# RIV - Riversdale Mining



## Dutchy3 (16 May 2007)

Nice little entry in a stock with a proven trend after a rest. STOP's 1.80ish.

Todays price a bit sold off on the close yet volume increase encouraging ...


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## Dutchy3 (23 June 2007)

3.20 on the close this week ... been a nice one in an increasing choppy market. Anyone know what they actually do?


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## hypnotic (23 June 2007)

Hey Dutchy,

These guys had a stellar run was recommended by Wise-owl back in Oct 06 to buy in at 1.30 and price target was only $2.50! representing a 140% increase. I've copied some of the company background from wise-owl

Unfortunately i didn't buy into it!

Courtesy of Wise-owl.com.au

Company Background
In March 2001, Riversdale Mining Limited (RIV), formerly known as Wave Capital Limited and WaivCom Worldwide Limited went into voluntary administration. In July 2003, the administrator then sold the assets and operations to a group of investors. After acquiring Riversdale Anthracite Colliery in July 2004, RIV’s activity is concentrated on exploration and development of coal mining in Africa. At this point in time, RIV has got several projects in South Africa and, recently, is moving into Mozambique.

Investment Summary
In the last 12 months, RIV have really been involved in ramping up their operations and are close to seeing their efforts come to fruition. RIV is starting make a name for itself in the resources industry in Southern Africa, an area known for its rich reserves. RIV has several projects on their plate including the Zululand Anthracite Colliery (ZAC) mine in South Africa, the Mozambique Coal project from their tenements recently purchased in July 2006 and the Riversdale Anthracite Colliery (RAC) also in South Africa. 

In Mozambique, their area covers about 203,000 hectares and is seen as a strategic holding in the Moatize Coal Province, known to be the largest undeveloped coking and thermal coal region in the world. The Benga licence in the Moatize area is adjacent to the licence held by Companhia Vale do Rio Doce (CVRD). At the moment, CVRD is looking to establish rail and port facilities for their 2.4bn tonnes of deposits and RIV can benefit from these infrastructures put in place. 

At ZAC, production for the year was 741,144 tonnes with the average yield of 78.1% as expected. Development of the Deep E project is progressing well with mining production expected in November. The mine life after surveys has now been extended to 17 years from 10 at ZAC. Great news for the company. 

There are political risks to keep in mind whenever a junior company has projects in Southern Africa, but political stability is progressing and this will play a factor in the success of the company. At current levels RIV is a 'Buy' for members.

Let me know if you need anymore info about them..

Hypnotic


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## Dutchy3 (24 June 2007)

Hi H(i)yp

Thanks for all this ... real little beaut this one and I see the SA exposure and position size accordingly ...

From my TA perspective, as there is no history to see, this stock could do anything


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## Peakey (10 October 2007)

Bit surprised there's not more posts on the RIV thread, stock is having a great run!!! I thought I'd post the following chart. We saw alot of volume go through today with the stock closing almost on the intraday high. Perhaps $6.00 is not that far away. Doesn't appear to be alot of sellers (supply) either. Good luck to those holding.

Cheers
Peakey


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## greenfs (10 October 2007)

This stock was reported in the press this week as a takeover rumour @ $6.50 by I think a majoe European listed entity.

They better hurry up or the offer will be ancient news. And to think that I could have bought for $2.50


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## Peakey (11 October 2007)

greenfs said:


> This stock was reported in the press this week as a takeover rumour @ $6.50 by I think a majoe European listed entity.
> 
> They better hurry up or the offer will be ancient news. And to think that I could have bought for $2.50




Thanks for that info greenfs, I wasn't aware of the rumour. We'll have to wait and see if there is any truth to the rumour.

Peakey


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## HarryLen (12 November 2007)

Hey there, I'm pretty new to trading, have been reading a lot of books over the last couple of years, written down my plan and have now placed my first trade.  just so happens the first trade was RIV at 6.20 and I've been pretty wrapped with the results so far.

Can anyone tell me what the trading halt is about? Anything to do with the takeover rumor from early October?

Have learnt a lot from this one trade anyway.


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## greenfs (30 November 2007)

Very positive JV ann this morning. From my reading I think this will result in a further substantial increase in the sp after the market has absorbed the detail.

In other words, shareholders can expect a double digit value for the sp going forward.


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## bigdog (30 November 2007)

ASX ANN details today

Market liked the ANN
RIV   	9.60  	  0.190   	  2.02%   	 	4,535,896 shares  	$43,085,437 @ 	30-Nov 11:46:50 AM

Look at todays high volume will exceed yesterday's volume very shortly!!!
Date  	Close  	Volume  
29-Nov-07	9.41	5,239,285
28-Nov-07	8.92	887,085
27-Nov-07	9.25	1,129,448
26-Nov-07	9.44	855,103
23-Nov-07	9.42	1,692,025
22-Nov-07	10.2	0
21-Nov-07	10.2	0
20-Nov-07	10.2	0
19-Nov-07	10.2	395,321
16-Nov-07	10.15	454,819
15-Nov-07	10.25	4,990,356
14-Nov-07	9.96	2,346,277
13-Nov-07	9.5	762,734
12-Nov-07	9.91	0
09-Nov-07	9.91	1,067,846
08-Nov-07	9.46	1,018,363
07-Nov-07	8.8	760,661
06-Nov-07	8.26	678,498
05-Nov-07	8.8	1,210,369
02-Nov-07	8.42	707,780
01-Nov-07	8.01	830,549


RIV  	9:32 AM  	Tata Steel and Riversdale Joint Venture
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00789741


Tata Steel signs JV with Riversdale Mining for Mozambique Coal Project  

Tata Steel and Riversdale sign joint venture agreement on 30 November 2007  

Tata Steel to pay AUD100 million (approximately 88.2 million USD) to acquire 35% of Riversdale’s Benga and Tete licences

Project Interest comprises approximately 25,000 hectares (96.7 square miles) in the Moatize region     

Riversdale Mining Limited (ASX: RIV and “Riversdale”) and Tata Steel Limited (“Tata”) have signed an agreement to establish a special purpose joint venture vehicle (“JV”) to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.  

Under the terms of the agreement, Tata will pay AUD100 million (approximately 88.2 million USD) to acquire a 35% Project Interest.  For this consideration, Tata secures a key position in the JV formed to develop the Mozambique Coal Project, as well as a 40% share of the off-take for coking coal.    

Tata will also have the option to participate above this level of tonnage, and may participate with Riversdale in future opportunities on Riversdale’s surrounding tenements.  

The JV comprises two licences (the Benga and Tete licences) and covers an area of 24,960 hectares (approximately 96.7 square miles). Riversdale Mining holds a total acreage of over 290,000 hectares (1,120 square miles) in Mozambique.  

Riversdale Mining had recently announced a major coal resource in the Benga Licence. Based on the drilling results undertaken by Riversdale, the total Resource is estimated at 1.225 billion tonnes categorized as Inferred Resources and is in accordance with the JORC Code 2004. Of this, a total of 720 million tonnes is considered to have the potential to be extracted by open-cut methods.  

The coking coal derived from this project will be supplied to the Tata Steel Group’s facilities in Europe, Asia and elsewhere. 

At the signing ceremony in Sydney on 30 November 2007, Riversdale Chairman and CEO Mr Michael O’Keeffe said “the formation of the Joint Venture with the global steel major Tata Steel would ensure the coal project in Mozambique was well positioned to exploit the full potential of the Moatize region. The value of Tata’s on-the-ground experience should not be under-estimated for a project of this scale.  This was a major consideration for Riversdale, and we look forward to working with Tata as the project advances.” 

ANN continues in linked document

I hold RIV shares and my tip for December ASF Stock Tipping


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## michael_selway (30 November 2007)

bigdog said:


> ASX ANN details today
> 
> Market liked the ANN
> RIV   	9.60  	  0.190   	  2.02%   	 	4,535,896 shares  	$43,085,437 @ 	30-Nov 11:46:50 AM
> ...




This was one of the coal stocks that got away from me!

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 3.5 5.8 6.0 51.7 
DPS 0.0 0.0 0.0 0.0 *

thx

MS


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## michael_selway (2 December 2007)

Hm not bad but is it expensive?

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 3.5 8.2 10.1 13.7 
DPS 0.0 0.0 0.0 0.0 *


http://business.theage.com.au/tata-signs-deal-to-develop-mozambique-coal-assets/20071130-1e2k.html



> Riversdale's coal project has an estimated 1.225 billion tonnes of inferred resources, with a total of 720 million accessible via open-cut mining.
> 
> Brazilian mining giant CVRD is also active in Mozambique, with plans to advance a "massive" coal project that is next to Riversdale's tenements in Moatize.


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## bigdog (3 December 2007)

Today's SMH

http://www.smh.com.au/news/Business/Stocks-to-watch/2007/12/03/1196530514419.html

*Stocks to watch*
December 3, 2007 - 8:04AM

*Stocks of interest on the Australian Stock Exchange today.*

RIV - RIVERSDALE MINING LTD - up 49 cents at $9.90

Coal miner Riversdale Mining Ltd has signed a joint venture with India's Tata Steel Ltd to develop a hard coking and thermal coal project at key exploration tenements held by Riversdale in Mozambique.

Under the terms of the deal, the global steel major will pay $100 million to acquire a 35 per cent interest in the project.

Tata secures a key position in the joint venture to develop the Mozambique Coal project, as well as a 40 per cent share of the off-take for coking coal.


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## bigdog (3 December 2007)

RIV is off to flying start this morning with one large special trade

Date-------  	Time-----  	Price$  	Quantity  	---Value ($)  	Conditions
03-12-2007 	09:18 AM 	$9.900 	1600000 	$15,840,000	Special Crossing Trade,Crossed


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## greenfs (3 December 2007)

bigdog said:


> RIV is off to flying start this morning with one large special trade
> 
> Date-------  	Time-----  	Price$  	Quantity  	---Value ($)  	Conditions
> 03-12-2007 	09:18 AM 	$9.900 	1600000 	$15,840,000	Special Crossing Trade,Crossed




Was thay you buying this stock big dog with your spare change? 

Woof Woof Woof Woof Woof Woof Woof Woof Woof


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## michael_selway (3 December 2007)

bigdog said:


> RIV is off to flying start this morning with one large special trade
> 
> Date-------  	Time-----  	Price$  	Quantity  	---Value ($)  	Conditions
> 03-12-2007 	09:18 AM 	$9.900 	1600000 	$15,840,000	Special Crossing Trade,Crossed




Hi yep not bad, but so you reckon ist expensive at current prices?

thx

MS

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 3.5 8.2 10.1 13.7 
DPS 0.0 0.0 0.0 0.0 *


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## bigdog (4 December 2007)

http://www.news.com.au/heraldsun/story/0,21985,22863814-664,00.html

*Coal king Ken Talbot in splurge for Riversdale stake*
James McCullough
December 04, 2007 12:00am

COAL king Ken Talbot has spent $70 million to acquire almost 5 per cent of Riversdale Mining as part of his ambition to build a global mining investment portfolio.

Mr Talbot paid $9.30 a share in a recent placement to acquire 7.5 million shares in Riversdale as part of a $235 million capital raising taken up predominantly by Australasian, European and North American institutional clients of Hartleys and RBC Capital Markets.

The funds raised will mainly be used for the development of the Benga licence and further exploration of other tenements in the Moatize Basin in Mozambique.

"We think it is a very good investment and it is part of our strategy of getting in on the ground floor of junior and medium-sized explorers," Mr Talbot said.

The share price of Riversdale has leapt from a low of $1.79 in the past year to close yesterday up 43c at $10.33.

The latest move comes as Mr Talbot, the former CEO of Macarthur Coal who remains a director of the group with a personal stake of just under 30 per cent, has amassed a considerable mining portfolio around the globe.

The total worth of the portfolio is now more than $700 million, the key investments being his Macarthur Coal stake, Sundance Resources, Karoon and now Riversdale.

Mr Talbot has a 19.9 per cent stake in Sundance, a West Australian-based iron ore company.

He bought into Sundance for about 12c a share and the price yesterday closed up 1c at 50.5c.

He also acquired 18.2 million shares in Karoon Gas, or 13.8 per cent, for about $2.30 a share and the stock closed yesterday down 5c at $3.40.

One of the main funding mechanisms for his recent buying has been the sale of his Talbot Hotel Group, which raised $130 million.

"I had a holiday and I came back and said to my staff, 'We are selling the pubs', " Mr Talbot said.

"They were a bit shocked, but I believed there was greater opportunity in the resources sector and to date it has worked well for us."


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## michael_selway (4 December 2007)

Thanks, have to keep an eye on this one

Business Description 
Riversdale Mining Limited (RIV, formerly known as Wave Capital Limited and WaivCom Worldwide Limited) is involved in exploration and development of coal mining in Africa. 



> Company Strategy
> RIVs principal objective is to build a successful coal exploration and mining business operating in South Africa and Mozambique. Main asset is a Zululand Anthracite colliery, where company targets 17 years mining operation. Exploration upside is seen through Mozambique Coal project. Work also continued on a bankable feasibility study for development of the Riversdale Anthracite Colliery (RAC). RIV continued to accumulate coal prospective tenements in Mosamibique and entered in to a JV deal with Tata group to facilitate development. RIV aims to apply funds in an efficient manner with a view to provide above average and sustainable returns to shareholders. RIV also adopts high standards of occupational health and safety, environmental management and ethics. Riversdale Mining reported NPAT down 80.2% to $5.02m for the year ended 30 June 2007. Revenues from ordinary activities were $72m. Revenue and net profit for the year ended 30 June 2007 includes a full year of operating contribution from Zululand Anthracite Colliery (ZAC). Diluted EPS was 3.52 cents compared to 29.81 cents last year. Net operating cash flow was $18.2m compared to $2.34m last year. No dividend was declared.


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## bigdog (9 April 2008)

ASX ANN today

This ANN sounds fantastic, however the market did not like the ANN!!

Are there any opinions out there?

RIV   $8.69    -$0.61  -6.56% high of  $9.27 & low of  $8.56 traded 678,731 shares  $6,093,232 @ 09-Apr 12:13:50 

Riversdale Mozambique Project - Updated Coal Resource 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00830856

COAL RESOURCE IN MOZAMBIQUE DRAMATICALLY INCREASED
• Major Coal Resource in the Benga Licence in Tete Province dramatically increased by 58% since November 2007
• Inferred Resource of over 1.9 Billion tonnes has been assessed in accordance with the JORC Code 2004
• Compares with 1.2 Billion tonnes Inferred Resource announced in November 2007
• More than 1 Billion tonnes of this is less than 300m deep and likely to be amenable to open cut mining
• This increased Coal Resource confirms the Moatize Basin in Mozambique as an emerging coal province of global significance
• Potential products include hard coking coal and thermal coal


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## Kelpie (9 April 2008)

Seems odd doesn't it? Anyway, a chance to buy more now that its back on support (~$8.40)... ready for the next leg up?


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## Kelpie (11 April 2008)

Anyone care to shed some light on why the up and up announcement has had such a negative result on the SP?

Many thanks.


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## j4mesa (11 April 2008)

Hi Kelpie,

Not sure whether I am right or wrong however, from techi point of view, this share has got a very high volatility , which is called noise..
so i guess today's price action is just painful but it is just a noise


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## michael_selway (24 May 2008)

j4mesa said:


> Hi Kelpie,
> 
> Not sure whether I am right or wrong however, from techi point of view, this share has got a very high volatility , which is called noise..
> so i guess today's price action is just painful but it is just a noise




RIV has recoved since it appears

http://www.afr.com/home/viewer.aspx...l+source&source=/_xmlfeeds/companies/feed.xml

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 3.5 47.3 5.4 13.9 
DPS 0.0 0.0 0.0 0.0 *

thx

MS


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## bigdog (29 May 2008)

ASX ann today states the the Talbot Group (Kenneth Talbot) has become a ssubtantial shareholder in RIV with 5.97% with latest purchase at $10.05

29/05/2008   Becoming a substantial holder 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00846310

Mittal has been buying into Talbot's QLD coal company!

Interesting eh!!!!


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## j4mesa (29 May 2008)

hmmm.....
it is interesting to see ken talbot jumping into this ship !!!
maybe after the money he got from arcelormital


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## michael_selway (29 May 2008)

bigdog said:


> ASX ann today states the the Talbot Group (Kenneth Talbot) has become a ssubtantial shareholder in RIV with 5.97% with latest purchase at $10.05
> 
> 29/05/2008   Becoming a substantial holder
> http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00846310
> ...




Haha yeah, he must see RIV as undervalued, otherwise he wouldnt dump the money he got for MCC into RIV so quickly!

thx

MS


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## dj_420 (24 June 2008)

A number of favourable reports about RIV lately valuing them over $20 per share.

http://www.riversdalemining.com.au/...zambique Coking Coal Quality 10 June 2008.pdf

Might explain the increase in interest in sp over last couple of weeks.


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## Gekko (25 June 2008)

Good performance today on a poor MCC/Mittal induced day for coal stocks. MCC and FLX's takeover premium wiped. RIV is awfully well set up for a big 2009 FY. Who knows, maybe Talbot was buying today? ...or not. He has a poor history outside of MaCarthur


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## dj_420 (26 June 2008)

Another article for RIV, starting to catch some international attention, with 60 mt pa potential highlighted that would certainly put it among top 10 coal miners in world.



> Thursday, 26 June 2008
> 
> THE world needs more coking coal, a key ingredient in steelmaking, and Riversdale Mining’s Michael O’Keefe says his company’s Mozambique coal project will help meet that demand. By Kate Haycock
> 
> ...


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## Goldmann (26 June 2008)

Cheers for that.. very reassuring...  been searching for a new snowboard on ebay for the last hour, so to see this is a nice break! 

I bought into RIV today at 11.60. My first buy outside the gold sector in some months.. 

Been lots of positive news... on wards and upwards!


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## Gekko (27 June 2008)

I have also recently bought and am pleased at how well we're holding up today. I think all the coal stocks are holding and the money is money from financials to coal as the next play over the next half decade.


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## adobee (27 June 2008)

Whilst I dont hold RIV directly I note it has contributed well to the yield I am getting back on my Linq Resources shares..  The directors of LRF seem to think very highly of RIV potential..


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## Gekko (27 June 2008)

RIV has plenty of coal. If they can sort out rail and infrastructure, then we and Talbot will make plenty. Rail the major obstacle.

RIV now in green. MCC up 2 percent.

Coal stock are money


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## Gekko (28 June 2008)

Miners and coal company's again bucking the trend overnight in the States. RIV, the major miners, and coal company's should see green on monday. Oil continues to drag commodities up.


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## rafsanjani (4 July 2008)

*Mozambique power plant*

Mozambique grants licences for coal power plant 
By: Reuters
Published: 2 Jul 08 - 17:54
Australia's mining company, Riversdale Mining, has obtained licences covering 290 080 ha to start building a $2-billion coal-fired power plant in Mozambique to produce 2 000 MW.

"With over 280 000 ha still to explore, it is quite likely that there is more coal in the Riversdale tenements than in the better known area in Moatize, licensed to the Brazilian Companhia Vale de Rio Doce (CVRD)," the firm's country director in Mozambique Syd Parkhouse told Reuters on Wednesday.

The plant would be built in the northern Tete province in early 2009 after a feasibility study is concluded in December.

Tete was the next major coking coal basin in the world, he said.

Parkhouse said Riversdale investment capital of $2-billion would be sourced from foreign banks and international finance institutions for production of 500 MW mainly for exports to South Africa, Zimbabwe, Malawi and Zambia.

