Rio Tinto To Acquire Mitsubishi's 11.65% Interest In Boyne Smelters

(RTTNews) - Rio Tinto (RTPPF.PK, RIO.L, RIO, RTNTF.PK) said it agreed to acquire Mitsubishi Corp.'s 11.65% interest in Boyne Smelters Ltd, which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia. The terms of the deal was not disclosed.

On completion of this transaction, and the recent agreement to acquire Sumitomo Chemical Company's 2.46% interest in Boyne Smelters Ltd, Rio Tinto's interest in Boyne Smelters Ltd will increase to 73.5%.

The acquisition is expected to be finalized in the second half of 2024.

After completion of the two transactions, the Boyne Smelters Ltd joint venture partners will be: Rio Tinto (73.5%), YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%).