Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65 per cent interest in Boyne Smelters, 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 per cent interest in Boyne Smelters, Rio Tinto’s interest in Boyne Smelters will increase to 73.5 per cent.
The acquisition 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 said it looks forward to continuing to work with its remaining Boyne Smelters joint venture partners and other stakeholders on securing a competitive low-carbon future for its Gladstone operations.
After completion of the two transactions, the Boyne Smelters joint venture partners will be: Rio Tinto 73.5 per cent, YKK Aluminium 9.50 per cent, UACJ Australia 9.29 per cent and Southern Cross Aluminium 7.71 per cent.
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