UK miner extends grasp over Mongolia, goes for Mozambique
Rio Tinto, the third most highly capitalised mining company, and second among global iron ore producers, is bidding for Australian-listed, Mozambique-based, coal mining company, Riversdale. The fit is obvious: Riversdale controls two of the world’s largest deposits of high quality coking coal, used to smelt steel. Its mines in Mozambique’s Tete province could become the world’s biggest single source of this particular “dark material”.
Even more important for Rio Tinto’s longer-term strategy is its Mongolian play. For the past few years, it sights have been fixed  on securing a greater chunk of the Oyu Tolgoi project, currently majority-owned by Robert Friedland’s Ivanhoe Mines. Like Riversdale’s coal venture in Mozambique, Oyu Tolgoi ranks as “world-class”. But it’s far more attractive to Rio as a future profit-spinner, potentially hosting the world’s biggest trove of copper and gold. In this respect, Oyu Tolgoi could come to rival the Grasberg mine in West Papua, where Rio Tinto has a minority, but critical, joint venture stake with Freeport.