Rio Tinto has its aluminium business on the block as it seeks more cost savings

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Rio Tinto has its aluminium business on the block again as part of the global miner’s restructuring in the face of lower commodity prices.

The Financial Times says Rio has Credit Suisse looking for a buyer of Pacific Aluminium which has smelters in Australia and New Zealand.

The aluminium business could raise as much as $1 billion, adding to Rio Tinto’s $4 billion in asset sales over two years.

Rio is reducing debt, cutting costs and pulling back on capital expenditure.

The rest of the mining industry is consolidating as well. Today, BHP spins off about 10% of its business into a new company, South32.

Rio has looked at the aluminium assets before but at that time there was little interest. Since then there’s been a rise in the price of aluminium.

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