Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
by Staff Writers
Sydney (AFP) Dec 12, 2012
Anglo-Australian mining giant Rio Tinto said Wednesday it had sold its majority stake in South African copper producer Palabora for US$373 million to Chinese and South African interests.
A binding agreement had been reached to offload its 57.7 percent holding to a consortium led by South Africa's Industrial Development Corporation and Chinese state-run Hebei Iron and Steel Group, it announced.
"Palabora is a good business but is no longer a natural fit within Rio Tinto's portfolio," Rio chief financial officer Guy Elliott said.
"Selling our stake reflects Rio Tinto's policy of continually reviewing our portfolio to generate best value for shareholders.
"I expect Palabora to continue prospering under its new ownership. During the transition we will continue to run the operations efficiently and safely."
The sale is subject to regulatory approvals in South Africa and China, expected to take four to six months.
Global Trade News
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|