Glencore announced that it has closed the transaction to purchase a 30% equity stake in Alunorte S.A. and a 45% equity stake in Mineracão Rio do Norte S.A. (MRN) from Norsk Hydro ASA. Essentially Glencore has become party to the Alunorte joint venture with Hydro and other minority shareholders, and party to the MRN joint venture with South32 and Rio Tinto.
Glencore will not be the operator of either asset, but it will have offtake rights for life of mine in respect of its pro rata share of the production from both Alunorte and MRN.
“We look forward to working with our new joint venture partners and the respective management teams at these world class assets,” said Robin Scheiner, head of alumina and aluminum for Glencore.
