Rio Tinto sold its stake in Rössing Uranium Limited to CNUC for $106.5m.

Rio Tinto, an Anglo-Australian multinational and one of the world's largest metals and mining corporations, sold its stake in Rössing Uranium Limited, owner of a uranium mine in Namibia, to CNUC, a Chinese Government owned corporation involved in prospecting, and eventually mining, overseas sources of uranium, for $106.5m. The total consideration comprises an initial cash payment of $6.5m, payable at completion, and a contingent payment of up to $100m following completion. The contingent payment is linked to uranium spot prices and Rössing's net income during the next seven calendar years. In addition, Rio Tinto will receive a cash payment if CNUC sells the Zelda 20 Mineral Deposit during a restricted period following completion. The total consideration is subject to a maximum cap of $106.5m. Rio Tinto chief executive J-S Jacques said "The sale of our interest in Rössing once again demonstrates our commitment to strengthening our portfolio and focussing on our core assets, which deliver sector leading returns in the short, medium and long term."