Rio Tinto has completed its acquisition of Sumitomo Chemical’s 20.64% stake in New Zealand Aluminium Smelters (NZAS), making the company the sole owner of the Tiwai Point smelter in New Zealand. The deal, finalized on November 1, 2024, consolidates Rio Tinto’s control over the smelter and signals the company’s continued commitment to the New Zealand aluminium sector.
Expansion in Aluminium Sector with Boyne Smelters Acquisition
Alongside the NZAS acquisition, Rio Tinto has also acquired Sumitomo’s 2.46% stake in Boyne Smelters Limited (BSL), increasing its ownership to 73.5%. Earlier this year, Rio Tinto bought Mitsubishi’s 11.65% stake in BSL, further solidifying its position in the Australian aluminium market. These strategic acquisitions position Rio Tinto to grow its influence in global aluminium production.
Long-Term Commitment to Sustainability and Energy Security
Rio Tinto’s recent investments highlight its commitment to the long-term viability of its operations in New Zealand and Australia. The company has signed new electricity agreements to secure the energy supply at Tiwai Point, ensuring future sustainability. These moves also reflect Rio Tinto’s focus on creating a reliable and efficient aluminium production base in the Pacific region.
With these acquisitions, Rio Tinto strengthens its presence in the global aluminium market, focusing on both growth and sustainability. The company aims to maintain a competitive edge through secure energy contracts and increased production control.
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