Rio Tinto has sold its stake in the Zululand anthracite colliery (ZAC) to Menar Holding.
ZAC, an underground operation in Zululand, South Africa, has more than 1300 employees and contractors.
Menar Holding will now control Rio Tinto’s former 74 per cent stake, while the remaining stake will be held by Black Economic Empowerment partner, Maweni Mining Consortium.
“Menar has a proven track record of operating and investing in South Africa through its controlling interest in Canyon Coal, which owns three coal mines in Mpumalanga and other coal projects in Mpumalanga and Gauteng,” Rio Tinto said.
ZAC was one of Rio Tinto’s last major operations in South Africa, with Richards Bay Minerals it only remaining major project in the country.