(MENAFN) China Molybdenum has reached a USD820 million deal with the global miner Rio Tinto to acquire 80 percent stake in Northparkes copper and gold mine in Australia, reported Xinhua Net.
Rio Tinto chief financial officer, Chris Lynch, said: "Rio Tinto will continue to manage Northparkes to the highest safety and environmental standards during the transition to the new owner", as the transaction will end by the end of this year.
Rio Tinto was confident of the mine prosperity in the future under the ownership of the giant China Molybdenum.
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