Rio Tinto to sell coal assets to China's Yancoal

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-listed shares, Rio Tinto said on Thursday in a statement to the Australian stock exchange.