Hebei Iron and Steel Group Co, Ltd. (Hebei Steel) has acquired a 74.5% stake in a South African mining company.

Upon the completion of the transaction, Hebei Steel will operate and manage Palabora Mining Company Ltd (PMC) as its largest shareholder.

The agreement was signed between a consortium led by Hebei Steel and Anglo-Australian mining giant Rio Tinto in Beijing.

Source: China Metals e-mail chinametal@xinhua.org