The week so far - Rio Tinto, Glencore, London Mining

Thursday, 9 October, 2014

Quick round up of market news we pulled up yesterday. First up,  Rio Tinto has completed the sale of its Mozambique coal assets to Indian company International Coal Venture Private Ltd (ICVL). More here on Mining.com.

The deal (which was flagged in July) covers the Benga mine and other coal projects in Tete province and closes a bit of a sorry chapter for the mining giant; but Rio Tinto's other assets in Mozambique continue as before.

In linked market news we also heard this week that the company had rejected a takeover from Glencore, but (via an interesting profile in the NYT) you do rather get the sense that Glencore and redoubtable CEO Ivan Glasenberg may well not give up quite yet.

Finally, by way of contrast: London Mining shares are now.according to the company, “worthless.”.

ENDS

http://www.mining.com/rio-tintos-3-7bn-mozambique-coal-business-sold-for...
http://dealbook.nytimes.com/2014/10/07/glencores-glasenberg-pursues-rio-...
http://www.mining.com/london-mining-shares-worthless-due-to-funding-fear...