Australia's Rio Tinto to buy Mitsubishi's nearly 12% stake in Boyne Smelters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 11 2024
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Source: reuters
- Rio Tinto Acquisition: Rio Tinto will acquire Mitsubishi Corp's 11.65% stake in Boyne Smelters, increasing its interest in the venture to 73.5%.
- Deal Details: The purchase from Sumitomo Chemical and Mitsubishi is part of Rio Tinto's strategy for a low-carbon future at its Gladstone operations.
- Mitsubishi's Reshuffle: Mitsubishi's sale of its stake in Boyne Smelters is part of a reshuffle in its aluminium portfolio, focusing on trading and investment in bauxite assets.
- Financial Impact: Mitsubishi expects a limited financial impact from the sale, with the earnings forecast adjustment to be made in the July-September quarter.
- Future Plans: Mitsubishi aims to focus on the growth potential of aluminium in light-weight automobiles for greater efficiency after exiting stakes in aluminium smelters.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
