Rio Tinto to sell Coal & Allied to Yancoal for up to $2.45bn

Mining major Rio Tinto has agreed to sell its Coal & Allied subsidiary to Yancoal Australia for up to $2.45-billion. The binding agreement allows for an initial $1.95-billion cash payment upon the completion of the transaction in the second half of 2017, followed by $500-million in deferred cash payments to be settled in five yearly instalments of $100-million.