Rio Tinto acquires Mitsubishi’s 11.65% stake in the Boyne aluminium smelter

Rio Tinto (ASX: RIO) has completed its acquisition of Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Limited (BSL).

BSL owns and operates the Boyne Island aluminium smelter in Gladstone, Queensland. The operation includes manufacturing carbon anodes, aluminium production via smelting and casting of molten metal into aluminium products ready to ship.

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

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

Previously announced acquisitions by Rio Tinto of Sumitomo Chemical Company’s (SCC) 2.46% stake in BSL and SCC’s 20.64% interest in New Zealand Aluminium Smelters (NZAS), which owns and operates the Tiwai Point aluminium smelter in New Zealand, continue to progress through various conditions precedent.

The acquisition of Mitsubishi’s stake in BSL was for an undisclosed price, as is the case for the acquisitions of SCC’s stakes in BSL and NZAS.