Rio to sell aluminium smelter for US$500 million

Company News

by Kathy Skantzos

Mining giant Rio Tinto (ASX:RIO) has been offered US$500 million to sell its aluminium smelter in northern France to UK metals company Liberty House.

The offer to sell Aluminium Dunkerque to Liberty House is expected to be completed in the second quarter of this year.

Rio Tinto chief executive Alf Barrios said the offer is the best option for the future development of the site while also delivering value for Rio Tinto.

Liberty House acquired Rio Tinto’s Lochaber smelter and assets in Scotland in December 2016.

The proposal includes plans to modernise the site.

Shares in Rio Tinto (ASX:RIO)are trading 0.15 per cent higher at $79.38.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.