South32 completes Mozal buy
PERTH (miningweekly.com) – Diversified miner South32 has completed the acquisition of an additional 16.6% shareholding and related rights in Mozal Aluminium from Mitsubishi’s MCA Metal for a final cash consideration of $200-million.
The company last year exercised its pre-emptive rights over the additional shareholding, matching a headline purchase price of $250-million to acquire the interest.
South32 on Wednesday said that the final cash consideration reflected elevated cash and working capital adjustments at acquisition date as the business continues to benefit from strong aluminium prices.
Following completion, South32’s shareholding in Mozal Aluminium will increase to 63.7%, with its equity share of aluminium production now expected to be 281 000 t for F2022 and 370 000 t for 2023.
“Our acquisition of an additional interest in Mozal Aluminium is another major milestone and comes 22 years following the commissioning of the hydro-powered smelter. It further integrates our position along the aluminium value chain with the smelter a major customer of our Worsley Alumina refinery,” South32 CEO Graham Kerr said.
“We are continuing to increase our exposure to metals important to a low carbon future. Following today’s completion and the progress with the Alumar aluminium smelter restart in Brazil using 100% renewable power, we remain on track to grow our annualised equity share of green aluminium production by more than 100% before the end of 2023, taking the group’s total aluminium production next year to 1.23-million tonnes.”
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