Wed Apr 6, 2011 8:54am GMT
MELBOURNE, April 7 (Reuters) - Global miner Rio Tinto beat its target to secure a 47 percent stake in Riversdale Mining with its A$3.9 billion ($4 billion) takeover offer, and will pay its sweetened offer.
The offer of A$16.50 a share depended on it getting to at least a 47 percent holding in Riversdale by late on April 6. Otherwise it was set to pay A$16 a share.
Riversdale's two other key shareholders, India's Tata Steel and Brazil's CSN , have held on to their combined 47 percent stake. ($1 = 0.965 Australian Dollars) (Reporting by Sonali Paul and Ed Davies, sourced Thomson Reuters)
Showing posts with label Riversdale Mining Ltd.. Show all posts
Showing posts with label Riversdale Mining Ltd.. Show all posts
Wednesday, April 6, 2011
Thursday, March 10, 2011
Rio Tinto sweetens Riversdale bid to break stalemate
Thu Mar 10, 2011 1:18am GMT
* Offer raised to A$16.50 per share from A$16
* Rio maintains 50% acceptance limit for bid to go ahead
* Riversdale shares fall, 9 percent below offer value
* Rio says offer is final if no competing bids
MELBOURNE, March 10 (Reuters) - Global miner Rio Tinto raised its offer for Mozambique-focused coal miner Riversdale Mining to $3.9 billion in a final bid to woo key shareholders who have held up the deal and gain control of coveted coal assets.
Investors doubted the move would be enough to secure the 50.1 percent acceptances Rio wants and sent Riversdale's shares down as much as 2.4 percent.
"The market's clearly a bit skeptical that it will get across the line," said Peter Chilton, an analyst at Constellation Capital Management, which owns shares in Rio Tinto.
Rio Tinto raised its offer price by 3 percent to A$16.50 per share on Thursday and extended the offer period for the third time, to April 1, but said the new offer was its final one if there were no competing offers.
Standing in Rio's way are India's Tata Steel , the world's No. 7 steelmaker, and top Brazilian steel producer CSN , who have increased their stakes in Riversdale since the bid and now hold a combined 47 percent.
Without their support, Rio would need nearly 100 percent acceptances from the rest of Riversdale's shareholders to get majority control.
"It's going to be quite hard," Chilton said.
As of March 4, Rio Tinto only had acceptances on 17.9 percent of Riversdale's shares.
Tata Steel and CSN have both said they are mainly interested in securing coking coal from Riversdale. Tata, which already has a stake in Riversdale's Benga coking coal project in Mozambique, has said it was talking to Rio about a range of options.
CSN has not publicly revealed its intention over the Riversdale stake or about its possible talks with Rio Tinto.
Analysts said the two companies would probably like to see Rio Tinto, with deeper pockets and more technological skills than Riversdale, developing Riversdale's Mozambique mines and infrastructure.
"There is no question that Rio Tinto's expertise is crucial to overcoming the development challenges of Riversdale's projects," Rio Tinto Energy chief executive Doug Ritchie said in a statement.
If Rio did not take over Riversdale, shareholders would be likely to face big equity raisings by Riversdale to help fund the development of its coking coal projects.
"It's difficult to see that Tata Steel and the Brazilians really want to be involved in what would be very expensive coal development projects," Chilton said.
Complicating talks is China's third-largest steel maker, Wuhan Iron and Steel Corp , which had an agreement to buy a 40 percent stake in Riversdale's Zambeze coal project in Mozambique, with rights to coal supply from Zambeze and Riversdale's other key project, Benga.
Riversdale's shares last traded down 0.5 percent at A$15.05, about 9 percent below the offer price, after touching a low of A$14.77. Rio's shares fell 1.5 percent in a broader market that was down 0.8 percent. (Reporting by Sonali Paul and Balazs Koranyi; Editing by Ed Davies and Dhara Ranasinghe)
* Offer raised to A$16.50 per share from A$16
* Rio maintains 50% acceptance limit for bid to go ahead
* Riversdale shares fall, 9 percent below offer value
* Rio says offer is final if no competing bids
MELBOURNE, March 10 (Reuters) - Global miner Rio Tinto raised its offer for Mozambique-focused coal miner Riversdale Mining to $3.9 billion in a final bid to woo key shareholders who have held up the deal and gain control of coveted coal assets.
