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.