South32 Mining Company Acquires 33% of MRN for Bauxite Exploration in Pará

Written by Ruth Rodrigues

Published on 05/05/2022 at 12:30

Foto: Divulgação/South32

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With A Huge Presence In The Bauxite Exploration Sector In Pará Municipalities, MRN Is A Reference In Brazilian Mining And Now Australian South32 Holds 33% Of The Company Following A Transaction With Alcoa

The Australian company South32 announced last Tuesday (05/03) the acquisition of a new stake that made up the 33% of Mineração Rio do Norte (MRN). This was achieved through a transaction between the Australian company and Alcoa, which held the rights to this stake in the mining company. Now, South32 will be able to invest in bauxite exploration within the municipalities of Oriximiná and Terra Santa in Pará, which are the main focus of MRN’s portfolio in mining within the national territory.

Today we announced the completion of our acquisition of an additional 18.2% interest in the MRN bauxite mine in northern #Brazil, taking our ownership to 33% and securing the bauxite requirements for our integrated aluminium supply chain in Brazil. More: https://t.co/0buRvguqS3 pic.twitter.com/vJ3a4QCtmI

— South32 (@South_32) May 2, 2022

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South32 Completes Transaction With Alcoa And Gains 33% Stake In MRN, Focusing On Bauxite Exploration Within Mining Operations In The State Of Pará

MRN is one of the largest mining consortiums in Brazil and has a vast bauxite production, with operations spanning the municipalities of Oriximiná and Terra Santa in Pará. Now, the company has a 33% stake in its operations in the hands of Australian South32, which teamed up with Alcoa to carry out the transaction and acquire an additional 18.2% of the company, adding to the 14.2% already held by the firm.

Following the completed transaction between South32 and Alcoa for the acquisition of the MRN stake, South32 becomes the second-largest shareholder of MRN, as the Australian mining company previously held 14.8% and now totals 33%. Although the value was not disclosed between the parties, Alcoa held a significant share in MRN’s bauxite exploration, and the Australian company will now benefit from this entire portfolio.

Being the largest company in the bauxite exploration and production sector in the country, MRN has an installed capacity of 18 million tons per year and, according to the company, the current production is 12 million tons annually. Now, following the finalization of the transaction between South32 and Alcoa, MRN is divided among Vale, with 40%, South32 (33%), Rio Tinto (12%), Brazilian CBA (10%), and Norwegian Hydro (5%).

Australian Company Celebrates Acquisition Of A New Stake In MRN And States It Will Continue Investing In Bauxite Exploration To Support Operations In Pará

South32 has been seeking an even greater presence in mining and steel production in Brazil and looks to expand its aluminum production. Thus, for greater supply of its productive chain, the company stated that the purchase of MRN ensures an even larger bauxite supply and that, over the next few years, it will continue to expand investments in mineral exploration to achieve an even higher supply for its operations.

In this way, Graham Kerr, CEO of South32, commented on the acquisition of the MRN stake and on bauxite exploration in Brazil, stating that “We are pleased to complete the acquisition of additional interest in Mineração Rio do Norte, securing greater access to bauxite for our integrated aluminum supply chain. This acquisition, integrated into the aluminum supply chain, will help drive local investment and increase local aluminum supply.” Finally, South32 stated that MRN’s production goes to Alumar’s refinery, which has an annual capacity of 3.5 million tons, as a way to ensure the supply for production. Additionally, the company emphasized its commitment to the Brazilian market and that this is just another step taken in the national market.

South32 Mining Company Acquires 33% of MRN for Bauxite Exploration in Pará

With A Huge Presence In The Bauxite Exploration Sector In Pará Municipalities, MRN Is A Reference In Brazilian Mining And Now Australian South32 Holds 33% Of The Company Following A Transaction With Alcoa

South32 Completes Transaction With Alcoa And Gains 33% Stake In MRN, Focusing On Bauxite Exploration Within Mining Operations In The State Of Pará

Australian Company Celebrates Acquisition Of A New Stake In MRN And States It Will Continue Investing In Bauxite Exploration To Support Operations In Pará

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South32 Mining Company Acquires 33% of MRN for Bauxite Exploration in Pará

With A Huge Presence In The Bauxite Exploration Sector In Pará Municipalities, MRN Is A Reference In Brazilian Mining And Now Australian South32 Holds 33% Of The Company Following A Transaction With Alcoa

South32 Completes Transaction With Alcoa And Gains 33% Stake In MRN, Focusing On Bauxite Exploration Within Mining Operations In The State Of Pará

Australian Company Celebrates Acquisition Of A New Stake In MRN And States It Will Continue Investing In Bauxite Exploration To Support Operations In Pará

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