Miner Rio Tinto has received a £209.2 million ($340 million) binding offer for its talc business from Imerys.
The sale of the talc business - which includes approximately 1,000 employees in 24 locations around the world - is subject to regulatory approval
Guy Elliott, chief financial officer, Rio Tinto said, 'The successful sale of our global talc business would deliver good value to our shareholders and remains aligned with our strategic focus on large scale assets.
'As a leading supplier of industrial minerals, Imerys is well positioned to enable the ongoing success of the talc business.'
The proposed sale is the latest of a number of divestments by Rio Tinto during the past year.