Rio Tinto Partners With Giampaolo In A $700m Deal To Boost Recycled Aluminium Output
Rio Tinto and Giampaolo Group have reportedly struck a $700 million joint venture agreement to manufacture and market recycled aluminium products. Under this deal, Rio Tinto will acquire a 50% equity stake in Matalco, Giampaolo Group’s wholly-owned subsidiary that produces recycled aluminium billet and slab products. Matalco currently operates seven facilities in the US and Canada, collectively manufacturing approximately 900,000 tonnes of recycled aluminium annually. Giampaolo Group subsidiary Triple M Metal will supply recyclable feed, while Rio Tinto will handle sales and marketing of the products. The joint venture deal is expected to be completed in the first half of 2024.
Source: https://www.mining.com/rio-tinto-giampaolo-group-ink-700m-aluminium-recycling-joint-venture/
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