China Molybdenum Buys Rio Tinto Australia Copper Mine
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- Category: Molybdenum's News
- Published on 30 July 2013
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The stake in Northparkes is one of several assets Rio has put up for sale as it aims to slash $5 billion in costs, pare debt and focus on its biggest, most profitable mines.
"Clearly there's a market for these assets," said Mike Harrowell, an analyst at broker BBY Ltd. BHP Billiton recently sold a copper mine in Arizona for a better-than-expected $650 million.
China Molybdenum (CMOC) was a surprise winner, as Australian copper miner OZ Minerals had been seen as the most likely buyer of the 80 percent stake in Northparkes after China's MMG Ltd dropped out of the race.
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