Rio Tinto sold its last coal mines in 2018, becoming the first mining major to go coal-free. Since then other mining companies have followed Rio Tinto’s lead and exited the coal industry; could the days of mining majors investing in coal be numbered? We round up the big names leaving coal behind.
Anglo-Australian mining major Rio Tinto is the world’s second-largest mining company, and the first big mining company to divest from coal. It completed its exit from coal in August 2018 with the sale of its assets in Queensland, Australia.
The company sold its interests in the Hail Creek coal mine and Valeria coal development project to British-Swiss multinational Glencore for A$1.7bn, as well as its 80% interest in the Kestrel underground coal mine to a consortium comprising EMR Capital and PT Adaro Energy for A$2.25bn.
This follows the company’s divestment of its 75% stake in the Queensland-based Winchester South coal development project in June 2018 to Whitehaven Coal for A$200m.
In September 2017, Rio Tinto completed the sale of its wholly-owned subsidiary Coal & Allied Industries to Yancoal Australia for A$2.69bn, following a protracted bidding war with Glencore.
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