Rio Tinto Assumes Control Of Riversdale Mining
08 April 2011 - 5:06PM
Dow Jones News
Rio Tinto PLC (RIO) said Friday it has assumed control of
Riversdale Mining Ltd. (RIV.AU), with its interest in the
Africa-focused coal producer rising above 50% with the prospect of
increasing further before the takeover offer closes April 20.
Riversdale has already appointed three Rio Tinto nominees to its
board, including energy division Chief Executive Doug Ritchie, and
Rio Tinto said other appointments are expected to follow.
"The new Riversdale board will reflect our majority shareholding
and help clear the way for the development of Riversdale's assets
as quickly as possible," Ritchie said in a statement.
He said the company remains optimistic about the outlook for the
global coking coal market. Riversdale is developing two coking coal
projects in Mozambique.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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