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Rio Tinto (RIO) is set to acquire Mitsubishi's 11.65% interest in Boyne Smelters, taking its interest in the venture to 73.5%.
Boyne, which owns and operates the Boyne Island aluminium smelter in Gladstone, Australia, is a joint venture between Rio Tinto, YKK Aluminium and others. In late May, Rio signed a deal to buy Sumitomo Chemical's 2.46% interest in the venture. The purchase from Sumitomo Chemical and the completion of the deal with Mitsubishi will see Rio's interest in Boyne increase to 73.5%, the Australian miner said.