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Anglo and Rio to sell Palabora stake

Sep 05 2011 08:32
I-Net Bridge

Johannesburg - Resources giants Anglo American [JSE:AGL] and Rio Tinto plan to sell their combined 74.5% stake in Palabora Mining Company [JSE:PAM], the owners of South Africa's largest copper mine.

Palabora said in a statement to the JSE on Monday that its copper operation was not of a scale to suit Rio Tinto or Anglo American's investment criteria.

The effective interests of Rio Tinto and Anglo American in PMC are 57.7% and 16.8%, respectively.

"Rio Tinto has initiated a commercial process to sell its shareholding and Anglo American will participate in that process," the company said.

 

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