Just five months after announcing its intention to acquire Alumina Limited, Alcoa has now officially taken the reins.
Alcoa president and chief executive officer William F. Oplinger welcomed the closure of the $2.8 billion deal, which will increase Alcoa’s ownership of core, Tier 1 assets.
“Alcoa is proud to announce the completion of our first major acquisition,” Oplinger said.
“The acquisition of Alumina Limited strengthens Alcoa’s position as one of the world’s largest bauxite and alumina producers and is expected to result in long-term value creation from greater financial and operational flexibility.
“I want to thank both the Alcoa and Alumina Limited teams, and our advisors, for full cooperation and diligence in closing this transformational transaction on a very tight schedule.”
With Alcoa’s acquisition of Alumina, the Alcoa World Alumina and Chemicals (AWAC) joint venture is now fully owned and controlled by Alcoa.
Alcoa previously held a 60 percent ownership interest in AWAC, which consists of a number of affiliated entities that own, operate or have an interest in bauxite mines and alumina refineries in Australia, Brazil, Spain, Saudi Arabia and Guinea.
AWAC also has a 55 per cent interest in the Portland aluminium smelter in Victoria, Australia.
Looking to the Alcoa’s Western Australian assets, the company reaffirmed its commitment to growing the sector.
“Alcoa operations in Western Australia are a key component of the company’s portfolio, and this acquisition deepens that commitment,” the company said.
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