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Australia-based mining company South32 has agreed to sell the majority of its aluminium business to U.S. aluminium producer Alcoa in a transaction with an implied enterprise value of up to $5.6 billion, marking a major portfolio reshaping for both companies.
Under the agreement, Alcoa will acquire South32’s interests in several key assets, including the Worsley Alumina operation in Australia, the Hillside Aluminium smelter in South Africa, the MRN bauxite mine in Brazil, the Brazil Alumina refinery, and the Brazil Aluminium smelter.
As part of the acquisition, Alcoa will also assume rehabilitation obligations associated with the assets, valued at approximately $1.2 billion, further expanding its global aluminium and alumina footprint.
South32 said the divestment supports its strategy of creating a simpler, more focused business centered on higher-margin upstream operations. The company believes the streamlined portfolio will reduce operational complexity, improve resilience, and strengthen long-term profitability.
Incoming Chief Executive Officer Matthew Daley, who officially took over the role on July 1, said the transaction would enable South32 to adopt a leaner and lower-cost operating model.
According to Daley, the company expects the restructuring to deliver approximately $125 million in annual overhead cost savings as new support structures are introduced across the business.
The transaction is expected to close during the second half of 2027, subject to customary regulatory approvals and other closing conditions.
In a separate announcement, Alcoa said the acquisition is projected to generate around $900 million in net present value through operational synergies. The company expects to unlock these benefits by optimizing production and integrating complementary aluminium, alumina, and bauxite assets across its global operations.
The acquisition strengthens Alcoa’s position in the global aluminium market while allowing South32 to sharpen its focus on a simplified, higher-margin mining portfolio designed to deliver sustainable shareholder value.