Riversdale will also sell electricity to other countries in the Southern African Development Community (SADC) where demand is higher than supply such as Botswana and Namibia.

http://www.engineeringnews.co.za/article.php?a_id=137143


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## drillinto (6 July 2008)

Australian firm plans new coal mine in Mozambique by 2010  


    MAPUTO, July 1 (Xinhua) -- The Australian company Riversdale Mining plans to open its first coal mine in the western Mozambican province of Tete by the end of 2010, AIM reported on Tuesday. 

    Briefing Mozambican journalists on the company's operations on Tuesday, Riversdale's Country Manager for Mozambique Syd Parkhouse said that Riversdale has now obtained licences in Tete covering 290,080 hectares. 

    At one of these tenements, at Benga, in the Moatize coal basin, there is an inferred reserve of 1.9 billion tons of coking coal. Benga only covers around 4,000 hectares. The rest of the area licensed to Riversdale is largely unexplored. 

    The company has tenements on both banks of the Zambezi, and the area concerned extends to the south bank of Lake Cahora Bassa. With over 280,000 hectares still to explore, it is quite likely that there is more coal in the Riversdale tenements than in the better known area in Moatize licensed to the Brazilian Companhia Vale de Rio Doce (CVRD), said the report. The Brazilian concession contains an estimated 2.4 billion tons of coal. 

    Riversdale describes Tete as "the next major coking coal basin." 

    While Riversdale's main interest is in coking coal, thermal coal would be a secondary product from Benga. Parkhouse said there are plans to involve a second Australian company, Elgas, in constructing a coal fired power station at Benga, with the initial capacity to generate 500 megawatts, but eventually producing 2,000megawatts.


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## greenfs (10 July 2008)

To anyone that is genuinely interested in this stock, I have a very good recent article from Charlie Aitken on this stock. Unfortunately it is too big to post (1.9Meg) on this site.

If anyone is interested, please send me a PM & I will E/Mail it to anyone interested.


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## Goldmann (15 July 2008)

adobee said:


> Whilst I dont hold RIV directly I note it has contributed well to the yield I am getting back on my Linq Resources shares..  The directors of LRF seem to think very highly of RIV potential..




Interesting to note they just got rid of a fair bit according to the latest announcement...

I hold RIV...


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## Gekko (20 July 2008)

Im expecting the long coal short financials trade to be bank in force later this week or next. The financial issues that the world are coming to grasp with will take 3-5 years to resolve and in the meantime, any financial rally with be short covering and a bear trap. Particularly those induced by SEC regulation.

In the meantime. Rivesdale, Felix and Macarthur will continue to fall until the sell financials trade comes back. There doesnt seem to be room for the two in these markets. The two been commodity's and financials.


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## michael_selway (20 July 2008)

Gekko said:


> Im expecting the long coal short financials trade to be bank in force later this week or next. The financial issues that the world are coming to grasp with will take 3-5 years to resolve and in the meantime, any financial rally with be short covering and a bear trap. Particularly those induced by SEC regulation.
> 
> In the meantime. Rivesdale, Felix and Macarthur will continue to fall until the sell financials trade comes back. There doesnt seem to be room for the two in these markets. The two been commodity's and financials.




hehe i noticed too and the opposite swings can happen daily for each group 

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 3.5 47.3 5.4 18.9 
DPS 0.0 0.0 0.0 0.0 *

thx

MS


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## Goldmann (22 August 2008)

interesting to see old 'golden touch' talbot acquiring more RIV lately at the prices under $9... obviously still very happy with the stock...

good stuff... nice climb so far today.


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## Goldmann (29 August 2008)

well a week later and the price has gone up over ten percent from the recent lows (and talbots purchase!).  

making a nice run at present, next goal $11 and retest the previous high after that


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## Goldmann (16 September 2008)

anyone else watching this one sink... been hammered lately... 

i expected it to be wounded today, but this is over the top...


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## bigdog (16 September 2008)

Today's ASX ANN
16/09/2008	 	Change in substantial holding
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00880582

Talbot is still buying now owns 11.27%
-- last purchase 12/9/08


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## Miner (16 September 2008)

Talbot has been buying RIV when it sinking just like he did for SDL

I think he is too smart to spend money in supporting sinking ships

I have never  seen SDL to recover even after huge buying and hope RIV will direct differently this time

Cheers


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## michael_selway (16 September 2008)

bigdog said:


> Today's ASX ANN
> 16/09/2008	 	Change in substantial holding
> http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00880582
> 
> ...




Hm its not bad

*Earnings and Dividends Forecast (cents per share) 
2008 2009 2010 2011 
EPS 4.9 15.8 56.2 61.9 
DPS 0.0 0.0 0.0 0.0 *

thx

MS


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## Goldmann (17 September 2008)

yeah i think its a big positive... Talbot has said he is looking for another Coal company after parting ways with MCC... And good to note he was acquiring large parcels up around $10 recently, so he is obviously confident of a quick snap back.

I had SDL but off loaded due to the sheer amount of shares on the market for a company that is yet to really do anything... seems to get hammered by shorters and every opportunity... RIV appears to have alot less shares on issue, with the volume being vastly reduced... no doubt someone that check that for me... 

anyway - i hold and continue to acquire more while its dropping...


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## bigdog (22 September 2008)

ASX announcement today
22/09/2008   Change in substantial holding 
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00882162

Talbot Group has further increased ownership to 13.38% from 11.27% reported last week


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## Goldmann (22 September 2008)

Maybe 19.9% is his target by Xmas??? Of course I have no facts behind that!

It certainly is providing a bit of a base at present - almost like an artificial share buy back!

Nice to see it trading back about $9...


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## bigdog (9 October 2008)

Does anyone know what is happening at RIV?

Talbot has been buying and over the past week the share price has crashed

Last trade today at 12:15:27 was $5.0500 and low for the day was  $4.5300

Date----	High	Low	Close	Volume
08-Oct-08	 6.43 	 5.44 	 5.44 	946,356
07-Oct-08	 6.84 	 6.30 	 6.61 	1,386,032
06-Oct-08	 8.18 	 7.13 	 7.32 	529,487
03-Oct-08	 8.50 	 8.06 	 8.28 	339,363
02-Oct-08	 8.78 	 8.50 	 8.58 	1,299,786
01-Oct-08	 8.71 	 8.44 	 8.70 	399,708
30-Sep-08	 8.48 	 8.10 	 8.35 	1,815,474
29-Sep-08	 9.70 	 8.84 	 9.04 	755,149
26-Sep-08	 9.82 	 9.38 	 9.70 	800,612


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## speculator101 (9 November 2008)

Hi bigdog.
After doing a bit of research (ok 2 hours reading)
I think long-term Riv is fine.
They have 300mil in the bank, and huge plans. 
Its the huge plans that are the main issue. 2Billion power plant is def on hold, until the financial crisis calms down. Im sure there are backers out there, but their money can prob buy a lot of things elsewhere, or maybe just keep them afloat!

Huntleys has been very keen on Riv for the past 3 years (broker reports on Rivs website). Back when it was 55cents..1.50..2.11...9.55... Last few valuations before the 'crisis' was upwards of $20.

Riv is still building up their resources, but for the time being, development might be on hold, until they can get more finance for their major Coal project - which MD put at around $800mil. So they have $300, but need $500 more.. mm.
Talbot's stake adds credibility, and hopefully will help with future finance.
After looking at the charts, I think $2.00 is probably where the rot will stop... then again... Maybe Talbot has finally run out of money?

Im not a holder, but plan on being one soon, especially if the share price continues down. this a long term buy only.

BUT def do your own research...


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## Miner (9 November 2008)

speculator101 said:


> Hi bigdog.
> After doing a bit of research (ok 2 hours reading)
> I think long-term Riv is fine.
> They have 300mil in the bank, and huge plans.
> ...




Speculator 101

Very good posting

I may add that Talbot's investment has not always been rosy. Example SDL
But he is a shrewed long term investor,
Primarily RIV is cash rich primarily from the purchase by Tata Steel of its some holding at a price much higher than prevailing market price. 

RIV came down to $2.18 in recent turmoil. 

IMO With iron ore, steel and other commodity market being  at a downward trend I would also wait for RIV to come down to $1.95-$2.00 even if it rose very high recently. 

It is the market demand and lot of finance (tough task in current market) to raise as you rightly pointed out

I do not hold RIV but waiting patiently to review the market and prevailing situation of coking coal market when RIV goes down  lower than $2. 

Cheers


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## Goldmann (18 November 2008)

Well, Talbot buys another 2% at prices ranging from $6 down to $2.50... he must be sitting on a huge paper loss for his 15 odd pc stake right now... 

Does give some confidence about the long term future, but I do know that he is a punter at heart... at prices this low - perhaps he could move for a take over sooner rather than later...

An economist from Macquarie has just predicted Coal will get further hammered in 2009, and will be very slow to recover moving forward... 

Thank god RIV have that cash in the bank right now... I think I will wait to sub $2 before I stock up with any more...it seems headed there with a bullet...


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## Miner (2 December 2008)

Goldmann said:


> Well, Talbot buys another 2% at prices ranging from $6 down to $2.50... he must be sitting on a huge paper loss for his 15 odd pc stake right now...
> 
> Does give some confidence about the long term future, but I do know that he is a punter at heart... at prices this low - perhaps he could move for a take over sooner rather than later...
> 
> ...






Miner said:


> Talbot has been buying RIV when it sinking just like he did for SDL
> 
> I think he is too smart to spend money in supporting sinking ships
> 
> ...




Refer to ABC news *http://www.abc.net.au/news/stories/2008/12/02/2435518.htm?section=justin*
What could happen to RIV and SDL shareholders should the court find Ken Talbot was guilty and send him to jail ?

Alternatively he may start selling his fortune investment to support his legal cost


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## Goldmann (3 December 2008)

hey Miner - starting to think we have similar portfolios - or atleast similar watchlists!  

no idea about what happens to RIV if talbot goes to the slammer... 

but Talbot Group have been buying heavily in the last week and now up to just under 19%. at this rate they will hit 19.9% before the end of the week.

Then what?


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## Miner (3 December 2008)

Goldmann said:


> hey Miner - starting to think we have similar portfolios - or atleast similar watchlists!
> 
> no idea about what happens to RIV if talbot goes to the slammer...
> 
> ...




Interesting observation Goldmann

I think we have similar watch list if not the similar  portfolios 

I am in the process of being a bankrupt the way my portfolio going so better do not follow my trend 

Technically I believe RIV is a good stock. It has the metallurgical coal  of huge amount which is a scarce commodity and will be more scarce.

Unfortunately metallurgical coal demand  is directly related to steel demand (and hence iron ore, vanadium, chrome, managanese, moly) and that is why RIV (In my opinion) is sinking. 

RIV is also owned by Tata Group (www.tatasteel.com) who also owns Corus Steel and Jaguar. 

So I believe even if Talbot follows Alan Bond's foot step  RIV will be still kicking

On another observation I noticed for some reason under ASF counter the number of your posting as shown is stagnant between 99 to 100 . None of my business but that a piece of stat.


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## DowJones (10 December 2008)

Their presentation at the mining club looks very interesting... lots of potential if the world can get through the GFC and the China stimulus package kicking in.

As a Sundance Resources share holder (sufferring ) I am looking to get some RIV - following the Talbot formula. I agree that Riversdale will have to be a long term position

Does anyone know how stable politically is Mozambique? 

I already have exposure to Cameroon via SDL...


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## bigdog (18 March 2009)

First RIV posting for sometime and the SP upward trend looking OK!

SP RIV   	$3.65  	  +0.060   	  1.67%   	high today 	3.95 low today  	3.65  	199,567 shares 	$743,624 @ 	18-Mar 10:48:36 AM
52-wk High	12.1000
52-wk Low	1.5550

*ASX ANN today*
18-03-2009 10:01 AM  	 RIV  	  Coal Quality Up-Date 

Mozambique Project - Coal Quality Update   


Pilot scale coking tests have commenced for Riversdale and Tata Steel’s Benga coking coal project.  

Preliminary results indicate that the Benga coking coals will be premium hard coking coals. Further details are reported in this release.  

Mr Mallyon said “Coking results continue to confirm that the quality of the Benga coking coals will be equal to the best coking coals sold in the market today. This reaffirms our belief that Mozambique will become a key coking coal supplier to steel mills globally.”

*Coke tests confirm “Premium hard” coking coal potential for Benga  *
• Coke strength of 71 (CSR) from first pilot scale coke test 
• Pilot scale coke testing programme to be completed in the 2nd Qtr of 2009


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## kenny (2 April 2009)

I don't hold this (or any coal miners yet).

What do people think about the possibility of M&A action? RIV seems to be an attractive candidate with assets, cash, cash flow and no crippling debt problem.

Still reading about RIV. Are they in JV with Tata to do Benga?

regards,

Kenny


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## Sean K (17 April 2009)

Few Coal players going for a run. Market thinks time to spend some cash and pick up some of the more distressed commods. Been watching this for a few months with interest but never got my fingers dirty. IDIOT!! 

How about the volume spike on break up?


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## bigdog (17 April 2009)

RIV currently up 8 cents at $4.53 11:23 AM with high ot $4.58

*Reason for yesterdays increase was:*

http://www.bloomberg.com/apps/news?pid=20601081&sid=a8WS.9HgsQ4A&refer=australia

*Riversdale Mining Shares Surge After Sale of 4.6% Company Stake*

By Jesse Riseborough

April 16 (Bloomberg) -- Riversdale Mining Ltd., the Australian coal explorer backed by Tata Steel Ltd., rose the most in almost five months in Sydney trading following the sale of a 4.6 percent stake in the company.

A total of 8.6 million shares were sold at A$4.50 a share, 12 percent more than yesterday’s closing price, according to Bloomberg data. The sale was worth A$39 million. The stock jumped 10 percent to A$4.45 at the 4:10 p.m. Sydney time close on the Australian stock exchange, the biggest gain since Nov. 28.

Tata Steel, India’s oldest steelmaker, has a 10 percent stake in the Sydney-based company and they have a venture to develop two coal projects in Mozambique. Riversdale cited the stake sale as a possible reason for the price rise in response to a query today from the exchange.

“We are unaware of what’s transpired other than that it’s a big parcel” of shares sold, Steve Mallyon, managing director of Riversdale, said today by phone. “I haven’t spoken to Tata, while we do speak regularly I haven’t heard from them today. I can’t speculate on whether it is them or an institutional buyer but we’ll knw soon enough.”


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## Sean K (23 April 2009)

Another coal player recovering and another resource company more than doubld since the bottom.

This sounds like a decent upgrade:


*Coal Resources upgrade and initial Coal Reserve for Benga Project in Mozambique*

Resources increase 90% to 4.0 billion tonnes 

Coal Initial Coal Reserve estimate of 273 million tonnes

Riversdale Mining Limited (ASX: RIV) and its partner Tata Steel Limited are pleased to advise that the Company has today announced an updated Resource and Reserve statement for the Benga Coal Project (EL 881L) in the District of Moatize, Province of Tete, Mozambique. The Benga Project is held in a joint venture between Riversdale Mining Limited (65%) and Tata Steel Limited (35%).

Of this amount, 1,033.9 million tonnes (Mt) is the combined total for Measured and Indicated Resources and 893.4 Mt of these are at a depth of less than 500m. This Coal Resource represents an increase of 90% over the previous Resource announced in September 2008.

Been a great run recently. No real resistance till $6.50 ish.


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## bigdog (29 April 2009)

ASX ANN
29-04-2009 10:24 AM  	 RIV  	  RIV Mining Contract 29 April 2009 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00947803

There has been no real reaction from the market to ANN!!!
RIV   	$4.27  	  -0.020   	  -0.47%   	high of 	$4.34  		286,340 shares  	$1,229,785  @	29-Apr 02:24:15 PM

This news article covered the ASX ANN
http://www.abnnewswire.net/press/en...act_for_Benga_Coal_Project_in_Mozambique.html

Riversdale Mining Limited (ASX:RIV) Secures Contract for Benga Coal Project in Mozambique

Riversdale Mining Limited (ASX:RIV)

Sydney, Apr 29, 2009 (ABN Newswire) - Riversdale Mining Limited (ASX:RIV) is pleased to advise that the Company has today received approval from the Government of the Republic of Mozambique for the Mining Contract for the Benga Coal Project in Mozambique.

The granting of the Mining Contract represents a significant event as the Company moves towards commencement of the Benga Coal Project. The project will involve Riversdale Mining progressively developing a 20 Million tonnes (Run of Mine) per annum hard coking and thermal coal mine at Benga in the Moatize area, with an estimated capital investment of more than US$ 800 million.

The Executive Chairman of Riversdale Mining, Mr Michael O'Keeffe, said: "This is an outstanding achievement and is the outcome of years of hard work by our management and staff on the ground in Mozambique. We have invested significantly in this project, and we are delighted to have received endorsement through this approval".


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## bigdog (16 May 2009)

*The RIV SP has really been moving upwards - check the chart below! *
closed $6.03 on May 15

http://www.reuters.com/article/rbssEnergyNews/idUSLF94507420090515
*Riversdale signs contract for $800 mln coal project*
Fri May 15, 2009 7:23am EDT

MAPUTO, May 15 (Reuters) - Australia's Riversdale Mining (RIV.AX) signed a contract with Mozambique's government for its $800 million Benga coal project in the southern African country, a government official said on Friday.
"Today Mozambique is officially signing a concession license for Riversdale ... Mineral Resources Minister Esperanca Bias is in Tete to sign the mining contract," the ministry's secretary Oracio Belengueze told Reuters.

The Benga project will include a hard coking and thermal coal mine, with an anticipated run of mine of 20 million tonnes per year.

Riversdale plans to start producing coal at Benga in 2010, and aims to export 2 million tonnes of the mineral each year, starting in the last quarter of 2010.

Riversdale holds a 65 percent stake in the project, and India's Tata Steel (TISC.BO) owns the rest.

Riversdale is also investing $3.1 billion in a thermal power project in Mozambique. (Reporting by Charles Mangwiro; editing by Sue Thomas


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## enigmatic (6 July 2009)

Been looking this one over.. It seemed to run up early May, and has recently dropped back down to a new support level... The reason i can see for the recent drop is the cancellation of the options and the feasibilty study not being completed in time. Is this enough to limit RIV to were it is now.. or RIV only dropping in line with the general market.. Does anyone have opinion about there outlook..


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## bigdog (29 July 2009)

RIV  6.69 -0.060  -0.89%  high of $6.80 low of $6.63 159,189 shares $1,070,616 @ 29-Jul 11:27:51 AM 

SP has been on the rise since  06-Jul-2009
-- 06-Jul-2009 low of $4.9500 

ASX ANN
29-07-2009 09:47 AM  RIV  Quarterly Activities Report  
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00972291

KEY QUARTER HIGHLIGHTS

*Mining Contract Signed *
	• Riversdale Mining and the Minister of Mineral Resources have signed the Mining Contract for the Benga Coal Project in Mozambique. 
	• The terms of the Mining Contract govern the regulatory regime under which the Benga Coal Project will be operated. 
	• The approval and execution of the Mining Contract has resulted in the issuance by the Government of the Mining Concession for 25 years initially. 

