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Rio Tinto to sell stake in Australian coal mine to New Hope

Reuters

SYDNEY (Reuters) - Australian iron ore miner Rio Tinto (RIO.AX) on Wednesday said it has agreed to sell a 40 percent stake in its thermal coal mine to New Hope Corporation Ltd (NHC.AX) for $606 million.

Rio Tinto, advised by Deutsche Bank, has put all its coal stakes in the Australian state of New South Wales up for sale. Most industry observers had expected Glencore Plc (GLEN.L) to be the most likely buyer as it has coal mines in the same area but those prospects are fading as concerns over its debt mount.

Rio Tinto declined to comment on whether it was still looking to sell any of its other coal stakes in New South Wales.

(Reporting by Swati Pandey; Editing by Edwina Gibbs)