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Tata Steel to Sell Stake in Riversdale Mining

Tata Steel has decided to sell its 26.72 % stake in Riversdale Mining Ltd for $1.12 billion. The company which is currently controlled by majority stake holder Rio Tinto Jersey Holdings is hoping to de-list.

Rio Tinto bought its 73.20 % in Riversdale recently making it the largest share holder of the mining firm.

The sale will represent a 100% appreciation in the value of the investment Tata Steel initially made in Riversdale Mining four years ago. The investment at that time was made via its subsidiary Tata Steel Global Minerals Holding Pte Ltd. The company has informed the Bombay Stock Exchange of its decision.

Rio Tinto’s decision to de-list the company without any joint venture agreement led to this decision as per the company statement. The company will continue to focus on its joint venture with Riversdale Mining called Riversdale Energy (Mauritius) Ltd.

The Mauritius based joint venture owns coal assets in Mozambique and Tata Steel is looking forward to working with Rio Tinto about enhancing its participation in the Benga Joint Venture.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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