KKR (KKR) Takes Hard Look at Rio Tinto's (RIO) Northparkes Stake
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Rio Tinto (NYSE: RIO) is positive in early trading Moday following speculation that the company might be getting interest from KKR & Co. (NYSE: KKR) for its Northparkes copper-gold mine stake.
Rio Tinto currently holds an 80 percent stake in the mine. The stake might be worth as much as $1 billion, according to some analysts.
The move would be unusual for KKR, a private equity firm that normally invests in retail, financial services, and health care. The firm started a Natural Resources Fund in 2010, drawing about $1.2 billion from investors at the time.
Rio Tinto received the Northparkes stake after acquiring North Ltd. in 2000 for about $3.5 billion, noted the WSJ this morning.
Shares of Rio Tinto are up 1.5 percent early.
Rio Tinto currently holds an 80 percent stake in the mine. The stake might be worth as much as $1 billion, according to some analysts.
The move would be unusual for KKR, a private equity firm that normally invests in retail, financial services, and health care. The firm started a Natural Resources Fund in 2010, drawing about $1.2 billion from investors at the time.
Rio Tinto received the Northparkes stake after acquiring North Ltd. in 2000 for about $3.5 billion, noted the WSJ this morning.
Shares of Rio Tinto are up 1.5 percent early.
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