egolinews.com

Rio Tinto Limited (RIO) said its divestment programme has passed the US$10 billion mark with the completion of the sale of its Alcan Packaging Food Americas division to Bemis Company, Inc for a total all cash consideration of US$1.2 billion. The miner said it has completed divestments of over US$7 billion since the beginning of 2009 alone.

Chief Financial Officer, Guy Elliott, said the company’s balance sheet has been transformed in the past twelve months on the back of the divestment programme, the rights issues and continued strong operating cash flows.

“The recapitalisation leaves Rio Tinto well placed to consider value adding investment opportunities as they emerge,” Mr Elliott said.

Rio Tinto said that it completed divestments totalling US$3.1 billion in 2008, US$3.7 billion in 2009 and US$3.5 billion in 2010.

At the close of trade yesterday, Rio Tinto shares were trading at $71.40.

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