November 11, 2024 [Chem Analyst]- Rio Tinto has successfully concluded the acquisition of Sumitomo Chemical Company’s 20.64% stake in New Zealand Aluminium Smelters (NZAS) and 2.46% stake in Boyne Smelters Limited (BSL).

With the completion of the NZAS acquisition, Rio Tinto now holds 100% ownership of the Tiwai Point aluminium smelter in New Zealand. This strategic move solidifies Rio Tinto’s long-term commitment to New Zealand and the aluminium industry.

Armando Torres, Managing Director of Rio Tinto Aluminium Pacific Operations, expressed satisfaction with the finalization of the deal. He highlighted that this acquisition, coupled with recent electricity agreements, ensures the sustainable future of the Tiwai Point smelter.

The acquisition of SCC’s stake in BSL, combined with the recent purchase of Mitsubishi’s 11.65% stake, elevates Rio Tinto’s total ownership in BSL to 73.5%. This increased stake reinforces Rio Tinto’s position as a major player in the global aluminium industry.

While the specific financial terms of both acquisitions remain undisclosed, these transactions mark significant milestones for Rio Tinto’s global aluminium operations.

These acquisitions align with Rio Tinto’s broader strategy of optimizing its global aluminium portfolio and securing long-term supply chains. By increasing its ownership in these critical assets, Rio Tinto aims to enhance operational efficiency, reduce costs, and strengthen its market position.

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