*Benga Feasibility Study *
	• The Feasibility Study for the Benga Coal Project has been completed by Riversdale and submitted for review and comment to Tata Steel, Riverdale’s 35% JV partner in the Benga Coal Project. Following this Review, it is envisaged that the Project will be considered by the joint venture company for development approval. It contemplates three stages of development to align with the availability of transport infrastructure and market development. 
	• The Study has confirmed that the project exceeds Riversdale’s required rate of return with capital costs of US$260 million for Stage 1 and an additional US$150 million for Stage 2. 
	• The EIA study has been subject to a public consultation process and is awaiting approval by Government in the second half of 2009. 
	• Progress is being made on rail access and the viability of barging coal down the Zambezi river. 
	• Evaluation of the Benga Power Project is continuing and is encouraging. 
	• The Company has also announced a Feasibility Study to evaluate large scale barging capacity on the Zambezi River capable of supporting an expanded Benga Coal Project. 

*Exploration in Mozambique *
	• The Benga tenement Coal Resource estimate of 4.0 billion tonnes comprises 1,034 Mt of Measured and Indicated Resources of which 893 Mt are under 500m depth. An initial Coal Reserve of 273 Mt has been estimated. 
	• Coal quality results indicate that Benga coking coals will be of premium hard coking quality. 
	• Drilling at Benga continues to delineate the resource to facilitate detailed mine planning and development. 
	• Initial findings in EL 946L are very encouraging, confirming the continuation of the same sequence of coal seams encountered in Benga, but over a much larger area. 

*Zululand Anthracite Colliery (ZAC) *
	• ROM production for the June quarter was 199,300 tonnes and 808,259 tonnes for the 2009 year. 
	• Saleable production totalled 182,310 tonnes for the June quarter and 706,348 for the 2009 year and is the best quarterly performance this year. 
	• Product sales for the 2009 year of 562,796 tonnes (2008: 670,336) reflect reduced market demand following the market downturn. 
	• The Ngwabe Project development is on schedule and production has commenced from the new Western Extension. 

*Corporate *
	• Cash on hand was A$290 million at 30 June 2009. 
	• Tony Redman was appointed as a Non-Executive Director during the quarter.


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## bigdog (18 August 2009)

SP $6.20 down 13 cents @ 10:31 AM

*ASX ANN today*
18/08/2009    *Financial Result Media Release * 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00978276

*Riversdale Mining is well placed for growth*
• Net profit after tax of $300,000
• Major project milestones achieved in Mozambique
• Strong operational performance at ZAC
• Operating cashflow $19 million
• Net assets of $507 million
• Cash on hand of $290 million
• Significant investment in plant and exploration continues

Riversdale Mining Limited (ASX: RIV or “the Company”) today announced a net profit after tax and minorities for FY2009 of $300,000 (2008: $92.4 million) equating to basic earnings per share of 0.16 cents (2008: 54.5 cents).
The profit was down on the previous year which included $83.3 million profit relating to the sale of part of 2 licences in Mozambique to Tata Steel Limited. The FY2009 net profit was also affected by increased share option costs of $7.8 million and higher tax charges.

During the reporting period, Riversdale Mining has achieved significant milestones at the world-class Benga Coal Project, including the awarding of the Mining Contract, completion of a Feasibility Study and the receipt of the Mining Concession for an initial term of 25 years, renewable.

In South Africa, the Zululand Anthracite Colliery (ZAC) increased its operating profit before interest, income tax and minority interests in FY2009 to $17.7 million (2008: $9.1 million). The prior year results included once off consulting services related to the ZAC business improvement process of $4.8 million. In a challenging coal market, reduced sales volumes during the current year were offset by higher sales prices and operating efficiencies.

Group operating cash flow for the year of $19.3 million was higher than the previous year’s $16.5 million, and the company continued to invest in developing the business with $48.8 million spent on plant and equipment and $30.6 million on exploration activities.

The financial position at year end was strong, with net assets totalling $506.7 million (2008: $484.2 million) and $290.3 million in cash available.

The directors have decided not to declare a dividend for the year.

Commenting on the results, Executive Chairman Mr Michael O’Keeffe said: “Riversdale Mining is positioned for significant growth. The company has $290.3 million cash and we are progressing the Benga Coal Project in Mozambique and Ngwabe developments at ZAC. There have been a number of important milestones achieved during the year as the Benga Coal Project moves towards production, in anticipation of a recovery in global coal markets.”

478


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## swm79 (18 August 2009)

this is one of the "big ones that got away" from me - had a mate who was talking this one up back in 07 when it was $2... i had $10k spare but decided to go on a holiday to the UK instead on buying these. you should have heard the basting i got when they hit $10!

Then the same thing happened AGAIN in Dec 08... but this time i went to Samoa! Frigen holidays! 

I'll post next time i've booked one so you guys can jump on!


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## Miner (19 August 2009)

swm79 said:


> this is one of the "big ones that got away" from me - had a mate who was talking this one up back in 07 when it was $2... i had $10k spare but decided to go on a holiday to the UK instead on buying these. you should have heard the basting i got when they hit $10!
> 
> Then the same thing happened AGAIN in Dec 08... but this time i went to Samoa! Frigen holidays!
> 
> I'll post next time i've booked one so you guys can jump on!




Mate

Fully sympathise with your feeling to have lost.

Just post in the ASF when next time you plan to go for holiday. I will buy RIV. 
Sorry just kidding. This is an excellent scrip and considering the big gas buy by India from Gorgon, higher stake by Tata Steel in RIV , it shows the hunger for good quality of energy by Indians and hence for RIV - anthracite coal for steel making

Disclaimer  I do not hold RIV any more


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## swm79 (26 August 2009)

totally agree on this one miner. everyone's playing up china, but what about india. granted they have a large exposure to their own resources but if you have a look at the demographics of india i.e. number of people coming into working life vs china it tells you that there might be a little bit more of an inidan fpcus in the future.


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## bigdog (10 September 2009)

http://www.bloomberg.com/apps/news?pid=20601116&sid=aYpyUEFhVkeA

*Riversdale, Mozambique Agree on Power Plant*
By Fred Katerere

Sept. 10 (Bloomberg) -- Mozambique gave Riversdale Mining Ltd. the go-ahead to seek partners to build a thermal power station to be fired by coal mined from its Benga concession in northwestern Tete province, Noticias reported. 

Mozambican Energy Minister Salvador Namburete and Casimiro Francisco, chairman of Riversdale’s consultative council in the country, signed an accord permitting the company to conduct feasibility tests, the Maputo-based newspaper reported. 

In its first phase, the Benga thermal-power station will generate 500 megawatts of electricity, rising to 2,000 megawatts in 2014, according to the newspaper.


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## bigdog (15 September 2009)

http://www.businessspectator.com.au...ors-share-purchase-VW8WV?opendocument&src=rss

*Riversdale Mining revises director's share purchase date*

Source: News Bites

Riversdale Mining Ltd advised the 5,000 on-market share purchase of director Steve Mallyon took place on September 8, 2009, not on August 8, as previously advised on September 8.

He holds 5,000 shares and 1,300,000 options.

*STOCK DASHBOARD: September 15, 2009*

Riversdale Mining

Price at 2:00 pm: $5.87

Price change from previous trading day: 0.9%

Market capitalisation: $1.1 billion

Price/Earnings: 3,913.3 times

Turnover volume: 281,897.0

Volume Index (1 is average): 0.5

Turnover value: $1.7 million

Turnover period: 11 months

Value of $1,000 invested 1 year ago: $712


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## bigdog (12 October 2009)

SP RIV  5.91 high of $6.05 571,853 shares $3,378,534 @ 12-Oct 04:10 PM 

ASX ANN today
12/10/2009   *Zambeze Project - Coal Resource *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00997497

ASX Code: RIV 12 October 2009
*RIVERSDALE MINING ANNOUNCES SECOND MAJOR PROJECT IN MOATIZE WITH INITIAL COAL RESOURCE FOR EPL946L “ZAMBEZE PROJECT”*

• Drilling on EPL946L (Zambeze Project – 100% RIV) delivers Indicated Coal Resource of 1.70 billion tonnes which has been estimated in accordance with the JORC Code (2004)

• Second project for Riversdale Mining which adds to the existing 4 billion tonne Coal Resource (1.0 billion tonnes Measured and Indicated) on the 65% owned Benga Project

• Products comprise hard coking coal and thermal coal

• Zambezi River barging study progresses – regulatory approval process underway

Riversdale Mining Limited (ASX: RIV) is pleased to announce the first Coal Resource estimate for its 100% owned EPL946L, the “Zambeze Project”, near Tete in Mozambique. The Zambeze Project is the company’s second major coal project in the Moatize Basin and is adjacent to the Benga Coal Project.
The estimate is based on 120 boreholes comprising 40,000 metres of drilling conducted over the past 12 months. EPL946L has a total area of 24,740 hectares and exploration to date has been concentrated on the northern portion of the Licence.

The Zambeze Project is similar in structure to Benga with 22 coal seams outcropping over a strike length of 14 kilometres across the northern portion of the tenement. Based on the drilling undertaken by Riversdale Mining, the total Coal Resource is estimated to be 1.70 billion tonnes (bt), categorised as Indicated Resources in accordance with the JORC Code (2004).

Riversdale Mining Executive Chairman Mr Michael O’Keeffe said “The considerable effort of our team in Mozambique has now delivered another potential Tier One project with similar coal to Benga, yet likely to be a significantly larger scale operation. A second coking coal project of this size positions Riversdale Mining as a preferred supplier to the steel industry in the rapidly developing markets of Brazil and India.”

The tenement EPL946L is characterised by relatively flat topography and is adjacent to excellent infrastructure including the city of Tete, power, water, sealed roads, rail, an international airport and direct access to the Zambezi River.
167


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## bigdog (28 October 2009)

Looks like the market did not like today's ANN!!!
RIV  5.52 -0.200  -3.50%  206,318 shares $1,144,209 @ 28-Oct 11:06:40 AM 

*ASX ANN*
28/10/2009   *Benga Project Development Approval * 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01003888

Riversdale and Tata Steel approve initial development of Benga Coal Project in Mozambique Riversdale Mining Limited (ASX: RIV or “the Company”) and Tata Steel Limited (“Tata”) are pleased to announce the approval of Stage 1 of the Benga Coal Project in the Tete Province of Mozambique.

Following the review of the Feasibility Study by project partners Riversdale Mining (65%) and Tata Steel (35%), the project was approved by the joint venture company responsible for the Benga Coal Project.

The project approval involves the commitment of US$270 million (excluding working capital) to undertake the initial Stage 1 development of the Benga Coal Project. Stage 1 entails initial production of 5.3 million ROM tonnes per year to produce approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of export thermal coal.

Funding for Stage 1 of the project will be provided by Riversdale Mining and Tata Steel in their respective proportions from existing cash resources or any alternative means as appropriate. Riversdale Mining currently has A$268million cash to fund its share (US$175million) of the project.

Riversdale Mining Executive Chairman Mr Michael O’Keeffe said that the decision represented the official go-ahead for the company’s coal mining operations in Mozambique. Construction is expected to commence before year end upon receipt of final environmental approvals.

“We are committed to bringing the Benga Coal Project into first production during 2010, and we will be supplying the world’s coking coal markets in 2011 initially through our relationship with project partner Tata Steel in India,” Mr O’Keeffe said.

The Feasibility Study outlines three stages of development to align with the completion and subsequent expansion of rail, port and river barging infrastructure in Mozambique.


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## bigdog (25 November 2009)

*SP did very well today
RIV  6.40 +0.680  +11.89%  high of 6.40 2,921,172 shares $17,859,630 @ 25-Nov 04:10:44 PM *

*CSN Madeira*
www.csn.com.br/ir

Companhia SiderÃºrgica Nacional was founded on April 9, 1941, becoming operational on October 1, 1946. As the first integrated flat steel producer in Brazil, CSN played a historic role in the country’s industrialization process. Privatized in 1993 and with over six decades in the market, the company continues to make history.

A listed public company with shares traded on the SÃ£o Paulo and New York (NYSE) stock exchanges, CSN is one of the largest and most competitive integrated steel companies in Latin America. With an annual production capacity of 5.6 million tonnes and more than ten thousand, six hundred employees, CSN focuses on steel production, mining, infrastructure (logistics and energy) and cement. The company has one of the most comprehensive product lines of high value added flat steel offered on the continent.

An integrated strategy in total alignment with the core business ensures CSN’s leadership of the steel sector in Brazil.

The acquisition of the assets of Heartland Steel and the subsequent incorporation of CSN LLC in the United States in 2001 were the first steps towards the internationalization of CSN. Currently, company assets consist of an integrated steel mill, five industrial units—two of them abroad in the United States and Portugal—a flat steel distributor, iron ore, limestone and dolomite mines, port terminals, shares in railroads and two hydroelectric plants. With firm and innovative management, the company believes in the entrepreneurial power of Brazilian capital and in the country’s vast competitive potential in the steel industry.

*CSN Madeira buys 31m Riversdale Mining shares*
http://www.businessspectator.com.au...dale-Mining-shares-Y535R?opendocument&src=rss
Source: News Bites

CSN Madeira bought 31,233,327 Riversdale Mining shares on November 24, becoming a substantial shareholder with 31,233,327 shares (15.29%).

STOCK DASHBOARD: November 25, 2009

Riversdale Mining

Closing Price November 24, 2009: $5.72

Price change from previous trading day: -1.6%

Relative Strength (6 months percentile rank): 12.3

Market capitalisation: $1.1 billion

Price/Earnings: 3,813.3 times

Turnover volume: 414,967.0

Volume Index (1 is average): 0.6

Turnover value: $2.4 million

Turnover period: 1 year 58 days

Value of $1,000 invested 1 year ago: $3,169

570


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## Miner (26 November 2009)

bigdog said:


> *SP did very well today
> RIV  6.40 +0.680  +11.89%  high of 6.40 2,921,172 shares $17,859,630 @ 25-Nov 04:10:44 PM *
> 
> *CSN Madeira*
> ...




That was a very interesting news.

RIV is already having a major steel company TATA STEEL India as its significant share holder.

Now it is courting with another steel producer from Brazil.

In effect none of them will be able to acquire the RIV company.

Will it be a good future for RIV shareholders ? Who knows


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## bigdog (26 November 2009)

*SP today*
*RIV  6.49 +0.090  +1.41% high of $6.70  434,177 shares $2,871,163 @ 26-Nov 10:40:12 AM *

http://www.bloomberg.com/apps/news?pid=20601081&sid=amkyHQDC_Bc0

*CSN to Buy Riversdale Stake to Boost Coal Supplies *
By Helder Marinho and Diana Kinch

Nov. 24 (Bloomberg) -- Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175.4 million) as it seeks greater control over raw materials. 

The board of Brazil’s third-largest steelmaker approved an initial purchase of 28.8 million Riversdale shares, and CSN aims to buy an additional 2.48 million shares following Australian regulatory approval, the company said today in a statement. Rio de Janeiro-based CSN will pay A$6.10 for each share, 6.6 percent more than today’s closing price in Australian trading. 

CSN said the acquisition is the “first step” toward becoming self-sufficient in coal as it seeks to control costs. CSN, which has the capacity to produce 5.6 million metric tons of crude steel a year, imports all its coal now. Metallurgical coal is used as a raw material in blast furnaces at CSN’s Volta Redonda crude-steel mill in Brazil. 

“Coal is the only raw material CSN doesn’t have,” Flavia Ferreira, a company spokeswoman in Sao Paulo, said today in a telephone interview. 

CSN initially wants to get metallurgical coal from Riversdale and possibly thermal coal for its power plants, Ferreira said. 

CSN’s Strategy 

The acquisition reinforces CSN’s strategy to supply its own raw materials and services “with stakes in iron ore, logistics, tin mining and now coal,” Ida Breyer, a Credit Suisse AG analyst in Sao Paulo, said in a note to clients. 

Tata Steel Ltd., India’s biggest steelmaker, owns about 19 percent of Sydney-based Riversdale. Other shareholders include Oppenheimer Funds and Barclays Capital, according to Bloomberg data. Tata said Oct. 30 it was seeking thermal coal from Riversdale’s Mozambique mine for its power unit. 

Benga, a project between Riversdale and Tata in Mozambique, will produce about 1.7 million tons of metallurgical coal and 300,000 tons of thermal coal starting in 2010, Riversdale said Oct. 28 in a statement to the Australian stock exchange. The mine may be expanded to 3.3 million tons of metallurgical coal and 2 million tons of thermal coal by 2014, Riversdale said. 

CSN fell 0.8 percent to 59.37 reais in Sao Paulo trading today. The stock has more than doubled this year, more than the 79 percent gain for Brazil’s benchmark Bovespa index.


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## bigdog (19 February 2010)

*The market did not like todays ANN!!!!

RIV 8.110  $-0.390 (-4.588%) at 11:46 AM *

ASX ANN today
19/02/2010  11:25:00 AM     Media Release - Half Year Results
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01039076

19/02/2010  11:21:00 AM     Half Yearly Report and Accounts  
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01039074

19 February 2010
*HALF YEAR RESULTS TO 31 DECEMBER 2009*
• Financial result for the half year
o Net loss after tax of $4.2 million (2008: Profit $80,000)
o Cash from operations of $4.1 million (2008: $18.4 million)
o Cash on hand of $258.3 million (Jun09: $290.3 million)

Riversdale Mining Limited (ASX: RIV) reported a net loss after tax and minority interest for the half year to 31 December 2009 amounting to $4.2 million (2008: Profit $80,000). The loss was due to lower interest income, lower coal production and higher mining costs at Zululand Anthracite Colliery. Zululand Anthracite Colliery (‘ZAC’) operating profit before income tax and minority interests in the current half year was $4.0 million, compared with $9.6 million in 2008.

The Company has a strong cash position, with cash on hand of $258.3 million at the end of December 2009, compared to $290.3 million at 30 June 2009. Funds are placed on deposit in accordance with the Board-approved policy with AA-rated Australian and international banks. Operating cash flow was positive during the half year at $4.1 million (2008: $18.4 million).

At ZAC mining for the half year was conducted in the Kwa-Sheleza, Outcrop and Deep E Blocks using conventional and continuous mining methods. The Run of Mine (ROM) decreased 35,758 tonnes to 396,770 tonnes. Saleable production was also affected as the ROM coal production and average yield declined. The overall yield has been decreasing as a result of the plant feed mix.

Coal sales increased significantly by 70,436 tonnes year to 388,519 tonnes during the half reflecting a recovery in the anthracite market. Market conditions have continued to improve as customers expand their production levels from previous lows and prices realised for both domestic and export sales have increased towards the end of the first half.

Significant progress was recorded at the Company’s projects in Mozambique including:
• The joint venture participants in the Benga Coal Project (Riversdale 65%, Tata Steel 35%) approving development for Stage 1 (5.3 million ROM tonnes per annum).
• The approval for the Environmental Impact Study on the Benga Coal Project was granted by MICOA, the regulatory authority for environment within the Government of Mozambique.
• In October, the first Coal Resource estimate for the 100% owned ‘Zambeze Project’ (EPL946L), near Tete in Mozambique was announced of 1.70 billion tonnes, categorised as Indicated Resources in accordance with the JORC Code (2004).

*ASX ANN yesterday 18/02/2010  9:14:00 AM    Change in substantial holding *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01038529

*Tata Steel increased shareholding from 19.38% to 20.42 % (+3,082,000 shares)*


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## bigdog (14 April 2010)

Lets hope that the market likes todays ASX ANN!!

