Rio Tinto is looking to sell its U.S. boron operations as part of efforts to streamline its portfolio, according to a Bloomberg News report, citing people familiar with the matter.
The Australian miner is expected to launch a formal sales process within the next two weeks for all of its boron assets, which include a mine and processing complex in the Mojave Desert and a refinery and shipping facility at the Port of Los Angeles.
The assets could fetch as much as US$2 billion, with private equity or chemical players as the likely bidders.
The assets meet about 30 per cent of the global demand for boron.
Rio Tinto has been on a reorganisation drive under its new CEO, Simon Trott. Since taking over three months ago, Trott has reorganised the group into three divisions and ordered a review of the minerals unit.
Rio Tinto currently makes the majority of its earnings from iron ore, copper and aluminium.
The U.S. recently included boron on its latest critical minerals list, citing its key role in national security-related products.
Boron is used in a variety of industrial applications, including fertiliser, glass and fibreglass insulation.
