CAPITAL MARKETS

Rio Tinto's Palabora to raise US$114 million

RIO Tinto's 49.2%-owned subsidiary Palabora Mining is looking to raise R849 million (US$114.6 million) through a rights issue to repay debts and complete the underground development at its copper mine in South Africa's Northern province.

Brad Ricks

Rio Tinto's Palabora to raise US$114 million

Earlier this year Rio was forced to bail Palabora out with a US$50 million lifeline after the company ran into problems with the conversion of its openpit operation to underground. Rio made the US$50...

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