Rio Tinto plans to sell $8bn of aluminium assets
Tuesday 18 October 2011
Rio Tinto announced plans to sell an estimated $8bn (£5bn) of aluminium assets as the miner seeks to cut costs and improve the performance of Alcan, the Canadian group it bought for $38bn in 2007.
The world's second biggest mining group is planning to put its interests in up to 13 aluminium assets into a separate unit which it will then sell or spin off. The units to be divested include facilities in Australia, New Zealand, the US, France, Germany and the Lynemouth smelter in the UK.
Jacynthe Cote, chief executive of Rio Tinto's Alcan business, said the businesses "are not aligned any longer with our strategy of operating top-tier assets".
Analysts speculated that Chinalco, China's biggest aluminium producer, may be a potential buyer of some of the assets, since it is Rio's largest shareholder.
They said that Alcoa, the largest US producer which unsuccessfully bid for Alcan in 2007, was among the other potential buyers of assets. Meanwhile, Rusal of Russia said it was studying Rio Tinto's announce- ment before making a decision.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The magicians using online collaboration to push boundaries
lifeIt takes year-long dedication to get Selfridges ready for 25 December. And they're already working on plans for 2015...
Jennifer Lawrence attacks mass media again over body image
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Sun will 'flip upside down' within weeks, says Nasa
Ian Watkins: Police forces probed over earlier allegations as paedophile Lostprophets singer sentenced to 35 years for child sex offences
DNA from a 50,000 year old toe shows Neanderthals were highly inbred
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Ian Watkins: Police forces probed over earlier allegations as paedophile Lostprophets singer sentenced to 35 years for child sex offences
- 4 Christmas comes early: Justin Bieber announces he's 'retiring from music'
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£25000 - £32000 per annum: Harrington Starr: Junior Business Analyst - Banking...
£25000 - £35000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...