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.