Rio Tinto Completes Purchase of Mitsubishi’s 11.65% Interest in Boyne Smelters Limited

Rio Tinto has finalized the acquisition of Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Limited (BSL), as announced on 30 September 2024. BSL operates the Boyne Island aluminium smelter in Gladstone, Australia. With this transaction, Rio Tinto’s ownership stake in BSL has increased to 71.04%.

Rio Tinto expressed its commitment to collaborating with its joint venture partners and stakeholders to secure a competitive low-carbon future for its Gladstone operations. The acquisition of Mitsubishi's stake is part of Rio Tinto's broader strategy to strengthen its presence in the aluminium industry.

In addition to this transaction, Rio Tinto is progressing with the previously announced acquisitions of Sumitomo Chemical Company’s (SCC) 2.46% stake in BSL and its 20.64% interest in New Zealand Aluminium Smelters (NZAS), which operates the Tiwai Point aluminium smelter in New Zealand. These deals are subject to various conditions precedent.

The financial terms of the acquisition of Mitsubishi's stake in BSL remain undisclosed, as do the details of the agreements concerning SCC's interests in BSL and NZAS.