Rio Tinto (RIO) Inks Deal to Buy 11.65% Stake in Boyne Smelters

Zacks06-14

Rio Tinto RIO has entered into an agreement to acquire the 11.65% interest in Boyne Smelters Ltd (“BSL”) from Mitsubishi Corporation MSBHF. The financial terms of the transaction have not yet been ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2443634127?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/O1_Wqw_hfun2h4yRJUQ8rg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f6190a6b007a6513d2849ffab6a567e7","is_english":true,"pubTime":"2024-06-14 00:19","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2443634127","market":"us","top_or_hot":-1,"title":"Rio Tinto (RIO) Inks Deal to Buy 11.65% Stake in Boyne Smelters","media":"Zacks","content":"<div>\n<p>Rio Tinto RIO has entered into an agreement to acquire the 11.65% interest in Boyne Smelters Ltd (“BSL”) from Mitsubishi Corporation MSBHF. The financial terms of the transaction have not yet been ...</p>\n\n<a href=\"https://finance.yahoo.com/news/rio-tinto-rio-inks-deal-161900700.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance_au","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rio Tinto (RIO) Inks Deal to Buy 11.65% Stake in Boyne Smelters</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRio Tinto (RIO) Inks Deal to Buy 11.65% Stake in Boyne Smelters\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-14 00:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/rio-tinto-rio-inks-deal-161900700.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rio Tinto RIO has entered into an agreement to acquire the 11.65% interest in Boyne Smelters Ltd (“BSL”) from Mitsubishi Corporation MSBHF. The financial terms of the transaction have not yet been ...</p>\n\n<a href=\"https://finance.yahoo.com/news/rio-tinto-rio-inks-deal-161900700.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRS","symbol_name":"卡朋特科技","start_time":0,"source_url":"https://finance.yahoo.com/news/rio-tinto-rio-inks-deal-161900700.html","article_id":"2443634127","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/O1_Wqw_hfun2h4yRJUQ8rg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f6190a6b007a6513d2849ffab6a567e7"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2443634127","pubTimestamp":1718295540,"sourceInfo":{"source_id":"yahoofinance_au","name":"Yahoo Finance AU"},"weMediaInfo":null,"summary":"In the past year, shares of Rio Tinto have lost 0.2% against the industry’s 5.2% growth.Rio Tinto currently carries a Zacks Rank #3 .A better-ranked stock from the basic materials space is Carpenter Technology Corporation CRS, which currently sports a Zacks Rank #1 . You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.31 per share, which indicates year-over-year growth of 278%. The consensus estimate for earnings has moved 3% north in the past 30 days. It has an average trailing four-quarter earnings surprise of 15.1%. CRS shares have surged 105% in a year.Want the latest recommendations from Zacks Investment Research?","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRS":"卡朋特科技","BK7507":"资源股","BK4006":"钢铁","BK4168":"多种金属与采矿","BK7511":"ESG概念","BK4585":"ETF&股票定投概念","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","RIO":"力拓","MSBHF":"Mitsubishi Corp.","BK4588":"碎股","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","RIO.AU":"力拓","BK7095":"多种金属与采矿","XAO.AU":"标普/澳交所 普通股指数","CRS.AU":"Caprice Resources","XJO.AU":"标普/澳交所 200指数","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","XKO.AU":"标普/澳交所 300指数","SSUMY":"Sumitomo Corp.","BK4104":"贸易公司与经销商"},"translate_title":"力拓(RIO)签署收购Boyne Smelters 11.65%股份的协议","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SSUMY":1,"RIO.AU":1,"RIO":1,"MSBHF":1,"CRS":1,"CRS.AU":1,"XKO.AU":0.67,"XJO.AU":0.67,"XAO.AU":0.67},"content_text":"Rio Tinto RIO has entered into an agreement to acquire the 11.65% interest in Boyne Smelters Ltd (“BSL”) from Mitsubishi Corporation MSBHF. The financial terms of the transaction have not yet been disclosed. BSL is located at Boyne Island in Central Queensland and is Australia’s second-largest aluminium smelter.Earlier, on May 31, Rio Tinto entered into an agreement to acquire the 2.46% share in BSL that was held by Sumitomo Chemical Company Limited, a part of Sumitomo SSUMY. This arrangement with Sumitomo increased the company’s interest in BSL to 61.85%. With the recently struck deal with Mitsubishi, Rio Tinto’s share in Boyne Smelters will increase to 73.5%.The deal with Mitsubishi is subject to various closing conditions, including approval from Australia’s Foreign Investment Review Board. It is expected to close in the second half of 2024. Following the closure, Mitsubishi will not have any stake in the BSL joint venture. Rio Tinto (73.5%) will have a majority stake in the joint venture and the remaining will be held by YKK Aluminium (9.50%), UACJ Australia (9.29%) and Southern Cross Aluminium (7.71%).Boyne Smelters has been operating for more than four decades. Investments made in its operations over the past years have increased its annual capacity from 210,000 tons of aluminium to the current capacity of more than 500,000 tons of aluminium.The facility’s activities include manufacturing carbon anodes in the carbon plant, aluminium production (smelting) in reduction lines and casting of molten metal into aluminium products ready for shipping. The smelter is connected through a conveyor belt to the Queensland Alumina Limited Refinery to ensure a seamless supply of alumina.Rio Tinto produces some of the highest quality, lowest-carbon footprint aluminium in the world. The company’s share (then 59.4%) of aluminium production from BSL was around 295 Kt in 2023 and 75 Kt in the first quarter of 2024. It produced a total of 826 kt of aluminium in the first quarter, which was up 5% year over year. In 2023, Rio Tinto’s aluminium output was 3.27 Mt and it expects aluminium production between 3.2 Mt and 3.4 Mt in 2024.\nPrice Performance\nIn the past year, shares of Rio Tinto have lost 0.2% against the industry’s 5.2% growth.\nImage Source: Zacks Investment Research\nZacks Rank and a Stock to Consider\nRio Tinto currently carries a Zacks Rank #3 (Hold).A better-ranked stock from the basic materials space is Carpenter Technology Corporation CRS, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.31 per share, which indicates year-over-year growth of 278%. The consensus estimate for earnings has moved 3% north in the past 30 days. It has an average trailing four-quarter earnings surprise of 15.1%. CRS shares have surged 105% in a year.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nRio Tinto PLC (RIO) : Free Stock Analysis Report\nCarpenter Technology Corporation (CRS) : Free Stock Analysis Report\nSumitomo Corp. (SSUMY) : Free Stock Analysis Report\nMitsubishi Corp. (MSBHF) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2443634127"}