Rio Tinto PLC (RIO: 72.97, +0.66, +0.91%) said Thursday its interest in Riversdale Mining Ltd. (RIV.AU) has risen to 49.53%, edging it closer to securing the takeover and with it control of two major developing coking coal projects in southern Africa.
The Anglo-Australian mining company surpassed the more than 47% stake it had been targeting by late Wednesday, triggering an offer price of A$16.50 a share to value Sydney-based Riversdale at almost US$4 billion. The offer is set to close April 20, having been extended a fifth time since December.
Riversdale operates a colliery in South Africa that Rio has said it would sell if its takeover is successful, and is developing two projects in neighboring Mozambique that have a combined estimated resource of about 13 billion metric tons. Coking coal is a key raw material in steel making.
Riversdale's next two largest shareholders--steel producers Tata Steel Ltd. (500470.BY) of India and Cia. Siderurgica Nacional (SID: 16.98, -0.20, -1.16%) of Brazil--together own 47% of the company.
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