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Rio Tinto PLC on Friday said it agreed with metal management business Giampaolo Group to form a joint-venture focused on manufacturing and marketing recycled aluminium products. The Anglo-Australian mining and metals company said it will buy a 50% stake in Giampaolo subsidiary Matalco for around $700 million. The transaction is expected to be completed in the first half of 2024. Rio Tinto explained that Matalco produces recycled aluminium billet and slab products, operating six facilities in the US and one in Canada, with the capacity to produce around 900,000 tonnes of recycled aluminium per year. ‘The joint venture will enable Rio Tinto to provide a broader range of high-quality and low-carbon, primary, recycled, and blended aluminium products, at a time when customers are looking for solutions to lower their carbon footprint,’ it added. Rio Tinto shares closed 0.6% lower at 5,144.00 pence each on Friday in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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