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.

FTSE 100

8,177.15

16:39 01/11/24

n/a

FTSE 350

4,508.38

17:14 01/11/24

n/a

FTSE All-Share

4,465.61

16:54 01/11/24

n/a

Mining

12,024.98

17:14 01/11/24

-0.13%

-15.42

Rio Tinto

5,026.00p

16:40 01/11/24

0.20%

10.00p

Rio Tinto Limited

$121.33

05:36 01/11/24

1.69%

$2.02

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.

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