Anglo and Rio to sell Palabora stake
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
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
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