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Rio Tinto completes sale of Mozambique coal assets

By: Natasha Odendaal The sale of mining giant Rio Tinto’s Mozambique coal assets to India-based International Coal Ventures Private Limited has been finalised. This followed the fulfilment of all conditions precedent and receipt of the necessary regulatory approvals for the $50-million sale of Rio Tinto Coal... 

Mozambique benefiting from mining taxes but needs to improve infrastructure

By: Keith Campbell The Economist Intelligence Unit (EIU) has calculated that Mozambique has extracted $1.3-billion in capital gains taxes from transactions involving mining and hydrocarbons projects. This is equivalent to 9% of the country’s gross domestic product (GDP) in 2013. The most recent example was in... 

ZAC refutes underperformance claims by would-be acquirer

By: Leandi Kolver The acquisition agreement between Southern Africa-focused coal producer Forbes & Manhattan Coal and mining major Rio Tinto subsidiary Riversdale Mining was not cancelled because of Zululand Anthracite Colliery’s performance says ZAC black economic-empowerment partner Maweni Mining Consortium... 

Rio Tinto’s $3.9bn Mozambique coal bid may be scuppered by lack of rail, port capacity

By: Bloomberg Rio’s $3 Billion Mozambique Coal Bid Runs Off the Rails: Freight  Rio Tinto Group’s foray into Mozambique, which cost the world’s No. 2 mining company $3 billion, has highlighted a lack of rail and port capacity that threatens to check a coal boom in the southeast African nation. Rio bought coal... 

Forbes cancels Riversdale acquisition 

By: Natasha Odendaal TSX- and JSE-listed Forbes & Manhattan Coal on Friday said it had cancelled an acquisition agreement with Riversdale Mining after the takeover target’s Zululand Anthracite Colliery (ZAC) underperformed. The company said in a statement that the performance of Riversdale’s 74%-owned ZAC had... 

Some power to flow to Southern African grid from Benga, Rio says

By: Terence Creamer Mining group Rio Tinto says there is likely to be an offtake allocation available for the Southern African power pool from its proposed Benga coal-fired power generation plant, which is being prepared for development in the Tete region of northern Mozambique. The company is currently seeking... 

Rio seeks interest from possible developers of 600 MW Moz power plant

By: Terence Creamer Global mining group Rio Tinto has issued a call for expressions of interests for potential developers and operators of its Benga power plant, which has been proposed for development in the Tete region of northern Mozambique. The facility, which would be located on the miner’s Benga mining... 

Company Announcement: PMI Appoints Experienced Mining Finance Executive as London-Based Director

PMI Gold Corporation is pleased to announce the appointment of experienced mining finance executive Dr. Michael Price as a new London-based Non-Executive Director, further strengthening its Board as it moves towards gold production in West Africa. 

Coking coal potential to validate Mozambique infrastructure investment

By: Idéle Esterhuizen Mozambique’s rapidly growing coal sector offers investors a promising future, with production from various projects expected to reach new buyer’s markets states international broking house London Commodity Brokers (LCB) South Africa GM Bevan Jones. 

New coal mine open in Mozambique

Brazil-based mining company Vale has opened a $1.7-billion coal mine in Mozambique, which will tap into the Southern African country's thermal and coking coal reserves of about 23-billion tons, reports advisory and consultancy services company Hilbroy Advisory. 

Rio Tinto appoints new CEO for Riversdale

By: Loni Prinsloo Mining major Rio Tinto on Friday announced that it had appointed its head of exploration, Eric Finlayson, as the new CEO of Riversdale Mining. Finlayson would replace the MD Steve Mallyon, who had been steering the Australian company since 2008 and who would now act as a special adviser to... 

Mozambique Q2 mining report released

Mozambique's mining sector is set to be transformed over the period to 2015, as coal and gold production increase significantly on the back of investment from, besides others, foreign mining groups Vale, Riversdale Mining and Pan African Resources.  

Tata gives up $1bn stake in Riversdale

By: Esmarie Swanepoel Indian major Tata Steel has reported that it would divest of its $1-billion stake in coal miner Riversdale Mining, under a takeover offer from diversified giant Rio Tinto. Rio, which had extended its A$16.50 a share offer until June 17, had previously reported that it would delist Riversdale,... 

Rio extends Riversdale offer by two weeks

By: Esmarie Swanepoel Diversified giant Rio Tinto has extended its takeover offer for South Africa-focused coal miner Riversdale Mining by two weeks. The A$16,50 a share offer is now expected to close on June 3, unless extended. 

New Riversdale CFO appointed as Lenahan steps down

By: Esmarie Swanepoel Coal miner Riversdale Mining on Thursday made further changes to its board following the successful takeover by diversified giant Rio Tinto. Michael Jolley has now been appointed as Riversdale CFO, while Audrey Ferguson has been appointed as company secretary. Both management appointments would... 

Rio Tinto bullish on demand, eyes smaller acquisitions

By: Esmarie Swanepoel Diversified resources group Rio Tinto remains confident in the long-term demand outlook for most of its minerals, specifically iron-ore, and believes that demand from disaster-hit Japan would increase as the country undertakes reconstruction efforts. Speaking at the annual general meeting in... 

