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TRADE WARS
Rio sells mine stake to China-S. Africa consortium
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.

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TRADE WARS
US to press on trade in China talks
Washington (AFP) Dec 10, 2012
The United States said Monday it would press China on intellectual property rights and other key concerns as the world's two largest economies hold top-level trade talks next week. The Commerce Department said that Vice Premier Wang Qishan would visit Washington on December 18-19 for the annual Joint Commission on Commerce and Trade, the main US-China forum to discuss trade policies. US ... read more


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