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☆ Alcoa to buy Australian partner Alumina in $2.2 billion all-stock deal
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: +1 min

The Alcoa Corp. Kwinana Alumina Refinery in Kwinana, Australia, on Wednesday, Feb. 28, 2024. U.S. aluminum producer Alcoa made a $2.2 billion offer to acquire its Australian joint-venture partner Alumina Ltd. to consolidate ownership of key upstream assets with long-term demand for the metal forecast to rise. Alcoa will buy Alumina in an all-stock deal that values the Australian firm at $2.2 billion and make the U.S. company one of the world's largest producers of alumina and bauxite. Shares of Alumina rose as much as 10.4% after Alcoa announced the deal on Monday, hitting their highest since August 2023. Buying Alumina gives Alcoa full control of their joint venture, which is one of the world's largest producers of the semi-processed form of aluminum.

Persons: Alcoa Organizations: Alcoa Corp, Alcoa, U.S . Locations: Kwinana, Australia, U.S, China, United States

☆ Australia signs land deal for proposed battery material plant
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

The proposed facility in Western Australia, the country's largest mining state, would be Australia's first to produce nickel-cobalt-manganese precursor cathode active material, used to make components for the lithium-ion batteries common in electric vehicles. IGO acting CEO Matt Dusci said the land deal was a "critical step" to better integrate into the battery supply chain. "We believe the area where Australia can be most competitive is in mid-stream battery chemical processing," Dusci said in a statement. A final investment decision for the project is subject to a feasibility study, due in mid-2024, and finding a project partner with battery chemical processing experience. Western Australia, which holds a majority of the country's critical mineral reserves, is at the forefront of the push to build processing capacity.

SYDNEY, Jan 9 (Reuters) - A venture headed by China's Tianqi Lithium (002466.SZ) made an A$136 million ($94.07 million) bid to buy Australian lithium developer Essential Metals (ESS.AX), in a big test of Australian regulators' appetite for Chinese-led foreign investment. Tianqi Lithium Energy Australia (TLEA), which is 51% owned by Shenzhen- and Hong Kong-listed Tianqi Lithium Corporation and 49% by Australian miner IGO Ltd (IGO.AX), set the bid at 50 Australian cents per share. The deal requires the approval of Australia's Foreign Investment Review Board (FIRB), with Treasurer Jim Chalmers having the ultimate say. Essential Metals' shares surged as much as 40% on Monday, trading as high as 48.50 Australian cents. It expects the Essential Metals deal to be completed by May 2023.

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