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Rio Tinto nears exit from thermal coal with US$2.45b China deal

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Thermal coal prices surged last year after China introduced mining curbs. Australia's Newcastle coal, an Asian thermal benchmark, surged more than 80% in 2016, snapping five years of declines.

London

RIO Tinto Group moved closer to an exit from thermal coal after the world's second-biggest miner agreed to sell most of its mines to a company controlled by China's Yanzhou Coal Mining Co for US$2.45 billion.

Shares in both companies rose on Wednesday.

The sale, which

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