Rio Tinto, the Anglo-Australian mining group, is re-entering the potash business through a j-v with North Atlantic Potash, a subsidiary of Russia’s fertilizer maker JSC Acron. The Russians held extensive exploration permits in the Canadian province of Saskatchewan. OAO Acron, a major distributor and Russia’s third-largest producer of nitrogen fertilizers.
Rio Tinto will initially acquire a 40 per cent stake in nine blocks covering an area of 241,000 hectares currently held by North Atlantic Potash and under the deal, Rio Tinto can eventually raise its stake as high as 80 per cent. Rio Tinto plc engages in the exploration, mining, and processing of mineral resources. Its products include aluminum, copper, diamonds, energy products, gold, and iron ore. The company also provides industrial minerals, such as titanium dioxide, borates, talc, and salt. Rio Tinto plc operates primarily in Australia, North America, South America, Asia, Europe, and southern Africa. The company was founded in 1873. It was formerly known as The RTZ Corporation PLC and changed its name to Rio Tinto plc in 1997. Rio Tinto plc is based in London. Rio Tinto Group is the world’s third- largest mining company.