Hebei Group to Buy Rio’s Palabora Mining for $476 Million

Hebei Iron & Steel Group, China’s biggest steelmaker, will lead a group to buy Rio Tinto Group’s Palabora Mining Co. in South Africa for about $476 million as the Asian nation sucks up mining assets on the continent.

Rio will sell 57.7 percent for $373 million to the group, which includes Industrial Development Corp. of South Africa, the London-based mine operator said yesterday in a statement. Anglo American Plc will divest a 16.8 percent holding for 893 million rand ($103 million), it said separately. The agreement amounts to a purchase price of 110 rand a share, Hebei Iron said.