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Rio Tinto to sell coal assets to China's Yancoal

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Coal trucks inside Rio Tinto's Hunter Valley operations in Lemington, north of Sydney, Australia. The company says the Yancoal offer included "a faster and more certain timetable", closing the transaction in the third quarter of 2017.

Sydney

RIO Tinto shareholders approved the sale of a suite of Australian coal assets to China-backed Yancoal Australia for US$2.69 billion, ending a bidding war with commodities trader Glencore.

The sale was approved by 97 per cent of shareholders of Rio Tinto's UK and Australian-

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