Monday, November 20, 2017

© Reuters.  FT: Rio Tinto in talks to sell Australia, New Zealand aluminum assets© Reuters. FT: Rio Tinto in talks to sell Australia, New Zealand aluminum assets

  • Rio Tinto (LON:RIO) (RIO +1%) is in advanced talks to sell its aluminum assets in Australia and New Zealand to investment company GFG Alliance, Financial Times reports.
  • GFG’s Sanjeev Gupta is said to covet Rio’s Pacific aluminum business as he looks to build a global industrial conglomerate spanning metals, power, renewable energy and finance, but he could face competition from Century Aluminum (CENX +1.6%), according to the report.
  • Rio reached its highest closing price on the Australian Stock Exchange since February 2014 today in the wake of China’s record iron ore imports for September and last Friday’s surge in the iron ore benchmark price.
  • Now read: Constellium: Aluminum Rally Gone Too Far?

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