Infignos Media -- buyersUSA Consulting
NOW PLAYING
15 Radio Streams
Click Here
Build your Business
Advertise Here

From Energy - Mining / Metals

Brought to you by Oxford Carpets Coldwater

A new depth of 1st quality luxury for your family at frugal prices! Always 50% less than our local competitors! Call Oxford Carpets Coldwater at 256-835-2155

Commitment

Rio Tinto Agrees Sale of Shareholding in Palabora

Wed, 12 Dec 2012 10:59:34 EST

Rio Tinto has reached a binding agreement to sell its 57.7 per cent effective interest in Palabora Mining Company Limited (Palabora) for US$373 million.

The purchaser is a consortium comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa Limited and Hebei Iron & Steel Group, who are committed to the ongoing sustainable management of Palabora.

The sale is subject to customary regulatory approvals in South Africa and China which are expected to take four to six months.

Guy Elliott, chief financial officer of Rio Tinto said "Palabora is a good business but is no longer a natural fit within Rio Tinto's portfolio. 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."

Note to editors:

The Consortium comprises the following parties (respective interests in brackets):

• Hebei Iron & Steel Group (35%), a leading international steel producer wholly-owned by the Chinese Government;
• The Industrial Development Corporation of South Africa Limited (20%), a development institution wholly-owned by the South African Government;
• Tewoo Group Co., Ltd (20%), a diversified group wholly-owned by the Chinese Government;
• General Nice Development Ltd (25%), a privately-owned Chinese trading company;

The purchase price is subject to customary adjustments upon closing.

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.


Source: WebWire



From Our Blogs

Naked Man Plus Home for Sale Equals Lots of Views

Adorable funny video featuring local actors...

Back-to-School Shopping on a Budget

To make the back-to-school season easier and more affordable, do get your game plan together.

How to Network Your Way to a Great New Job

Social media is not a substitute for face-to-face communication.

This School Year, Raise Grades with Online Learning Tools

There are great ways you can help make this school year the best one yet.


Sign up for our weekly newsletter.

Our Website Sponsors

Transformation Technologies

Improve your golf scores. View our free 16 minute golf course at golf.transformationsolutions.com

Oxford Lumber

Neighborhood service and warehouse prices since 1958. We're also proud to own and operate Roanoke Ace Home Center, Talladega Ace Home Center and Jacksonville Home Center. Oxford Lumber is located at 1400 Barry Street. Call 256-831-0540

Frontera Bar & Grill

Mexican quisine at it's finest. For lunch, dinner or take out, visit Frontera Bar & Grill 1750 Hamric Dr E Oxford, AL 36203? (256) 835-9905

Signature In Home Care

Our mission is to help seniors remain independent in their homes as long as possible by offering quality, affordable care. We can also provide a helping hand with activities of daily living. Call 1-877-777-1822 or 256-831-3250

Miller Funeral Home and Crematory

For pre-planning or immediate funeral services call us at 256-831-4611 or visit www.millerfuneralhomeoxford.com.