Rio lifts force majure on two Australian coal mines

The offer price of as much as A$1.20 cash per share implies a fully diluted equity value for Red Hawk of A$254 million ($160 million).

The project is subject to Quebec’s provincial environmental and social impact assessment (ESIA) processes.

The Rio Tinto-Glencore merger appears stalled and a BHP-Anglo American tie-up is indefinitely postponed, but copper mining is already top heavy.

Organizations representing firms including Glencore and a unit of Anglo American are negotiating the terms of the pacts with Transnet.