Rio Tinto Completes Richards Bay Minerals Acquisition
Rio Tinto recently announced it has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire interests. The purchase price paid by Rio Tinto on completion was $1.7 billion. The acquisition price was $1.9 billion before contractual adjustments for cash payments made by RBM to BHP Billiton since the effective transaction date of February 1.
“Doubling our stake in this tier-one asset further strengthens Rio Tinto’s titanium dioxide portfolio at a time when the long-term outlook remains robust,” said Alan Davies, chief executive, Diamonds & Minerals, Rio Tinto. “Demand for feedstocks is expected to grow strongly, needing the equivalent of a new operation the size of RBM to be built every two and a half years.”
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