Investors doubted the move would be enough to secure the 50.1 percent acceptances Rio wants and sent Riversdale's shares down as much as 2.4 percent.
"The market's clearly a bit skeptical that it will get across the line," said Peter Chilton, an analyst at Constellation Capital Management, which owns shares in Rio Tinto.
Rio Tinto raised its offer price by 3 percent to A$16.50 per share on Thursday and extended the offer period for the third time, to April 1, but said the new offer was its final one if there were no competing offers.
Standing in Rio's way are India's Tata Steel , the world's No. 7 steelmaker, and top Brazilian steel producer CSN , who have increased their stakes in Riversdale since the bid and now hold a combined 47 percent.
Without their support, Rio would need nearly 100 percent acceptances from the rest of Riversdale's shareholders to get majority control.
"It's going to be quite hard," Chilton said.
As of March 4, Rio Tinto only had acceptances on 17.9 percent of Riversdale's shares.
Tata Steel and CSN have both said they are mainly interested in securing coking coal from Riversdale. Tata, which already has a stake in Riversdale's Benga coking coal project in Mozambique, has said it was talking to Rio about a range of options.
CSN has not publicly revealed its intention over the Riversdale stake or about its possible talks with Rio Tinto.
Analysts said the two companies would probably like to see Rio Tinto, with deeper pockets and more technological skills than Riversdale, developing Riversdale's Mozambique mines and infrastructure.
"There is no question that Rio Tinto's expertise is crucial to overcoming the development challenges of Riversdale's projects," Rio Tinto Energy chief executive Doug Ritchie said in a statement.
If Rio did not take over Riversdale, shareholders would be likely to face big equity raisings by Riversdale to help fund the development of its coking coal projects.
"It's difficult to see that Tata Steel and the Brazilians really want to be involved in what would be very expensive coal development projects," Chilton said.
Complicating talks is China's third-largest steel maker, Wuhan Iron and Steel Corp , which had an agreement to buy a 40 percent stake in Riversdale's Zambeze coal project in Mozambique, with rights to coal supply from Zambeze and Riversdale's other key project, Benga.
Riversdale's shares last traded down 0.5 percent at A$15.05, about 9 percent below the offer price, after touching a low of A$14.77. Rio's shares fell 1.5 percent in a broader market that was down 0.8 percent. (Reporting by Sonali Paul and Balazs Koranyi; Editing by Ed Davies and Dhara Ranasinghe)
Riversdale says unaware of any competing offers
Thu Mar 10, 2011 6:05am GMT
Sydney, March 10 (Reuters) - Takeover target Riversdale Mining said it was not aware of any competing offers to a sweetened A$3.9 billion bid from global miner Rio Tinto
Earlier, Rio Tinto raised its offer for Africa-focused coal miner Riversdale in a final bid to woo key shareholders, a move that Riversdale said was helping to sway institutions.
(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi,sourced:Thomson Reuters)
Earlier, Rio Tinto raised its offer for Africa-focused coal miner Riversdale in a final bid to woo key shareholders, a move that Riversdale said was helping to sway institutions.
(Reporting by Narayanan Somasundaram; Editing by Balazs Koranyi,sourced:Thomson Reuters)
Monday, March 7, 2011
September target for Riversdale coal exports
Monday,07 March 2011
TAKEOVER target Riversdale Mining expects to start exporting coking coal from its Mozambique project by September. Leon Fanoe, Riversdale’s Benga project’s general manager,
said the company aims to start mining coal in March, expects to complete construction of its coal processing plant in September and plans to put its first coking coal “on a ship” at the port of Beira that same month.
Riversdale is spending over $US1 billion to develop Benga, located in the Tete coal basin. Benga, which is 65 per cent-owned by Riversdale and 35 per cent-owned by India-based Tata Steel, is one of two mega-coal projects that will start exporting coal from the Tete basin in large quantities this year.
The Tete basin has attracted investment from mining companies and steelmakers from around the world due to its vast resource of high-quality coking coal, a key ingredient in steel making.
Brazilian mining titan Vale is spending $US1.66bn to develop the adjacent Moatize coal project, which is expected to start shipping coal at end-June or early July.
Anglo-Australian diversified miner Rio Tinto is also interested in the Tete Basin and has offered to purchase Riversdale for $US3.9bn. Riversdale’s board has recommended shareholders accept in the absence of a superior offer. Rio Tinto has twice extended the deadline for its bid, last week moving it to March 18.
