US mining giant Alcoa has bought South32’s bauxite and aluminium assets for more than $8 billion, in a deal announced today to the stock market.
The company will acquire South32’s interests in bauxite mine, alumina refinery and aluminium smelter operations in a cash and stock transaction.
Alcoa president William Oplinger said the deal would strengthen Alcoa’s mine-to-metal platform.
“This is exactly the type of opportunity Alcoa is built to execute,” he said.
Under the agreement, Alcoa will acquire South32’s interests in the Boddington bauxite mine and the Worsley alumina refinery in WA. They will also acquire assets in South Africa and Brazil.
South32 announced the deal on the day that Matthew Daley takes over as chief executive and managing director of the company.
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