Rio Tinto is finalizing the acquisition of Mitsubishi’s 11.65% stake in the Boyne aluminum smelter

MELBOURNE, Australia, October 2, 2024–(BUSINESS WIRE)–Rio Tinto’s previously announced acquisition of an 11.65% stake in Boyne Smelters Limited (BSL) from Mitsubishi Corporation (Mitsubishi) closed on September 30, 2024. BSL owns and operates the Boyne Island aluminum smelter in Gladstone in Australia.

Following the completion of the transaction, Rio Tinto’s share in BSL is now 71.04%.

Rio Tinto looks forward to continuing to work with its BSL joint venture partners and other stakeholders to ensure a competitive, low-carbon future for its Gladstone operations.

Rio Tinto’s previously announced acquisitions of Sumitomo Chemical Company’s (SCC) 2.46% stake in BSL and SCC’s 20.64% stake in New Zealand Aluminum Smelters (NZAS), which owns and operates the Tiwai Point aluminum smelter in New Zealand, are progressing still different conditions precedent.

The acquisition of Mitsubishi’s interests in BSL was made for an undisclosed price, as is the case with the agreed acquisition of SCC’s interests in BSL and NZAS.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241001119454/en/

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Category – BSL