Mining giant Rio Tinto will acquire Mitsubishi's 11.65% stake in the Boyne Smelters Limited (BSL), the specific amount of which has not been disclosed. Rio Tinto stated on Tuesday that this acquisition will further consolidate its controlling position in the smelter.
Located in Gladstone, Australia, the Boyne Smelters Limited is a joint venture co-owned and operated by Rio Tinto, YKK Aluminum, Sumitomo Chemical, and several other companies.
At the end of May this year, Rio Tinto had already signed an agreement to acquire Sumitomo Chemical's 2.46% stake in Boyne Smelters Limited. This series of acquisitions will increase Rio Tinto's shareholding in the smelter to 73.5%.
Rio Tinto said: “We look forward to continuing to work with the remaining BSL joint venture partners and other stakeholders to ensure the low-carbon competitiveness of the Gladstone operation.” They added that this acquisition will contribute to the company's strategic expansion in the aluminum industry and enhance its competitiveness in the global market.
The acquisition is expected to be completed in the second half of 2024, after which Rio Tinto will have greater control over the operations at Boyne Smelters Limited. Rio Tinto emphasized that this acquisition will strengthen its position in the Australian aluminum market and support its goals of sustainable development and low-carbon production.
