South Africa’s IDC Submits Bid for Palabora Mining, New Age Says

South Africa’s Industrial Development Corp. is part of a group that has submitted a bid for Palabora Mining Ltd., a copper miner majority-owned by Rio Tinto Plc (RIO), the New Age reported, citing the IDC.

It expects a decision from the sellers, which also include Anglo American Ltd., by the end of March, the Johannesburg-based paper reported.

Rio Tinto declined to provide details on the sales process, the newspaper said.

To contact the reporter on this story: Jana Marais in Johannesburg at jmarais@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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