Rio Tinto reportedly mulls sale of boron assets
Australian major Rio Tinto is preparing to divest its US boron operations in California as the company continues to streamline its portfolio under new CEO Simon Trott, news service Bloomberg reported this week, citing people familiar with the matter.
According to Bloomberg, Rio is expected to launch a formal sales process within the next two weeks for the borates business, which includes the historic Boron mine and processing complex in the Mojave Desert, a refinery and shipping facility at the Port of Los Angeles, and the Owens Lake operation near the Sierra Nevada.
The assets collectively meet about 30% of global boron demand, the article states.
Boron is classified as a critical mineral in the US, having been added to the US Geological Survey’s updated list earlier this month. The mineral is used in a range of industrial applications, including fertilisers, glass and ceramics, fibreglass insulation, and metal alloys. It is also a component in the production of permanent rare earth magnets used in motors, generators and electronics.
