Source: Mining Weekly                       Date: 08 September, 2011

Rio Tinto plans to sell its shares of South African copper producer Palabora. Meanwhile the firm is actively acquiring more of Ivanhoe Mines and its operations in Oyu Tolgoi.

Rio Tinto plans to sell its 57.7 percent shareholding in Palabora, citing a “limited opportunity to expand copper mining at Palabora,” said copper chief Andrew Harding.

Palabora operates a copper mine, smelter and refinery complex with a total production of 80,000 tons per year. Rio Tinto vowed to continue running operations efficiently and safely until a sale is made.

Palabora accounts for 8 percent of Rio's copper reserves this year so far. Although Rio said it is scaling back on this copper project, it recently bought up more shares of Ivanhoe Mines in Mongolia. It currently owns a 48.5 percent stake in Ivanhoe and is the project operator at Oyu Tolgoi.