South32 Buys Up to 25% Stake in Mozambique Smelter From MCA Metals
2021年9月30日 - 8:29AM
Dow Jones News
By Stuart Condie
SYDNEY--Diversified miner South32 Ltd. will increase its stake
in Mozambique's Mozal Aluminium smelter with the purchase of an
additional 25% stake from Mitsubishi Corp.'s MCA Metals Holding
GmbH.
The Australia-based miner said it would match a headline
purchase price of US$250 million to acquire MCA's interest, taking
its stake to 72%. The move will increase its group-wide annualized
equity share of aluminum production by 15% to 1.14 million metric
tons.
South32 said its stake would rise to just 64% if the Industrial
Development Corporation of South Africa exercises its entire
pre-emptive rights based on its 24% holding in the project.
South32 will fund the acquisition from cash in hand. Its net
cash balance at the end of August was US$553 million.
South32 said the transaction was priced at an acquisition Ebitda
multiple of 3.6 times on a fiscal 2021 basis.
"We are pleased to be able to increase our shareholding on value
accretive terms, with a transaction that we expect will deliver a
strong return for our shareholders," Chief Executive Graham Kerr
said.
Mr. Kerr said South32 was also investigating a restart of the
smelter at Alumar in Brazil using renewable energy.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 29, 2021 19:14 ET (23:14 GMT)
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