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.
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-ReutersFund 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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