Rio Tinto buys Riversdale, appoints new chief
Australian mining Giant Rio Tinto has completed its $4 billion acquisition of Riversdale Mining after the compulsory acquisition of the remaining Riversdale shares was announced. The purchase of Riversdale Mining will significantly expand Rio's operations in Mozambique.
The completion of the purchase comes as Eric Finlayson, Rio’s head of exploration since 2007, has been appointed as the new CEO of Riversdale Mining and Rio Tinto’s country manager in Mozambique.
Mr Finlayson, who replaces incumbent CEO Steve Mallyon, will assume his duties from 1 July onwards. Mr Mallyon will move into the role of special advisor to Mr Finlayson to ensure a ‘smooth transition’.