Rio buys BHP's stake in Richards Bay

published 1 February 2012

The two Anglo-Australian giants of the mining sector, Rio Tinto and BHP Billiton, have been doing a spot of trading that will see Rio gain majority control of South African miner Richards Bay Minerals.

Rio is to acquire BHP Billiton's 37% stake in the South African mineral sands mining and processing operation, taking its holding up to 76%. The final consideration for the acquisition will be determined through a previously agreed valuation process.

More to follow ...