Recent news indicates that global mining giant Rio Tinto Group is seeking to divest its boron-producing assets in the United States. Sources familiar with the matter revealed that Rio Tinto expects to initiate the sale process of its California assets within the next two weeks, with the buyer likely to be a private equity firm or a chemical company. Rio Tinto's boron business includes the Boron mine and processing facilities in California's Mojave Desert, refining and shipping facilities at the Port of Los Angeles, and mining operations at Lake Owens near the Sierra Nevada Mountains. Rio Tinto's website claims that its California operations meet approximately 30% of global boron demand. Boron has wide applications in industry, including fertilizers, glass and ceramics manufacturing, fiberglass insulation materials, and strengthening metal alloys. Boron is also a key material for stabilizing rare-earth permanent magnets, which are widely used in motors, generators, and electronic devices. According to the U.S. Geological Survey (USGS), the United States and Turkey are the world's largest boron producers, with all U.S. production concentrated in California. Earlier this month, the USGS added boron to its latest list of critical minerals. Rio Tinto, headquartered in London, UK, is an integrated mineral resource exploration, mining, and processing company. Its main products include iron ore, aluminum, copper, diamonds, borax, titanium dioxide, lithium, and industrial salt. Currently, almost all of Rio Tinto's revenue comes from iron ore, copper, and aluminum. Iron ore is Rio Tinto's largest business, with resources primarily sourced from the Pilbara region of Western Australia and Canada. Since taking office as new CEO Simon Trott, Rio Tinto is seeking to streamline its massive business structure. Since assuming the role three months ago, Trott has restructured the company into three main divisions—iron ore, aluminum and lithium, and copper—and ordered a review of the minerals division, including its borate business. His task is to cut costs and focus on high-quality assets as several large growth projects come online. A source familiar with the matter indicated that Rio Tinto's boron assets could be sold for as much as $2 billion, with UBS and JPMorgan Chase advising on the sale.