South32's Mozal buy delayed

30th March 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH ( – Diversified miner South32 on Wednesday told shareholders that the acquisition of an additional 25% shareholding in Mozal Aluminium, from Mitsubishi’s MCA Metals, has been delayed.

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, taking South32’s ownership of the smelter up to 72.1%.

The company said in a statement that there had been a delay to the expected closing date of the acquisition from MCA Metals, but should the remaining conditions be met, including approvals from the Competition Regulatory Authorities in Mozambique, the acquisition was now expected to complete in mid-2022, rather than the March quarter, as originally planned.

The increased shareholding in Mozal would lift South32’s group-wide annualised equity share of aluminium production by 15%, or 145 000 t,  to 1 138 000 t.