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Rio Tinto completes sales negotiations with Hathor

A deal has been arranged that will see Rio Tinto take over at least 70 per cent of Hathor's shares.

01 December 2011

Rio Tinto has been successful in its attempts to buy Canadian uranium prospector Hathor Exploration.

After lengthy business negotiations, an agreement has been reached that will see the former take on just over 70 per cent of the shares in the later, while an offer has also been made for the remaining stock.

Shareholders have until December 12th to take up the deal and Hathor's board of directors has unanimously voted for members to back the motion.

Rio Tinto - one of the world's leading mining groups and headquartered in the UK - already employs over 13,000 workers in Canada.

"Shareholders must instruct their brokers or other intermediaries investment advisor, stockbroker, bank, trust company or other nominee promptly if they wish to tender their shares to Rio Tinto's offer," according to the firm.

It comes after Rio Tinto revealed it was making a $10 million (£6.4 million) commitment to community safety across Queensland in Australia.

Posted by Edel Quinn

Source: Rio Tinto press release, December 1st

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