Mining Journal reported that Rio Tinto has appointed banks to manage the sale of as much as USD 10 billion worth of mines and plants. Rio said on January 16th 2008 that it plans to sell USD10 billion worth of assets in 2008.

The report cited Mr Guy Elliot finance director of Rio as saying that "Sales programs are under way. We are finding that strategic buyers are queuing up for each and every one of those businesses.”

Mr Elliot said “Losses from the collapse of the sub prime mortgage market in the US would not affect potential buyer’s ability to raise money to acquire assets.”

Rio Tinto drew up a USD 30 billion list of possible sales in November as part of its plan to repel BHPB. The assets for sale include base metals mines and uranium projects in Australia and the US, as well as some of the businesses acquired through its USD 38.1 billion purchase of Alcan Inc.