- Rio Tinto (RIO -0.1%) has hired UBS to explore a possible listing of its Pacific Aluminum smelting business on the Australian Stock Exchange, Reuters reports.
- Rio has tried to sell the division many times without success, including in 2017 when it added two alumina refineries in Australia to the portfolio to make it more appealing, but instead the move doubled the $1B price tag and hurt buyer interest, according to the report.
- CEO Jean-Sebastien Jacques, who took over the Rio's top job in 2016, is seeking to divest all but the company’s best-performing units.