The Middle East’s biggest producer of aluminum may sell shares to the public as soon as the third quarter of 2023.

Jeff Currie sees parallels with the record run-up in commodities prices from 2007 to 2008.

The metal will probably average $3,125 a ton this year in London, analysts said.

The LME global warehouse network held 654,345 tonnes of metal at the end of December, less than half the tonnage registered at the close of 2021.

Alcoa has reverted to using gas to fuel the powerhouse boilers at its partially owned Kwinana and Pinjarra alumina refineries.

Maaden owns 75% and Alcoa holds 25% of the massive aluminum complex in Saudi Arabia.

Government proposed to make the country's biggest polluters slash emissions by 30% over the next seven years.

Alcoa's Kwinana refinery has resorted to using diesel instead of gas for some of its operations.