Rio Tinto has completed its previously announced acquisition of Sumitomo Chemical Company’s (SCC) 20.64% ownership interest in New Zealand Aluminium Smelters (NZAS) as of 1 November 2024. This transaction makes NZAS, which operates the Tiwai Point aluminium smelter in New Zealand, fully owned by Rio Tinto.
Armando Torres, Rio Tinto Aluminium Pacific Operations Managing Director, commented on the milestone: “We are pleased to have finalized the acquisition of SCC’s share in NZAS. Along with recent electricity agreements that secure the Tiwai Point smelter’s future, this acquisition underscores our long-term commitment to New Zealand.”
Additionally, Rio Tinto has completed the acquisition of SCC’s 2.46% interest in Boyne Smelters Limited (BSL). This, combined with the recent purchase of Mitsubishi’s 11.65% stake in BSL, increases Rio Tinto’s ownership in BSL to 73.5%.
The purchase prices for SCC’s stakes in both NZAS and BSL were not disclosed.
