Australia-based mining company South32 have announced that they have exercised their pre-emptive rights to acquire an additional 25% shareholding in Mozal Aluminium from MCA Metals Holding GmbH (Mitsubishi) in a public notice released on Thursday September 30.
Mozal Aluminium, a primary aluminium smelter located in Mozambique, is currently joint owned by South32 (47.1%), Mitsubishi (25%), the IDC (24%) and the Government of the Republic of Mozambique (3.9%).
The acquisition would take South32's share in the smelter to 72.1%.
The announcement comes as aluminium prices and premiums across the globe remain at multi-year highs.
The...