Glencore has signed an agreement with Norsk Hydro to acquire Hydro's 30% stake in Brazil's Alunorte alumina refinery and a 5% stake in Brazilian bauxite producer Mineracão Rio do Norte (MRN).
Glencore will also acquire an additional 40% stake in MRN, which is currently owned by Vale. After the acquisition, Hydro will no longer take ownership of MRN.
Once the transaction is completed, the bauxite agreement between Vale and Hydro will be terminated, and Glencore will continue to supply around 30% of Alunorte alumina refinery’s long-term bauxite needs from MRN.
The two transactions are subject to customary regulatory approvals, and both transactions were expected to close in the second half of this year.
Glencore to acquire stakes in Alunorte & MRN
28 Apr 2023 16:08 reported by Joy Liu
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