BHP Billiton sell stake in Richards Bay Minerals Rio Tinto

BHP Billiton to sell stake in Richards Bay Minerals to Rio Tinto

11:20 PM, 1st February 2012
BHP Billiton to sell stake in Richards Bay Minerals to Rio Tinto
Dr Xolani Mkhwanazi, Chairman, Southern Africa, BHP Billiton.

MELBOURNE, AUSTRALIA: BHP Billiton has exercised an option to sell its 37 per cent non-operated interest in Richards Bay Minerals (RBM) to Rio Tinto and will exit the titanium minerals industry. RBM is a South African mineral sands mining and smelting operation and the leading producer of chloride titanium feedstock. BHP Billiton holds a 37 per cent equity stake in RBM with equity partners Rio Tinto (37 per cent), Black Economic Empowerment (BEE) parties (24 per cent) and employees (2 per cent). Rio Tinto manages the operation and is responsible for the marketing of RBM’s products.

As part of the restructuring of RBM in 2009, BHP Billiton and Rio Tinto concluded a put option agreement that made provision for BHP Billiton to sell its interest in RBM to Rio Tinto pursuant to an agreed valuation process. The parties will work together to facilitate a smooth transfer of BHP Billiton’s stake. “BHP Billiton’s position in RBM is a non-operated shareholding in an industry in which it holds no other interests. BHP Billiton will continue operating its Southern African energy coal, aluminium and manganese businesses in a sustainable manner,” Dr Xolani Mkhwanazi, Chairman, Southern Africa, BHP Billiton.

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