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Rio Tinto recently announced it has reached a binding agreement to sell its 57.7% effective interest in Palabora Mining Co. Ltd. for $373 million. The purchaser is a consortium comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa Ltd. and Hebei Iron & Steel Group, which are both reportedly committed to the ongoing sustainable management of Palabora.
“Palabora is a good business, but is no longer a natural fit within Rio Tinto’s portfolio,” said Guy Elliott, chief financial officer. “Selling our stake reflects Rio Tinto’s policy of continually reviewing our portfolio to generate best value for shareholders.”
For additional information, visit www.riotinto.com.