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Anglo, Rio Tinto sell stakes in Palabora

Dec 11 2012 15:17 Reuters

(Shutterstock)

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Johannesburg - South African copper miner Palabora Mining Company [JSE:PAM] said on Tuesday a consortium of South African and Chinese parastatals would buy a 74.5% stake in it from Rio Tinto and Anglo American [JSE:AGL].

South Africa's Industrial Development Corporation and three Chinese firm will pay R110 per share for the stake, Palabora said.

The deal values the copper miner at R5.3bn. The company's share price was up nearly 11% on the news.  

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