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Rio Tinto again terminates $10 million coal project buy

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21/11/2008 - Rio Tinto Ltd has again terminated the $10 million purchase of a majority stake in the Broughton coal project adjacent to its Hail Creek mine in Queensland.

Queensland Coal Pty Ltd (QCPL), a Rio Tinto subsidiary, has withdrawn from a proposal to acquire a 90 per cent stake in the project from Eastern Corporation Ltd.

Rio Tinto Coal Australia proposed buying the stake in January before terminating the deal two months later after due diligence.

QCPL then proposed to buy the stake in September for the same amount before walking away from the transaction on Thursday.

Source: AAP NewsWire

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