Rio Tinto fields US offer for alumina business

Rio Tinto (ASX: RIO) has received a binding offer for its alumina business from US-based private investment company HIG Capital.

Rio Tinto said in a statement it would respond to the offer after consultation with its European union consultations groups.

It said the terms of the offer were confidential.

Rio Tinto chief financial officer Guy Elliott said: “The potential sale is in line with our strategy of continuing to streamline our aluminum group through the divestment of non-core assets.”

The business is the largest integrated supplier of non-metallurgical grade alumina, with three production sites in France and one in Germany.

The offer comes after Rio Tinto indicated this week it was looking to sell its diamond production businesses.

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