It si reported that Rio Tinto is in talks to buy shares in Riversdale Mining Ltd. from Brazil’s Cia Siderurgica Nacional SA.

The reports, citing people with knowledge of the matter, said that Rio Tinto, seeking to buy Riversdale Mining Ltd for AUD 3.9 billion, is in talks to buy shares in the coal company from Cia Siderurgica Nacional SA .

CSN owns 19.9% of Sydney based Riversdale Mining.

Rio confirmed it’s in talks with a major shareholder after Riversdale halted its shares from trading in Sydney, citing notification by the Rio Tinto of discussions. Rio Tinto's lawyer said in a letter released to the Australian stock exchange on Tuesday that Rio genuinely believes that an outcome of those discussions is likely to emerge during the course of this morning.

(Sourced from Bloomberg and Reuters)