Market Chatter: Rio Tinto Gains 3.4% Amid Reports of Asset Sales To Bolster Balance Sheet

By Staff,

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Rio Tinto ( RIO ) ADRs are up 3.5% amid reports the Anglo-Australian miner is seeking to sell more assets to bolster its balance sheet.

Rio Tinto is looking to receive final bids for its Northparkes copper mine in Australia by the end of this month to raise up to $800 million through the sale, Forbes reported. The two companies believed to be in serious contention for Rio's Northparkes stake are Australia's Oz Minerals and China's MMG Limited, it said, citing unnamed sources.

Meanwhile, the company said it's selling a nickel- and copper-mining project in the U.S. for around $325 million in cash to Lundin Mining (LUN.TO), in the the first in a string of disposals, Barron's said.

The shares recently traded at $43.55, near the bottom of a 52-week range of $41.50 - $60.45.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: RIO

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