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Rio Tinto Limited (ASX:RIO) (NYSE:RIO) (LON:RIO) is selling 13 aluminium units including refineries and smelters to streamline its Alcan aluminium business.
The cutbacks are the latest in a series of moves following its $US39 billion acquisition of Alcan four years ago.
The asset sales include operations in Australia, such as the Gove bauxite venture. It will also offload assets in New Zealand and plants in France, Germany, the United States and the United Kingdom.
Chief Executive Tom Albanese said the strength of the company’s balance sheet means it can choose the most opportune method and timing to divest the assets, which may not occur until the economic climate improves.
Rio Tinto posted a net profit of $7.5 billion in the six months to June 30, 2011.
News: Rio Tinto streamlines Alumina
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