Rio Tinto completes lease and sale of dock and land in British Columbia

As reported by a company press release, Rio Tinto has completed the lease and sale of a dock and land in Kitimat, British Columbia, to LNG Canada for an estimated value of $576 million.

LNG Canada was a joint venture comprising Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS. It is a large industrial energy project to build and operate an LNG liquefaction, storage and loading terminal in the port of Kitimat, BC. The company entered into an agreement with Rio Tinto in 2014 for various options to lease or purchase its dock or wharf and areas of land.

Rio Tinto Chief financial officer Jakob Stausholm said "This sale demonstrates our ability to generate cash from an existing asset, without losing future cash flow, as we continue to drive value across our entire portfolio.”

Rio Tinto has been operating in British Columbia for over 60 years and currently it has invested in the modernization of the Kitimat smelter. The Kitimat smelter produces aluminium with one of the lowest carbon footprints in the world. LNG Canada has been allotted to construct a replacement wharf for Rio Tinto to ship aluminium to international destinations from the BC Works smelter.

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