MIM to buy Rio's Moura coal mine stake

MIM Holdings has confirmed market speculation that it has had its eye on the Moura coal mine in Queensland, announcing a deal this morning that would see it pay US$166 million (A$326 million) for Rio Tinto's 55% stake in the operation.

The initiative, which remains subject to pre-emptive rights held by 45% owner Mitsui, will be partly funded by a A$275 million equity placement.