Rio Tinto could sell $1bn of aluminum assets

18th May 2015 07:06

British-Australian multinational metals and mining giant Rio Tinto could sell its Pacific Aluminum (PacAl) business in a deal that could be valued at $1bn, the Financial Times reported on Sunday.The same source reported that the company could engage Credit Suisse to find a buyer for PacAl, which comprises smelters from New Zealand and Australia, in a move that comes two years after the same operation was cancelled.A spokesman for Rio Tinto said the company "doesn't comment on market speculation", Reuters reported.This sale is said to be part of the company´s restructuring plan, after it announced in March it would cut hundreds of jobs at its Australian coal and iron ore operations.