Rio Tinto has received a $US345 million ($439.2 million) offer from Hydro for its ISAL aluminium smelter in Iceland, its 53.3 per cent share in the Aluchemie anode plant in the Netherlands and its 50 per cent share in the Aluminium fluoride plant in Sweden.
In accordance with applicable laws, Rio will launch a consultation process with employees, relevant European works councils and other stakeholders regarding the Hydro bid.
Subject to satisfactory completion of these consultations and other conditions, Rio Tinto expects to complete the sale in the second quarter of 2018.
Rio Tinto Aluminium chief executive Alf Barrios said the binding offer for the sale of the assets provided further evidence of the company’s commitment to strengthen its business and deliver value by streamlining its portfolio.
“Hydro has a solid track record in the aluminium industry and is a partner to Rio Tinto in other ventures. ISAL, Aluchemie and Alufluor are a natural fit with Hydro’s portfolio and this transaction should secure the long term future for the sites and continued economic benefit for the wider communities,” Barrios said.