HIG swoops for Rio Tinto alumina

HIG European Capital Partners has offered to buy three French alumina plants from mining group Rio Tinto, Olivier Boyadjian, managing director of the private equity firm's French unit said. Boyadjian did not provide financial details of the deal. Rio Tinto is selling the three plants – located in Gardanne, La Bathie and Beyrede in southern France – as part of a worldwide plan to scale back its activities in aluminium. Rio Tinto, the world’s third-largest diversified miner, signalled the retreat last October when it unveiled plans to sell 13 assets, only four years after buying aluminium giant Alcan.