Australia-based
Rio Tinto, the world's second biggest iron ore producer, has announced that it has reached an agreement to sell its coal business in
Mozambique, which comprises the Benga coal mine and other projects in Tete province, to India-based International Coal Ventures Private Limited (ICVL) for US$50 million.
The assets were acquired by
Rio Tinto as part of its acquisition of Riversdale
Mining Limited in 2011.
The sale is subject to certain conditions precedent and regulatory approvals. The transaction is expected to close in the third quarter of the current year.