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London - Global miner BHP Billiton [JSE:BIL] has sold its
stake in a South African titanium operation to rival Rio Tinto, marking its
exit from the titanium minerals industry.
BHP said on Wednesday it had exercised an option to sell its
37% stake in Richard Bay Minerals to Rio Tinto, with the final cost to be
agreed by a previously agreed valuation process.
Rio's stake in Richard Bay will rise to 74%, Rio said in a
separate statement.
"Doubling our stake in the business solidifies our position at a time when the long-term outlook is strong and demand for higher grade titanium dioxide is growing, driven by urbanisation and rising environmental standards," said Rio Tinto Diamonds and Minerals chief executive Harry Kenyon-Slaney.
