SYDNEY: A company run by Indonesian billionaire Anthoni Salim has agreed to buy Australian coal assets from Rio Tinto Group for US$224mil, expanding in an industry suffering from a global glut and plunging prices.
The sale of the Mount Pleasant coal project in New South Wales to MACH Energy Australia Pty also includes potential royalties in the future, Rio said yesterday. The deal follows Rio's agreement last year to sell a stake in the Bengalla coal venture in Australia to New Hope Corp for US$606mil and brings its asset sales to US$4.7bil over the past three years.
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