CANBERA (dpa-AFX) - South32 Ltd. (SOUHY, S32.AX), a mining and metals company, on Thursday reported that shareholders had backed the proposed sale of its aluminium value chain assets to Alcoa Corp. (AA).
The proposed sale is valued at up to $5.6 billion, based on proxy voting results.
The transaction is expected to be completed in the second half of fiscal year 2027.
The company said 99.18% of votes cast by validly appointed proxies supported the proposed disposal.
The transaction covers its interests in Worsley Alumina, Hillside Aluminium, the MRN bauxite mine, the Brazil Alumina refinery and the Brazil Aluminium smelter.
CEO Matt Daley said the sale would reposition the company as a base metals-focused company and provide greater financial flexibility to invest in growth and deliver shareholder returns.
The company reported that underlying EBITDA increased 28% to $2.5 billion in fiscal year 2026. Underlying earnings rose 55% to $1 billion, while net cash stood at $283 million.
On Wednesday, South32 closed trading 5.70% lesser AUD 4.4700 on the Australian Securities Exchange.
Alcoa Corp closed trading 3.40% lesser at $40.08 on the New York Stock Exchange. In the overnight, the stock further traded 0.95% lesser at $39.70.
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