Rio Tinto Assumes Control Of Riversdale Mining

Rio Tinto PLC (RIO) said Friday it has assumed control of Riversdale Mining Ltd. (RIV.AU), with its interest in the Africa-focused coal producer rising above 50% with the prospect of increasing further before the takeover offer closes April 20.

Riversdale has already appointed three Rio Tinto nominees to its board, including energy division Chief Executive Doug Ritchie, and Rio Tinto said other appointments are expected to follow.

"The new Riversdale board will reflect our majority shareholding and help clear the way for the development of Riversdale's assets as quickly as possible," Ritchie said in a statement.

He said the company remains optimistic about the outlook for the global coking coal market. Riversdale is developing two coking coal projects in Mozambique.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

Riversdale Mining (ASX:RIV)
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