Brazil approves Rio Tinto's iron mine sale

Brazil approves Rio Tinto's iron mine sale

Mining giant Rio Tinto will sell its Corumbá iron ore mine to Brazil’s Vale SA for US$750 million (A$870.2 million), after receiving approval from the Brazilian government.

The Brazilian National Defence Council has vetted the sale, Rio Tinto said.

The mine forms part of a $1.6 billion package, which also includes a potassium project in Argentina and exploration assets in Canada, which Vale SA committed to buy in January.

Rio Tinto has secured asset sales of US$6.6 billion over the past 18 months. Last week, the company announced it had exported its three billionth ton of iron ore from its Australian operations.

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Tags rio tintoBrazilian National Defence Council

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