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Marketplace News|
Thursday, December 1, 2005 - Web posted at 6:56:54 GMT Rio Tinto rakes in US$170m profit SYDNEY - Rio Tinto has sold its 14,5 per cent stake in Papua New Guinea miner Lihir Gold Ltd. at a nine per cent discount for A$399 million, more than doubling its investment in 10 years. |
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The sale to Citigroup comes as gold - used as an inflation hedge and in jewellery, electronic and medical applications - sits near 18-year highs around US$500 (N$3 250) an ounce and amid consolidation in the sector. Fund managers said Citigroup, which declined to comment, is selling the Lihir shares on to institutions, looking for offers between A$2,15 and A$2,20 a share. - Nampa-Reuters |
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