Rio Tinto sells Bemis for $1.2bn

Global mining firm Rio Tinto agreed yesterday to sell its Americas food-packaging assets for $1.2 billion to packaging group Bemis, raising yet more much-needed cash for the indebted mining company.

Rio Tinto, which only last week raised $15.2 billion in one of the world’s largest-ever rights issues, said it had sold the assets for $1 billion in cash, with the rest potentially paid in the form of shares in US-listed Bemis. – (Reuters)