British-Australian mining giant Rio Tinto Group has agreed to sell its 80 percent stake in Northparkes, a copper and gold project located in New South Wales, to China Molybdenum Co. Ltd. The Henan-based company is one of the world’s largest producers of steel-making ingredients such as molybdenum and tungsten.
The deal, subject to regulatory and shareholder approvals, is expected to close by the end of the year. Japan’s Sumitomo Metal Mining and Sumitomo Corp., which own the remaining 20 percent interest in Northparkes, have the rights to match China Molybdenum’s offer.
King & Wood Mallesons Beijing partner Susan Ning and Sydney Paul Schroder are acting for the buyer.
Allens Sydney partners Richard Malcolmson and Richard Kriedemann are representing Rio Tinto.