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Rio Tinto has agreed to acquire Mitsubishi’s 11.65% interest in Boyne Smelter Limited (BSL). BSL, which has been operating since 1982 and is Australia’s second-largest aluminum smelter, owns and operates the Boyne Island Aluminum Smelter in Gladstone, Australia.

The purchase price was not disclosed, is subject to various conditions precedent, and is expected to be completed in the second half of 2024. Previously, Rio Tinto also agreed to acquire Sumitomo Chemical Company’s 2.46% interest in BSL.

Following the completion of the two transactions, Rio Tinto’s interest in BSL increased to 73.5%. Rio Tinto said it looks forward to continuing to work with its other BSL joint venture partners and other stakeholders to ensure a competitive, low-carbon future for its Gladstone operations.