London - Anglo-Australian miner BHP Billiton
[JSE:BIL] said on Friday it had completed the sale of its 37% stake in Richards Bay Minerals (RBM) to rival Rio Tinto for $1.91bn.
BHP Billiton said the sale of its share in the South African mineral sands miner and smelting operator "reflects the company's commitment to a simpler, more scalable upstream portfolio".
Rio Tinto had already owned a 37% stake in RBM and managed its operations and marketed its products.
BHP had triggered the sale in February when it exercised an option to sell its stake agreed during a 2009 restructuring of RBM.
"Doubling our stake in this tier one asset further strengthens Rio Tinto's titanium dioxide portfolio at a time when the long-term outlook remains robust," said Rio Tinto Diamonds & Minerals chief executive Alan Davies.
In 2011, RBM had a 14% share in global sales of titanium dioxide feedstock, according to Rio Tinto.
*Follow Fin24 on
Twitter,
Facebook,
Google+ and
Pinterest.