Sumitomo, Glencore to buy 50.1 pct stake in Clermont mine from Rio Tinto

TOKYO Fri Oct 25, 2013 6:04am EDT

TOKYO Oct 25 (Reuters) - Japan's Sumitomo Corp said on Friday it and Glencore Xstrata PLC will buy a 50.1 percent stake in the Clermont coal mine in Australia from Rio Tinto for $1.015 billion.

The acquisition is subject to customary closing conditions, including certain regulatory approvals, and is expected to close during the first quarter of 2014.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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