Rio closer to $2bn Pacific Aluminium listing

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Rio closer to $2bn Pacific Aluminium listing

Rio closer to $2bn Pacific Aluminium listing

Rio Tinto has established a team of high-profile business personalities to oversee a potential $2 billion listing of its Pacific Aluminium business, including the struggling Gove alumina refinery in the Northern Territory, according to the Australian.

While Rio Tinto has not made a decision regarding the assets, the establishment of the advisory board, which includes WA News chairman Peter Mansell and BHP Billiton’s former China boss Clinton Dines, makes a listing more likely, probably through a distribution to shareholders, The Australian says.

The report comes after Rio chief executive Sam Walsh yesterday confirmed the miner would keep the loss-making Gove alumina refinery open during ongoing negotiations about converting the plant to gas-fired power, which would allow Pacific Aluminium to be sold or listed as a fully integrated company.