Riversdale’s coal assets in Mozambique have attracted a lot of suitors who are either interested in investing in the company or in its projects. Tata Steel and Brazilian steelmaker CSN recently raised their stakes in the company to a combined 47 per cent of the voting shares.
The Benga project is being developed in phases, with the first phase designed to produce 1.7 million tonnes a year of hard coking coal and 300,000 tonnes a year of thermal coal, for use in power stations, from 5.3 million tonnes of mined coal.
Riversdale expects to export 200,000 tonnes of coking coal this year and sell up to 90,000 tonnes of thermal coal, depending on available transport infrastructure. It has secured port capacity but not rail capacity as of yet, Mr Fanoe said.
Riversdale plans to increase output from the mine in subsequent years, with plans to process 10.6 million tonnes of coal into 3.3 million tonnes of coking coal and up to 2.2 million tonnes of thermal coal from 2013, Mr Fanoe said.
By 2014-15, Riversdale plans to be able to process 20 million tonnes of coal annually, resulting in 6 million tonnes of coking coal and 4 million tonnes of thermal coal.
Riversdale is also looking at alternative ways to send coal to Beira, Mr Fanoe said, including a feasibility study into sending coal down the Zambezi river to Chinde and then on to the port. Riversdale expects this could start by late 2012 or early 2013.
Benga, the first of Riversdale’s two major projects slated for the Tete basin, has a measured, indicated and inferred resource base of 4.03 billion tonnes. Tata Steel has rights to 40 per cent of coking coal produced during the life of the mine.
The company’s other mining plans, the Zambeze coal project, is expected to have a feasibility study completed by the end of 2012 and hopes to start producing coal by the middle of 2014.
David West, the principal geologist on the Zambeze project, said the company has 10 drill rigs on site and an exploration staff of 60 people, including 26 geologists, to complete the feasibility study on the 24,700ha Zambeze project.
The Zambeze project is forecast to eclipse Riversdale’s Benga project in terms of resource base and annual production. The Zambeze project has a resource base of 9.05 billion tonnes of coal compared with Benga’s 4.03 billion tonnes of coal resources.
The project has the potential to extract up to 90 million tonnes of coal annually, although current plans are to process 45 million tonnes of coal into roughly 15 million tonnes of coal products annually. The product mix would be two-thirds coking coal and one-third thermal coal. Thermal coal is used to fuel coal-fired power stations.
Mr West said the 9.05 billion indicated and inferred resource base means Zambeze could have “a life of mine of 25 years or even more.” At a certain stage in the project, Riversdale will have to move Tete’s international airport to a different location in order to continue mining the deposit, Mr West said. (source: Dow Jones)
said the company aims to start mining coal in March, expects to complete construction of its coal processing plant in September and plans to put its first coking coal “on a ship” at the port of Beira that same month.
Riversdale is spending over $US1 billion to develop Benga, located in the Tete coal basin. Benga, which is 65 per cent-owned by Riversdale and 35 per cent-owned by India-based Tata Steel, is one of two mega-coal projects that will start exporting coal from the Tete basin in large quantities this year.
The Tete basin has attracted investment from mining companies and steelmakers from around the world due to its vast resource of high-quality coking coal, a key ingredient in steel making.
Brazilian mining titan Vale is spending $US1.66bn to develop the adjacent Moatize coal project, which is expected to start shipping coal at end-June or early July.
Anglo-Australian diversified miner Rio Tinto is also interested in the Tete Basin and has offered to purchase Riversdale for $US3.9bn. Riversdale’s board has recommended shareholders accept in the absence of a superior offer. Rio Tinto has twice extended the deadline for its bid, last week moving it to March 18.
Riversdale’s coal assets in Mozambique have attracted a lot of suitors who are either interested in investing in the company or in its projects. Tata Steel and Brazilian steelmaker CSN recently raised their stakes in the company to a combined 47 per cent of the voting shares.
The Benga project is being developed in phases, with the first phase designed to produce 1.7 million tonnes a year of hard coking coal and 300,000 tonnes a year of thermal coal, for use in power stations, from 5.3 million tonnes of mined coal.
Riversdale expects to export 200,000 tonnes of coking coal this year and sell up to 90,000 tonnes of thermal coal, depending on available transport infrastructure. It has secured port capacity but not rail capacity as of yet, Mr Fanoe said.
