Photo Anthony Bannister.

South African copper miner Palabora Mining Company said on Tuesday a consortium of South African and Chinese parastatals would buy a 74.5 percent stake in it from Rio Tinto and Anglo American.

South Africa's Industrial Development Corporation and three Chinese firm will pay 110 rand per share for the stake, Palabora said.

The deal values the South African copper miner at 5.3 billion rand ($610.49 million).

The company's share price was up nearly 11 percent on the news. - Reuters