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Business deals

Rio Tinto sells African uranium mine to China

Deal paves way for shutting down money-losing uranium business

A sign shows the way to the Rio Tinto-owned Rossing Uranium Mine in the Namib Desert.    © Reuters

SYDNEY -- Global mining behemoth Rio Tinto will sell its stake in a uranium mine in Namibia to a Chinese state-owned player for up to $106.5 million in the latest move to focus on such resources as iron ore and aluminum.

Rio Tinto said on Nov. 26 that it has agreed to sell a 68.62% interest in Rossing Uranium, the owner of the Rossing mine, to China National Uranium Corp., a unit of China National Nuclear Corp. The transaction is slated to complete in the first half of 2019, following approval from the Namibian government. The sale price will be linked to such factors as uranium spot prices.

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