The SP have been VG since early last year - check the chart below

52 Week High 10.1000 
52 Week Low 3.6100 

14/04/2010 9:05:00 AM MCC Mining Contract 
http://www.asx.com.au/asx/statistics...idsId=01054666

MEDIA RELEASE
14 APRIL 2010
*Riversdale Mining signs contract to mine with MCC for the mining of Benga Coal Mine, Mozambique*

Riversdale Mining Limited (ASX: RIV) is pleased to advise that its
subsidiary entity Riversdale Mozambique Limitada has signed a contract
to mine with MCC Contracts Pty Limited (MCC), a wholly owned
subsidiary of EQSTRA Holdings Limited, for the provision of open pit
mining at the Benga Coal Mine, Mozambique.

The contract to mine covers the open pit mining and associated services
required for the initial Stage 1 development of the project. This entails
initial production of 5.3 million ROM tonnes per year to produce
approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of
export thermal coal.

MCC is one of Africa’s leading mining contractors with an extensive track
record in surface contract mining and experience in a range of markets
and operating conditions for coal and hard rock mining.

The Benga Coal project is Riversdale Mining’s first project in
Mozambique, with significant coal endowment including premium hard
coking coal and also thermal coal. In 2009, the Government of
Mozambique approved the Mining Contract for the Benga Coal Project.
Riversdale Mining and JV partner Tata Steel (35%) subsequently
announced the approval of Stage 1 of the Benga Coal Project following
the review of the Feasibility Study.

Riversdale Mining believes the scale of the resources at Benga allows for
cost-effective open cut mining, with the potential to produce 20 million
Run of Mine tonnes of coal per year for a period of more than 25 years.

Riversdale Mining Executive Chairman Michael O’Keeffe said “We are
pleased to have finalised this agreement and look forward to working with
MCC, one of the region’s leading mining contractors. Together we are
committed to bringing the Benga Coal Mine into production and shipping
first coal by late 2011”.


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## bigdog (14 April 2010)

*A second ASX ANN today*

14/04/2010  9:25:00 AM  2    Benga Official Opening 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01054686

MEDIA RELEASE
14 APRIL 2010
*Benga Coal Project officially opened by the President of the Republic of Mozambique*

Riversdale Mining Limited (ASX: RIV) is pleased to advise that the President of the Republic of Mozambique, His Excellency Armando Emilio Guebuza, attended a formal “Ground Breaking Ceremony” at the Benga Coal Project (Riversdale 65%, Tata Steel 35%) to signify the official opening of the mine on Tuesday 13th April.

The official ceremony follows a series of milestones already achieved by the company in Mozambique. These include the signing of the Mining Contract and approval of the Environmental Licenses for the Benga Coal Project and the Benga Power project. Other key contracts and agreements include the CHP Plant Supply Contract, a Resettlement Action Plan, and the Project Labour Agreement (PLA) which was signed with SINTICIM (the Mozambican National Construction and Mineworkers Union).

Riversdale Mining Executive Chairman Michael O’Keeffe said that the Company was honoured to have the President His Excellency Armando Emilio Guebuza officially open the mine, with senior representatives of government and industry in attendance including the Minister of Mineral Resources her Excellency Minister Esperanza Bias.

“Today’s ceremony signals the beginning of a program of works and investment that will eventually see over $1 billion expended on developing a major coal mine at Benga. This will also be one of the most significant foreign direct investment projects in Mozambique,” Mr O’Keeffe said.

Around 15 per cent of the project’s capital expenditure will be spent in the local market, creating opportunities for the local small businesses and industry in the Moatize region. These include the supply of construction materials, furniture, office equipment and vehicles as well as the provision of services such as catering, vehicle and plant hire, cleaning, electricity and plumbing, transport, building, hospitality and banking.

Mr O’Keeffe said that Riversdale Mining employs over 150 people at the Benga Coal Project, representing over 90 per cent of the company’s total employees in Mozambique, and that the mine will create jobs directly and indirectly for up to 4,500 people around Tete over the next five years.

The anticipated multiplier effect of the hard coking and thermal coal mining project underlines the significant long-term and positive impact that the Benga Coal Project will have on the local and regional economies. It will also have a role to play in stimulating economic growth around the development of the Nacala and Sena Railway Lines, and around the Zambezi River when barging is confirmed by Riversdale Mining as a viable and sustainable option to transport coal.

Riversdale Mining in Mozambique 
Riversdale Mining currently holds a dominant landholding position in the emerging coal regions of Mozambique. The company has 21 exploration licenses, covering over 250,000 hectares adjacent to excellent infrastructure, including the city of Tete, power, water, sealed roads, rail, an international airport and direct access to the Zambezi River.

Currently, Riversdale Mining is building a multi-billion-tonne coal inventory on only a fraction of the tenements it holds. The Company’s first project – on the Benga license – represents less than 8% of Riversdale Mining’s total holdings, yet it has already proven significant quantities of coal. The
neighbouring Zambeze project (100%-owned) also has large quantities of coal. As in Benga, this includes premium hard coking coal and also thermal coal – resources both highly sought after globally.

The company believes the scale of the resources at Benga allows for cost-effective open cut mining, with the potential to produce 20 million Run of Mine (ROM) tonnes of coal per year for a period of more than 25 years.

In April 2009, the Government of Mozambique gave the Benga Coal Project the green light by approving the Mining Contract that was lodged by Riversdale Mining. Subsequently, in October, Riversdale Mining and JV partner Tata Steel announced the approval of Stage 1 of the Benga Coal
Project, following the review of the Feasibility Study.

The project approval involved the commitment of US$270 million (excluding working capital) to undertake the initial Stage 1 development of the project, which entails initial production of 5.3 million ROM tonnes per year to produce approximately 1.7Mtpa of high quality hard coking coal and 0.3Mtpa of export thermal coal.

6362


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## bigdog (25 June 2010)

*Yesterday RIV hit 52 Week High  of 11.3500 (52 Week Low 4.9500) and SP was up 81 cents yesterday after ASX ANN below*

Shares Issued 200,107,524 *Market Capitalisation $2,255,211,795 (24-06-10)*

*ANN stated that "Contribution of US$800 million for 40% participation, values Zambeze Coal Project at US$2.0 billion"*

*There are Two ‘Tier 1’ hard coking and thermal coal projects in Mozambique –Benga & Zambeze*
 Benga development on schedule, with Stage 1 production expected in H2’2011
 Zambeze PFS progressing
 Substantial tenement holding in the Moatize Basin, the next major coal region
 Potential exists for future mine developments within Riversdale’s other tenements

ASX AAN yesterday
24/06/2010  8:59:00 AM    Zambeze Coal Project
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01073920

MEDIA RELEASE
24 June 2010

Riversdale Mining signs agreements with Chinese venture partners for the development of the Zambeze Coal Project 
● MoU signed with Wuhan Iron and Steel Corporation (WISCO) 
● Logistics partnership agreement signed with China Communications Construction Company (CCCC)
● Contribution of US$800 million for 40% participation, values Zambeze Coal Project at US$2.0 billion
● WISCO to subscribe for an 8% equity stake in Riversdale
● Secures investment as well as logistics and infrastructure expertise

Riversdale Mining Limited (ASX: RIV) is pleased to advise that the company has signed a non‐binding Memorandum of Understanding (“MoU”) with Wuhan Iron and Steel (Group) Corporation (“WISCO”) and a logistics partnership agreement with the China Communications Construction Company ("CCCC") for the development of the Zambeze Coal Project (“Zambeze”) in Mozambique.

The MoU provides for the acquisition by WISCO of 40% of the Zambeze Coal Project (EPL 946L) in the Tete Province of Mozambique for a total consideration of US$800 million to be paid in three tranches and subject to achievement of certain milestones. When completed, the transaction values Zambeze at US$2.0 billion.

In addition, at the date of signing of the definitive agreements, WISCO will be issued 8.0% of the ordinary shares in ASX‐listed Riversdale Mining at an agreed price of A$10.00.

The Zambeze Coal Project is Riversdale’s second Tier 1 coal project in the Moatize Basin and is adjacent to the Benga Coal Project. The Zambeze Project is similar in structure to Benga with 22 coal seams outcropping over a strike length of 14 kilometres across the northern portion of the tenement. On 31 May 2010, the Coal Resource estimate for Zambeze was upgraded to 9.0 billion tonnes.

WISCO will earn the right to purchase at least 40% of the coking coal produced from Zambeze, and the right to purchase at least 10% of the coking coal produced from the Benga Project, in each case on market terms.

The MoU also covers the facilitation by WISCO, along with CCCC and other Chinese companies, of a comprehensive study of mine‐to‐ship logistics to enable the export of large tonnages of coal products from the Zambeze Coal Project to ports for export markets. WISCO will also facilitate the participation of a number of Chinese financial institutions in arranging the necessary project finance. 

The MoU is non‐binding, pending completion of definitive agreements within 120 days of signing the MoU.

WISCO will subscribe for 8% of the ordinary shares in Riversdale Mining Limited upon signing of the definitive agreements. The US$800 million consideration for the 40% interest in Zambeze is subject to achievement of certain milestones and the consideration will take the form of three tranches:

1. US$200 million will be paid on completion and signing of the definitive agreements covering the joint venture for the Zambeze Coal Project;

2. US$150 million will be paid on the successful completion of the feasibility study for Zambeze, subject to meeting agreed milestones including establishing the commercial viability of developing and operating the Zambeze Coal Project to produce not less than 30,000,000 ROM tonnes of coal per annum and evaluation of Zambeze using all the coal resources and reserves; and

3. US$450 million will be paid on the granting of the mining contract, mining licence, final environmental approval and other necessary regulatory approvals required to proceed with development of the Zambeze Coal Project.

In the event that the milestones are not achieved, the consideration paid to date will be refunded to WISCO, less their share of feasibility study and project costs incurred and WISCO’s interest in the Zambeze project will be returned to Riversdale.

Riversdale Mining Executive Chairman Michael O’Keeffe said: “This is an outstanding result for Riversdale Mining and the company’s shareholders. We have secured the participation of partners that are able to bring investment, logistics experience and proven infrastructure capabilities to develop Zambeze and to deliver its hard coking coal to world markets “Through our Chinese venture partners, we gain funding to develop the mine and a buyer for part of Zambeze’s off‐take. We also gain access to world‐class mine‐to‐ship logistics and infrastructure expertise to facilitate the export of the mine’s coal products,” Mr O’Keeffe said.

Strategically WISCO see considerable value in developing a large hard coking coal resource in Mozambique to supply its new plant in Southern China as well as a proposed steelworks in Brazil. WISCO are also developing an iron ore mine in Madagascar.

Mr Kuang Zhong Xiang, the General Manager of WISCO International Resources Development and Investment Corporation said that the group’s investment in the Zambeze Coal Project represented a major strategic move to a coal basin of increasing relevance to Chinese steel mills.

“We are pleased to be able to work with Riversdale Mining to build a major hard coking coal mine at Zambeze.

The project has the potential to become an important source of coking coal for China and it is based in a region that we recognise to be strategically significant for our future goals. Mozambique is an attractive investment location and has potential to be a significant source of coking coal,” Mr Kuang said.

Mr O’Keeffe said: “WISCO is a steel producer of global significance, servicing export markets and a domestic market that continues to show strong and sustainable long‐term demand for steel products. Our coal will be an important part of their ongoing business, and for this reason we are well suited as partners to bring the Zambeze Coal Project and one of the world’s major coal basins into profitable production.”

Mr O’Keeffe said that the key to unlocking the potential of the Zambeze Coal Project was the ability to deliver efficient coal handling logistics and infrastructure: “We are extremely pleased to have both the Chinese steel business WISCO and the infrastructure group CCCC as part of the consortia working with us to develop, build and deliver coal from Zambeze.”
CCCC has considerable experience in port, rail and airport development having recently completed the Macau international airport. The infrastructure group also has a long association with WISCO on barge operations on the Yangtze River in Wuhan where WISCO has its main blast furnace.

The logistics infrastructure required for the Zambeze Coal Project will involve the development of barging capacity using the Zambezi River and rail capacity to the ports of Beira and Nacala as well as port facilities including loading and rehandling.

“At Zambeze, Riversdale Mining has a Tier 1 hard coking coal project. Importantly, through our agreement with the CCCC we will have access to the largest port construction company in China, a leading company in road and bridge construction and design, a leading railway onstruction company and the second largest dredging company in the world,” Mr O’Keeffe said.


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## bigdog (15 July 2010)

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01079491

15/07/2010  10:44:00 AM *Request for TRADING HALT *

The trading halt is necessary for Riversdale to make an announcement to the market in relation to the potential capital raising


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## bigdog (15 July 2010)

http://bigpondnews.com/articles/Bus...dale_prepares_for_capital_raising_485172.html

*Riversdale prepares for capital raising *
Thursday, July 15, 2010  » 11:41am 

Shares in Riversdale Mining Ltd have been placed in a trading halt, while the company prepares for a capital raising.

Riversdale was awaiting the outcome of late stage negotiations regarding a potential capital raising, the company said in a statement on Thursday.

Riversdale last month signed a non-binding memorandum of understanding with Chinese steel producer Wuhan Iron and Steel (Wisco), which is poised to take an eight per cent stake in Riversdale at $10 per share.

Wisco's eight per cent stake will come from Riversdale issuing new shares and will cost the Chinese firm about $200 million.

Wisco would also take a 40 per cent stake in Riversdale's Zambeze coal project in Mozambique.

The deal would help Riversdale fund its biggest coal project, the Zambeze coal play in Mozambique, which has an estimated nine billion tonnes over a strike length of 14 kilometres.

The deal with Wisco values Zambeze at $US2 billion ($A2.29 billion).

Riversdale shares will remain in a trading halt until commencement of normal trading on Monday, July 19 or when the announcement is released to the market.

Riversdale shares last traded at $10.30.


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## Ajax (16 July 2010)

This is the part I like from the investor presentation on the 1 for 8 non-renounceable rigts issue at $9.40:-  


"Riversdale will target its *3rd Tier 1 HCC operation *across its East Tete Licences

East Tete Licenses overview
1242L, 945L, 948L, 937L, 935L East Tete Licenses

100% Riversdale ownership

Regional synergies

Ability to leverage off Benga and Zambeze logistics systems

Benga coal seams extend into adjacent tenements

Exploration planning underway

East Tete leases cover *approximately 28,480 hectares *_((284,800,000 m2)_
945L is immediately adjacent to Riversdales Benga and Vales Moatize projects


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## Ajax (20 July 2010)

Just received a newsletter from my stockbroker commenting about the amount of Private Equity capital floating around looking for new acquisitions. The Coal sector is a particularly active sector for M & A at the moment. 

A broker upgrade by UBS suggests Riversdale may be a takeover target. [You need to bear in mind that UBS was the advisor on the recent capital raising (and would have a vested interest in shares from the retail rights issue being taken up)].

"Riversdale Mining In a note from UBS, it upgraded Riversdale Mining after a $337 million capital raising to help fast-track the development of its Benga coal mine in Mozambique. UBS believes Riversdale is in a prime position in Mozambique, an emerging source of coking coal, and notes its potential as an acquisition target. The broker reckons Riversdale's coking coal exposure, sizable resource base and large tenement position in an emerging coking coal region makes it attractive to potential corporate acquirers. "

http://www.igmarkets.com.au/cfd/market-update-20100720c.html

_* I'm positing that Vale may be an interested party. Its coal leases are next door to Riversdale's Benga project *._

From Riversdale's web-site (my emphasis):-

"Mozambique Tenements  
The Company became a leading coal enterprise in a major emerging coal region following an agreement to acquire the following exploration tenements in Mozambique:
• 16 coal bearing tenements covering an area of 203,460 hectares located in the Lower Zambezi Coal Basin were acquired during October 2006.
• 6 tenements covering an area of 53,220 hectares located in the Tete province were acquired during August 2007. _*These tenements are contiguous with tenements already held by Riversdale and those held by one of the world’s largest mining groups, Vale (formerly CVRD)."*_

http://www.riversdalemining.com/projects-mainmenu-31/mozambique-projects-mainmenu-39 


From the entitlement offer and investor presentation (ASX announcement), Riversdale and Vale are sharing infrastructure (my emphasis again):-

"*Riversdale & Vale*
Riversdale & Vale developments are significantly advanced compared to regional peers and are the largest companies progressing export mining operations in Mozambique

*Vale is constructing the Moatize project directly adjacent to Riversdales Benga project* Vale plans to invest US$1.3 billion and ship initial exports in H22011 through the Port of Beira Refurbished Berth 8 VBeira Port

Riversdales Stage 1 products is expected to be exported from the existing Beira Port

Existing Beira Port Coal terminal refurbishment expected to target 6 Mtpa of 
Berth 8: 2 Users VRiversdale & Vale hold 100% of existing export capacity (32%:68% split)Beira New Coal Terminal

Mozambique Government is planning for a new Beira coal terminal with 18 V24 Mtpa of new capacity to be constructed (additional to refurbished capacity)

Benga Stages 2 & 3 expansion coincides with completion of the planned Beira port and rail expansion

Total planned Beira port capacity is believed to be sufficient for Benga Stage 3 (10 Mtpa) and Vale Phase 1 (11 Mtpa) export volumes. Funding is likely to be a combination of government, user operators and agencies"

From Vale's web-site describing its coal operations in Moatize, Mozambique:-

www.vale.com

"Coal
Moatize Mozambique
Moatize mine, scheduled for completion in 2011, has production capacity of 11 million tons of coal per year with an expected 35-year mine life. Production could be 8.5 million tons of metallurgical coal (hard coking coal) and 2.5 million tons of thermal coal.

The mines output will be transported 600 km along the Sena-Beira railroad to a new maritime terminal at the Port of Beira in Sofala province. The terminal will be built under a concession from the Mozambican government. One of the largest coal handling and preparation plants (CHPPs) in the world is being built, with the capacity to process 26 million tons of ROM (run of mine) coal a year."


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## Boggo (21 July 2010)

From a charting viewpoint it came up in my scan last night with a nice 3.3:1 setup.
Seems to be some interest in it this morning.
.


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## Ajax (21 July 2010)

Thanks for the chart Boggo.

Riversdale's July 2010 investor presentation released to ASX yesterday evening makes interesting reading.

http://www.stocknessmonster.com/news-item?S=RIV&E=ASX&N=498115

There is mention (on page 18) of Brazil as a market for hard coking coal and figures for future metallurgical coal requirements for Brazil. Again Vale is mentioned. There is also discussion (and a map) showing the geographical advantage Mozambique has over other sources for coking coal (such as East coast of Australia) when considering imports of coking coal by Brazil.

"Brazil –a low-cost crude steel production base set to expand
•
Dependent upon imported coking coals
•
Long freight distances from major Met coal supplies
•
28% of Brazilian Met coal imports from Australia in 2008 & approximately 20% in 2009
•
A natural market for Mozambique coalsSelected coastal steel mill projects include:
•
CSN –Itagui (Baosteel Partnership) & Minas GeraisProjects –9Mtpa
•
USMINAS –Ipatinga–5 Mtpa
•
MMX / WISCO JV –Port of Acu–5 Mtpa
•
Vale / ThyseenKruppJV –Septiba–5 Mtpa
•
Vale / DongkukSteel JV –Ceara–3 -6 Mtpa"


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## bigdog (9 September 2010)

http://www.theaustralian.com.au/bus.../story-fn4xq4cj-1225916245603?from=public_rss

*NMDC eyeing Riversdale stake*: 
report From: Dow Jones Newswires September 09, 2010 9:10AM 

INDIA'S NMDC plans to start talks with coal miner Riversdale Mining about acquiring a minority stake in the company, a report said. 

