Rio Tinto sells its stake in Namibian mine to CNUC

Mining giant Rio Tinto will sell its entire 68.62 percent stake in Rossing Uranium Ltd in Namibia for $106.5 million to China National Uranium Corporation Ltd, in order to focus on its core assets including iron, copper and aluminum, the company said on Monday.

The transaction, which is expected to be completed in the first half of 2019, is subject to certain conditions, including merger approval from the Namibian Competition Commission, it said.

The sale of Rio Tinto's interest in Rossing demonstrates the company's commitment to strengthening its portfolio and focusing on core assets, which deliver sector leading returns in the short, medium and long term, said Rio Tinto Chief Executive Jean-Sebastien Jacques.