The latest news shows that global mining giant Rio Tinto Group is looking to divest its assets producing boron in the United States.

Rio Tinto is expected to launch the sale process of its California assets within the next two weeks, and the buyer is likely to be a private equity firm or a chemical company, people familiar with the matter said.

Rio Tinto's boron operations include the Boron mine and processing facility in California's Mojave Desert, a refining and transportation facility at the Port of Los Angeles, and the Owens Lake mining operation near the Sierra Nevada Mountains.

Rio Tinto’s official website data claims that its California operations meet about 30% of the world’s boron demand.

Boron is used in a wide range of industrial applications, including fertilizers, glass and ceramic manufacturing, fiberglass insulation, and to strengthen metal alloys. Boron is also a key material in stabilizing permanent rare earth magnets, which are widely used in motors, generators and electronic equipment.

According to the United States Geological Survey (USGS), the United States and Türkiye are the world's largest boron producers, with all U.S. production concentrated in California. Earlier this month, the USGS added boron to the latest version of its list of critical minerals.

Rio Tinto is headquartered in London, England, integrating mineral resource exploration, mining and processing. Its main products include iron ore, aluminum, copper, diamonds, borax, titanium dioxide, lithium, industrial salt and other mineral raw materials.

Currently, Rio Tinto generates almost all of its revenue from iron ore, copper and aluminum. Among them, iron ore is Rio Tinto's largest business, and its resources currently mainly come from the Pilbara of Western Australia and Canada.

Rio Tinto is seeking to streamline its massive business structure under new chief executive Simon Trott.

Since taking over three months ago, Joad has reorganized the company into three divisions - iron ore, aluminum lithium and copper - and ordered a review of the minerals unit, which includes the borate business. He will be tasked with cutting costs and focusing on quality assets as several large growth projects come online.

Rio Tinto's boron assets could sell for as much as $2 billion, a person familiar with the matter said, and UBS Group AG and JPMorgan Chase & Co. are advising Rio Tinto on the sale.

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