Forbes & Manhattan Coal Corp. is buying majority stakes in an operating coal mine and an undeveloped anthracite deposit in South Africa from Rio Tinto PLC. Toronto-based Forbes & Manhattan will pay about $52.3 million plus royalties to the Anglo-Australian mining giant, including $37.7 million when the deal closes and two followup payments. The Zululand mine and the Riversdale deposit are about 230 kilometres from Forbes Coal's Aviemore operations. Rio Tinto has agreed to sell Forbes 100 per cent ownership of the shares and shareholder claims of Riversdale Mining Ltd. in Riversdale Holdings (Proprietary) Ltd. As a result, Forbes & Manhattan will acquire 74 per cent interest in the Zululand and Riversdale anthracite collieries. The remainder will be owned by Black Economic Empowerment Partners.
