GLOBAL miner BHP Billiton yesterday announced that it had offloaded its stake in a South African titanium operation to rival Rio Tinto.
The move marks the end of BHP’s participation in the titanium minerals industry.
BHP said it had exercised an option to sell its 37 per cent stake in Richard Bay Minerals to Rio Tinto, with the final cost to be agreed by a previously agreed valuation process.
Rio’s stake in Richard Bay will rise to 74 per cent, Rio said in a separate statement.
Chief executive Harry Kenyon-Slane said: “Doubling our stake in the business solidifies our position at a time when the long-term outlook is strong and demand for higher grade titanium dioxide is growing, driven by urbanisation and rising environmental standards.”
Separately BHP Billiton said it will cut staff at its Nickel West unit in Australia in response to weak metals prices and the negative impact of a strong Australian dollar.
BHP plans to reduce mine production by 30 per cent at its Mt Keith nickel mine in Western Australia state for about a year and axe around 150 jobs, a company spokeswoman said.
