Rio Tinto's Palabora enters into BEE talks

November 17, 2008

JOHANNESBURG (miningweekly.com) - JSE-listed copper producer Palabora, part of the Rio Tinto group, on Monday advised shareholders that the company had entered into discussions for a potential broad-based black economic-empowerment (BEE) transaction.

The transaction would involve an internal leveraged structure, pursuant to which the BEE shareholders would acquire an equity interest of not more than 26% in a newly formed, special purpose subsidiary of Palabora.

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