Rio Tinto completes acquisition of Sumitomo's 20.64% stake in New Zealand's aluminium smelter

Rio Tinto's previously announced acquisition of Sumitomo Chemical Company's (SCC's) 20.64 per cent interest in New Zealand Aluminium Smelters (NZAS) was completed on November 1, 2024. NZAS owns and operates the Tiwai Point aluminium smelter in New Zealand.

Following the completion of the transaction, NZAS is now wholly owned by Rio Tinto.

Rio Tinto Aluminium Pacific Operations Managing Director Armando Torres said, "We are pleased the acquisition of SCC's stake in NZAS has now been finalised. This step, along with recently signed electricity arrangements to secure the future of the Tiwai Point smelter, reinforces our long-term commitment to New Zealand."

Rio Tinto has also completed the previously announced acquisition of SCC's 2.46 per cent stake in Boyne Smelters Limited (BSL). The completion of this transaction, along with the recently completed acquisition of Mitsubishi's 11.65 per cent stake in BSL, brings Rio Tinto's total interest in BSL to 73.5 per cent.

The acquisition of SCC's stakes in NZAS and BSL was for an undisclosed price.

Image credit: NZAS website