Calculate Embedded Emissions for Unwrought Aluminium (HS7601)

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Payable emissions (tCO₂e/t)

Total CBAM Cost (€)

Notes:
There may be a difference when calculating the price with respect to import volume, carbon price, and benchmark emissions, as the embedded formula may result in minor variations due to decimal rounding. Therefore, the actual value may vary.

CBAM is applicable to trade volumes starting from 50 metric tonnes. For trade volumes below 50 metric tonnes, CBAM does not apply.

Usage Procedure – How to use the CBAM Calculator Sheet

Enter or update values only in the INPUT
PARAMETERS section (Highlighted in blue) , including
the carbon price, benchmark emissions, CBAM
chargeable percentage (as per the phase-in year),
and imported quantity.

The system will automatically calculate the payable
emissions and the total CBAM cost (€) based on the
inputs provided.

Notes:
• Change any input value to automatically update CBAM cost.
• Formula used: Carbon price × payable emissions × quantity.
• Model aligned with CBAM supplier-side illustrative methodology.

07 JULY 2026 AL CIRCLE

Moody's reviews South32 for possible downgrade after aluminium asset sale

EDITED BY : STAFF EDITOR 2MINS READ

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Moody's has placed South32's credit ratings under review for a possible downgrade after the miner agreed to sell most of its aluminium, alumina and bauxite assets to Alcoa in a transaction valued at up to USD 5.6 billion.

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The ratings agency said the proposed divestment would significantly reduce South32's operational scale, commodity diversification and geographic footprint, increasing concentration risk within the company's portfolio.

Under the agreement, South32 will sell most of its aluminium assets, including aluminium smelters, alumina refineries and bauxite mines, such as the Hillside Aluminium smelter in South Africa. Following the transaction, the company's only remaining aluminium-related asset will be the Mozal Aluminium smelter in Mozambique, which entered care and maintenance in March after failing to secure affordable power.

Explore: The most comprehensive and forward-looking industry-focused report – Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook

According to Moody's, the assets being sold contributed an average of 37 per cent of South32's underlying earnings over the five financial years ending 2025. In the year ended June 2025, alumina accounted for 51 per cent of the company's USD 2.1 billion underlying earnings before interest, tax, depreciation and amortisation (EBITDA), while aluminium contributed a further 9 per cent.

The transaction also coincides with a leadership transition at South32, with Matt Daley succeeding Graham Kerr as Chief Executive Officer after nearly 12 years. Daley has indicated the company will focus on expanding its copper and zinc portfolio, citing strong long-term demand driven by data centres, electric vehicles and other low-emission technologies.

South32 shares initially declined following Moody's announcement but recovered some losses by the close of trading. The company's shares had previously gained more than 11 per cent when the Alcoa transaction was announced.

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