World’s third top most mining company Rio Tinto (after BHP Billiton and Vale CVRD ) has acquired Sydney based Riverdale mining. Rio Tinto has bid the offer of $ 3.9 bn. Riverdale mining company, which is largest shareholder of India’s Tata Steel has huge coking-coal projects in Mozambique. These geographical areas are rich in coking and thermnal coals of around 13 billion ton.
Currently, China and India has huge demand of Steel. So,This bid will be adding transformational value to Riverdale. Rio Tinto’s $ 15 shares are closed with 6 % premium last week.