Glencore Becomes Partner of Alunorte and Acquires Stakes in Vale and Hydro at MRN

Written by Bruno Teles

Published on 28/04/2023 at 13:50

Foto: Glencore

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In an announcement made on Thursday (27), Glencore announced that it negotiated the purchase of 45% of Mineracao Rio do Norte (MRN), the largest bauxite producer and exporter in Brazil.

The Swiss company acquired stakes of 40% from Vale and 5% from Norsk Hydro, in two separate transactions. With the acquisition, Glencore becomes a partner of the Alunorte refinery in Pará, controlled by Hydro, which produces alumina from bauxite supplied mainly by MRN. As a result, the Swiss miner and trading company becomes the main shareholder of MRN, in a group that includes South32 (33%), Rio Tinto (12%), and CBA (10%).

The amount paid for the assets is expected to be US$ 700 million, when the transactions are completed.

The acquisition of the equity stake in Alunorte and MRN will give Glencore the opportunity for exposure to lower-carbon alumina and bauxite, increasing its ability to supply this critical material for the ongoing energy transition to its customers, said Robin Scheiner, Head of Alumina and Aluminum at Glencore.

Vale, which originally held 40% of MRN, will sell its rights to Ananke Alumina, a Hydro affiliate, while the 5% of Norsk Hydro in MRN will also be sold to Glencore.

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The deal is subject to regulatory approval.

“The divestment of the bauxite producer marks the completion of our main divestment program, which involved the sale of more than 10 non-core assets across several continents since 2019. Through this program, Vale has been able to streamline and reduce its business risk exposure, resulting in the elimination of expenses of up to US$ 2 billion per year,” stated the Brazilian miner.

Hydro, for its part, described the transaction as an important step for the continued development of Alunorte’s business.

“Alunorte remains a key strategic asset for Hydro and is an important source of low-carbon alumina supply for our primary aluminum smelters,” highlighted Hilde Merete Aasheim, the company’s CEO.

Considered the largest alumina refinery outside of China, Alunorte has an annual nominal capacity of 6.3 million tons of alumina.

The company produces raw material for Hydro’s aluminum operations worldwide. This strategic move by the mining companies is part of a restructuring of their portfolios. The potential to reduce costs and increase sector competitiveness are key points in the transaction between the companies.

It is important to highlight that this transaction is subject to more detailed review by regulatory authorities to ensure that the operation does not violate rules that protect competition.

Glencore, in turn, expanded its business and will now have a greater market share in bauxite and alumina, essential products for aluminum manufacturing, a sector expected to grow and be increasingly demanded by industry, especially due to environmental concerns and sustainability.

Glencore Becomes Partner of Alunorte and Acquires Stakes in Vale and Hydro at MRN

In an announcement made on Thursday (27), Glencore announced that it negotiated the purchase of 45% of Mineracao Rio do Norte (MRN), the largest bauxite producer and exporter in Brazil.

The amount paid for the assets is expected to be US$ 700 million, when the transactions are completed.

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The deal is subject to regulatory approval.

Considered the largest alumina refinery outside of China, Alunorte has an annual nominal capacity of 6.3 million tons of alumina.

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Glencore Becomes Partner of Alunorte and Acquires Stakes in Vale and Hydro at MRN

In an announcement made on Thursday (27), Glencore announced that it negotiated the purchase of 45% of Mineracao Rio do Norte (MRN), the largest bauxite producer and exporter in Brazil.

The amount paid for the assets is expected to be US$ 700 million, when the transactions are completed.

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The deal is subject to regulatory approval.

Considered the largest alumina refinery outside of China, Alunorte has an annual nominal capacity of 6.3 million tons of alumina.

At just 14 years old, a boy creates a system without energy, using steel pipes buried in the ground, that irrigates seedlings with moisture from the air, to combat the water scarcity threatening reforestation in northern China.

Where there was only sand and wind at 40 degrees, China built a megacity of 500,000 inhabitants with farms, wineries, and universities in the middle of the desert using melted glacier water from hundreds of kilometers away.

At over 8,800 meters above sea level, the summit of Mount Everest is made up of rocks that originated at the bottom of an ocean about 500 million years ago and were pushed to the highest point on Earth by the collision of tectonic plates.

A couple builds a system to bring water from the spring to their land, climbs a hill with materials on their backs, and creates a simple, cheap, and sustainable solution to ensure their own water supply.

The end of total solar eclipses has a deadline: the Moon is moving away from the Earth at about 3.8 cm per year, and in approximately 600 million years, it will no longer completely cover the Sun, ending one of the rarest coincidences in the Solar System.

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