India’s Tata Steel has raised its stake in Riversdale Mining Ltd
(ASX:RIV), according to sources.
Tata Steel raised its stake from 24 per cent to 27 per cent, Reuters reports.
The African focused coal miner has received a $US3.9 billion bid from Rio Tinto.
Riversdale is an attractive asset for companies seeking to secure coal supplies as it has coking coal reserves in Mozambique.
Reportedly there has been a share purchase, but details are not yet available.
For the half year ended 31 December 2010, Riversdale reported a net loss of $11.37 million.
