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 ...
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