Rio Tinto Ltd, the world's third biggest miner, has completed the $US850 million ($A1.32 billion) sale of its undeveloped potash assets in Argentina and Canada to Brazilian group Vale.The global miner is attempting to reduce its debt and conserve cash by cutting capital spending, shedding about 14,000 jobs and increasing asset sales.
The potash divestment was part of a larger transaction with Vale that includes the sale of the Corumba iron ore mine in Brazil and an associated logistics operations in Paraguay.
Rio Tinto said the $US750 million ($A1.17 billion) Corumba sale is expected in the second half of 2009 when appropriate consents are received.
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