"We are looking at a 10 per cent stake," the Business Standard quoted NMDC's chairman and managing director, Rana Som, as saying on the sidelines of a Confederation of Indian Industry seminar on metals and mining.

7373


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## bigdog (28 September 2010)

*RIV10.460 $-0.170 (-1.599%) @ Tue 28 Sep 2010 12:17 PM (Sydney time) *

28/09/2010  12:02:00 PM     Zambeze Coke Test 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01102079

ASX Code: RIV 28th September 2010
*Zambeze Coal Project in Mozambique to Produce Hard Coking Coal*
• CSR results confirm Zambeze’s classification as a hard coking coal
• Zambeze Pre‐Feasibility Study due for completion in Q4 2010 with production estimated to commence in 2014

Riversdale Mining Limited (ASX: RIV) is pleased to announce results from the first coke tests for the Zambeze Coal Project (EPL 946L) in Mozambique.

The Zambeze coke produced Coke Strength after Reaction (CSR) results ranging between 67 – 73. Riversdale considers these figures to be extremely encouraging and believe it verifies the hard coking coal potential of the Zambeze project.

In response to the results, Riversdale’s Managing Director Steve Mallyon commented “Zambeze’s high coke strength, combined with its massive 9 Billion tonne Coal Resource, confirms Zambeze’s potential to be a Tier 1 hard coking coal operation.”

These initial CSR results come from two coal seams which will make up more than half of Zambeze’s production for the first 30 years of mine life. Further test work is necessary to consolidate the findings.

It is planned that the remaining productive seams at Zambeze will undergo coke tests during the early stages of the Zambeze Definitive Feasibility Study (Q1 2011). An assessment of the coal quality of the remaining seams indicates, that on average, they will produce coke of comparable strength to the two seams already tested. Riversdale is progressing a Pre‐Feasibility Study for the Zambeze Coal Project and this is due for completion in Q4 2010. It is estimated that initial production from this project should commence in 2014.

7536


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## bigdog (6 December 2010)

*The following article could explain the SP increase in the recent months!!!*

*Closing SP December 3 2010 RIV $14.100  *



http://www.theaustralian.com.au/bus.../story-e6frg9e6-1225966047589?from=public_rss

*Rio moves on Riversdale Mining's African coal assets *
Tim Blue and Matt Chambers 
The Australian December 06, 2010 12:00AM 

*RIO Tinto is to make a $3.5 billion takeover play for Africa-focused Riversdale Mining in a move to increase its exposure to coking coal. *

Locally listed Riversdale has extensive high-quality coal deposits in Mozambique, which is the subject of intense interest from China and India. The nation is expected to become the world's second-biggest exporter of coking coal after Australia by 2025.

A report in Britain's Daily Telegraph newspaper at the weekend said Rio was in talks to buy Riversdale for about $15 a share, a 90c premium to its closing price on Friday.

UBS is thought to be advising Riversdale on the takeover negotiations while there were rumours that Macquarie was advising Rio.

The move on Riversdale comes after Rio said last month it was looking at a number of possible acquisitions in the "low-single-digit billion" price range.

Booming sales of iron ore have helped to soothe market concerns over Rio's high level of debt and recent forced asset sales.

Rio's head of energy, Doug Ritchie, declined to comment on the report when contacted by The Australian in Mongolia last night. A Riversdale spokesman also refused comment.

There was talk last night any move on Riversdale by Rio could prompt a counter-offer from Brazilian miner Vale, which also has coal interests in Mozambique.

In June, Wuhan Iron and Steel, one of China's biggest steel producers, announced it would spend $US200 million to take an 8 per cent interest in Riversdale.

India's Tata Steel already has a 22 per cent stake in Riversdale and Brazil's CSN has 16 per cent of the company.

Riversdale's coal reserves in two concessions in Mozambique's Tete province are put at more than 13 billion tonnes. They form one of the world's largest reserves of high-quality coal and rival those of the Bowen Basin in Queensland. Tete reportedly has billions of tonnes of both thermal coal, which is used in power plants, and coking coal, which is mixed with iron ore to make steel.

But Rio is unlikely to pursue deals as large as Alcan, the Canadian aluminium giant it bought for $38.1bn in 2007. But its move on Riversdale is a taste of what is expected to be a surge of mining takeovers worldwide next year as the cashed-up sector looks for growth.

A report by Ernst & Young shows cash holdings of the ASX top 100 miners increased by 26 per cent to $31bn in the year to June 30. Total debt fell by more than 40 per cent to $47bn. Net debt has fallen to $16bn, nearly $40bn less than a year ago.

Ernst & Young Asia-Pacific mining & metals transactions leader Paul Murphy said the miners would be under pressure to make acquisitions and bring forward projects, rather than return funds to shareholders.

"Debt funding is still difficult outside the bigger miners, so we expect to see a phase of consolidation in the sector among the small to mid-caps, with active capital management driving activity," he said.

7971


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## bigdog (6 December 2010)

*RIV $15.600  +$1.500 (+10.638%) @ Mon 06 Dec 2010 10:36 AM (Sydney time) 
ASX stock code*

In early trading today, Riversdale shares rose 10.6 per cent to $15.59 after it released a statement confirming it was in takeover talks with Rio Tinto.

The market loved the announcement today!!


06/12/2010   *Media Release  * 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01129381

6th December 2010

The Company refers to reports in today’s editions of the Australian and the Australian Financial Review concerning a possible takeover bid by Rio Tinto for the Company.

From time to time the Company enters into confidential, non-binding discussions with third parties concerning possible transactions at either the corporate level or the asset level.

The Company has had discussions with Rio Tinto concerning a possible transaction at the corporate level for indicative consideration of $15.00 per Riversdale share. These discussions were undertaken in confidence and Rio Tinto advised the Company that it is not in a position to submit a proposal for the potential acquisition of the Company.

While discussions with Rio Tinto are ongoing, there is no certainty that Rio Tinto or any other party will proceed with any proposal for the acquisition of Riversdale or, if it does, the timing of such a proposal or the terms and conditions on which any such proposal will be made.

If the Company becomes aware of any additional information, requiring disclosure in compliance with its continuous disclosure obligations, the Company will provide that information to the ASX in compliance with those obligations.


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## adobee (6 December 2010)

Is LINQ LRF still a major holder of RIV ? I think they are good be an opportunity to get on the action via stock which hasnt seen the increase as yet .. ?


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## bigdog (7 December 2010)

*Confirmation of Rio's potential $15-a-share offer sent Riversdale's shares surging 16 per cent to a record close of $16.31.*

http://www.theaustralian.com.au/bus.../story-e6frg8zx-1225966638315?from=public_rss

*Big investors hold out for better offer as Rio pursues Riversdale *
Matt Chambers From: The Australian December 07, 2010 

*RIO Tinto or another bidder may have to offer nearly $5 billion or throw in other sweeteners for Mozambique-focused Riversdale Mining*. 

This, to loosen the big shareholders' grip on the group amid surging coking coal prices.

The tightly held Riversdale register has prompted speculation Rio is considering offtake deals or other sweeteners with major shareholders Indian steel giant Tata -- which owns 24.2 per cent of Riversdale and 35 per cent of its proposed Benga project -- and Brazilian steelmaker CSN, which owns 16.3 per cent of the miner.

Yesterday, Riversdale executive chairman Michael O'Keeffe confirmed a report in The Australian that his company was in talks with Rio about a $3.5bn takeover offer.

But it said Rio was not yet "in a position to submit a proposal for the potential acquisition".

The announcement is the second in three days that indicates Rio is planning growth in the BHP Billiton-dominated coking coal export market. On Friday Rio announced a joint venture with Chinalco to look for coking coal and copper in China.

Riversdale's Mozambique mines include Benga, where it is targeting 6 million tonnes a year of coking coal production, and the less developed but much larger Zambese project.

Confirmation of Rio's potential $15-a-share offer sent Riversdale's shares surging 16 per cent to a record close of $16.31.

Heavy rain on Australia's east coast, where two-thirds of the world's export coking coal is mined, has also boosted Riversdale's share price, which has shot up 72 per cent in the past three months.

The rain has shut mines in Queensland, where most of the coking coal is produced, bringing back memories of 2008, when heavy rain tripled annually set coking prices.

There were concerns from within the Riversdale camp yesterday that the share price may have risen too high on the news of the talks. But this did not stop some of the company's big shareholders sending out signals that a bid of $20 a share, or $4.7bn, would be closer to the mark.

Tata and CSN are the biggest shareholders, followed by New York fund Passport Capital, which owns 15.7 per cent.

The next biggest is Perth resources fund Linq Management, which has 2 per cent.

Linq managing director Clive Donner said assets of the size and quality of Riversdale's were rare.

"The right price would have to be closer to $20 than $15," Mr Donner said.

Brazil's Vale, which has nearby coking coal assets, was the most logical rival buyer because synergies would mean it could pay more, he said.

But he also said he had every confidence Riversdale could get the mine into production on its own if a strong enough offer did not surface.

One of the company's major shareholders told Dow Jones Newswires it would not be prepared to relinquish its stake for less than $20 a share.

Analysts said the tight register was not insurmountable, because Tata and CSN would be keen to strike some sort of deal with an experienced miner like Rio, which would improve their chances of accessing coking coal from the mine.

JPMorgan analyst Fraser Jamieson said AngloAmerican and Xstrata would also be potential bidders, as would Chinese and Indian companies. BHP, which is already the world's biggest coking coal miner, would probably face competition issues.


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## bigdog (9 December 2010)

http://www.theaustralian.com.au/bus.../story-e6frg9e6-1225968236298?from=public_rss

*Tata Steel looks to form alliance to bid for Riversdale *From: Dow Jones Newswires December 09, 2010 12:17PM 

TATA Steel is gearing up for a battle over control of Riversdale Mining, the Economic Times reported on its website today. 

Tata Steel may explore a joint bid with state-owned mining company NMDC, which previously expressed interest in a stake in Riversdale, or with Steel Authority of India, with which Tata has a sourcing agreement, the website said, citing the high cost of a bid.

However, the situation will only become clear after Rio Tinto makes a formal bid for Riversdale, the website reported one of three sources as saying.

NMDC chairman Rana Som said the company hadn't yet discussed anything with Tata Steel, and that it would have to seek mine ministry approval for any such decision, the website reported.

Tata Steel owns a 24 per cent stake in Riversdale.


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## bigdog (12 December 2010)

http://www.reuters.com/article/idUSSGE6BA00E20101211

*NMDC may bid for Riversdale independently-report* 

MUMBAI Dec 11 (Reuters) - State-run Indian iron ore miner NMDC may bid independently for a stake in Africa-focused Riversdale Mining , ruling out any possibility of partnering with Tata Steel , the Times of India said on Saturday, quoting agencies. 

Earlier this week, miner Rio Tinto made a $3.5 billion bid approach for Riversdale, in which Tata Steel owns about 24 percent.  

Media reports speculated Tata Steel may partner NMDC for acquiring Riversdale after Rio Tinto's $3.5 billion bid. 

"We are not talking to Tata Steel on this issue. That will be done independently, not in association with Tata Steel," the newspaper quoted NMDC Chairman Rana Som as saying. 

"There is no question of partnering with Tata Steel." 

NMDC had earlier expressed an interest in buying a 10 percent stake in Riversdale, the paper said. 

NMDC officials were not immediately available for a comment.


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## bigdog (15 December 2010)

http://www.thebull.com.au/articles/a/16298-speculation-of-riversdale-takeover-mounts.html

*Speculation of Riversdale takeover mounts Speculation is mounting that an Indian consortium will launch a takeover bid for Australian coal miner Riversdale Mining.*

By AAP | 14.12.2010 07:42 PM 

Speculation is mounting that an Indian consortium will launch a takeover bid for Australian coal miner Riversdale Mining Ltd.

New Delhi's Business Standard website on Tuesday quoted Arup Roy Choudhury, the chairman of India's state run power producer NTPC, as saying he had been told that a consortium of five Indian state-run companies may bid for Riversdale.

The consortium, named International Coal Ventures, includes NTPC and Steel Authority of India.

Riversdale earlier this month confirmed it was in confidential talks with Rio Tinto Ltd regarding a possible $3.5 billion takeover, but the mining giant said it wasn't in a position to submit a proposal for the potential acquisition.

Riversdale is 24.2 per cent owned by India's Tata Steel and controls an anthracite colliery in South Africa.

Shares in Riversdale closed at $16.23 on Tuesday, up 23 cents, or 1.44 per cent, valuing the company at $3.83 billion.


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## bigdog (21 December 2010)

*21/12/2010  9:53:00 AM     Trading Halt *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01135010

*Riversdale Mining has been placed in a trading halt ahead of an announcement from the miner regarding a possible control transaction. *

http://www.businessspectator.com.au...ng-halt-pd20101221-CBUXL?opendocument&src=idp

*Riversdale Mining in trading halt*
Published 10:03 AM, 21 Dec 2010 

By a staff reporter, with Reuters 

Africa-focused Riversdale Mining has been placed in a trading halt ahead of an announcement from the miner regarding a possible control transaction. 

Riversdale said earlier this month it was in talks with Rio Tinto about a takeover offer which would value the group at $3.5 billion and hinted it was also talking to other suitors. 

International Coal Ventures (ICVL), a consortium of five Indian state-run companies including Steel Authority of India and NMDC, had been considering a bid for Riversdale. 

The consortium of five Indian state-run firms plan to make a decision on bidding for Riversdale by the end of this month, a senior official of state-run iron ore miner NMDC has said. 

Xstrata, Anglo American and Peabody Energy could also be interested. Top coking-coal exporter BHP Billiton is seen as a less likely contender, as it has its own growth options in Australia.


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## bigdog (21 December 2010)

http://www.theaustralian.com.au/bus.../story-e6frg9df-1225974325970?from=public_rss

*Rio Tinto bids for Riversdale *
Brett Clegg From: The Australian December 21, 2010 10:17AM 

RIO Tinto has formalised a bid for Riversdale Mining at what is believed to be pitched at $16.50 a share. 

Shares in the Mozambique coal miner were placed in a trading halt this morning as the two parties thrashed out non-monetary terms, including pre-bid agreements that would prohibit Riversdale from soliciting rival bids.

On December 6, Riversdale said it was in discussions with miner Rio Tinto about selling the company for $15 per share.

Riversdale shares last traded at $16.30, but were trading at $14.10 before the statement.

Riversdale is developing as a divesified mining financier, with its major operation the Zululand anthracite colliery in South Africa.

621


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## bigdog (21 December 2010)

http://www.foxbusiness.com/markets/...siness/latest+(Internal+-+Latest+News+-+Text)

*Two major shareholders have told Dow Jones Newswires that they wouldn't sell out for less than A$20 a share. The shares  closed at A$16.30 Monday. *

In a statement, Riversdale mentioned no other company but said an announcement was pending "about a possible control transaction". 

It didn't say whether the transaction affected control of individual assets or the whole company. Riversdale has previously mooted going into joint venture with another mining company over its Tete East project, and entered talks with Wuhan Iron & Steel Co. Ltd. (600005.SH), or Wisco, over a joint venture and share placement relating to the Zambeze project earlier this year.


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## bigdog (21 December 2010)

http://www.thebull.com.au/articles/a/16458-rio-has-upped-riversdale-bid,-reports-say.html

*Britain's Telegraph newspaper reported on Tuesday that Rio had raised the offer to between $16 and $18 per share.*

*Rio has upped Riversdale bid, reports say*
By AAP | 21.12.2010 07:00 PM 

Rio has upped Riversdale bid, reports say Mining giant Rio Tinto has formally made a multibillion bid for Riversdale Mining, according to a report.

Mining giant Rio Tinto Ltd has upped its a multi-billion bid for Riversdale Mining Ltd, according to reports.

If Rio Tinto was successful in its takeover bid for Riversdale, it would mark the mining giant's first major acquisition since its ill-timed $US38.1 billion ($A38.41 billion) takeover of Alcan in 2007 at the height of the commodities boom.

A Rio Tinto spokesman declined to comment on the reports over its bid for Riversdale.

On December 6 Riversdale said it was in discussions with Rio Tinto about selling the company for $15 per share, which led to Riversdale's share price jumping above $16.

Britain's Telegraph newspaper reported on Tuesday that Rio had raised the offer to between $16 and $18 per share.

The Australian newspaper later reported on its website that Rio had offered around $16 a share for Riversdale, without citing a source.

At $16 per share the coal miner would be worth $3.78 billion.

Shares in Riversdale went into a pre-market trading halt on Tuesday valued at $16.30, pending "a possible control transaction", according to the company.

A spokesman for Riversdale refused to comment on the report Rio Tinto had made a formal offer.

Riversdale is 24 per cent owned by India's Tata Steel, which also has a 35 per cent stake in the Benga coal project in Mozambique.

Benga is projected to produce 20 million tonnes per annum of coal by 2013.

Riversdale owns another major project in Mozambique and controls the Zululand Anthracite operation in South Africa.

Coal prices have soared during the past year, with prices tipped to rise further in 2011 as Chinese growth spurs strong demand for coking coal used in steel furnaces.


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## bigdog (23 December 2010)

23/12/2010  10:22:00 AM      Suspension from Official Quotation 
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01136433

Announcment to be made at 2:00 PM today!!
-- one condition yet to be satisfied!

The three major shareholders (Passport, CSN and Tata) own about 55% of RIV and assume that they will have big influence on the outcome by the board!


758


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## bigdog (23 December 2010)

*SP RIV$16.670 $0.370 (2.270%) @ Thu 23 Dec 2010 2:44 PM*

http://www.skynews.com.au/businessnews/article.aspx?id=555636&vId=
*Riversdale backs Rio's takeover bid*
Updated: 13:29, Thursday December 23, 2010

Mining giant Rio Tinto Ltd has secured the backing of takeover target Riversdale Mining Ltd after raising its bid for the collier to $3.9 billion.

With speculation other companies, including Swiss mining giant Xstrata may be readying to make a bid, Rio Tinto on Thursday offered $16 per share for Riversdale.

If Rio Tinto was successful in its takeover bid for Riversdale, it would mark the mining giant's first major acquisition since its ill-timed $US38.1 billion takeover of Alcan in 2007 at the height of the commodities boom.

Riversdale told shareholders its board had carefully considered the offer and most directors had recommended the move, with one director abstaining from voting.

'All recommending directors and Niall Lenahan, the chief financial officer of Riversdale, intend to accept the Offer in respect of their own shareholdings, in the absence of a superior proposal,' Riversdale said.

Rio Tinto has secured pre-bid agreement in relation to 14.9 per cent of Riversdale's current shares on issue.

Riversdale is 24 per cent owned by India's Tata Steel, which also has a 35 per cent stake in the Benga coal project in Mozambique.

Benga is projected to produce 20 million tonnes per annum of coal by 2013.

Riversdale owns another major project in Mozambique and controls the Zululand Anthracite operation in South Africa.

The offer price represents a 46 per cent premium to the one-month volume weighted average price (VWAP) of Riversdale shares to November 3, Rio Tinto said in a statement.

Riversdale shares last traded at $16.30 per share.

'The Offer will be financed through Rio Tinto's existing cash reserves and credit facilities,' Rio said.

Chief executive of Rio Tinto's energy division, Doug Ritchie said the acquisition was in line with Rio's strategy of investing in large, long term, cost-competitive mines.

'Rio Tinto's extensive experience in infrastructure and large project development combined with our significant financial capacity means that we are well placed to take Riversdale's asset base through its next phase of development,' Mr Ritchie said.

