Rio Tinto Adds to Majority Stake in Aluminum Smelter JV
By Ben Glickman
Rio Tinto will acquire an additional nearly 12% interest in the joint venture overseeing an Australian aluminum smelter, bolstering the company's majority stake in the project.
The company said it had agreed to buy Mitsubishi's 11.65% stake in Boyne Smelters, which owns and operates the Boyne Island smelter in Gladstone, Australia. The purchase brings Rio Tinto's stake to 73.5%, the company said.
The financial terms of the sale weren't disclosed. The deal is expected to be finalized in the second half of the year.
Rio Tinto also recently announced an agreement to buy Sumitomo Chemical's 2.5% interest in the joint venture. Following the deal, the other partners will be YKK Aluminium, UACJ Australia and Southern Cross Aluminium, each of which own less than 10% of the project.
Boyne Smelters has a capacity of more than 500,000 metric tons of aluminum a year, according to Rio Tinto's website.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
June 10, 2024 19:03 ET (23:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations