Rio Tinto (LON: RIO) has attracted interest from more than a dozen potential bidders for its U.S. boron assets in California, which could fetch around $2 billion, according to Bloomberg.
WE Soda, Magris Resources and U.S. Silica Holdings are among the firms interested in acquiring the assets, Bloomberg reported, citing people familiar with the matter who asked not to be named.
Binding offers are expected to be submitted by June, according to one of the people.
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Rio Tinto’s California boron operations include a mine and processing facilities in the Mojave Desert town of Boron, a refinery and shipping facility at the Port of Los Angeles, and an Owens Lake mining operation near the Sierra Nevada mountains.
The assets meet approximately a third of global refined boron demand, according to the company.
Boron has a wide range of industrial and high-tech applications, including fertilizers, heat-resistant glass, renewable energy materials and the stabilization of permanent rare-earth magnets used in motors and electronics. The U.S. Geological Survey added boron to its critical minerals list in November.
The sale process aligns with the Trump administration’s push to boost domestic production of minerals deemed strategically important, Bloomberg reported. It also forms part of a broader streamlining effort under new Chief Executive Simon Trott.
Rio Tinto shares gained around 1.3% on Friday, with the stock up approximately 22.5% for the year-to-date.
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