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

1. Rio Tinto completed SCC's acquisition of 20.64% interest in NZAS. 2. NZAS is now wholly owned by Rio Tinto, enhancing operational control. 3. Rio Tinto also acquired a 2.46% stake in Boyne Smelters Limited. 4. These acquisitions reinforce Rio Tinto's commitment to New Zealand's aluminum sector. 5. Electricity arrangements secured for Tiwai Point smelter future.

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FAQ

Why Bullish?

The acquisitions strengthen Rio Tinto's market position, similar to past strategic deals.

How important is it?

The transaction directly impacts Rio Tinto's asset base and strategic positioning.

Why Long Term?

This acquisition may enhance long-term profitability and stability for Rio Tinto.

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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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