Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 317

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 317
---
 precedent. These loans are interest bearing and are due for repayment on 1 September 2027, though earlier settlement without penalty is permitted. Boyne Smelters Limited (BSL) Following approval from Australia’s Foreign Investment Review Board (FIRB), on 30 September 2024 , we completed the acquisition of Mitsubishi Corporation’s 11.65% interest in BSL, which owns and operates the Boyne Island aluminium smelter in Gladstone Australia. On 1 November 2024 , we also completed the acquisition of Sumitomo Chemical Company Limited’s (SCC) 2.46% interest in BSL, increasing our total interest in BSL to 73.5% . BSL remains accounted for as an investment in associate under the equity method. New Zealand Aluminium Smelters Limited (NZAS) On 1 November 2024 , we acquired SCC’s 20.64% interest in NZAS, which owns and operates the Tiwai Point aluminium smelter in New Zealand. This transaction has been accounted for as a business combination achieved in stages, with our previous 79.36% interest in the NZAS joint operation being remeasured to fair value and forming the majority of the consideration for the acquisition of this subsidiary. The fair value of 100% of NZAS has been calculated as US$ 386 million based on forecast post-tax cash flows consistent with the methodology used for the impairment reversal. The extent of the 30 June 2024 impairment reversal was restricted to US$ 41million , as described in note 4. However, business combination accounting requires us to take into account the full fair value measurement from the revised business outlook incorporating the new 20 -year power arrangements. A gain of US$ 638million (post-tax US$ 467million ) has been recorded within “Gains/(losses) on consolidation and disposal of interests in businesses” in the consolidated income statement, principally due to the net post-tax fair value of our share of the joint operation of US$ 290million , exceeding the carrying value of the previously held interest of US$( 78) million which includes the closure provision. This resulted in an increase to the carrying value of property, plant and equipment of US$ 650million and deferred tax liabilities of US$ 171million . All other carrying value adjustments were proportionate to our increase in equity ownership, and no goodwill was recognised. WCS Rail and Port entities On 15 July 2024, our subsidiary SimFer Jersey Limited’s