Rio Tinto ofloads Winchester South, larger deals still to come

Rio Tinto confirmed completion of the sale of its 75% share of the Winchester South coal development project in Queensland, Australia, for an up-front $150m cash.

Buyer Whitehaven Coal Limited will make a further unconditional cash payment of $50m in 12 months' time.

Rio Tinto is also selling its interests in the Kestrel underground mine, the company's remaining Australian coal asset, for $2.25bn, and has agreed to offload its 82% interest in the Hail Creek coal mine and 71.2% of the Valeria coal development project in Queensland, Australia for $1.7bn.

These remaining sales are expected to complete during the second half of 2018.