Rio takes control of Riversdale board, seeks delisting

By: Esmarie Swanepoel Diversified giant Rio Tinto on Friday assumed control of ASX-listed coal miner Riversdale Mining’s board, announcing that it would seek to de-list the company at the end of the takeover bid. Rio appointed its energy CEO Doug Ritchie as the new chairperson of Riversdale, as well as the COO of... 

Company Announcement: Quarterly Activities Report, March 2011

Attached please find a press release on: Riversdale Mining (ASX: RIV) reports on activities during the quarter ending 31 March 2011. 

Riversdale drops output as rains affect ZAC

By: Esmarie Swanepoel Southern Africa-focused coal miner Riversdale Mining on Friday reported a 20 455 t decrease in production from its Zululand Anthracite Colliery (Zac), in South Africa, following adverse weather conditions. The miner reported that during the three months to March, the Zac operation had produced... 

Rio Tinto appoints three new Riversdale board members

By: Esmarie Swanepoel Rio Tinto appointed three new directors to the board of Riversdale Mining, which it is buying in a A$3,9-billion takeover. Rio Tinto CEO for energy, Douglas Ritchie, as well as its MD for Australia, David Peever, and its chief development officer for the coal division, Matthew Coulter, have... 

Rio Tinto secures 49,49% of Riversdale, extends offer

By: Esmarie Swanepoel Diversified miner Rio Tinto has secured a 49,49% shareholding in Riversdale Mining at the end of trade on Wednesday, prompting the mining giant to increase its offer price to A$16,50 a share. The A$16,50 a share offer was dependent on Rio getting at least a 47% in Riversdale by April 6, when the... 

India eyeing Africa's resources but recognising development needs

By: Keith Campbell India, today, in purchasing power parity terms, is the fourth-largest economy in the world, with a gross domestic product (GDP) of just over $4-trillion. (In terms of the official exchange rate, India’s GDP is $1,43- trillion.) This is the result of two decades of rapid and sustained economic... 

India seeks natural resources in Africa but recognises continent’s development needs

By: Keith Campbell India, today, is in purchasing power parity terms, the fourth largest economy in the world, with a gross domestic product (GDP) of just over $4-trillion. 

Tata Steel bolsters stake in Riversdale to 27%

By: Esmarie Swanepoel India’s Tata Steel has increased its stake in Riversdale Mining, in a move which would make it harder for Rio Tinto to take control of the Africa-focused coal miner. Tata bolstered its shareholding in Riversdale to 27,1%, up from 24,2%. 

Australia's FIRB approves Rio Tinto's Riversdale bid

By: Esmarie Swanepoel Australia’s Foreign Investment Review Board (FIRB) has approved diversified miner Rio Tinto’s takeover of Riversdale Mining. The $3,9-billion takeover offer was announced on December 23, with Riversdale’s board of directors recommending that shareholders accept the offer, in the absence of a... 

Riversdale-Tata JV to acquire 100% of Mozambique’s Benga power project

By: Jonathan Faurie Australian mining major Riversdale mining has announced that its joint venture (JV) with Indian steel producer Tata Steel will acquire 100% ownership of the Benga power project in 2011, following discussion with resources company Elgas Sarl. 

Mozambique eyes economy boost from mining

By: Reuters Mozambique expects its mining sector to increase as a share of GDP starting next year on the back of more ilmenite output and a planned production ramp-up of coal, its mining minister said. Despite deposits of coal, tantalum and other minerals, the sector accounts for less than 5% of the economy... 

Project procurement continues in Africa

By: Tracy Hancock Engineering company Sedgman South Africa GM Dirk Schenk says that the company is currently building a copper concentrator designed to process three-million tons a year of ore for miner Discovery Metals’ Boseto copper project, near the town of Maun, in Botswana. The company reports that the... 

Zambeze has potential to be hard coking coal mine – Riversdale

By: Esmarie Swanepoel ASX-listed coal producer Riversdale Mining on Tuesday reported that its Zambeze coal project, in Mozambique, was poised to become a hard coking coal project, following results from the first coke test. “Zambeze’s high coke strength, combined with its massive nine-billion ton coal resource,... 

Riversdale seeks A$337m to accelerate Benga coal project

By: Esmarie Swanepoel Coal producer Riversdale Mining plans to raise A$337-million through a share placement for its Benga coal project, in Mozambique, which wants to expand to 20-million tons a year run-of-mine operation by 2013. Riversdale said in a statement on Thursday that it would use A$150-million of the... 

Riversdale agrees $800m China deal for Mozambique mine

By: Esmarie Swanepoel Australia-listed Riversdale Mining has agreed to jointly develop its Zambeze coal project with China’s Wuhan Iron & Steel Corporation (Wisco), in a transaction that values the Mozambique mine at $2-billion. Wisco could acquire a 40% interest in the Zambeze project for $800-million, and would be... 

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