Anglo-Australian mining giant
Rio Tinto has announced that it has completed the sale of its Corumbá
iron ore mine in
Brazil and the associated river logistics operations to Brazilian-based miner
Vale for a cash consideration of
US$750 million.
Corumbá, located in the state of Mato Grosso do Sul,
Brazil, produced 2.0 million mt of
iron ore in 2008. The logistics assets enable Corumbá to be 70 percent self-sufficient in the transportation of
iron ore down the
Paraguay River.
As SteelOrbis previously reported,
Rio Tinto's Corumbá divestment, which was announced on 30 January 2009, was part of a larger transaction that included the Potasio Rio Colorado potash project in
Argentina and the Regina exploration assets in
Canada. The potash transaction, closed on February 5, 2009 for a cash consideration of
US$850 million.
Over the last 18 months,
Rio Tinto has announced asset sales of
US$6.6 billion including the Corumbá and potash transaction. In addition,
Rio Tinto has received a binding offer from Amcor for
US$2.025 billion for Alcan Packaging's global pharmaceuticals, global tobacco, food
Europe and food Asia divisions.
During 2008,
Rio Tinto announced divestments comprising the Greens Creek mine in Alaska for
US$750 million, its interest in the Cortez operation in Nevada for
US$1.695 billion and the Kintyre uranium project in Western
Australia for
US$495 million. Announced transactions in 2009 comprise
Rio Tinto's interest in the Ningxia aluminium smelter in
China for
US$125 million, its Jacobs Ranch coal mine in the United States for
US$761 million, Alcan Packaging Food Americas to Bemis Inc. for
US$1.2 billion and 56 percent of the Alcan Engineered Products cable division to Platinum Equity for an undisclosed amount.