London - Global miner Rio Tinto said on Wednesday it has agreed to sell its coal assets in Mozambique to International Coal Ventures Private Limited (ICVL), a joint venture of Indian companies, for $50m.
The sale of Rio Tinto Coal Mozambique, which comprises the Benga coal mine and other projects in the Tete province ofMozambique, is subject to certain conditions and to regulatory approvals and is expected to be completed in the third quarter this year.
ICVL is a joint venture set up by the Indian government for the acquisition of coal assets overseas to meet the coal needs of some state-owned companies.
The companies in the joint venture are Steel Authority of India Limited, Coal India, Rashtriya Ispat Nigam, National Minerals Development Corporation and National Thermal Power Corporation.
Rio acquired the Mozambican assets in 2011, when it bought Riversdale Mining.