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Rio Tinto's Icelandic aluminum plant attracts Glencore - Report

Metal News - Published on Thu, 11 Jul 2019

Image Source: HRV Engineering
Reuters reported that at least three companies including Glencore have expressed an interest in buying Rio Tinto’s aluminum assets in Iceland, Sweden and the Netherlands for up to USD 350 million, banking sources said.

Rio Tinto restarted the sale process for the assets in late 2018, with the help of French investment bank Natixis, sources previously said, after Norwegian aluminum company Norsk Hydro pulled out of buying them, blaming a delay in getting European Commission approval.

Given Hydro is already a major player in the aluminum industry, the European Commission may have had competition concerns, the sources said.

As well as an aluminum smelter in Iceland, Rio has put on the block a 53% stake in a Dutch anode facility and 50% of the shares in a Swedish aluminum fluoride plant, which are ingredients in aluminum production.

Rio Tinto declined to comment.

Source :

Posted By : Ratan Singh on Thu, 11 Jul 2019
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