South32 successfully acquires additional shareholdings in Mozal Aluminium

On 1^st June 2022, the globally renowned diversified mining and metals company, South32 Limited announced that it has completed the acquisition of an additional 16.6% shareholding and related rights in Maputo, Mozambique based Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi).

The final cash consideration of US$2002 million illustrates elevated cash and working capital adjustments at the acquisition date as the business pursues to benefit from strong aluminium prices. Following accomplishment, South32’s stakeholding in Mozal Aluminium will augment to 63.7%, with its equity share of aluminium production now anticipated to be 281kt for FY22e and 370kt for FY23e.

Graham Kerr, the CEO of South32 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 power3, 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."