Rio Tinto gains control of Riversdale Mining
SYDNEY (Reuters) Global miner Rio Tinto won control canada goose store over Riversdale Mining on Friday with buy canada goose jacket a Canada Goose Outlet $4 canada goose clearance sale billion offer, allowing the global miner to now dictate development Canada Goose Parka of Riversdale prized coal Canada Goose Coats On Sale mines in Mozambique.
An employee talks on his mobile at the Rio Tinto Limited Shanghai Representative canada goose uk black friday Office in Shanghai August 5, 2010. REUTERS/Stringer/Files
Rio Tinto finally passed the canadian goose jacket 50 percent mark after failing over the past three months to persuade Riversdale two key shareholders, India Tata canada goose factory sale Steel and Brazil CSN to sell their combined 47 percent stake.
Riversdale key assets are its Benga and Zambeze projects, which could supply up to 10 percent of the global market for coking coal, a key ingredient in steel making.
Rio said it would canada goose move quickly to start working with Riversdale team to accelerate development of the projects, with Benga buy canada goose jacket cheap due to start exporting coal later this year.
growth prospects for the Riversdale assets cheap Canada Goose are considerable, Rio canada goose clearance Tinto Energy Chief Executive Doug Ritchie said in a statement.
The Zambeze project is the Canada Goose Jackets big prize, with 9 billion tonnes of resources, but requires infrastructure to get the coal to port. Riversdale has said if Rio did not go ahead with uk canada goose its bid, it would would have to raise $3 billion just for the first phase of the project.
Rio has already appointed three of its senior executives to the Riversdale board and plans to appoint more.
new Riversdale board will reflect our majority shareholding and our web page canada goose outlet https://www.canadagoosejacket-outlet.ca help clear the way for the development of Riversdale assets as quickly canada goose coats on sale as possible, Ritchie canada goose black friday sale said.
Rio stake is expected to increase its stake further with its takeover offer remaining open Canada Goose sale until April 20.
The canada goose uk shop global mining giant earlier in the week cleared a 47 percent target it had set itself and raised the price of the deal to A$16.50 a share.
The higher price depended on Rio getting to at least a 47 percent stake in Riversdale by late on April 6, Canada Goose online otherwise it would have paid A$16 a share. Riversdale shares closed one cent higher at A$16.52 on Friday.
Rio offer, announced in December, cheap canada goose uk was originally conditional on at least 50 percent acceptances, but it was forced canada goose uk outlet to revise that plan last week after Canada Goose Online Tata Steel, with 27 percent, and CSN, with 19.9 percent declined to sell.
The bid fits with Rio strategy of developing large, long life, low cost assets, as uk canada goose outlet China and India fuel demand for canada goose coats African coking coal. Reconstruction activities in Japan are likely to increase demand still further.
Coal prices have seen sharp spikes since December in response to floods in Australia, Japan disaster and Germany decision to shut some nuclear generators.
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