The world's mining giant Rio Tinto said that its shares at Richards Bay Minerals (RBM) increased to 74% after pouring US$1.7 billion to acquire more shares at RBM.
In the background, RBM is a mining company located in Kwa-Zulu Natal, eastern part of South Africa and it was founded in 1976. Rio Tinto manages the operation and in charge of marketing product such as titanium dioxide, steel, zircon and rutile.
In 2011, its output of titanium dioxide accounted for 14% of global sales and zircon took 18%.