Alcoa has moved its proposed acquisition of South32’s bauxite, alumina and aluminium interests forward with a US SEC filing, with the transaction carrying an implied enterprise value of up to USD 5.6 billion.
Alcoa Corporation has filed a Form S-4 registration statement with the US Securities and Exchange Commission (SEC) in connection with its proposed acquisition of South32 Limited’s interests across the bauxite, alumina and aluminium value chain.
Under the transaction agreed on June 30, 2026, Alcoa will pay South32 USD 3.1 billion in upfront cash and about USD 1.0 billion in Alcoa shares, while also assuming around USD 750 million in net debt and lease liabilities. A further USD 750 million in contingent cash consideration could become payable depending on alumina and aluminium prices through 2030.
The transaction has an implied enterprise value of up to USD 5.6 billion. Alcoa will also assume related rehabilitation provisions of approximately USD 1.2 billion.
It will acquire South32’s 86 per cent interest in Worsley Alumina in Western Australia, its 100 per cent interest in Hillside Aluminium in South Africa, a 33 per cent interest in the MRN bauxite mine in Brazil, a 36 per cent interest in the Brazil Alumina refinery and a 40 per cent interest in the Brazil Aluminium smelter.
The MRN transaction remains subject to the exercise of pre-emptive rights held by the mine’s partners.
South32’s Mozal Aluminium operation in Mozambique is excluded from the deal. The smelter remains on care and maintenance, while South32 continues to consider a potential divestment.