Rio Tinto reportedly plans to sell some of its Australasian aluminium assets in a deal worth around $1bn.

The Financial Times reported that the latest move by the global mining giant comes as it is in the process of reviving a sale plan for its Pacific Aluminium (PacAl) unit.

Rio Tinto has appointed Swiss financial services company Credit Suisse to find a buyer for its business, the newspaper said.

"Rio Tinto has reportedly appointed Swiss financial services company Credit Suisse to find a buyer for its business."

In 2011, the company announced it could split off the unit, and again announced plans to sell it in 2013 citing weaker market conditions.

In the aluminium segment, the company has been recovering from acquisition setback of the Canadian aluminium group, Alcan in 2007, in a deal worth $38bn.

After the acquisition, Rio Tinto, which gains most of its income from its iron ore division, ramped up its aluminium business.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The sale plan follows a trend by mining majors looking to divest non-core assets.

According to Financial Review, in 2013, PacAl earnings before interest, tax, depreciation and amortisation increased from $252m to $524m in 2014.

PacAl assets include smelter operations in Australia and New Zealand.

The operations are Bell Bay Aluminium, Boyne Smelters in Queensland, Gladstone Power Station in Queensland, Tomago Aluminium in New South Wales and New Zealand Aluminium Smelters.