Rio Tinto PLC (RIO) continues to edge closer to winning sufficient support to secure the takeover of Riversdale Mining Ltd. (RIV.AU) and with it a large developing coking coal asset in southern Africa, having now secured acceptances over 33.04% of the company's voting rights.

Rio, which last week raised its offer for Australia's Riversdale to almost A$4 billion, on Wednesday said the acceptance level had risen to 30.59% from 26.13%.

The offer is conditional on Rio obtaining a more than 50% stake in Riversdale by March 23, although the bid will remain open until April 1.

Riversdale's two largest shareholders, steel producers Tata Steel Ltd. (500470.BY) of India and Cia. Siderurgica Nacional (SID) of Brazil, together hold 47% of the voting rights.

Riversdale operates a colliery in South Africa and is developing two major coal projects in neighboring Mozambique in an area that is attracting interest from mining and steel companies from around the world. Coking coal is a key ingredient in the production of steel.

Rio Tinto sweetened the bid March 10 to A$16.50 a share from the A$16 offered in December, and said it won't increase it further.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com
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