November 26, 2018 / 3:55 AM / in 20 days

Rio Tinto to sell its stake in Rössing Uranium for up to $106.5 million

FILE PHOTO: A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David Gray

(Reuters) - Global miner Rio Tinto Ltd said on Monday it will sell its entire stake in Rössing Uranium Ltd to China National Uranium Corp Ltd for up to $106.5 million.

The sale of the 68.62 per cent stake in Rössing Uranium Ltd, which owns the Rössing mine in Namibia, ends a period of extensive strategic assessment, the miner said in a statement.

“The sale of our interest in Rössing once again demonstrates our commitment to strengthening our portfolio and focussing on our core assets,” Rio Tinto Chief Executive Jean-Sébastien Jacques said.

The deal is subject to certain conditions, including approval by the Namibian Competition Commission.

Reporting by Aditya Soni in Bengaluru

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