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Subject Rio sells African uranium mine to China

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Rio Tinto has agreed to sell its controlling stake in the Rössing uranium in Namibia to a state-backed Chinese company, marking the latest sale of an unwanted asset by the Anglo-Australian group.

Rio could pocket as much as $106.5m from the sale of its 69 per cent stake to China National Uranium Corporation (CNUC) depending on the profitability of the mine and the price of uranium between now and 2025.

The nuclear fuel has been one of the best performing commodities of 2018, rallying 45 per cent from its April low, boosted by a string of mine closures. This has forced producers to buy uranium in the spot market to fulfil long-term sales contracts.

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