'We believe Rio Tinto is one of the few groups in the world with the capabilities, values and incentives to develop the projects quickly and to a world-class standard,' he said.

Mr Ritchie said the takeover underlined his company's commitment to Africa.

Investors had largely been expecting Rio to come back with a $16 bid to better earlier talks of a $15 bid that were confirmed this month.

It is expected Riversdale will send its shareholders the bidder's statement and target's statement in January next year.


23/12/2010  11:58:00 AM  *RIO: Recommended cash offer by Rio Tinto for Riversdale *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01136542
*Recommended A$16 per share cash offer by Rio Tinto for Riversdale*
23 December 2010

• Recommended cash offer price of A$16 per ordinary share values Riversdale at approximately A$3.9 billion1.

• Rio Tinto has entered into pre-bid agreements in relation to 14.9 per cent of Riversdale’s current shares on issue.

• Shareholders who have signed pre-bid agreements include a number of senior executives of Riversdale including Michael O’Keeffe (executive chairman), Steve Mallyon (managing director) and Niall Lenahan (chief financial officer).

• Rio Tinto’s offer provides Riversdale shareholders with an attractive, all-cash offer for their shares at a substantial premium to historical trading prices.

• Acquisition provides Rio Tinto with a substantial tier one coking coal development pipeline in the emerging Moatize Basin in Mozambique, in line with Rio Tinto’s strategy of developing large, long-life, low operating cost assets to grow shareholder value.

Rio Tinto Group (LSE: RIO, ASX: RIO, NYSE: RIO) (“Rio Tinto”) and Riversdale Mining Limited (ASX: RIV) (“Riversdale”) have entered into a Bid Implementation Agreement (“BIA”) for a cash offer (the “Offer”) by Rio Tinto2 to acquire all of the issued and outstanding shares of Riversdale by way of a recommended off-market takeover offer.

The Offer price of A$16 per share values Riversdale at approximately A$3.9 billion3. The Offer price represents a 46 per cent premium to the one-month volume weighted average price (“VWAP”) of Riversdale shares to 3 November 20104 and a 24 per cent premium to the one-month VWAP of Riversdale shares to 3 December 20105. The Offer will be financed through Rio Tinto’s existing cash reserves and credit facilities.

The Riversdale Directors have recommended, in the absence of a superior proposal, that shareholders accept Rio Tinto’s Offer and have indicated they intend to accept the Offer for shares in Riversdale which they control. Riversdale’s executive chairman (Michael O’Keeffe), managing director (Steve Mallyon) and chief financial officer (Niall Lenahan) have entered into pre-bid agreements in relation to shares in which they have a relevant interest. 
-- Mr N.K. Misra, who is the Board nominee of Tata Steel, Riversdale's largest shareholder, abstained from voting on the Board resolution to announce and recommend the Offer.

In aggregate, Rio Tinto has secured pre-bid agreements in relation to 14.9 per cent of Riversdale’s current shares on issue.

*Implementation*
Rio Tinto and Riversdale have entered into a Bid Implementation Agreement in respect of the Offer. A copy of the BIA is attached to Riversdale's announcement of the Offer.

The Offer is subject to a number of conditions including Rio Tinto acquiring a relevant interest in excess of 50 per cent in Riversdale, Foreign Investment Review Board approval as well as no material adverse change occurring and Riversdale conducting its business within certain specified parameters. A full list of the conditions to the Offer is set out in Appendix I.

The BIA also contains customary deal protection mechanisms including “no shop” and “no talk” restrictions and a matching right for Rio Tinto in the event of a competing proposal. A break fee of A$37.8 million is also payable to Rio Tinto in certain circumstances.

-------------------------------------------------------------------------------
23/12/2010  11:57:00 AM  *Rio Tinto Offer  *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01136540

Riversdale (ASX:RIV) today announced that it had entered into a Bid
Implementation Agreement (“BIA”) with Rio Tinto Group (ASX:RIO, “Rio Tinto”),
pursuant to which Rio Tinto has agreed to make an all cash off-market takeover bid
at A$16.00 per share for all the Riversdale shares. The Offer is subject to a greater
than 50% minimum acceptance condition, FIRB approval, no prescribed
occurrences, various other restrictions on the conduct of Riversdale’s business
during the Offer period and a number of other conditions that are included in the
BIA. A copy of the BIA is Attachment 1 to this media release.

The Riversdale Board has carefully considered the Offer, and all Recommending
Directors (being Executive Chairman Michael O’Keeffe, Managing Director Steve
Mallyon and non-executive directors Andrew Love, Gary Lawler and Tony Redman)
(the “Recommending Directors”) recommend that Riversdale shareholders accept
the Offer in the absence of a superior proposal. Mr N.K. Misra abstained from voting
on the Board resolution to announce and recommend the Offer in the absence of a
superior proposal.

All Recommending Directors and Niall Lenahan, the Chief Financial Officer of
Riversdale, intend to accept the Offer in respect of their own shareholdings, in the
absence of a superior proposal.

Additionally, Rio Tinto has entered into pre-bid agreements with a number of
shareholders under which it has secured call options over 14.9% of the issued share
capital of Riversdale for A$16.00 per share. Of the 14.9% of shares subject to prebid
agreements, 1.3% reflects shares held by Michael O’Keeffe, Niall Lenahan and
Steve Mallyon and the remaining 13.6% was provided by institutional shareholders.

The Recommending Directors and Niall Lenahan own an additional 1.1% of the
issued share capital of Riversdale in total which is subject to the intention to accept
in the absence of a superior proposal described above.


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## bigdog (24 December 2010)

Great article:

http://www.businessday.com.au/busin...ift-39bn-riversdale-offer-20101223-196jg.html

*Rio under pressure to lift $3.9bn Riversdale offer* 
Barry FitzGerald 
December 24, 2010

RIO Tinto's well-flagged $3.9 billion cash takeover bid for Riversdale Mining has come under pressure on expectations Rio will have to increase the offer to secure acceptances from key shareholders in the emerging coking coal group.

Suggestions the highly strategic nature of Riversdale's Mozambique coal interests could flush out counter-bids also put the Rio offer - increased from the $15 a share in earlier talks with Riversdale to $16 a share - on the back foot.

The increase in the offer has secured Rio a pre-bid agreement, giving it a call option over 14.9 per cent of Riversdale, with key Riversdale directors (1.3 per cent) and institutional shareholders (13.6 per cent) providing the stock.

Rio also has a matching right in the event of a competing bid and would receive a ''break fee'' of $37.8 million in certain circumstances should it not win the day. Riversdale cannot solicit competing proposals.

But the market still strongly indicated its belief Rio would struggle to meet its minimum acceptance condition of 50 per cent, or ward off potential counter-bidders, without an increase in the $16-a-share bid price.

Riversdale shares closed 27 ¢ higher yesterday at $16.57. Hartleys senior resources analyst Andrew Muir said it was likely the Rio bid was just the ''opening shot in a bidding war for the company to gain access to the world-class resources of its Mozambique projects''.

His valuation of Riversdale is $18.80 a share and ''far more than $20 a share'' once key infrastructure issues (rail, barging and port access) with one of Riversdale's projects (Zambeze) are solved.

''This bid gives Riversdale credibility that it is sitting on a world-class coal asset,'' Mr Muir said.

''However, we believe the bid undervalues the asset.'' He expected the most likely competing bid to come from Tata Steel. Other potential bidders included Xstrata, CSN and Vale, he said


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## bigdog (24 December 2010)

RIO"s chances of takeover have improved a little with the third largest shareholder Passport Capital 15.69% selling 18,699,999 or 8% shares to RIO.

Tata Steel Global Minerals Holdings 24.21% & CSN Europe Limitada 16.29% now hold  40.5%.

Top Twenty Shareholders held 86.86% of the shares per the Annual Report 2010

*Substantial Shareholders As at 27 October 2010, the issued capital of the company was 236,033,688 *
-- current issued capital is 236,546,188
1 Tata Steel Global Minerals Holdings 24.21%
2 CSN Europe Limitada 16.29%
3 Passport Capital 15.69% --- have now sold 18,699,999 shares to RIO per ASX ANN today (8% of their total)

24/12/2010  11:13:00 AM     *Initial Substantial Shareholder Notice from RIO  *http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01137416

 RIO have acquired 35,412,111 Ordinary shares   at $16.00 - 14.97%


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## bigdog (26 December 2010)

http://www.upi.com/Business_News/20...rsdale-in-takeover-tussle/UPI-41011293207813/

*Sydney-based Riversdale in takeover tussle*
Published: Dec. 24, 2010 at 11:23 AM

MUMBAI, Dec. 24 (UPI) -- India's Tata Steel Ltd. says it's studying a $3.91 billion offer for Riversdale Mining Ltd., and a group of Indian state-run companies considered a counter-bid.

Tata Steel owns a 24 percent interest in Sydney-based Riversdale, for which Rio Tinto Ltd. has made a takeover bid, The Wall Street Journal reported Friday.

Tata Steel, in a regulatory filing, said it would "evaluate the takeover bid in the context of other alternatives available to Tata Steel."

International Coal Ventures Ltd. -- a joint venture of Steel Authority of India Ltd., NTPC Ltd., NMDC Ltd., Rashtriya Ispat Nigam Ltd. and Coal India -- announced it has appointed Citibank as its merchant banker to advise on a possible counter-bid for Riversdale.

ICVL's chairman denied the group had initiated talks with Tata Steel about a counter-bid.

"No. Any decision on bidding will be taken after the merchant banker's report," Chairman C.S. Verma said.

Any ICVL bid would have to top Rio Tinto's offer of $16 a share for Riversdale.

Verma said ICVL has enough time to decide whether to make a counter-bid because a Riversdale shareholders' meeting on Rio Tinto's offer will take place after 30 days and Citibank will submit its report within two weeks.


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## bigdog (27 December 2010)

*The more bidders the merrier for RIV holders.*
 - I hold RIV shares

http://www.businessday.com.au/business/anglo-to-rival-rios-bid-for-riversdale-20101226-197uq.html

*Anglo to rival Rio's bid for Riversdale New Delhi *
December 27, 2010

THE global battle for control of the world's natural resources has flared again when it emerged that Anglo American could gatecrash Rio Tinto's plans to buy Riversdale Mining, the Australian coking coal group, for £2.5 billion ($A3.86 billion).

Headed by chief executive Cynthia Carroll and chairman Sir John Parker, Anglo has joined a list of possible counter-bidders for Riversdale, whose African business produces coal for the fast-growing Asian steel industry.

Evidence of the importance of coking coal to China surfaced recently when Riversdale signed an agreement with Wuhan Iron and Steel to jointly develop Riversdale's huge Zambeze coal reserves in Mozambique.

Last month Anglo said it was focusing on its coking coal interests in Australia and hinted that it was in the market for overseas expansion.

The company is disposing of assets such as zinc, and concentrating on minerals with more lucrative returns. Anglo, which is believed to have appointed Morgan Stanley to advise on its options, will face stiff competition, with The Wall Street Journal reporting that Tata Steel of India, which controls 24 per cent of Riversdale, is considering an offer.

International Coal Ventures (ICVL), an Indian state-run joint venture, is also believed to be studying an offer for Riversdale Mining to counter the $3.86 billion bid from Rio Tinto Group.

ICVL appointed Citigroup to examine a possible takeover offer for the Sydney-based coal company with mines in Mozambique, the venture's chairman, C. S. Verma, said over the weekend.

London-based Rio last week bid $16 a share for Riversdale, securing 14.9 per cent of the company in pre-bid agreements.

Indian companies are seeking coal mines overseas to ensure raw material supplies for producing steel and electricity. Brazil's Vale SA or Eurasian Natural Resources may make bids, as Tata Steel, Riversdale's biggest holder, said it would study Rio's offer "in the context of other alternatives" available to Tata.

"The $16 cash offer is unlikely to secure acceptance from all of Riversdale's shareholders," analysts led by Hayden Bairstow at CLSA Asia-Pacific Markets, said in a report, raising his price target for Riversdale by 3 per cent to $18.

Riversdale's "Benga and Zambeze coal projects are world class and we believe other suitors may show an interest in Riversdale now a formal bid has been tabled," he said.

A successful bid for control will need the support of at least one of Riversdale's major shareholders, with the top-three investors owning about 51 per cent.

These shareholders, Tata Steel, Passport Capital LLC and Siderurgica Nacional SA were kept informed during the talks with Rio and haven't raised any objections, Riversdale managing director Steve Mallyon said. Riversdale stock climbed 0.8 per cent to $16.70 last week, 5.6 per cent more than Rio's offer, which was recommended by Riversdale's board, bar the director appointed by Tata Steel.

A counter bidder may have to pay as much as $20.80 a share, Commonwealth Bank of Australia analysts led by Tomas Vasquez said.

Riversdale had not had approaches from another company, Riversdale's Mr Mallyon said. Citigroup will submit its report in two weeks, Mr Verma said in Delhi after a board meeting. ICVL had not discussed Riversdale with Tata Steel, he said.

960


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## bigdog (30 December 2010)

http://www.theaustralian.com.au/bus.../story-e6frg8zx-1225978221309?from=public_rss

*Mixed signals from India on Riversdale bid *
Sarah-Jane Tasker From: The Australian December 30, 2010 12:00AM 

*RIO Tinto's chances of securing Riversdale Mining in a $3.9 billion bid has increased.* 

This, after talk that a rival Indian consortium may not have the financial capacity to challenge the global major for the coal prize.

International Coal Ventures Ltd -- a joint venture between five Indian state-run companies -- had been expected to make a rival offer for the Mozambique-focused mining hopeful, but a person familiar with ICVL told Dow Jones Newswires the group may not make a counter bid.

ICVL, which includes Steel Authority of India, NTPC, NMDC, Rashtriya Ispat Nigam and Coal India, last week appointed Citibank as its adviser for a possible bid, sparking speculation it would force Rio to lift its offer.

But the source said the group was not authorised to invest beyond INR15bn (about $32 million), so they cannot take over Riversdale.

The latest newsflow out of India contradicts comments by the country's Steel Minister, Virbhadra Singh, who said this week that the government was serious about Riversdale, adding there was "no financial problem".

Rio Tinto's $16-a-share bid for Riversdale has been endorsed by the target's board but analysts had widely tipped a bidding war to erupt for the sought-after coal assets, which has strengthened the company's share price.

Tata Steel, Riversdale's largest shareholder, is yet to accept Rio's offer.

Shares in the Sydney-based Riversdale closed 1.80 per cent higher yesterday at $17.


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## bigdog (14 January 2011)

http://www.businessspectator.com.au...o-Ameri-pd20110113-D32QX?opendocument&src=rss

*Will Rio wave ta-ta to Riversdale?*
Stephen Bartholomeusz
Published 12:12 PM, 13 Jan 2011 
Last update 10:14 AM, 14 Jan 2011 


Rio Tinto’s $3.9 billion bid for Riversdale Mining formally opened on Tuesday. It’s going to be a nervous couple of weeks for the bid team as they wait to see whether their bid for the Mozambique coal miner is caught up in the geopolitics of resource security. 

Riversdale controls a vast but largely undeveloped coking coal resource in Mozambique that has already attracted the interest of Indian, Chinese and Brazilian steelmakers. 

India’s Tata Steel owns 24.2 per cent of the group and has a 35 per cent interest in one of its projects. Tata’s representative on the Riversdale board has so far abstained from making a recommendation on the offer. 

Among Riversdale’s other strategic shareholders a Brazilian steelmaker, CSN, owns about 13 per cent.  A US hedge fund, Passport Capital, owns 16 per cent, half of which has been committed to Rio under a pre-bid agreement. 

China’s Wuhan Iron and Steel had signed a non-binding heads of agreement to acquire a 40 per cent interest in the giant Zambeze project and to take up an 8 per cent shareholding in Riversdale itself that was terminated by Riversdale after the Rio Tinto bid emerged. That agreement did, however, signal China’s interest in the project. 

The strategic significance of the 9 billion tonne Zambeze resource was underscored last month when a consortium of state-owned Indian steel and energy companies, International Coal Ventures, hired Citigroup to urgently investigate a possible counter-bid to Rio Tinto’s $16 a share offer. By now ICV should have received Citi’s assessment. 

Both India and China have been scouring the world to secure access to, or control of, the key inputs for their steelmakers. 

The seaborne trade in coking coal is dominated by Australian resources, particularly the Bowen Basin mines in Queensland, where the floods have disrupted supply and highlighted the vulnerability of the steelmakers to their reliance on one region. 

The push by the Bowen Basin producers, led by BHP, to impose shorter-term and market-related pricing on the mills – in line with what has happened in the iron ore market – would, by underscoring the market power of the big coking coal producers, provide additional motivation for diversifying the mills’ sources of supply. 

Riversdale’s resources are strategic because they aren’t located in Australia and, for the Indians, because they represent the closest large-scale coking coal resource to India itself. Mozambique has an Indian Ocean seaboard. 

The Rio Tinto offer represents a threat to India’s interests, not just because it would bring the Mozambique resources under the control of the trio of big resource groups that dominate the sector – BHP Billiton, Rio Tinto and Anglo American – but because of Rio’s increasingly close relationship with China. 

Despite the initial tensions created by the collapse of its proposed $US19.5 billion strategic alliance with China’s Chinalco, Rio Tinto has subsequently repaired the relationship by bringing Chinalco into its giant Simandou iron ore project in Guinea, creating a joint venture with it to explore within China and talking to it about an interest in the Oyu Tolgoi copper-gold project in Mongolia. 

The Indian steelmakers would be deeply concerned that if Rio’s bid succeeds the eventual output from the Mozambique resources would be directed to China. 

The problem for the Indians is that while they probably have the financial capacity to counter-bid, and Tata’s presence on the Riversdale register provides a tactical advantage, they don’t have the operational expertise to develop the vast open-cut mine envisaged for the Zambeze project and the rail and port infrastructure that will have to be built to move the coal. 

That explains speculation that they could team up with Anglo, which would be unlikely to challenge Rio Tinto on its own.


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## bigdog (17 January 2011)

http://www.businessspectator.com.au...-report-pd20110117-D6TC4?opendocument&src=rss

*Tata open minded on Rio's Riversdale bid: *
Published 9:02 AM, 17 Jan 2011 
By a staff reporter, with Reuters 

Indian steelmaker Tata Steel said it is keeping an open mind over mining giant Rio Tinto's takeover push for Riversdale Mining Ltd, according to The Australian newspaper. 

According to the report, Tata vice-chairman, B. Muthuraman said the Indian firm was happy with the deal as long as its investment goals are met.

"We are a strategic investor, and we want coal for our own use, and we want that coal for an economical advantage," Mr Muthuraman said, according to The Australian.

"As long as these objectives are met, we'll be happy to talk to anybody." 

Tata, the world's seventh-largest steel maker, said last week that it would hold on to its shares in Riversdale, calling it a strategic stake. 

Riversdale, an Africa-focused coal miner, is facing a $3.9 billion bid from Rio Tinto Ltd in an agreed deal as it seeks to secure coking coal reserves sought after by steelmakers. 

Australia accounts for about two-thirds of global coking coal trade and Queensland produces roughly 90 per cent of Australia's share.


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## bigdog (24 January 2011)

http://www.businessday.com.au/business/rio-may-face-riversdale-rival-20110123-1a19v.html

*Rio may face Riversdale rival *
Ben Butler 
January 24, 2011

A CONSORTIUM of state-owned Indian mining and energy companies will decide this week whether to trump Rio Tinto's $3.9 billion takeover bid for Riversdale Mining.