Riversdale plans to increase output from the mine in subsequent years, with plans to process 10.6 million tonnes of coal into 3.3 million tonnes of coking coal and up to 2.2 million tonnes of thermal coal from 2013, Mr Fanoe said.
By 2014-15, Riversdale plans to be able to process 20 million tonnes of coal annually, resulting in 6 million tonnes of coking coal and 4 million tonnes of thermal coal.
Riversdale is also looking at alternative ways to send coal to Beira, Mr Fanoe said, including a feasibility study into sending coal down the Zambezi river to Chinde and then on to the port. Riversdale expects this could start by late 2012 or early 2013.
Benga, the first of Riversdale’s two major projects slated for the Tete basin, has a measured, indicated and inferred resource base of 4.03 billion tonnes. Tata Steel has rights to 40 per cent of coking coal produced during the life of the mine.
The company’s other mining plans, the Zambeze coal project, is expected to have a feasibility study completed by the end of 2012 and hopes to start producing coal by the middle of 2014.
David West, the principal geologist on the Zambeze project, said the company has 10 drill rigs on site and an exploration staff of 60 people, including 26 geologists, to complete the feasibility study on the 24,700ha Zambeze project.
The Zambeze project is forecast to eclipse Riversdale’s Benga project in terms of resource base and annual production. The Zambeze project has a resource base of 9.05 billion tonnes of coal compared with Benga’s 4.03 billion tonnes of coal resources.
The project has the potential to extract up to 90 million tonnes of coal annually, although current plans are to process 45 million tonnes of coal into roughly 15 million tonnes of coal products annually. The product mix would be two-thirds coking coal and one-third thermal coal. Thermal coal is used to fuel coal-fired power stations.
Mr West said the 9.05 billion indicated and inferred resource base means Zambeze could have “a life of mine of 25 years or even more.” At a certain stage in the project, Riversdale will have to move Tete’s international airport to a different location in order to continue mining the deposit, Mr West said. (source: Dow Jones)
Saturday, March 5, 2011
Riversdale to produce coal at Mozambique’s Zambeze in 2014
Mar5,2011 |Bloomberg
Riversdale Mining Ltd., an Australian mining company, will start production at its Zambeze coal project in Mozambique in 2014, said David West, its principal geologist in the southern African country.
The project has an estimated coal resource of 9 billion tonnes, more than double the Benga project that will start exporting in Sep, he said.
Riversdale will probably initially produce 45 million tonnes of coal a year from Zambeze, West said.
Riversdale Mining Ltd., an Australian mining company, will start production at its Zambeze coal project in Mozambique in 2014, said David West, its principal geologist in the southern African country.
The project has an estimated coal resource of 9 billion tonnes, more than double the Benga project that will start exporting in Sep, he said.
Riversdale will probably initially produce 45 million tonnes of coal a year from Zambeze, West said.
Wednesday, February 23, 2011
India's Tata Steel says no decision yet on Riversdale
Wed Feb 23, 2011 2:16pm GMT
MUMBAI Feb 23 (Reuters) - India's Tata Steel (TISC.BO: Quote), the world's No. 7 steelmaker, said on Wednesday it has not yet made a decision regarding its stake in Africa-focused coal miner Riversdale (RIV.AX: Quote).
Tata Steel holds a 24 percent stake in Riversdale, which has received a $3.9 billion bid from Rio Tinto (RIO.AX: Quote).
The company has till March 4 to decide on whether it will hold on to the stake or sell to Rio, but earlier this month its Managing Director Hemant Nerurkar told Reuters Tata Steel was primarily interested in securing coal supplies from Riversdale, and talking to Rio about various options.
(Reporting by Prashant Mehra; Editing by Aradhana Aravindan,sourced:Thomson Reuters)
Tuesday, February 15, 2011
Tata Steel margins under pressure, in talks with Rio
Tue Feb 15, 2011 3:44pm GMT
* Q3 profit 10.03 bln rupees vs estimate of 11.1 bln rupees
* Sees 2011 Europe steel demand up 3-5 pct, India's 10-12 pct
* Interested in coal supplies from Riversdale,talking to Rio
By Prashant Mehra
MUMBAI, Feb 15 (Reuters) - Tata Steel (TISC.BO: Quote) said its margins would remain under pressure due to rising raw material prices, adding that it was in talks with Rio Tinto (RIO.AX: Quote) to ensure coal supplies from Africa-focused miner Riversdale (RIV.AX: Quote).
