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Rio Tinto to restart sale of Icelandic aluminium plant

Metal News - Published on Thu, 11 Oct 2018

Image Source: MINING.com
Reuters reported that Rio Tinto, is close to restarting a sale process for some of its aluminium assets, including a plant in Iceland, which have been valued at around $350 million. The assets include a 53 percent stake in a Dutch anode facility and 50 percent of the shares in a Swedish aluminium fluoride plant, which are ingredients in aluminium production, the sources added.

Norwegian aluminium company Norsk Hydro pulled out of a previous plan to buy the assets in September, blaming a delay in getting European Commission approval for the deal. Given Hydro's already major position in the aluminium industry, the European Commission may have had competition concerns, industry sources said.

Iceland generates all its electricity from hydropower and geothermal energy and Rio's aluminium plant could appeal to companies looking to make their output as green as possible. Producing aluminium requires huge amounts of energy, meaning it is also more cost effective to use hydropower.

Source :

Posted By : Rabi Wangkhem on Thu, 11 Oct 2018
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