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Rio Tinto PLC Updates On Sale Of Shareholding In Palabora Mining Company Limited


Thursday, 18 Jul 2013 02:00am EDT 

Palabora Mining Co Ltd announced that with reference to the earlier announcement, regarding the conclusion of the Rio/Anglo Sale Agreement between Rio Tinto, Anglo American and a consortium of purchasers comprising South African and Chinese entities led by the Industrial Development Corporation of South Africa SOC Limited and Hebei Iron & Steel Group Co. Ltd. Shareholders are advised that it is Palabora's understanding that the Rio/Anglo Sale Agreement has become unconditional and therefore effective following the fulfilment of the final remaining suspensive conditions thereto, upon the completion agreement governing the BBBEE Transaction becoming unconditional on July 15, 2013 and no material adverse change having occurred between the signature date of the Rio/Anglo Sale Agreement and the date of the fulfilment of the suspensive condition referred to above, being July 15, 2013. As previously advised, the Consortium will accordingly be required to extend an offer to all remaining Shareholders to acquire their shares in Palabora (Mandatory Offer) upon the Rio Tinto and Anglo American Divestment being completed and the Consortium acquiring a beneficial interest in the relevant shares in Palabora. The Rio Tinto and Anglo American Divestment is presently anticipated by Rio Tinto to be completed on or about July 31, 2013. 

Company Quote

55.69
-0.25 -0.45%
27 Aug 2014