COAL mines are ugly, dirty places but beauty is in the eye of the beholder. Rio Tinto, one of the world’s biggest mining companies, has certainly seen something it fancies in Riversdale, an Australia-based firm that operates mines in Mozambique which produce both coking and thermal coal. Two days before Christmas Rio bumped up its offer for the firm to $3.9 billion. The bid says much about Rio’s ambitions and the battle that giant mining firms will face in getting their hands on the world’s mineral resources.
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