Rio Tinto Coal Mozambique operations include the Benga coal mine and other projects in the Tete province.
The company said it will continue to operate the mines to the highest safety and environmental standards until the transaction is completed.
The completion of the transaction is subject to certain conditions and regulatory approvals. The deal would be completed in the third quarter this year.
Rio Tinto gained control of the assets in 2011 when it purchased Riversdale Mining for $4bn; however, the company wrote down the assets value by $3bn in 2013.
ICVL is a consortium comprising Steel Authority of India, Rashtriya Ispat Nigam, NMDC, Coal India and NTPC, and was established to acquire coking coal mines overseas.
Rio Tinto’s 50.8%-owned Turquoise Hill Resources has reached an agreement with National United Resources to sell 29.95% stake in Mongolia coal mining firm SouthGobi Resources in a C$25.5m ($23.5m) deal.
Image: Rio Tinto Coal Mozambique operations include the Benga coal mine and Tete coal projects. Photo: © 2014 Rio Tinto.
