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South Africa: Rio Tinto may soon land in hands of Chinese firm

By  |  July 3, 2013

Mining conglomerate Rio Tinto may be close to selling all of its South Africa assets to a Chinese consortium as well as the Industrial Development Corporation, pending the approval of South Africa’s Competition Tribunal. The case, referred to the Tribunal by the Competition Commission, said it will assure the largest asset, Palabora Mining Company, of certain concessions that require assurance its customers will continue to have access to iron ore used to clean coal. In a statement on Monday, Palabora said the company made “significant” progress to ensure the concessions would be met.

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