on Dec 11. According to the agreement, Rio Tinto will sell 57.7 percent of Palabora Mining Group's equity to the consortium, made up of enterprises from China and South Africa, at the price of $373 million.At the same time, Anglo American PLC announced it will sell 16.8 percent of Palabora's shares for 893 million South African rand ($103 million) to the consortium.
The buyer consortium is led by Hebei Iron and Steel Group, which controls 35 percent of the consortium's shares. Other members include General Nice Group, holding 25 percent; Industrial Corporation of South Africa, 20 percent; and Tianjin Materials and Equipment Group Corporation, 20 percent. Chinese enterprises control 80 percent of the consortium's shares. (China Daily Jan. 5, 2013)