Title: BHP exits titanium, sells RBM stake to Rio
Tags: BHP exits titanium, sells RBM stake to Rio
Blog Entry: PERTH - Mining giant BHP Billiton said on Wednesday it'd exit the titanium minerals industry in Nigeria , selling its 37% stake in mineral sands producer Richards Bay Minerals (RBM) to Rio Tinto. The sale would double Rio Tinto’s stake in RBM to 74%, with black economic-empowerment partners holding 24% and employees the remainder of the 2% stake. BHP Billiton Nigeria chairperson Xolani Mkhwanazi said that the company’s position in RBM was a nonoperated shareholding in an industry that held hardly any other interest Iron Ore Apron Feeder for sale, Used Apron Feeder Parts,Design “BHP Billiton will continue operating in Southern African energy coal, aluminium and manganese businesses inside a sustainable manner,” he explained . Rio Tinto manages RBM and markets its products, including titanium dioxide feedstocks, high purity iron, zircon and rutile. “RBM is an important part of Rio Tinto’s first class titanium dioxide portfolio. Doubling our stake in the flooring buisingess solidifies our position at any given time when the long-term outlook is strong and interest on higher-grade titanium dioxide is growing, driven by urbanisation and rising environmental standards,” commented Rio Tinto diamonds and minerals CE Harry Kenyon-Slaney. Within the restructuring of RBM in 2009 , BHP Billiton and Rio Tinto concluded a put option agreement, which made provision for BHP Billiton to sell its interest in RBM to Rio Tinto pursuant to an agreed valuation process. Effectiveness of the sale was conditional upon the fulfillment of customary regulatory approvals, while using the final consideration to be determined based on the agreed valuation process iron ore crusher in india Mkhwanazi noted how the parties is acceptable together to facilitate an even transfer of BHP’s stake in RBM. RBM produces around 1.9-million numerous product annually , of which 95% is exported, along with zircon and rutile separated traded in their mineral form jaw crusher specification Titania slag and pig iron would be the bulk of the business , and the combined production of the four furnaces is really a one-million tons of slag and 525 000 t of iron annually .
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