Australian metals miner South32 announced this week that it has purchased an additional 16.6 percent of Mozal Aluminium from MCA Metals Holding GmbH for about US$200 million.
Per the firm, South32’s ownership of Mozal Aluminium now totals 63.7 percent, giving it an equity share of production of 281 thousand metric tons for the current fiscal year and 370 thousand metric tons for the following fiscal year.
South32 Chief Executive Officer Graham Kerr said in a related press release that the share purchase was momentous for his firm.
“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.”
“We are continuing to increase our exposure to metals important to a low carbon future,” he continued. “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 FY23, taking the Group’s total aluminium production next year to 1,230kt.”
Based in Perth, Western Australia, South32 began in 2015 as a spin-off of BHP Billiton. The firm operates mines in Australia, South America, and South Africa, and markets bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal, and manganese.