Rio Tinto Completes Acquisition of Sumitomo Chemical’s Stakes in NZ Aluminium Smelter

Rio Tinto has successfully concluded the acquisition of Sumitomo Chemical Company’s 20.64% stake in New Zealand Aluminium Smelters (NZAS) and 2.46% stake in Boyne Smelters Limited (BSL).

With the completion of the NZAS acquisition, Rio Tinto now holds 100% ownership of the Tiwai Point aluminium smelter in New Zealand. This strategic move solidifies Rio Tinto’s long-term commitment to New Zealand and the aluminium industry.

Armando Torres, Managing Director of Rio Tinto Aluminium Pacific Operations, expressed satisfaction with the finalization of the deal. He highlighted that this acquisition, coupled with recent electricity agreements, ensures the sustainable future of the Tiwai Point smelter.

The acquisition of SCC’s stake in BSL, combined with the recent purchase of Mitsubishi’s 11.65% stake, elevates Rio Tinto’s total ownership in BSL to 73.5%. This increased stake reinforces Rio Tinto’s position as a major player in the global aluminium industry.

While the specific financial terms of both acquisitions remain undisclosed, these transactions mark significant milestones for Rio Tinto’s global aluminium operations.

These acquisitions align with Rio Tinto’s broader strategy of optimizing its global aluminium portfolio and securing long-term supply chains. By increasing its ownership in these critical assets, Rio Tinto aims to enhance operational efficiency, reduce costs, and strengthen its market position.

About Rio Tinto

Rio Tinto is a major global mining company that produces essential commodities such as copper, iron ore, aluminum, diamonds, lithium, and uranium. The company is dedicated to responsible operations, emphasizing environmental protection, social responsibility, and sustainable development. With its extensive worldwide operations, Rio Tinto intends to use a pilot project to assess the broader use of battery swap technology across its fleet of around 700 haul trucks. By implementing these innovative solutions, the company aims to significantly lower its carbon emissions and support a more sustainable mining industry.

About NZAS

Tiwai Point Aluminium Smelter, located near Bluff, New Zealand, is owned by Rio Tinto (79.36%) and Sumitomo Group (20.64%) through New Zealand Aluminium Smelters (NZAS). It processes alumina into primary aluminium, exporting 90% of its output, mainly to Japan. The facility is crucial to the Southland economy, using 13% of New Zealand’s electricity.

About BSL

Boyne Smelters Limited, located in Boyne Island, Queensland, Australia, is a major aluminium producer with an annual capacity of 545,000 tonnes. Founded in 1982, it is 59.4% owned by Rio Tinto Alcan, and produces aluminium using advanced smelting technology. The company employs 921 people and operates with a focus on sustainability.