South32 Limited (South32) is pleased to announce that today we successfully completed the acquisition of an additional 16.6% shareholding and related rights in Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi)1.
The final cash consideration of ~US$2002 million reflects elevated cash and working capital adjustments at acquisition date as the business continues to benefit from strong aluminium prices. Following completion, our shareholding in Mozal Aluminium will increase to 63.7%, with our equity share of aluminium production now expected to be 281kt for FY22e and 370kt for FY23e.
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South32 Chief Executive Officer, Graham Kerr said: “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. Following today’s completion and the progress with the Alumar aluminium smelter restart in Brazil using 100% renewable power 3 , 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.”