Rio Tinto sells Ghana Bauxite stake to China's Bosai Minerals
RIO Tinto Alcan says it sold its 80 per cent share in Ghana Bauxite Company to Chinese company Bosai Minerals Group.
The Awaso project produced 802,000 tonnes of the mineral, a key ingredient to make aluminium, in 2008.
"After conducting a thorough evaluation of our options, it was determined that, while GBC is a quality operation, its size is not aligned with our long-term strategy," said Steve Hodgson, president and chief executive officer of bauxite and alumina at Rio Tinto Alcan.
Ghana's government owns the other 20 per cent and this week gave its approval for the sale of the share, Rio Tinto Alcan said. It had started a review of the operation last year.
Rio Tinto declined to reveal the value of the sale.
Rio Tinto Alcan is a subsidiary of Rio Tinto.
Bosai Minerals Group is a privately owned company based in China and mainly produces alumina, aluminium, calcined bauxite and coal. The company said on its website that it has an annual calcined bauxite capacity of 600,000 tonnes.