The world's No. 7 steelmaker on Tuesday said quarterly net profit more than doubled, driven by demand and pricing in Europe and robust growth at its Indian operations, but the company lagged estimates as higher raw material costs squeezed margins.
The $500 billion global steel sector has been caught in a margin squeeze since the middle of 2010, when raw material costs began increasing and steel prices dropped as activity slowed. While demand is improving from the auto sector, the other key market, construction, is struggling to pull clear of the crisis.
Tata Steel said it expected steel demand in Europe to rise 3 to 5 percent this year and demand in India to grow 10 to 12 percent, but managing raw material costs would be a key challenge.
"Margins are under pressure because we are consuming raw materials at inflated prices," Karl Kohler, head of Tata Steel's European operations, told reporters after the results announcement.
"Selling prices are recovering but the position needs to be maintained as impact of raw material costs is increasing."
Managing Director Hemant Nerurkar said Tata Steel was interested in securing coal supplies from Riversdale, in which it owns a 24 percent stake. Riversdale has received a $3.9 billion bid from Rio Tinto, which was backed by Tata Steel's representative on Riversdale's board.
"We are basically interested in securing coal supplies. We are discussing various options with Rio," Nerurkar said.
Tata Steel acquired Corus, Europe's second-largest steelmaker, for $13 billion in 2007, marking the largest overseas acquisition made by an Indian company so far.
European operations account for two-thirds of Tata Steel's global capacity of about 30 million tonnes, while the Indian operations contribute a quarter. It also has units in Thailand and Singapore.
Most global steelmakers have suffered sharp falls in December quarter profit. Last week, the world's largest steelmaker ArcelorMittal (ISPA.AS: Quote) reported profit lower than the previous quarter, but forecast a rebound in demand and prices at the start of 2011. POSCO (005490.KS: Quote), Nippon Steel (5401.T: Quote) and JFE (5411.T: Quote), some of the largest steelmakers, all suffered sharp falls in October-December earnings due to pricey raw materials and tepid demand.
Q3 PROFIT MORE THAN DOUBLES
Tata Steel reported a net profit after minority interest and share of profit of associates of 10.03 billion rupees ($220 million) for its fiscal third quarter ended December, compared with a consolidated net profit of 4.73 billion rupees a year ago.
Net sales were 286.06 billion rupees compared with 260.69 billion a year earlier.
A Reuters poll of brokerages had forecast a net profit of 11.1 billion rupees for the quarter, on net sales of 263.2 billion.
Last month, Tata Steel raised $770 million in a share sale in India to fund a 3-million-tonne capacity expansion at a plant in eastern India and repay a part of its $10 billion debt. [ID:nSGE70K06A]
Tata Steel said it had started preparatory work for a 6 million-tonne a year steel plant in the eastern state of Orissa.
Shares in Tata Steel, valued by the market at about $12.3 billion, are down about 9 percent so far in 2011, compared with about 11 percent fall in India's benchmark stock index .BSESN.
Ahead of the results, Tata Steel shares closed 0.4 percent lower at 616.55 rupees in a Mumbai market that rose 0.4 percent. ($1=45.5 rupees) (sourced:ThomsonReuters)
Tags:Tata steel, margins under pressure, Rio Tinto, Riversdale Mining Ltd., Europe, Q3, raw material, steelmakers, Corus, Thailand, Singapore, ArcelorMittal, POSCO, Nippon Steel Corp, JFE
Friday, January 28, 2011
ICVL decides not counter bid for Riversdale Mining
Friday, 28 Jan 2011
Reuters reported that Indian state owned consortium International Coal Videsh Limited has decided not to counter Rio Tinto's AUD 3.9 billion bid for Australian miner Riversdale Mining.
ICVL, which had earlier said it would consider a bid and had hired Citigroup to do due diligence on the firm, on Thursday said it decided against an offer.
Mr CS Verma charman of Steel Authority of India Limited and head of ICVL told reporters “We discussed in detail pricing scenario, future outlook, resources available and took a conscious decision not to bid.”
Mr PS Bhattacharya chairman of Coal India Limited told Reuters that “We did not think it was an appropriate case to bid higher than Rio's offer.”
But he added that the consortium is scouting for coal assets in other countries and said “You should see some action in the next couple of months.”