Riversdale's coalmines in Mozambique and South Africa are an attractive target for India, which is dependent on imports to stoke the furnaces of its booming steel industry.

The company already has a significant Indian presence on its share register in the shape of Tata Steel, the seventh-largest steel manufacturer in the world, which owns more than 24 per cent of Riversdale.

International Coal Ventures, a cash-rich consortium of five large Indian state-run companies, will decide whether to go ahead with its bid at a board meeting on Thursday, chairman C. S. Verma told Bloomberg on Saturday.

''Our bid price for Riversdale will be higher than Rio Tinto's if it is to be a viable bid,'' Mr Verma said after an ICVL meeting to discuss the matter.

The consortium's members ''could not conclude the discussions'' and asked for more information from its bid adviser, Citigroup, he told Reuters.

He said ICVL had not been in talks with Tata, which regards its stake in Riversdale as a strategic investment, about a possible joint bid.

A Rio Tinto spokesman declined to comment on the company's likely response to a bid from ICVL.

The mining giant's $16-a-share offer became unconditional on Friday after receiving government approval, and it is believed Rio Tinto will consider its options only if Thursday's ICVL meeting produces a higher bid.

A spokesman for Riversdale, which has recommended shareholders accept the Rio bid, could not be reached yesterday.

Rio Tinto already has its foot on 14.9 per cent of Riversdale but will have to act quickly if the Indian group makes a move, as its offer is set to close on February 18.

The chairman of key ICVL shareholder Coal India indicated the consortium has the money to mount an independent bid.

''Once the proposal goes through, funding will not be a problem because all of us have money,'' Coal India chairman Partha Bhattacharyya told Bloomberg.

Coal India, the world's largest coal producer, owns 28 per cent of ICVL and wants to become ''a leading global player in the energy sector'', according to the company's website.

India's second-biggest steel producer after Tata, Steel Authority of India, also owns 28 per cent of ICVL. India's largest power generator, NTPC, its top iron ore producer, NMDC, and steelmaker Rashtriya Ispat Nigam each hold about 14 per cent.

Rio's bid, which is being mounted using a Jersey-registered subsidiary, was waved through by the Foreign Investment Review Board last week.

FIRB approval was needed because Rio Tinto is listed on both the ASX and the London Stock Exchange.

Treasurer Wayne Swan gave the company unconditional approval to buy 100 per cent of Riversdale, Rio Tinto said in a statement to the stock exchange on Friday night after the market closed. Riversdale shares closed down slightly on Friday, at $16.31.


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## bigdog (24 January 2011)

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01143717

*Target`s Statement - Media Release*
Released by ASX :  9:16 a.m. 24th January 2011

9581


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## bigdog (28 January 2011)

http://www.businessspectator.com.au...urrent-quickens-pd20110128-DHR9X?OpenDocument

*Rio Tinto, Riversdale Mining, ICVL *
Supratim Adhikari
Published 7:24 AM, 28 Jan 2011 

Rio Tinto is in the box seat to take control of coal miner Riversdale Mining after a highly anticipated bid from an Indian rival failed to materialise. 

The consortium International Coal Ventures Limited (ICVL) took its time before making up its mind and after a lot of sabre rattling the end result has been a rather predictable no show. ICVL– a joint venture between Coal India, Steel Authority of India, iron ore miner NMDC, power company NTPC and steel company RINL – has decided not to counter Rio Tinto’s $US3.9 billion bid for Riversdale with Coal India chairman Partha Bhattacharyya telling Reuters that the consortium was not willing to trump Rio’s offer despite a recommendation from its advisor Citigroup to pursue a counter bid at around $US18 a share. 

According to India’s Economic Times, the decision was taken unanimously by the ICVL board, however, the consortium has been reluctant to reveal details. ICVL’s move presumably has little to do with a lack of financial strength but perhaps a sign of its inexperience in the M&A game. 

The public sector companies in the consortium may be domestic heavyweights in their sector but unlike some of their private sector counterparts – Tata, Essar, Adani Group – have little or no experience of running an overseas entity. 

ICVL’s decision probably puts to bed any talk of a bidding war for Riversdale and with the target’s board unanimously backing Rio’s bid the mining giant may be on the cusp of sealing its first big acquisition since its purchase of Alcan in 2007.


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## Miner (28 January 2011)

bigdog said:


> http://www.businessspectator.com.au...urrent-quickens-pd20110128-DHR9X?OpenDocument
> 
> *Rio Tinto, Riversdale Mining, ICVL *
> Supratim Adhikari
> ...




http://www.smh.com.au/business/indias-icvl-we-wont-bid-for-riversdale-20110128-1a7d6.html

Hey Big Dog

you are ahead of me and many others.
I wanted to post the link and saw your posting on ICVL decision.
Nevertheless I posted my link and congratulations for a job well done.
Whereas Rio will take a breathing it is interesting to see what they will do with 30% (?) holding from tata steel who are hungry to get coking coal for their massive steel plants in India and UK (Corus). So wait and see baby where to find more coking coal at cheap price by Tata Steel and other Indian Steel makers.


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## bigdog (9 February 2011)

There is some good news for those holding their RIV shares.

*Any thoughts on this move by CSN?????*

ASX ann today 
09/02/2011    Change in substantial holding  

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01149327

Notice of change of interests of substantial holder - Riversdale Mining Limited (ASX: RIV)
We (Clayton UTZ) act for Companhia SiderÃºrgica Nacional and its subsidiary CSN Europe Lda.

We enclose, on behalf of CSN Europe Lda and its related bodies corporate, an ASIC Form 604 ("Notice of change of interests of substantial holder") in relation to Riversdale Mining Limited.

CSN Europe Lda have now increased their shareholding from 31,233,327 (16.29%) to 41,612,113 shares (17.58%) - date of change was Feb 8 per ann.


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## bigdog (9 February 2011)

RIV share price has dropped after todays ANN
*RIV$15.770 $-0.230 (-1.438%) @ Wed 09 Feb 2011 12:48 PM Volume  6,099,954 shares  *

http://www.theaustralian.com.au/bus.../story-fn4xq4v1-1226002898625?from=public_rss

*CSN ups stake in Riversdale *
David Fickling From: Dow Jones Newswires February 09, 2011 12:36PM 

BRAZILIAN steelmaker CSN has raised its stake in Rio Tinto target, Mozambique-focused coking coal developer Riversdale Mining. 

In a regulatory statement, CSN said its holding in Riversdale was 17.58 per cent at February 8, up from 16.29 per cent at November 24, with the Brazilian company spending $76.2 million at an average cost of $15.96 per share.

Rio Tinto has offered $16 cash per share for Riversdale, which has a 14 billion-tonne coal resource in north-western Mozambique. The south-east African country is expected to be one of the world's biggest growth regions over the next decade for hard coking coal, a scarce variety of the mineral essential for steelmaking blast furnaces.


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## bigdog (9 February 2011)

http://www.businessspectator.com.au...older-ups-stake-pd20110209-DW426?OpenDocument

*Riversdale shareholder ups stake*
Published 12:51 PM, 9 Feb 2011 
By a staff reporter

A major shareholder has increased its holding in Riversdale Mining Ltd, as Rio Tinto Ltd attempts to push through its $3.9 billion bid for the Africa-focused miner.

The Brazilian steelmaker Cia Siderurgica Nacinoal (CSN) now holds 41.6 million shares, or 17.58 per cent of Riversdale, following purchases this month.

It previously held 31.2 million, or 16.29 per cent of the company. 

*According to The Australian Financial Review, a further five million shares are understood to have been purchased by CSN today. *

Rio's $16-per-share offer is conditional on 50.1 per cent approval. Another key shareholder, India's Tata, has expressed support for the Rio bid.


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## bigdog (10 February 2011)

*CSN ASX ANN today
*10/02/2011  9:23:00 AM     *Change in substantial holding *http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01149692
CSN have bought 5,490,428 more shares Feb 9 and now hold 19.9% of RIV


http://www.theaustralian.com.au/bus.../story-e6frg8zx-1226003272089?from=public_rss

*CSN lifts stake in Rio target Riversdale *
David Fickling From: The Australian February 10, 2011 12:00AM 

COMPANHIA Siderurgica Nacional has raised its stake in Mozambique-focused coking coal developer Riversdale Mining by 1.3 per cent, the Brazilian steelmaker said yesterday, potentially complicating a $US3.9 billion ($3.85bn) offer for Riversdale by Rio Tinto. 

The move raises a hurdle for Rio in its first major acquisition attempt since the global financial crisis, and adds to mergers and acquisitions excitement surrounding coking coal miners, amid an expected pick-up in demand for steelmaking materials as the world economy rebounds.

In a regulatory statement, CSN said its holding in Riversdale was 17.58 per cent at February 8, up from 16.29 per cent at November 24.

Rio has offered $16 cash per share for Riversdale, which has a 14 billion-tonne coal resource in northwestern Mozambique.

Since the start of the month, the Brazilian company has spent $76.2 million at an average cost of $15.96 per share buying 4.8 million Riversdale shares, with roughly half of the holding bought at Rio's offer price.

"If you're buying stock close to the bid price, it's a clear signal that you're not going to accept the bid," said Hayden Bairstow, an analyst at CLSA in Sydney.

Another analyst, who asked not to be named, said: "I think they are signalling that there is someone else out there who may bid."

Riversdale's shares closed down 15c at $15.85c yesterday.

Market participants have keenly watched the progress of Rio's bid for Riversdale.

It is Rio's first major takeover attempt since its $US$44bn acquisition of Alcan in 2007, a deal that saddled the company with debt as the global financial crisis was starting to break.

It is also occurring against a backdrop of booming interest in coking coal assets.

Supplies of the commodity, used in steelmaking blast furnaces, are expected to be sharply constrained as demand for steel from emerging economies booms over the next decade.

Mozambique is anticipated to be one of the biggest growth regions for exports of premium hard coking coal, which is currently dominated by mines in Queensland that have been hard-hit by heavy rains over the past few months. Alpha Natural Resources last month offered $US$7.1bn to buy Massey Energy, a miner that has significant coking coal assets in the Appalachian Mountains in the US.

Mr Bairstow said that CSN may be attempting to use its holding in Riversdale as a bargaining chip to ensure access to Riversdale's coal production.

Unlike Tata Steel, Riversdale's largest shareholder, CSN does not have a deal guaranteeing supply from Riversdale, and could suffer if the company is subsumed into a major diversified miner.

"CSN doesn't have an offtake agreement for any of the coal, which is a strange position to be in," Mr Bairstow said.

CSN is unlikely to be in a position to block a bid for Riversdale, as Rio has said it would be happy with a majority stake, in line with its controlling investments in Energy Resources of Australia and Coal & Allied Industries.

However, the threat of bids above Rio's offer price may encourage the company to offer concessions to major shareholders, Mr Bairstow said.

A spokesman for Riversdale said he knew nothing about CSN's move, while spokespeople for CSN and Rio did not immediately return calls for comment.

Dow Jones Newswires


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## bigdog (10 February 2011)

*ASX ANN - Rio Tinto`s bid for Riversdale extended by 14 days*
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01149723

http://www.theaustralian.com.au/bus.../story-e6frg9e6-1226003576886?from=public_rss

*Rio Tinto extends Riversdale bid, CSN continues to increase its stake *
David Fickling From: Dow Jones Newswires February 10, 2011 11:13AM 

MAJOR shareholders have raised the stakes in the battle for control of Riversdale Mining, with Rio Tinto extending its offer period for the miner, while CSN said it had further raised its stake in the company. 
Rio Tinto said it would leave the $US3.9 billion takeover offer open until close of business on March 4, 14 days longer than previously indicated, and said it had opened an institutional acceptance facility to encourage shareholders to signal their readiness to make over their stakes should Rio take majority control of the company.

However, CSN said in a regulatory notice that it had raised its stake in Mozambique-focused coking coal miner Riversdale to 19.9 per cent from 16.29 per cent, raising its bargaining power in the event of Rio Tinto taking control of the miner.

Clive Donner, managing director of Perth-based investment house LinQ and one of Riversdale’s largest and longest-term shareholders, said the steelmaker may be trying to raise its influence in the event of a takeover.

“They may be trying to make sure they’re an important part of the outcome for the company, although you would think that with 19.9 per cent you’ve got pretty much the same bargaining power as with 16.3 per cent,” he said.

The tussle over the company illustrates the uneasy relationship between major steelmakers and miners at a time of booming prices for the key steelmaking commodities of iron ore and coking coal.

Economic growth in emerging economies is expected to sharply increase demand for steel over the coming decade, and miners and steelmakers are increasingly competing to secure reserves of key raw materials.

Rio Tinto is the world’s second-largest producer of iron ore and plans to more than double its output of the commodity by 2015, but at present it is a relatively small producer of coking coal in comparison to its peers, BHP Billiton, Teck Resources and Xstrata.

However, steelmakers are also hoping to bypass major miners by securing access to their own reserves.

ArcelorMittal, the world’s largest steel company, last month took majority control of Baffinland Iron Mines Corp in alliance with private-equity backed Nunavut Iron Ore Acquisition, while Riversdale’s 24.21 per cent largest shareholder, Tata Steel, is entitled to 40 per cent of the expected 10 million-tonnes-per-year of saleable coal production from the company’s Benga project.

While CSN lacks a similar offtake agreement to buy coal from Riversdale, any build in its stake would likely give it more leverage within the company if Rio manages to gain majority control.

The importance of a seat at the table for CSN is illustrated by the price paid for its stake. The company has bought around $150m worth of Riversdale shares since the start of February for only marginally less than Rio’s $16 a share offer price.

Any sort of formal deal between CSN and Rio Tinto in the takeover process would fall foul of corporations law, but the steelmaker could hope to have more influence, and perhaps a board seat, if it became a major shareholder.

Tata Steel already has a director - NK Misra - on the Riversdale board. Along with the rest of the board, he has recommended Rio’s takeover offer, though only in his capacity as a Riversdale director.

Rio Tinto hasn’t demanded a full takeover of Riversdale, in line with its controlling shareholdings in Energy Resources of Australia and Coal & Allied Industries.

9920


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## bigdog (11 February 2011)

http://www.brisbanetimes.com.au/bus...-upsetting-riversdale-bid-20110210-1aomz.html

Brazilians edge closer to upsetting Riversdale bid 
Mathew Murphy 
February 11, 2011

RIO TINTO has extended the offer period for its $3.9 billion takeover of Riversdale Mining by two weeks. It made the extension as one of its target's biggest shareholders generated speculation that it might act as a spoiler as it continues to creep up the share register.

The Brazilian steel-maker Companhia Siderurgica Nacional (CSN) has bought another 5.5 million shares to take its holding in Riversdale to 19.9 per cent. That news came a day after it revealed it had spent $76.2 million at an average of $15.96 a share to expand its Riversdale stake.

But those close to the deal suggested CSN was keen to get exposure to coking coal, a key ingredient in steel-making. Riversdale is sitting on a 14 billion tonne coking coal resource in Mozambique.

''Coal is one of the key supply requirements that CSN doesn't have control over,'' the source said. ''They realised as a group that it was one area they needed to secure, and increasing their stake will give them more leverage to negotiating an off-take agreement.

''The only offer that is on the table is the Rio offer. Everyone has formed a view that Rio is better to bring the Benga and Zambeze projects into production and into export markets than Riversdale.''

If CSN was to combine its 19.9 per cent stake with Tata Steel's 24 per cent holding as a blocking stake it would not require much more dissent to sink Rio's aim of achieving the minimum acceptance condition of more than 50 per cent of Riversdale.

Riversdale shareholders have until March 4 to accept the Rio offer. Riversdale shares rose 10 ¢ closer to Rio's $16 offer price, ending yesterday's session at $15.95. Rio shares rose 30 ¢ to $88.68.


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## bigdog (25 February 2011)

RIO are struggling to get the 50% required!

Why RIO up the $16.00 offer?

Are there any reasons for the latest SP slipping to $15.15 - well below the offer SP?

*24/02/2011 - Rio Tinto`s bid for Riversdale extended by 14 days*
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01154713

http://wotnews.com.au/view/6311567/
*Tata Steel yet to decide on its stake in target Riversdale Mining* 
UPDATED Satish Sarangarajan From: Dow Jones Newswires February 24, 2011 7:14AM 

TATA Steel, the world's seventh-largest steelmaker by capacity, said today it hasn't made a decision on its Riversdale Mining stake yet. 

Tata Steel, part of the salt to software Tata Group, owns a 24 per cent stake in Riversdale.

The Australian miner has 13 billion tonnes of coking and thermal coal reserves at its Benga and Zambeze projects in the southern African country of Mozambique.

Riversdale is the target of an acquisition bid by Anglo-Australian mining giant Rio Tinto.

Brazilian steelmaker Cia Siderurgica Nacional said earlier in February that it raised its stake in Riversdale to 19.9 per cent from 16.29 per cent.

10167


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## bigdog (1 March 2011)

*Along way for RIO to get to 50%, but now 16.99%.

Will RIO get 50%????*

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01157050

1/03/2011  9:57:00 AM     *RIO: Institutional Acceptance Facility update - Riversdale *

1 March 2011
Notice of change of interests under Institutional Acceptance Facility

We refer to the institutional acceptance facility (Acceptance Facility) established by Rio
Tinto Jersey Holdings 2010 Limited (RTJ) on the terms set out in the First Supplementary
Bidder's Statement dated 10 February 2011 in relation to its takeover bid for all the
shares in Riversdale Mining Limited (Riversdale).

Since RTJ's most recent substantial holding notice relating to Riversdale dated
16 February 2011, the aggregate of:
• the number of Riversdale shares in respect of which acceptance instructions (in
the form of acceptance forms and/or directions to custodians to accept RTJ's
offer) have been received in the Acceptance Facility as at 7.30pm, yesterday; and

• the number of Riversdale shares in which RTJ and its associates have a relevant
interest, has changed from 15.97% to 16.99%.


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## bigdog (1 March 2011)

*In all this makes Rio Tinto’s climb to 50 per cent control look all but impossible at these levels*

http://www.theaustralian.com.au/bus.../story-e6frg9io-1226014114464?from=public_rss

*Tata Steel boosts stake in Riversdale*
 John Durie From: The Australian March 01, 2011 12:50PM 

INDIAN giant Tata Steel appears to have raised the stakes in the battle for Riversdale Mining, with the purchase of just under 2 per cent of the stock this morning in a crossing by house broker Hartley Poynton. 
Market speculation was building that Tata was creeping up the register and today’s move would lift its holding, together with past purchases, at about 27 per cent.

Brazilian miner Siderurgjca owns another 19.9 per cent, which means in combination the two would have a combined 46 per cent against Rio at around 17 per cent.

In all this makes Rio Tinto’s climb to 50 per cent control look all but impossible at these levels.

Its present bid for the African coal explorer is at $16 a share.

At this stage, with Riversdale trading well off its high for the day at about $15.18 a share against a high of $15.70, it would seem the market is thinking Rio’s bid isn’t looking good at this stage.

Separately, the Australian Stop Exchange has confirmed this morning the issue which caused its stoppage yesterday was a malfunction in its “Taylor Made Combination” -- a program which allows easy trading in it options and physical stocks at the same time.

The program has run into problems in the past and has now been taken off the market while the ASX folk work out exactly what has happened.

Trading is proceeding as per normal and brokers say while the absence of the Taylor platform is an inconvenient the problem is not terminal.


