Rio Tinto Completes Acquisition of Full Ownership in NZ Aluminium Smelter

Rio Tinto Group has completed the acquisition of Sumitomo Chemical Company's (SCC) 20.64% stake in the New Zealand Aluminium Smelters (NZAS) consortium, finalizing the deal on November 1, 2024. With this transaction, NZAS, which operates the Tiwai Point aluminium smelter in New Zealand, is now wholly owned by Rio Tinto.

In addition to acquiring SCC's stake in NZAS, Rio Tinto has also completed the purchase of SCC's 2.46% interest in Boyne Smelters Limited (BSL). Alongside the acquisition of an 11.65% stake in BSL from Mitsubishi Corp., Rio Tinto has increased its total stake in BSL to 73.5%. Financial terms for both transactions were not disclosed.

Rio Tinto plans to continue collaborating with BSL's joint venture partners and other stakeholders to ensure that the company remains competitive during the ongoing clean energy transition at its Gladstone operations in Queensland, Australia. Upon the completion of these transactions, Rio Tinto holds a 71.04% stake in BSL, with other stakeholders including YKK Aluminium (9.5%), UACJ Australia (9.29%), and Southern Cross Aluminium (7.71%).

The Tiwai Point smelter and BSL are key components of Rio Tinto's aluminium portfolio, providing strategic capacity in both New Zealand and Australia. The acquisitions come as the company aims to streamline ownership structures and optimize efficiency across its operations, particularly as the industry adapts to decarbonization and clean energy challenges.