Rio Tinto Limited (ASX:RIO) has announced plans to sell its controlling 57.7 per cent stake in South Africa's biggest copper producer, Palabora Mining Company.
Palabora’s principle asset is a copper mine in South Africa that Rio says is no longer of sufficient scale to fit with its strategy.
Palabora also owns a magnetite stockpile and Rio says Palabora’s plans for the stockpile are outside its strategic focus.
Anglo American has also announced that it will participate in the sale process initiated by Rio to sell its own 16.8 per cent interest in Palabora.
Last month Rio Tinto posted a record first half net profit of $7.5 billion.
