06:42 AM EDT, 06/11/2024 (MT Newswires) -- Rio Tinto (RIO) said late Monday that it agreed to acquire Mitsubishi's 11.65% stake in Boyne Smelters, which operates the Boyne Island aluminium smelter in Australia.

The company said that combined with a recent agreement to buy Sumitomo Chemical's 2.46% stake, Rio Tinto's share in Boyne Smelters will rise to 73.5%.

The acquisition, for an undisclosed amount, is subject to conditions, including approval from Australia's Foreign Investment Review Board, and is expected to be completed in H2 2024.

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