Talbot to sell stake in Mozambique coal venture

Thursday, 15 Sept 2011

Argus reported that Australia Talbot Group is selling its 58.9% stake in the 1.4 billion tonne Revuboe thermal and coking coal project in Mozambique that has the potential to produce up to 17 million tonne per year of coal.

The Revuboe joint venture partners, Japan Nippon Steel with 33.3% and South Korean steel maker POSCO with 7.8% have the first right of refusal for the project once bids are submitted next month.

The project sits to the south of the Riversdale projects in Mozambique, which was bought by Rio Tinto earlier this year for USD 3.9 billion and has little supporting infrastructure.

(sourced from ArgusMedia)

Tata Steel Q1 net more than triples

Fri Aug 12, 2011

MUMBAI (Reuters) - Tata Steel on Friday said first-quarter net profit more than tripled, beating estimates, helped by stronger volumes at its Indian operations, better prices in Europe and a one-time gain from a stake sale.

Excluding a one-time gain of 28.8 billion rupees ($634 million) from the company's sale of its stake in Australian coal miner Riversdale to Rio Tinto, Tata Steel reported a profit of 24.7 billion rupees.

Shares in Tata Steel, valued at about $10 billion, have fallen nearly 29 percent so far in 2011, compared with a nearly 17-percent fall in the BSE Sensex.

TATA Steel has no intention to exit from Riversdale

Thursday, 03 Mar 2011

Tata Steel has increased its stake in Riversdale Mining, Australia, by close to 2%. The move gives a clear sense that the company has no intention to exit Riversdale anytime soon, putting to rest speculations to the contrarily.

Prior to Rio Tinto’s AUD 3.9 billion offer for Riversdale in December 2010, TATA Steel had 24.4% stake in the company, now at over 26%

An analyst with an international research firm said: “Tata Steel has increased its stake yesterday morning. Its a clear indication that the company is not looking to exit Riversdale.”

(sourced from BS)