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The major miner has a 50% minimum acceptance condition for its offer.
Tata Steel and Brazilian steelmaker Cia Siderurgica Nacional both recently increased their stakes in Riversdale and collectively hold 44.72% of the company.
Riversdale’s flagship Benga coking coal mine in Mozambique is a joint venture development, with Tata owning 35%.
At full production under stage-two development, the Benga mine is aimed to export 6 million tonnes per annum of prime hard coking coal and 4Mtpa of export thermal coal by 2013.
Riversdale is also advancing a prefeasibility study for its nearby and bigger $2 billion Zambeze hard coking coal project, which holds more than 9 billion tonnes of resources.
Last year the company started investigating the long-term possibility that Zambeze could become a 90Mtpa run-of-mine operation.
