JOHANNESBURG (miningweekly.com) – Diversified miner Rio Tinto has completed the $349-million sale of its Alcan Composites business to Swiss textile and semiconductor machinery manufacturer Schweiter Technologies, it reported on Tuesday.

Alcan Composites formed part of Rio Tinto’s Alcan Engineered Products division, which the diversified miner bought for $38-billion in October 2007.

However, the group has since sold some of the division’s assets in line with its overall divestment strategy to preserve cash flows and reduce debt levels as a result of the global economic crisis.

Since February 2008, Rio Tinto has announced asset sales of $8,3-billion, including Alcan Composites, Ningxia, Potasio Rio Colorado, Corumbá, Jacobs Ranch, Alcan Packaging Food Americas, Maules Creek and the Cloud Peak IPO.

However, it announced on Tuesday that its proposed sale of a 56% stake in the Alcan Engineered Products Cable division, as announced in September, had been terminated in line with the terms of the sale agreement.

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