All data is delayed
See More

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.



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote