Rio Tinto could sell $1bn of aluminum assets

British-Australian multinational metals and mining giant Rio Tinto could sell its Pacific Aluminum (PacAl) business in a deal that could be valued at $1bn, the Financial Times reported on Sunday.

The same source reported that the company could engage Credit Suisse to find a buyer for PacAl, which comprises smelters from New Zealand and Australia, in a move that comes two years after the same operation was cancelled.

The company doesn't comment on market speculation

A spokesman for Rio Tinto said the company "doesn't comment on market speculation", Reuters reported.

This sale is said to be part of the company´s restructuring plan, after it announced in March it would cut hundreds of jobs at its Australian coal and iron ore operations.

You may also enjoy reading:

Oil benchmarks post marginal gains, gold near three-month high