South32 exercises its pre-emptive rights in Mozambique’s leading aluminum smelter

Mining and metals company South32 has announced it is exercising its pre-emptive rights to acquire Mitsubishi’s 25% shareholding in Mozal Aluminium, Mozambique’s largest industrial employer. Mitsubishi currently holds the 25% via MCA Metals Holding GmbH with the rest of the shares owned by South32 (47.1%), the Industrial Development Corporation (IDC) of South Africa (24%) and the Government of Mozambique (3.9%).

Depending on whether the IDC also exercises its pre-emptive rights, South32’s shareholding could increase to either 72.1% or 63.7%, giving it’s a majority shareholding in the asset.

The $250m transaction represents a strategic move for South32 as it integrates with the alumina it produces from its Worlsey Alumina refinery in Australia.

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