:Mining giant Rio Tinto will buy Mitsubishi Corp’s 11.65 per cent stake in Boyne Smelters (BSL) for an undisclosed sum, Rio said on Tuesday.
Boyne, which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia, is a JV between Rio Tinto, YKK Aluminium, Sumitomo Chemical and others.
In late May, Rio signed a deal to buy Sumitomo Chemical’s 2.46 per cent interest in Boyne Smelters.
Together with the stake purchase from Sumitomo Chemical and the completion of the deal with Mitsubishi, Rio’s interest in Boyne will increase to 73.5 per cent, the Australian miner said.
“Rio Tinto looks forward to continuing to work with its remaining BSL joint venture partners and other stakeholders on securing a competitive low-carbon future for its Gladstone operations,” Rio added.
The acquisition is expected to be finalised in the second half of 2024.
