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Glencore PLC has tied up its acquisition of 30% stake in Alunorte SA and a 45% interest in Mineracao Rio do Norte SA from Norsk Hydro ASA for a combined $775 million. The Anglo-Swiss miner and commodities trader has said the $775 million equity value is based on an agreed proportionate look-through enterprise value and a net debt of $335 million in the business as at March 31. Oslo-based Norsk Hydro is an aluminium and renewable energy company. Alunorte is an alumina refinery plant that produces alumina from bauxite ore located in Barcarena, Brazil, while Mineracao Rio do Norte is a bauxite miner based in Brazil. Glencore said it had become party to the Alunorte joint venture with Hydro and the other minority shareholders, and become party to the Mineracao Rio do Norte joint venture with South32 Ltd and Rio Tinto PLC. Glencore said it will not be the operator of either asset. ‘Glencore will have offtake rights for life of mine in respect of its pro rata share of the production from both Alunorte and MRN,’ it said. ‘We look forward to working with our new joint venture partners and the respective management teams at these world class assets,’ said Robin Scheiner, head of alumina and aluminium at Glencore. In Johannesburg, the stock was up 0.5% at R 107.98. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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