Comalco Moves To 38.6% Stake In QAL.Business Editors LONDON--(BUSINESS WIRE)--June 18, 2001 Rio Tinto (NYSE NYSE See: New York Stock Exchange : RTP (1) (Rapid Transport Protocol) The protocol used in IBM's High Performance Routing (HPR) system. (2) (Realtime Transport Protocol) An IP protocol that supports real time transmission of voice and video. ). Comalco, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Rio Tinto, today announced that it had signed an agreement with Kaiser Aluminum to purchase an additional 8.3% equity in the Queensland Alumina Limited Queensland Alumina Limited is the one of the largest alumina refineries by alumina production capacity in the world, located in Gladstone, Australia. Operating since 1967, the refinery has a capacity to produce 3.95 million tonnes of alumina a year. (QAL QAL Queensland Alumina Limited (QLD, Australia) QAL Quality Assurance Laboratory QAL Quality Assurance Level QAL Queensland Airlines (Australia) QAL Quality Assurance Liaison QAL Quick Adopt Link ) refinery at Gladstone. The transaction is subject to certain approvals, including the Foreign Investment Review Board. The total value of the transaction amounts to approximately US$189 million, consisting of approximately US$159 million in cash plus Comalco's assumption of approximately US$30 million of off-balance sheet QAL indebtedness currently guaranteed by Kaiser. The transaction will increase Comalco's interest in QAL from 30.3% to 38.6%. Comalco's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Sam Walsh, said the transaction was a continuing demonstration of Comalco's strong commitment to the Gladstone region. "Queensland Alumina Limited, one of the largest and lowest-cost alumina refineries in the world, is regarded by Comalco as a core asset," he said. "Comalco has been a major shareholder in QAL since its inception and we are very pleased to increase our participation in the Gladstone region's aluminium industry." Following completion of the transaction in the third quarter of 2001, the new ownership structure of QAL will become:
Comalco 38.6%
Alcan 21.4%
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Kaiser 20.0%
Pechiney 20.0%
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