Rio Tinto to Acquire Larger Stake in Boyne Aluminum Smelter

Kingston Rio Tinto has agreed to acquire Mitsubishi Corp.’s 11.65% interest in Boyne Smelters Ltd. (BSL), which owns and operates the Boyne Island aluminum smelter in Gladstone, Australia. On completion of this transaction, and the recent agreement to acquire Sumitomo Chemical Co.’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, including approval from Australia’s Foreign Investment Review Board, and is expected to be finalized in the second half of 2024.

Rio Tinto said it looks forward to continuing to work with its remaining BSL jointventure 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%). production.

As featured in Womp 2024 Vol 07 - www.womp-int.com