Rio Tinto gets the early go-ahead for Richards Bay purchase

A South African Competition Tribunal will rule this Tuesday on Rio Tinto's hopeful acquisition of Richards Bay Mining and Richards Bay Titanium.

Rio Tinto, the global resource behemoth, currently owns 49% of Richards Bay Mining and 51% of Richards Bay Titanium and is looking to purchase the remainder from BHP.

As reported by Business Live, a competition commission "has recommended that the Tribunal approve the transaction without conditions." The role of the Tribunal is to ensure that the merger does not cause a monopoly in the region.

BHP is doing a strategic review of its business and the company announcement in February that it would exit the titanium minerals industry in South Africa to focus on energy coal, aluminium and manganese.