(Corrects to remove the word "smelter" in paragraph 1)Sept 30 (Reuters) - Australian diversified miner South32 Ltd said on Thursday it exercised its right to buy anadditional 25% stake in Mozambique-based Mozal Aluminium, a movethat will increase its annual aluminium output by 15%.South32 bought the additional stake in the aluminium smelterfor $250 million from Mitsubishi Corp Metals Holding, raisingits holding in the smelter to just over 72%.Mozal Aluminium also counts South Africa's IndustrialDevelopment Corp and the Mozambique government as itsshareholders.
"The smelter benefits from access to hydroelectric power andkey export markets into Europe," South32 Chief Executive OfficerGraham Kerr said, adding the company made the stake acquisitionin cash.
(Reporting by Sameer Manekar in Bengaluru; Editing by ShinjiniGanguli)
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