Today Rio Tinto Ltd [ASX:RIO] have dropped by 4.85% in share value.
Despite the drop Rio Tinto are trading at a much higher value, as in March last year their shares were trading at $60.46, now they are worth significantly more, trading at $73.50 a share.
Rio’s market cap is valued at $127.647 billion and enterprise value stands at $135.49 billion.
They have a 21.89% profit margin and are operating at a 28.96% margin.
Founded in 1959, Rio Tinto is a huge mining company which operates across locations all around the world.
Rio Tinto continues to sell more coal assets
Rio has sold 75% of its interest in the Winchester South coal project located in Queensland to Whitehaven Coal for a total of $260 million.
The Winchester South mine is a large and undeveloped coal project located near Moranbah. It contains 356 million tonnes of coal and is predicted to produce thermal coal products once fully developed.
Australian Mining reported that Rio Tinto Chief Executive, Jean-Sébastien Jacques, stated:
‘We believe this agreement for the sale of Winchester South represents the best option for the future development of the project while delivering attractive value for Rio Tinto as we continue to streamline our portfolio.’
Other deals for Rio Tinto
Rio has recently entered an agreement with Glencore for the sale of its complete interests in the Valeria coal development and Hail creek coal mine for a total of $1.7 billion.
For Money Morning
PS: Rio and many other Aussie mining giants can potentially be a great go-to investment. But that’s not always the case, as they could potentially burst at their peak. Jason from Money Morning has constructed an article titled ‘The Top 10 Australian Mining Stocks for 2018’, which outlines the strongest mining stocks.