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Rio Tinto completes acquisition of Sumitomo's 20.64% stake in New Zealand's aluminium smelter

1. Rio Tinto completed acquisition of Sumitomo's 20.64% in NZAS. 2. NZAS now wholly owned, reinforces commitment to New Zealand. 3. Rio also acquired a 2.46% stake in Boyne Smelters. 4. Total interest in Boyne Smelters expanded to 73.5%.

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FAQ

Why Bullish?

Acquisitions enhance Rio Tinto's market position and operational control, potentially increasing profits.

How important is it?

Significant acquisitions like these are likely to impact future revenues and growth trajectory.

Why Long Term?

Securing interests in smelters supports long-term growth and sustainability of operations.

Related Companies

SCCMitsubishiBSL
October 31, 2024 11:57 PM Eastern Daylight Time MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto’s previously announced acquisition of Sumitomo Chemical Company’s (SCC’s) 20.64% interest in New Zealand Aluminium Smelters (NZAS) was completed on 1 November 2024. NZAS owns and operates the Tiwai Point aluminium smelter in New Zealand. Following completion of the transaction, NZAS is now wholly owned by Rio Tinto. Rio Tinto Aluminium Pacific Operations Managing Director Armando Torres said: “We are pleased the acquisition of SCC's stake in NZAS has now been finalised. This step, along with recently signed electricity arrangements to secure the future of the Tiwai Point smelter, reinforces our long-term commitment to New Zealand.” Rio Tinto has also completed the previously announced acquisition of SCC’s 2.46% stake in Boyne Smelters Limited (BSL). The completion of this transaction, along with the recently completed acquisition of Mitsubishi’s 11.65% stake in BSL, brings Rio Tinto’s total interest in BSL to 73.5%. The acquisition of SCC’s stakes in NZAS and BSL was for an undisclosed price.

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