
International mining group Rio Tinto has now acquired 99.74 per cent of the shares of Riversdale Mining Limited after Tata Steel today allowed its 26.28 per cent stake into Rio Tinto's takeover offer.
Riversdale has hard coking-coal projects in Mozambique and also owns an underground coal mine in South Africa—Zululand Anthracite Colliery. Mozambique is strategically well placed to supply hard coking coal to India and Brazil, where the steel industry is growing and a number of new coal-fired power stations are being built.