Brazil sell-off to slash debts at Rio Tinto

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The global miner said no approvals are required for the potash sale but regulators will have to give the green light to the sale of the Corumbá mine.

Rio will earn $850 million for the potash and $750 million for the iron ore mine, which will go towards reducing its debt burden.

Chief financial officer Guy Elliott said: "This is a very positive step towards meeting our commitment to reduce debt by $10 billion in 2009."

Meanwhile, Rio's uranium mining group, Energy Resources of Australia (ERA), says it expects prices to rise above average this year.

ERA produces more than 10% of the world's mined uranium. Spot prices have been gaining and the company believes this will be reflected in contract deals.