15 OCTOBER 2026
The agreement to sell South32’s aluminium value chain assets to Alcoa Corporation has been approved by South32 shareholders at our 2026 Annual General Meeting.
The transaction, worth up to US$5.6 billion, will further strengthen our balance sheet and reposition South32 as a leading upstream base metals company with transformational growth.
“We welcome the decision by shareholders to approve the sale of our aluminium value chain assets,” said Matt Daley, South32 Chief Executive Officer.
“This represents a major milestone in the Transaction, which we expect will complete in the first half of 2027, subject to regulatory approvals.”
Alcoa will acquire South32’s interests in Worsley Alumina (86%), Hillside Aluminium (100%), MRN bauxite mine (33%) (subject to exercise of pre-emptive rights held by MRN’s partners), Brazil Alumina refinery (36%) and Brazil Aluminium smelter (40%), under the Transaction.
“Once complete, our simpler, more streamlined portfolio will be focused on long-life, high-margin copper, zinc, silver and lead operations, along with our position as a large producer of manganese,” said Matt.