posted on Jul, 30 2014 @ 04:11 PM
I just picked this up on the morning news:
SYDNEY— Rio Tinto RIO.LN -1.18% PLC has agreed to sell its Mozambique coal assets to an Indian investment group for $50 million, marking the
end of one of the mining giant's costliest deals during the commodities boom.
Rio acquired the troubled coal business in 2011 through its $3.7 billion takeover of Riversdale Mining Ltd., as coal prices were rocketing on
ballooning demand from Asia and supply disruptions in major coal-producing countries.
International Coal Ventures Private Ltd. has agreed to buy the business that, alongside the 2007 acquisition of Alcan Inc., was one of two
ill-timed acquisitions by Rio that led to last year's departure of former Chief Executive Tom Albanese.
LONDON/SYDNEY, (Reuters) - Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just
$50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector.
Is this a definitive sign for the coming of the economic bubble burst that we have been warned about?
one must wonder.
edit on 30-7-2014 by PLAYERONE01 because: (no reason given)
edit on 30-7-2014 by PLAYERONE01 because: (no