Rio Tinto to acquire Mitsubishi’s 11.65% stake in Boyne aluminium smelter
June 10 2024 - 6:30PM
Business Wire
Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65%
interest in Boyne Smelters Ltd (BSL), which owns and operates the
Boyne Island aluminium smelter in Gladstone, Australia.
On completion of this transaction, and the recent agreement to
acquire Sumitomo Chemical Company’s 2.46% interest in BSL, Rio
Tinto’s interest in BSL will increase to 73.5%.
The acquisition, which is for an undisclosed price, is subject
to various conditions precedent, including approval from
Australia’s Foreign Investment Review Board, and is expected to be
finalised in the second half of 2024.
Rio Tinto looks forward to continuing to work with its remaining
BSL joint venture partners and other stakeholders on securing a
competitive low-carbon future for its Gladstone operations.
After completion of the two transactions, the BSL joint venture
partners will be: Rio Tinto (73.5%), YKK Aluminium (9.50%), UACJ
Australia (9.29%) and Southern Cross Aluminium (7.71%).
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