Companhia Siderurgica Nacional (SID) has raised its stake in Mozambique-focused coking coal developer Riversdale Mining Ltd. (RIV.AU) by 1.3%, the Brazilian steelmaker said Wednesday, potentially complicating a US$3.9 billion offer for the company by Rio Tinto Plc (RIO).

In a regulatory statement, CSN said its holding in Riversdale was 17.58% at Feb. 8, up from 16.29% at Nov. 24, with the Brazilian company spending A$76.2 million at an average cost of A$15.96 per share.

Rio Tinto has offered A$16 cash per share for Riversdale, which has a 14 billion-metric-ton coal resource in north-western Mozambique. The south-east African country is expected to be one of the world's biggest growth regions over the next decade for hard coking coal, a scarce variety of the mineral essential for steelmaking blast furnaces.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com
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