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Cloud Peak IPO to earn Rio Tinto $741m

SYDNEY
Sun Nov 22, 2009 5:09pm EST

Stocks

   

SYDNEY (Reuters) - Global miner Rio Tinto (RIO.AX) (RIO.L) expects to receive at least $741 million from the flotation of its U.S. coal-mining unit, Cloud Peak Energy (CLD.N), on the New York Stock Exchange, Rio said on Monday.

Cloud Peak Energy shares fell in their debut on Friday after its shares priced below expectations in the initial public offer. Rio Tinto retains a 48.3 percent stake in Cloud Peak.

(Reporting by Mark Bendeich; Editing by Jonathan Standing)


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