Sao Paulo, Brazil — MININGREVIEW.COM — 21 April 2011 – Brazilian steelmaker CSN has struck a deal to sell its 19.9% stake in Mozambican-focused coal miner Riversdale to diversified mining giant Rio Tinto for US$830 million, according to a securities filing.
CSN, which is Brazil’s largest diversified steelmaking group, has sold 47.29 million Riversdale shares at a price of A$16.50 each, the filing added. The shares closed little changed at A$16.50 in Sydney yesterday.
In addition, the offer period has been extended by nine days to end at 7.00pm (Sydney time) on Friday 29 April 2011, unless extended further.
Earlier in the day, Rio Tinto announced that it had won control of 72% of Riversdale after CSN accepted the offer.
Rio Tinto became Riversdale’s controlling shareholder on 8 April despite failing to persuade India’s Tata Steel and CSN to sell their combined 47% stake in the company over the previous three months.