Rio Tinto Announced Acquisition of Stake in Boyne Aluminum Smelter

SEATTLE (Scrap Monster): Rio Tinto announced its decision to acquire minority stake in Boyne aluminum smelter for an undisclosed amount. The company will acquire Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Ltd (BSL), which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia.

The acquisition is subject to satisfaction of various conditions precedent, including approval by the Australia’s Foreign Investment Review Board, as applicable. The transaction is expected to be completed in the second half of the current year.

It must be noted that Rio Tinto had reached an agreement to Sumitomo Chemical Company Limited’s 2.46% interest in Boyne Smelters Ltd (BSL).

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Upon completion of the above two transactions, Rio Tinto’s stake in BSL would touch 73.5%, with the remaining stake held by YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%).

The acquisition is part of Rio Tinto’s ongoing efforts to collaborate with its partners and other stakeholders to ensure a competitive low-carbon future for its Gladstone operations, said the company press release.

Earlier this week, Rio Tinto had announced investment of A$8 million over a period of five years, in partnership with Western Australia’s Department of Biodiversity, Conservation and Attractions (DBCA) in Pilbara conservation land management.