Rio Tinto has announced its agreement to acquire Mitsubishi Corporation's 11.65% stake in Boyne Smelters Ltd, the entity responsible for operating the Boyne Island aluminium smelter in Gladstone, Australia. Specific terms of the transaction have not been disclosed.
Following the completion of this acquisition, along with a recent agreement to purchase Sumitomo Chemical Company's 2.46% interest in Boyne Smelters Ltd, Rio Tinto's stake in the company will rise to 73.5%.
The finalization of the acquisition is anticipated in the second half of 2024.
Once both transactions are completed, the ownership distribution in Boyne Smelters Ltd will be as follows: Rio Tinto will hold a 73.5% stake, YKK Aluminium will possess 9.50%, UACJ Australia will have 9.29%, and Southern Cross Aluminium will own 7.71%.
