Global mining and metal giant Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65 per cent stake in Boyne Smelters Ltd (BSL), which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia, in a strategic move to expand its operations.
Upon completing this transaction and the recent agreement to acquire Sumitomo Chemical Company’s 2.46 per cent interest in BSL, Rio Tinto’s interest in BSL will increase to 73.5 per cent.
The acquisition, which is for an undisclosed price, 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 is committed to a collaborative approach and looks forward to continuing to work with its remaining BSL joint venture partners and other stakeholders to secure a competitive, low-carbon future for its Gladstone aluminium smelter operations.
After the two transactions are completed, the BSL 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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