Rio Tinto has sold its controlling stake in the Northparkes copper-gold mine in New South Wales to China Molybdenum for $820m, as part of a move to reduce debt.
But the Anglo-Australian mining company faced a fresh setback in Mongolia where it announced a delay to the timetable for a $5bn expansion of its Oyu Tolgoi copper mine, one of the largest projects Rio is developing.
Rio’s 80 per cent stake in Northparkes is one of several assets intended to be sold as the group tries to protect its prized single-A credit rating.
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