Equity stake – Glencore has agreed to purchase a 30% stake in Alunorte and a 45% stake in Mineracão Rio do Norte from Norsk Hydro for an equity value of $775 million. The transaction is expected to be completed in the second half of 2023 and is subject to regulatory approvals. Glencore will become a party to the Alunorte and MRN joint ventures with Hydro and other existing shareholders, but will not operate either asset. Alunorte is the world’s largest alumina refinery outside of China, located in Brazil. MRN is an open case bauxite mine located in Brazil. Bauxite is the main ore of aluminium and Alunorte is one of the biggest customers for MRN’s bauxite.
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