Molybdenum News Center

Rio Tinto Will Sell Its Northparkes Copper Mine to China Molybdenum

Rio Tinto has agreed to sell its majority stake in the Northparkes copper mine in Australia for $820 million to China Molybdenum Co Ltd, a Chinese firm making its first foray offshore and into copper.

The purchase marks the biggest Chinese mining deal since China Guangdong Nuclear Power Corp won control of the Husab uranium project in Namibia for about $2.3 billion last year.

As Beijing turned cautious on approving overseas acquisitions after splashing billions of dollars on iron ore projects in Australia that have yet to generate returns.
 

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