Rio Tinto Limited (ASX: RIO) shares have pushed higher in 2022 and are now trading more than 16% in the green at $116.56 at the time of writing. That includes a 0.79% gain today.
However, reports say the miner is now embroiled in a Federal Court battle in Australia with the world's second-largest aluminium producer, Rusal.
In wider market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is flat today but is up by more than 10% year to date.
Image source: Getty Images
Rio to face lawsuit over aluminium decision
The Rio Tinto share price is climbing today amid a report by Reuters that Russian aluminium giant Rusal has filed a lawsuit against Rio to regain control of its 20% stake in Queensland Alumina Ltd.
Following its decision to sever ties with Russian businesses, Rio – the already 80% owner – took full control of the aluminium refinery in April.
Rusal has swiped back via its Australian subsidiary in an Australian Federal Court, arguing that Rio's decision was a breach of obligations, Reuters reports.
It asked the Federal Court to restore its rights of ownership at Queensland Aluminium, seeking confirmation of no further sanctions in the process.
Australia had banned the export of alumina and bauxite to Russia back in March, in keeping with international sanctions on the country. A Federal Court decision awaits.
Meanwhile, the price of aluminium has just bounced from a key support level after sliding heavily from its 52-week highs.
It now trades at US$2,789 per tonne, well off a peak of US$3,849 in March, but still well above its mark heading into the pandemic.
Rio Tinto share price snapshot
After bouncing off lows of $102 in March, Rio Tinto shares are now fetching $116.56 apiece on Tuesday afternoon.
In the last 12 months, the Rio Tinto share price has clipped a 7% loss, despite climbing 16% this year to date.
