Australian miner
Rio Tinto has announced that it has reached a binding agreement to sell its 57.7 percent stake in
South Africa's Palabora
Mining Company Limited (Palabora) for US$373 million to a consortium comprising South African and Chinese entities led by the Industrial Development Corporation of
South Africa Limited and Hebei Iron & Steel Group.
According to
Rio Tinto's statement, the sale is subject to customary regulatory approvals in
South Africa and China which are expected to take four to six months.
Meanwhile, UK-based
mining giant
Anglo American has also announced that it has reached a binding agreement to sell its 16.8 percent interest in Palabora to the same consortium for approximately $103 million.