December 23, 2013 / 12:17 PM / 4 years ago

Rio Tinto mulls selling stake in Pebble owner Northern Dynasty

LONDON, Dec 23 (Reuters) - Global miner Rio Tinto said on Monday it is considering the sale of its stake in Canada’s Northern Dynasty, owner of the undeveloped Pebble copper-gold project in Alaska.

Rio, through a subsidiary, owns a 19.1 percent stake in Northern Dynasty, making it the largest single investor.

“Rio Tinto has advised the management of Northern Dynasty Minerals ... that it intends to undertake a strategic review, including a possible divestment, of its shareholding in Northern Dynasty,” the miner said.

Northern Dynasty’s partner in Pebble, Anglo American , pulled out in September, as part of its plan to cut the cost of future options and halve its $17 billion pipeline of potential mines.

Rio’s copper strategy is focused on its interest in four producing mines - Kennecott Utah Copper, Oyu Tolgoi, along with stakes in Escondida and Grasberg - and two development projects, La Granja in Peru and Resolution in Arizona.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below