Rio Tinto assumes control of Riversdale Mining
08 April 2011
Anglo-Australian miner Rio Tinto today acquired a majority interest in Riversdale Mining Limited, taking control of significant tier one coking coal projects, in which Tata Steel owns a 28.7-per cent stake.
Rio Tinto's shareholding in Riversdale today passed 50 per cent and may increase further with the takeover offer remaining open until 20 April 2011.
Rio Tinto Energy chief executive Doug Ritchie, Rio Tinto Energy's chief development officer for its coal operations Matt Coulter and Rio Tinto Australia managing director David Peever have been appointed to the Riversdale board.
Additional board appointments are expected to follow, recognising Rio Tinto's new majority shareholding.
Ritchie said, ''This is an exciting day for Rio Tinto and Riversdale. The new Riversdale board will reflect our majority shareholding and help clear the way for the development of Riversdale's assets as quickly as possible.
''Our experience in delivering on major projects and infrastructure provides a strong platform for us in developing Riversdale's asset base. Operating under our strong values framework, we have the expertise, resources and incentives to efficiently develop the projects to a world-class standard, delivering immense benefits to the people of Mozambique.