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## bigdog (3 March 2011)

*9:00 a.m. 2nd March 2011 Change in substantial holding*
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01157503

Tata Steel, already Riversdale's biggest shareholder, spent more than A$100 million ($101 million) upping its stake in Riversdale to 27.1 percent from 24.2 percent, according to a shareholder notice

http://www.reuters.com/article/2011/03/02/us-riversdale-tata-idUSTRE72118220110302

*Tata Steel's Riversdale stake hike spells trouble for Rio bid*
By Sonali Paul
MELBOURNE | Wed Mar 2, 2011 1:45am EST 

MELBOURNE (Reuters) - India's Tata Steel (TISC.BO) has raised its stake in Australia's Riversdale Mining (RIV.AX), making it harder for miner Rio Tinto (RIO.AX) to seal its $3.9 billion bid for the Mozambique-focused coal miner.

Riversdale shares fell as much as 6.5 percent to a three-month low of A$14.48 on Wednesday, valuing the group 10 percent below Rio's offer, indicating growing doubts about the deal going ahead.

"The share price is telling you that the market thinks that it's going to end in a stalemate, the deal will fall over and Rio will walk," said CLSA analyst Hayden Bairstow.

Tata Steel, already Riversdale's biggest shareholder, spent more than A$100 million ($101 million) upping its stake in Riversdale to 27.1 percent from 24.2 percent, according to a shareholder notice, confirming what sources had told Reuters.

Riversdale's second-largest shareholder, top Brazilian steelmaker CSN (CSNA3.SA), also recently increased its stake in the Australia-listed company to 19.9 percent.

Tata Steel, the world's No. 7 steelmaker, and CSN now own 47 percent of Riversdale, making it extremely difficult for Rio (RIO.L) to secure the 50.1 percent acceptances it wants before going ahead with the deal.

Rio now needs almost 100 percent acceptances from minority shareholders and has so far won over just 17 percent of the company.

"Rio seems to be in extreme difficulty," said Gregory Lafitte, Asia merger arbitrage trader at LCM in Hong Kong.

"It's possible to see Rio Tinto reduce the 50 percent acceptance condition or reach a strategic agreement with Tata and CSN," he said.

Rio Tinto declined to comment on the status of its talks with Riversdale's shareholders.

SECURING COAL SUPPLIES

Rio last month extended the offer deadline to March 18 after Tata Steel said it had yet to decide whether to hold or sell its stake.

Tata Steel Managing Director Hemant Nerurkar told Reuters last month the company was mainly interested in securing coking coal from Riversdale for its steel mills and was talking to Rio about a range of options.

Tata already has a stake in Riversdale's Benga coking coal project in Mozambique with an agreement to buy supply from the mine.

CSN said when it bought into Riversdale it wanted to secure coking coal supplies, but it has not said anything about its intentions since Rio Tinto launched its bid.

0329


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## bigdog (3 March 2011)

http://www.theaustralian.com.au/bus.../story-e6frg9e6-1226015235980?from=public_rss

*September target for Riversdale coal exports *
Alex MacDonald From: Dow Jones Newswires March 03, 2011 11:16AM 

TAKEOVER target Riversdale Mining expects to start exporting coking coal from its Mozambique project by September. 

Leon Fanoe, Riversdale’s Benga project’s general manager, said the company aims to start mining coal in March, expects to complete construction of its coal processing plant in September and plans to put its first coking coal “on a ship” at the port of Beira that same month.

Riversdale is spending over $US1 billion to develop Benga, located in the Tete coal basin. Benga, which is 65 per cent-owned by Riversdale and 35 per cent-owned by India-based Tata Steel, is one of two mega-coal projects that will start exporting coal from the Tete basin in large quantities this year.

The Tete basin has attracted investment from mining companies and steelmakers from around the world due to its vast resource of high-quality coking coal, a key ingredient in steel making.

Brazilian mining titan Vale is spending $US1.66bn to develop the adjacent Moatize coal project, which is expected to start shipping coal at end-June or early July.

Anglo-Australian diversified miner Rio Tinto is also interested in the Tete Basin and has offered to purchase Riversdale for $US3.9bn. Riversdale’s board has recommended shareholders accept in the absence of a superior offer. Rio Tinto has twice extended the deadline for its bid, last week moving it to March 18.

Riversdale’s coal assets in Mozambique have attracted a lot of suitors who are either interested in investing in the company or in its projects. Tata Steel and Brazilian steelmaker CSN recently raised their stakes in the company to a combined 47 per cent of the voting shares.

The Benga project is being developed in phases, with the first phase designed to produce 1.7 million tonnes a year of hard coking coal and 300,000 tonnes a year of thermal coal, for use in power stations, from 5.3 million tonnes of mined coal.

Riversdale expects to export 200,000 tonnes of coking coal this year and sell up to 90,000 tonnes of thermal coal, depending on available transport infrastructure. It has secured port capacity but not rail capacity as of yet, Mr Fanoe said.

Riversdale plans to increase output from the mine in subsequent years, with plans to process 10.6 million tonnes of coal into 3.3 million tonnes of coking coal and up to 2.2 million tonnes of thermal coal from 2013, Mr Fanoe said.

By 2014-15, Riversdale plans to be able to process 20 million tonnes of coal annually, resulting in 6 million tonnes of coking coal and 4 million tonnes of thermal coal.

Riversdale is also looking at alternative ways to send coal to Beira, Mr Fanoe said, including a feasibility study into sending coal down the Zambezi river to Chinde and then on to the port. Riversdale expects this could start by late 2012 or early 2013.

Benga, the first of Riversdale’s two major projects slated for the Tete basin, has a measured, indicated and inferred resource base of 4.03 billion tonnes. Tata Steel has rights to 40 per cent of coking coal produced during the life of the mine.

The company’s other mining plans, the Zambeze coal project, is expected to have a feasibility study completed by the end of 2012 and hopes to start producing coal by the middle of 2014.

David West, the principal geologist on the Zambeze project, said the company has 10 drill rigs on site and an exploration staff of 60 people, including 26 geologists, to complete the feasibility study on the 24,700ha Zambeze project.

The Zambeze project is forecast to eclipse Riversdale’s Benga project in terms of resource base and annual production. The Zambeze project has a resource base of 9.05 billion tonnes of coal compared with Benga’s 4.03 billion tonnes of coal resources.

The project has the potential to extract up to 90 million tonnes of coal annually, although current plans are to process 45 million tonnes of coal into roughly 15 million tonnes of coal products annually. The product mix would be two-thirds coking coal and one-third thermal coal. Thermal coal is used to fuel coal-fired power stations.

Mr West said the 9.05 billion indicated and inferred resource base means Zambeze could have “a life of mine of 25 years or even more.” At a certain stage in the project, Riversdale will have to move Tete’s international airport to a different location in order to continue mining the deposit, Mr West said.


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## bigdog (4 March 2011)

http://www.theaustralian.com.au/bus.../story-e6frg9io-1226015924639?from=public_rss

*Decision looms for Rio Tinto's rising star Dough Ritchie *
John Durie From: The Australian March 04, 2011 1:09PM 

DECISION day looms for Rio Tinto energy boss Doug Ritchie as the warring parties position themselves ahead of the deadline for his $3.9 billion bid for Riversdale Mining. 

Rio has several choices: the highest risk but arguably most sensible would be to let the bid lapse next Thursday and test Tata and CSN's resolve.

This would be based on the assumption that neither Tata nor CSN wants to operate the Mozambique-basin coking coal assets in question and want Rio to take control with a good offtake agreement for them.

The takeover rules prevent any side deals, so the offtake agreements are off limits.

Without a bid the Riversdale stock price would head towards $12 a share in a big hurry, so the hedge funds would be caught.

They, however, know what is at stake here as well.

This is Rio's first public bid since the Alcan disaster.

The man running the deal is Dough Ritchie, who is a rising star in the company and in line to be the next boss, so he wants to emerge looking good.

The hedge funds preferred course would be a safe bet for Ritchie to increase the offer contingent on 50 per cent acceptances.

Then again, why should Rio pay more when it has board approval and right now is the only player in the game?

As those dynamics work through Rio chair Jan Du Plessis has initiated a major overhaul of his board with Yves Fortier and Sir Rod Eddington to step down after the May annual meeting and Andrew Gould to leave next year.

Replacements are being sought and high on the list of Australian possibilities is former Newcrest boss Ian Smith, which presumes he will step down from the Newcrest board for the honour.

His name would then also be included on the list for possible replacements for Tom Albanese when he leaves.

Florida-based hedge fund Samana Capital today said it had reduced its stake in Riversdale by 1 per cent to 5.4 per cent, but such is the nature of this battle that the news pushed the Riversdale stock price up 2.4 per cent to $15.16 a share.

This, it should be noted, is still well below the $16 a share bid price which expires on March 18.

Rio has to declare its hand next Thursday, one week before the bid lapses.

Samana's and Passport Capital's 13 per cent stake means that hedge funds control at least 18.4 per cent, Brazilian miner CSN has 19.9 per cent, Indian Conglomerate Tata has 27 per cent and Rio has a couple of a per cent with a desire to get to 50 per cent.

Rio has its foot on more shares thanks to pre-acceptance deals, which lifts it holding to about 17 per cent

Tata and CSN are not best friends, having been on either side of the battle for steel maker Corus, which Tata won.

This explained why last month, when CSN increased its stake to 19 per cent, Tata responded as soon as it was legally able by lifting its stake to 27 per cent.

When this happened the Riversdale price dropped because punters thought the takeover wouldn't happen.


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## bigdog (10 March 2011)

The market did not like this ANN!!!
*SP RIV14.950 $-0.180 -1.190% @ Thu 10 Mar 2011 10:43 AM *

10/03/2011  10:06:00 AM      *RIO: Improvements to Rio Tinto`s bid for Riversdale *
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01160341

10 March 2011

*Improvements to Rio Tinto's bid for Riversdale*
• Offer Price increase to $16.50 if Rio Tinto obtains more than 50 per cent
interest by 23 March 2011
• No offer price increase beyond $16.50 in the absence of a competing
proposal
• Rio Tinto frees Bid of all conditions other than the 50 per cent minimum
acceptance condition
• Accelerated five business day payment terms if the Bid becomes
unconditional
• Offer period extended by two weeks until 1 April 2011

0532


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## bigdog (21 March 2011)

I have now accepted RIO offer because it is the best company to run this mine!!
-- also the current overall market climate is a worry
-- IMO it would be in the interest of Tata Steel and Brazil's CSN to dispose of enough shares to ensure that RIO reaches the 50% at the 11th hour!!!

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01163592
Todays ASX ANN

21 March 2011
*Notice of change of interests under Institutional Acceptance Facility*

We refer to the institutional acceptance facility (Acceptance Facility) established by Rio Tinto Jersey Holdings 2010 Limited (RTJ) on the terms set out in the First Supplementary Bidder's Statement dated 10 February 2011 in relation to its takeover bid for all the shares in Riversdale Mining Limited (Riversdale).

Since RTJ's most recent notice to ASX relating to its interests under the Acceptance Facility dated 18 March 2011, the aggregate of:
• the number of Riversdale shares in respect of which acceptance instructions (in the form of acceptance forms and/or directions to custodians to accept RTJ's offer) have been received in the Acceptance Facility as at 9.00am, 21 March 2011; and
• the number of Riversdale shares in which RTJ and its associates have a relevant interest, has changed from 33.04% to 34.94%.

------------------------------------------------------------------------------------------------------------------------------
Roughly 80 per cent of Riversdale's shares are now in the hands of three companies - Rio Tinto, Tata Steel and Brazil's CSN.

Late last year, Rio offered $16 a share for Riversdale, only to be frustrated when Brazil's CSN lifted its stake in Riversdale to 20 per cent and then Tata Steel early this month raised its stake to just over 27 per cent.


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## bigdog (23 March 2011)

http://www.marketwatch.com/story/rio-tinto-riversdale-acceptances-now-at-359-2011-03-22

March 22, 2011, 7:04 p.m. EDT 

*Rio Tinto: Riversdale acceptances now at 35.9%*
By David Fickling 

SYDNEY (MarketWatch) -- Shareholder backing for Rio Tinto Ltd.'s US$4.0 billion bid for coking coal developer Riversdale Mining Ltd. (RIV.AU) has risen by nearly a percentage point to 35.89%, from 34.94% two days previously, Rio Tinto said Wednesday. 

An offer of A$16.50 per share for the Mozambique-focused miner, an increase on Rio's initial A$16.00-a-share bid, was extended for three trading days Monday to April 6. 

Rio said the extension would allow some investors to finalize the unwinding of equity swaps, or settle trades made on the Australian Securities Exchange before they can accept the offer. 

Rio has previously said it would want to hold at least 50% of Riversdale shares before declaring the offer unconditional, but that may be made difficult by the combined 47% holding in the company owned by Tata Steel Ltd. and Cia. Siderurgica Nacional, and some investors have speculated that the miner may settle for a holding slightly below control.

0865


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## bigdog (29 March 2011)

http://www.reuters.com/article/2011/03/28/riversdale-rio-idUSL3E7ES02L20110328

*UPDATE 1-Investors bet Rio Tinto will drop condition on Riversdale bid*

Sun Mar 27, 2011 11:04pm EDT 

* Rio Tinto reaches 40 percent holding in Riversdale

* Sweetened offer of A$16.50 a share due to expire on Monday

* If bid unconditional, passive funds would boost Rio's stake

* Riversdale shares down 0.1% at A$16.14 in flat market (Adds source, fund manager comments, share price) 

MELBOURNE, March 28 (Reuters) - Investors are betting global miner Rio Tinto will settle for a minority stake in Africa-focused Riversdale Mining after its A$3.9 billion ($4 billion) takeover bid failed to secure control of the firm just hours away from the offer deadline. 

As of early Monday, Rio Tinto had just under 40 percent of the Australia-listed coal miner, with no sign of Riversdale's two key shareholders, India's Tata Steel and Brazil's CSN , selling any of the 47 percent stake they hold. 

With the two steel-makers sitting tight, investors speculated that Rio Tinto would not walk away, and instead drop the 50 percent condition on its sweetened offer of A$16.50 a share and leave the offer open a bit longer. 

"It's going to be a tough ask to get to 50 (percent) in the next 24 hours, so they may roll the dice and go unconditional in the hope that they get plus-50, which doesn't look as though it's going to eventuate today," said Tim Schroeders, a portfolio manager at Pengana Capital, which owns shares in Rio Tinto. 

If Rio Tinto goes unconditional, Riversdale's weighting in the benchmark S&P/ASX 200 index would be cut, which would prompt passive fund managers to tip in a further 6-7 percent, fund managers said. Passive fund managers track indices by matching their holdings to index weightings. 

Riversdale shareholders were to receive A$16.50 a share if Rio Tinto reached more than 50 percent acceptances by 0800 GMT on Monday. Otherwise the offer was due to revert to A$16 a share, remaining open until April 6. 

Riversdale's shares were trading roughly unchanged on Monday, at A$16.14, above the value of the original bid, indicating investors expect Rio Tinto to go ahead with the sweetened offer whether it gets to 50 percent or not. 

One potential outcome is that Rio Tinto gains just over 50 percent control and buys out Tata and CSN's stakes in Riversdale at a later date, potentially at a lower price than the current offer if coal prices fall, sources familiar with the deal say. 

Schroeders said ideally Rio Tinto would want to have at least 50 percent to put it in a stronger position to dictate decisions on capital spending and the timing of developments on Riversdale's Benga and Zambeze coking coal projects. 

Tata and CSN could also tip in some of their shareholding to get Rio Tinto across the line, sources said, although this was a last-resort option as they did not want to lose their bargaining power. 

Riversdale Chief Executive Steve Mallyon told Reuters this month the company would need to raise A$3 billion just to fund the first stage of the Zambeze project, if Rio walks away. [ID:nL3E7E931N] 

Rio Tinto was likely to make an announcement to the market on the offer early Tuesday, sources added

1008


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## bigdog (29 March 2011)

TRADING HALT

MInter Ellison letter included in the trading halt ann today
-- letter below
-- looks like 50% may be reached!!

$16.50 paid if 50% reached, otherwide we may get $16.00 if RIO accepts less than 50%

http://www.asx.com.au/asxpdf/20110329/pdf/41xq5932td5ln2.pdf


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## bigdog (29 March 2011)

http://www.businessday.com.au/business/rio-cuts-conditionality-on-riversdale-bid-20110329-1cdxi.html

*Rio cuts conditionality on Riversdale bid *
March 29, 2011 - 4:39PM

Rio Tinto has lowered the acceptance condition on its $3.9 billion offer for Riversdale Mining, after entering into talks with Brazil's CSN, a major Riversdale shareholder.

Rio Tinto's offer of $16.50 a share is now conditional on securing a minimum 47 per cent of Riversdale shares by April 6, the bidder said.

If it fails to reach the new threshold, Rio Tinto will pay Riversdale shareholders only $16 a share.

Advertisement: Story continues below The offer, announced in December, was conditional on at least 50 per cent acceptances, but has so far secured only about 41 per cent in Rio Tinto's third major deal attempt since its badly timed $40 billion takeover of Alcan in 2007.

The mining giant did not indicate in a statement after market close whether talks with CSN and other major shareholder Tata were continuing.

Rio shares gained 45 cents to close at $82.28 after dropping as low as $81.35 this morning. Riversdale shares were in a trading halt pending an announcement about the takeover bid.

Rio Tinto's lawyer said in a letter released to the Australian stock exchange that Rio "genuinely believes that an outcome of those discussions is likely to emerge during the course of this morning". The letter was released by Riversdale.

CSN, Brazil's largest steelmaker, recently increased its Riversdale stake to 19.9 per cent but has said nothing publicly about how it views Rio's offer.

Neither CSN nor Tata want the offer to fail but both were reluctant to reduce their holdings because it would lessen their bargaining power to control coal supplies, sources say.

Analysts expect Riversdale's shares to slide if Rio Tinto walks away.

"If they don't do the deal, it starts to look like it'll be quite difficult to take over Riversdale. So any takeover premiums that were in the price might come out," said Chris Drew, an analyst at broker RBC Capital Markets. "You could see it back down to as low as $US12 - that's if Rio decides to walk away and not sit on the 40 per cent."

Tata Steel, the world's No.7 steelmaker, is a long-time shareholder in Riversdale and recently increased its stake in the Australia-listed company to 27 per cent.

It has a director on Riversdale's board who backed Rio Tinto's offer, without saying whether Tata would accept it.

Tata Steel managing director Heman Nerurkar told Reuters last month the company was mainly interested in securing coal supplies from Riversdale and was talking to Rio about a range of options.

The offer was due to revert to $16 a share and remain open until April 6 if Rio failed to reach a majority holding by Monday, March 28.


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## bigdog (6 April 2011)

http://www.skynews.com.au/businessnews/article.aspx?id=598046&vId=

*Rio's Riversdale stake almost at target*
Updated: 12:09, Wednesday April 6, 2011

Rio Tinto says its interest in Riversdale Mining has risen to 46.78 per cent, just shy of the target it has set for effective control of the coal producer ahead of tonight's deadline.

According to The Australian, Rio Tinto has offered $16.50 a share - valuing Riversdale at almost $4 billion - provided it has acceptances for more than 47 per cent of the shares by this evening.

The threshold would make Rio Tinto a larger stakeholder in the Africa-focused coal producer than Tata Steel and CSN combined.

But Rio Tinto says if it fails to reach the 47 per cent level, its offer price reverts to $16 a share.

An outright takeover has been frustrated by steel producers Tata Steel of India and CSN of Brazil, which increased their investments in Riversdale since the offer was made


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