Further to the announcement on 27 April 2023, Glencore and Norsk Hydro ASA (“Hydro”) have today closed the transaction to purchase a 30% equity stake in Alunorte S.A. (“Alunorte”) and a 45% equity stake in Mineracão Rio do Norte S.A. (“MRN”).
Glencore has become party to the Alunorte joint venture with Hydro and the other minority shareholders, and become party to the MRN joint venture with South32 and Rio Tinto. Glencore 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.
Robin Scheiner, Head of Alumina and Aluminium, Glencore, commented:
“We look forward to working with our new joint venture partners and the respective management teams at these world class assets.”