Rio Tinto and Anglo American have agreed to sale off their stake in Palabora Mining to a joint South African and Chinese consortium.
The sale of Rio Tinto's 57.7% stake is valued at US$373 million, and has been bought by a joint venture group consisting of the Industrial Development Corporation of South Africa, the Tewco Group, Hebei iron & Steel Group, and General Nice Development.
Anglo is also offloading its 16.8% stake in the group.
However the sale of the copper mine is still subject to approval in South Africa and China, which may take six months in total.
Guy Elliot, Rio's CFO, said "Palabora is a good business but is no longer a natural fit within Rio Tinto's portfolio; selling our stake reflects Rio Tinto's policy of continually reviewing our portfolio to generate best value.
"I expect Palabora to continue prospering under its new ownership. During the transition we will continue to run the operations efficiently and safely".