GRAPHIC: Record high aluminum prices likely to spur destocking
Record aluminum prices in the United States and Europe will be sustained by Russia's mining tax for some months, but attempts to push prices even higher are likely to face headwinds.
Rio Tinto (ASX:RIO) is reportedly selling its Pacific Aluminum business - a group of smelters in Australia and New Zealand - in a deal potentially valued at $1 billion.
BHP Billiton shareholders have overwhelmingly voted in favour of the South32 demerger, a spin off that creates Australia’s third-largest mining company.
They'll hand back more than 175,000 hectares of prime conservation land they have held since 1971 to West Australia, ditching plans to build a bauxite mine and an alumina refinery in the area.
There are a number of challenges South32 is likely to face, including potential Black Economic Empowerment ownership concessions and power price hikes.