capabilities.

“It is a producer of high energy thermal coal, with minimal future capital requirements,” the Glencore spokesman said.

Last October, Glencore and JV partner Sumitomo signed a binding agreement to acquire a majority shareholding in Clermont.

The transaction has received all relevant regulatory approvals.

Rio Tinto said it remained committed to a long-term future in the Australian coal industry, where its mines provided work for more than 5000 people in Queensland and New South Wales.

A $2 billion extension of its Kestrel coal mine in Queensland was completed last year and studies are underway into options to extend the life of Hail Creek mine, subject to future investment decisions.

“The sale of Clermont mine delivers good value for Rio Tinto’s shareholders,” it said.

“It demonstrates the group’s focus on strengthening its balance sheet and taking a disciplined approach to allocating capital.”