10 Best Aluminum and Aluminum Mining Stocks To Buy

5. Rio Tinto Group (NYSE:RIO) 

Number of Hedge Fund Holders: 30

Rio Tinto Group (NYSE:RIO) is a global leader in mining and minerals, producing iron ore, aluminum, and copper. Its key clients include companies in the construction, technology, and energy sectors. Rio Tinto Group (NYSE:RIO) is expanding its presence in the aluminum industry with strategic acquisitions.

On November 1, Rio Tinto Group (NYSE:RIO) completed the acquisition of Sumitomo Chemical Company’s 20.64% stake in New Zealand Aluminium Smelters (NZAS), which owns and operates the Tiwai Point aluminum smelter in New Zealand. With this acquisition, Rio Tinto now wholly owns NZAS.

The company is also signing new electricity arrangement agreements with renewable energy companies to produce aluminum competitively. New Zealand’s Aluminium Smelter (NZAS) converts alumina into aluminum using renewable hydroelectricity, which results in one of the lowest carbon footprints for an aluminum smelter in the world.

During the third quarter, Rio Tinto Group (NYSE:RIO) also completed the acquisition of Sumitomo Chemical Company’s 2.46% stake in Boyne Smelters Limited (BSL). This, combined with the recent acquisition of Mitsubishi’s 11.65% stake in BSL, brings Rio Tinto’s interest in BSL to 73.5%.

Rio Tinto Group’s (NYSE:RIO) growing stake in BSL and its acquisition of NZAS demonstrate its commitment to increasing its aluminum production capacity and strengthening its position in the global aluminum market.