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Investing.com -- Rio Tinto Group is planning to sell its US boron assets, which could be valued at up to $2 billion, according to a Bloomberg report on Wednesday.
The Anglo-Australian mining giant is expected to begin the sales process for its California operations within the next two weeks. Potential buyers are likely to include private equity firms or chemical producers.
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The assets for sale include a mine and processing operations located in the Mojave Desert town of Boron, a refinery and shipping facility at the Los Angeles port, and the Owens Lake mining operation near Sierra Nevada.
According to Rio Tinto’s website, these California operations supply approximately 30% of global demand for boron, a critical mineral used in various applications including fertilizers and glass manufacturing.
UBS Group AG and JPMorgan Chase & Co. are serving as advisors to Rio Tinto for the transaction.