[miningmx.com] — BRAZILIAN steelmaker CSN has struck a deal to sell its 19.9% stake in Mozambican-focused coal miner Riversdale to Rio Tinto for $830m, according to a securities filing.
CSN, Brazil’s largest diversified steelmaking group, sold 47.29 million Riversdale shares at a price of A$16.50 each, the filing said. The shares closed little changed at A$16.50 in Sydney on Wednesday.
Earlier in the day, Rio Tinto said it had won control of 72% of Riversdale after CSN accepted the offer.
Rio Tinto became Riversdale’s controlling shareholder on April 8 despite failing to persuade India’s Tata Steel (TISC.BO: Quote) and CSN to sell their combined 47% stake in the company over the previous three months.
