Shares of Rio Tinto plc (ADR) RIO were trading lower by around 1 percent on Wednesday despite the company's announcement of an asset sale.
Rio Tinto said in a press release it has reached an agreement to sell its Mount Pleasant thermal coal assets to MACH Energy Australia Pty Ltd for $224 million and additional royalties.
Rio Tinto added that when combined with the sale of its interest in the neighboring Bengalla coal Joint Venture, the sale proceeds amounts to $830 million. The company also noted it has announced and/or completed $4.7 billion worth of divestments since January 2013.
Rio Tinto Copper & Coal chief executive Jean-Sébastien Jacques said "These agreements for over US$800 million in asset sales deliver significant value for our shareholders, with the potential for future royalties from Mount Pleasant.
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