Rio sheds assets as Fortescue takes cash

Mar 09, 2009 (The Australian Financial Review - ABIX via COMTEX)-- Australian miner Rio Tinto has sold more assets while its proposed deal with Chinalco awaits approval. It will sell a coal mine in Wyoming in the US for $US761 million ($A1.2 billion). In 2009 so far, it has sold $US2.5 billion of assets. Fortescue Metals Group has agreed to Chinese steel maker Hunan Valin Iron & Steel raising its investment by $A86.8 million, giving it a stake of 17.4 per cent.