Company Data
| Last traded |
R222.85 |
| Change |
R-0.90 |
| % Change |
-0.40% |
| Cumulative volume |
4.47m |
| Market cap |
R476.05bn |
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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.