NEW YORK ( TheStreet) -- Rio Tinto (RIO) has agreed to sell an 80% stake in Australian gold and copper producer Northparkes to China Molybdenum for $820 million, striking its biggest deal since announcing a disposal program to strengthen its balance sheet and rid itself of smaller projects.The deal, announced Monday, July 29, is the second copper asset sale by Rio Tinto's new CEO Sam Walsh in quick succession after he agreed to offload Rio Tinto Eagle Mine to Lundin Mining (LMC) for $325 million in mid-June.
The Deal: Rio Tinto Sells Australian Copper Project to China Molybdenum
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