Rio Tinto Completes Alcan Sale

Source from:  BigPond News 03/02/2010

Rio Tinto Ltd says its divestments have reached the $US10 billion mark with the completion of the Alcan Packaging Food Americas sale. The $US1.2 billion sale to Bemis Company has been completed, Rio said in a statement to the stock exchange on Tuesday. Rio Tinto chief financial officer Guy Elliott said the miner's balance sheet had been transformed in the past twelve months on the back of the divestment programme, the rights issues and continued strong operating cash flows. "The recapitalisation leaves Rio Tinto well placed to consider value adding investment opportunities as they emerge," Mr Elliot said. Rio Tinto has now completed divestments in excess of $10 billion, with over $7 billion having been completed since the beginning of 2009, predominantly for cash, the company said. In 2010, the group has completed divestments of $US3.5 billion comprising Alcan Packaging Food Americas, Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions, Vickery (Coal Allied) and Maules Creek (Coal Allied). Enditem