Rio cancels borates, sells vermiculite, shuns Chinalco
July issue 2009
Rio Tinto took its borates assets off the block owing to bidders not matching the valuation, completed the sale of its Ugandan vermiculite operation, while shifting its focus by shunning a partnership Chinalco for a deal with long-term suitor BHP Billiton Plc
Keywords: Rio Tinto, Chinalco, BHP Billiton, deals, borates, vermiculite
Activity at Rio Tinto Plc moved up a gear last month as the mining giant took its borates assets off the block owing to bidders not matching the valuation, completed the sale of its Ugandan vermiculite operation, while shifting its focus by shunning a partnership Chinalco for a deal with long-term suitor BHP Billiton Plc.
In addition to borates assets, Rio also removed its Jadar-lithium-borates project from the sales list. But the group confirmed that the sale of it’s talc assets was continuing.
Rio said: “[the group] believes the borates business is a good fit within its overall portfolio, based on its asset base, share of global supply...
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