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Rio offloads aluminium assets for $345m

Stuart Condie  |  27 Feb 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Rio Tinto (ASX: RIO) has agreed to offload a bundle of aluminium assets including an Icelandic smelter for a total $345 million.

Rio received a binding offer from Norway's Hydro for the smelter, a 53.3 per cent stake in an aluminium anode plant in the Netherlands, and its half share of an aluminium fluoride plant in Sweden.

Rio Tinto aluminium chief executive Alf Barrios said the deal should secure the long-term future of the sites and benefit shareholders.

Rio Tinto has been seeking to divest all but its best-performing units.

"The binding offer for the sale of these assets provides further evidence of Rio Tinto's commitment to strengthen our business and deliver value by streamlining our portfolio," Mr Barrios said in a statement released after Monday's market close.

Rio Tinto shares were up 70.5 cents, or 0.87 per cent, at $81.305, at 1000 AEDT on Tuesday.

 

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

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