By Mike Cherney

SYDNEY--Mining giant Rio Tinto said Monday it would sell its stake in a Namibian uranium mine to a Chinese buyer for up to US$106.5 million (A$147 million).

The deal to sell Rio's 68.62% stake in Rössing Uranium Ltd. to China National Uranium Corp. still needs to be approved by the Namibian Competition Commission, but is expected to be completed in the first half of 2019.

Rio will get an initial cash payment of US$6.5 million and a contingent payment of up to US$100 million. The contingent payment is linked to uranium spot prices and Rössing's net income during the next seven calendar years.

Rio said the deal reflects a focus on its core assets.

Write to Mike Cherney at mike.cherney@wsj.com

(END) Dow Jones Newswires

November 25, 2018 23:39 ET (04:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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