(Sourced from Reuters)
Saturday, January 22, 2011
India’s ICVL to Outbid Rio Tinto for Riversdale, Chairman Says
By Pradipta Mukherjee and Rajesh Kumar Singh -
Jan 22, 2011
India’s government plans to offer more than Rio Tinto Group’s A$3.9 billion ($3.9 billion) bid to buy Australia’s Riversdale Mining Ltd., Chairman C.S. Verma said.
International Coal Ventures Ltd., a group of Indian state- run metal and energy companies, will decide on a price for the Sydney-based coal company with mines in Mozambique at a board meeting in New Delhi on Jan. 27, Verma said in an interview in Kolkata today.
Rio Tinto, which offered A$16 a share, said yesterday it received unconditional approval from the Australian Treasurer to buy Riversdale. sourced:bloomberg
Jan 22, 2011
India’s government plans to offer more than Rio Tinto Group’s A$3.9 billion ($3.9 billion) bid to buy Australia’s Riversdale Mining Ltd., Chairman C.S. Verma said.
International Coal Ventures Ltd., a group of Indian state- run metal and energy companies, will decide on a price for the Sydney-based coal company with mines in Mozambique at a board meeting in New Delhi on Jan. 27, Verma said in an interview in Kolkata today.
Rio Tinto, which offered A$16 a share, said yesterday it received unconditional approval from the Australian Treasurer to buy Riversdale. sourced:bloomberg
Monday, January 17, 2011
Ncondezi Coal seeking Mozambican acquisitions
Monday, 17 Jan 2011
Ncondezi Coal Ltd, seeking to build a coal mine in Mozambique, said that it’s studying acquisitions as interest in the African nation rises following the AUD 3.9 billion bid for Riversdale Mining Ltd last month.
Mr Graham Mascall CEO of Ncondezi Coal said that “Now that we’re established in Mozambique, we have a very good profile with the government, with other industry players, with people interested and we’re getting a lot of in-bound opportunities which we’d like to have a look at. We’re looking predominantly in Mozambique.”
Mr Mascall said that “Mozambique has really grown in its interest for people because of the size of the coal resources I would be surprised if some of the thermal coal buyers in India, some of the steelmakers in China, aren’t looking at us and keeping a watching brief.”
Ncondezi holds four exploration licenses in the Mozambique province of Tete, adjacent to projects owned by Vale, the world’s biggest iron ore exporter and Riversdale. Ncondezi plans to start output from its USD 376 million thermal coal mine as early as 2013 and yesterday sold USD 36.5 million of new shares to buy out a founding holder and study merger and acquisition opportunities.
Rio Tinto Group, the world’s third largest mining company, last month agreed to buy Riversdale to secure reserves of coking coal. Rio’s bid has sparked interest in Mozambique’s mining industry, which has already attracted investment from Brazil’s Vale SA and BHP Billiton Ltd, the world’s two biggest mining companies.
Sourced from Bloomberg
Ncondezi Coal Ltd, seeking to build a coal mine in Mozambique, said that it’s studying acquisitions as interest in the African nation rises following the AUD 3.9 billion bid for Riversdale Mining Ltd last month.
Mr Graham Mascall CEO of Ncondezi Coal said that “Now that we’re established in Mozambique, we have a very good profile with the government, with other industry players, with people interested and we’re getting a lot of in-bound opportunities which we’d like to have a look at. We’re looking predominantly in Mozambique.”
Mr Mascall said that “Mozambique has really grown in its interest for people because of the size of the coal resources I would be surprised if some of the thermal coal buyers in India, some of the steelmakers in China, aren’t looking at us and keeping a watching brief.”
Ncondezi holds four exploration licenses in the Mozambique province of Tete, adjacent to projects owned by Vale, the world’s biggest iron ore exporter and Riversdale. Ncondezi plans to start output from its USD 376 million thermal coal mine as early as 2013 and yesterday sold USD 36.5 million of new shares to buy out a founding holder and study merger and acquisition opportunities.
Rio Tinto Group, the world’s third largest mining company, last month agreed to buy Riversdale to secure reserves of coking coal. Rio’s bid has sparked interest in Mozambique’s mining industry, which has already attracted investment from Brazil’s Vale SA and BHP Billiton Ltd, the world’s two biggest mining companies.
Sourced from Bloomberg
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