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July 29, 2008

BHP Billiton/Rio JV to sell stake to S.African blacks

South Africa's Richards Bay Minerals (RBM) an unlisted 50/50 joint venture between Rio Tinto and BHP Billiton on Tuesday agreed to sell a 26 percent stake to blacks, but did not disclose the cost.

"We are still going through the due diligence, which could be completed in about two weeks and then the value would be confirmed," Jean Chawapiwa-Pama, a Rio Tinto spokeswoman in Johannesburg, told Reuters.

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Posted by StaffWriter at July 29, 2008 2:35 PM