Rio Tinto to share windfall from Dunkerque sale with shareholders
Rio Tinto has completed the sale of its aluminium smelter at Dunkerque, France, to Liberty House for $500m, it confirmed on Monday.
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The FTSE 100 mining giant said Liberty House, which is part of the Gupta family’s GFG Alliance, had committed to continuing operations at the smelter and had announced plans for the development of additional activity around the site.
“As previously announced, the proceeds will be returned to shareholders, with the precise timing and form to be announced with Rio Tinto's 2018 full year results,” the board said in its statement.
Rio Tinto estimated that there would be no material tax payable on the transaction.