Brazil’s CSN and Tata Steel, which had once battled for control of Corus, the European steel company, are set to become stakeholders in Australia’s Riversdale Mining.
In an intimation to the stock exchanges, CSN has informed that the company’s board of directors had approved the acquisition of a minority interest of 16.3 per cent in Riversdale Mining. The price per share would be of A$6.10.
Tata Steel already has about 20 per cent in Riversdale. A spokesperson said, the company also had an offtake arrangement with Riversdale. Further, Tata Steel has a joint venture with Riversdale Mining for a 35 per cent stake in two coal tenements in Mozambique—Benga and Tete—including offtake rights to 40 per cent of the coking coal produced from the mines.