Bloomberg reported that Hebei Iron & Steel Group led a group including Industrial Development Corp of South Africa Ltd in agreeing to buy Rio Tinto Group's Palabora Mining Co

Rio will sell the companies a 57.7% stake for USD 373 million. Anglo American Plc will also divest 16.8% for USD 103 million

Palabora's main asset is a copper mine in South Africa's Limpopo province that also produces vermiculite and magnetite.

South African and Chinese regulatory approval for the deal is expected to take four to six month

Hebei Iron makes up 35% of the group of buyers. General Nice Development Ltd has 25%, Industrial Corp. of South Africa 20% and China's Tewoo Group 20%.