Reuters: Rio Tinto adds alumina refineries to smelter sale [Seeking Alpha]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Seeking Alpha
Reuters: Rio Tinto adds alumina refineries to smelter saleRio Tinto (RIO+1.3%) isattracting renewed interest in selling its Pacific Aluminum smelting unit by adding two alumina refineries in Australia to the portfolio, Reuters reports.By including the refineries, Rio could potentially double the original $1B price tag for Pacific Aluminum, according to the report, which also says Glencore (OTCPK:GLCNF,OTCPK:GLNCY), Liberty House of Britain and Russia’s Rusal have expressed interest.Adding the refineries to the sale comes during a strong market for alumina, with prices rising 50% since August to ~$450/ton on expectations that China will boost imports to compensate for production cuts at home to fight pollution.Now read:Western Areas : Retesting My Original Bullish Hypothesis »
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