Rio to buy central highlands mine site in Queensland

It is reported that Rio Tinto is set to buy a new mine site in the Queensland central highlands. The Greenfield site is currently owned by Eastern Corporation Limited. As per report, Queensland Coal Pty Limited, which is a wholly owned subsidiary of Rio Tinto, has entered into an agreement with Eastern to buy its 90% interest, which is estimated to be worth about USD 10 million. A spokeswoman of Rio said that it was decided several years that it would try to sell the Broughton JV, but previous attempts had failed. Eastern had accepted the offer and has received a deposit. The sale is expected to be completed in December 2008. ---by steelguru