British-Australian Rio Tinto completed the sale of 75 percent of its interest in the Winchester South coal development project to Whitehaven Coal Limited in Queensland, Australia, the company announced on Friday.
'Total consideration of $200 million is comprised of $150 million in cash received today and an unconditional cash payment of $50 million due in 12 months,' the statement read.
According to the company, the completion of the sale of Rio Tinto's interests in the Kestrel and Hail Creek coal mines and Valeria coal development project - part of the Winchester project, are expected in the second half of 2018.
By Huseyin Erdogan
Anadolu Agency
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