Rio Tinto sells Clermont Mine RIO Tinto has agreed to sell its majority stake in its Clermont coal mine, in central Queensland for more than $1 billion. The mining giant will sell its 50.1 per cent stake in the Clermont mine to GS Coal, a joint venture owned by Glencore Xstrata and Sumitomo Corporation for $US1.015 billion ($A1.06 billion). Rio has announced or completed $US2.91 billion of divestments since the start of 2013. Chief executive Chris Lynch said the sale was in the best interests of shareholders. "The sale of Clermont Mine will allow us to realise value for our shareholders as we continue optimising our portfolio," he said. It also demonstrates our focus on strengthening our balance sheet and taking a disciplined approach to allocating capital across the group. Glencore will take over operating and marketing of the mine, which is Australia's third largest thermal coal mine. The sale is expected to be completed by the first quarter of 2014.