Global miner Rio Tinto Ltd
(ASX:RIO) says it has now completed divestments in excess of $10 billion after completing the sale of the Alcan Packaging Food Americas division to Bemis Company for US$1.2 billion.
Chief Financial Officer Guy Elliot says the company’s balance sheet has been transformed in the past 12 months on the back of the divestment program, the rights issues and continued strong operating cash flows.
Mr Elliot says the recapitalisation leaves Rio Tinto well placed to consider value adding opportunities as they emerge.
Rio says it has completed divestments of over $10 billion, with over $7 billion having been completed since the beginning of 2009, predominantly for cash.
In 2010 the company completed divestments of US$3.5 billion comprising Alcan Packaging Food Americas, Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions, Vickery and Maules Creek.
Rio Tinto’s 2009 profit came to $5.4 billion.
