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    Rio Tinto confirms binding offer from Liberty House for its Dunkerque aluminium smelter

  • China Aluminium Network
  • Post Time: 2018/1/15
  • Click Amount: 463

    Rio Tinto has confirmed through a press release that it has received a binding offer from Liberty House to acquire Rio Tinto’s Aluminium Dunkerque smelter in northern France. The deal is finalised for $500 million, subject to final adjustments. Rio Tinto will launch a consultation process with employees, relevant European works councils and other stakeholders in relation to the bid. Rio Tinto expects to complete the sale of Aluminium Dunkerque by Q2 2018, on the completion of this consultation process.

    Commenting on the offer, Rio Tinto Aluminium chief executive Alf Barrios said “The binding offer for the sale of Aluminium Dunkerque represents the best option for the future development of the site while also delivering value for Rio Tinto as we continue to streamline our portfolio.

    “Liberty House has a track record of investing in similar assets, which should secure a long-term sustainable future for Aluminium Dunkerque and continued economic benefit for the wider community,” he added.

    Industrialist Sanjeev Gupta’s Liberty House hopes to create thousands more jobs at the 570-worker plant as it plans further investment into the site to develop an international aluminium products hub to tap into the growing demand for aluminium from the automotive sector.

    Liberty House forecasts automotive aluminium demand to reach about 4.3 million tonnes by 2024 from 3.3 million tonnes a year, mostly driven by the growing use of lightweight materials in cars for better fuel efficiency and lower carbon footprint.

    “Our detailed analysis leads us to believe that Dunkerque is the best location to drive forward our downstream automotive strategy. Aluminium Dunkerque has a high-quality aluminium operation benefitting from a top-class workforce and management,” said Gupta following the announcement. “This investment will help fulfil our ambitions in the sector, further enabling us to capitalise fully on expected growth in demand for aluminium over the coming years,” he added.

    The Dunkerque acquisition will expand Liberty House’s aluminium base in Europe further, following its acquisition of the Lochaber smelter in Scotland in 2016.

    Source: AlCircle.com
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