Rio Tinto recently announced it will increase its stake in Richards Bay Minerals (RBM) to 74% through the acquisition of BHP Billiton’s 37% interest. The acquisition was reportedly triggered by BHP Billiton’s decision to exercise a put option agreed between Rio Tinto and BHP Billiton as part of RBM’s restructuring in 2009. The final consideration for the acquisition will be determined through a previously agreed valuation process. Completion is subject to regulatory approvals. RBM is a South African mineral sands mining and processing operation.
Rio Tinto manages RBM and markets its products, including titanium dioxide feedstocks, high-purity iron, zircon, and rutile.
For more information, visit www.riotinto.com