British-Australian resources giant Rio Tinto announced it will acquire Mitsubishi Corporation’s 11.65% stake in the Boyne Aluminium Smelter and Refinery (BSL). The financial terms of the acquisition were not disclosed.
BSL, located on Boyne Island in Gladstone, Queensland, Australia, is a joint venture involving Rio Tinto, YKK Aluminium, Sumitomo Chemical, and others. This acquisition follows Rio Tinto’s recent agreement to purchase Sumitomo Chemical’s 2.46% interest in BSL. With these deals, Rio Tinto’s stake in BSL will increase to 73.5%.
Rio Tinto expressed its commitment to working with the remaining BSL joint venture partners and stakeholders to maintain a competitive low carbon aluminum business. The acquisition is expected to be finalized by late 2024. 
