Emirates Global Aluminium sees profit soar ahead of possible IPO
Aluminum has climbed as major economies recover from the pandemic. Futures in London are up almost 35% in 2021 to $2,650 a tonne, the highest in around a decade.
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.