India weighs Riversdale bid

[miningmx.com] — AN INDIAN consortium of five state-run firms will meet on January 22 to decide on a counter offer for Riversdale Mining, the head of Steel Authority of India, one of the consortium members, told reporters on Thursday.

International Coal Ventures (ICVL) had appointed Citigroup to conduct a due diligence on the African-focused coal miner in December.

This came after the board of Riversdale approved a bid of A$16 per share in cash from Rio Tinto “in the absence of a superior offer”‘.