Reuters
UPDATE 1-Marubeni to double stake in Canadian aluminium smelter
Edited by : AL CIRCLE
1 min read
Marubeni Corp said on Tuesday it would spend about $180 million to double its stake in Aluminerie Alouette, North America's biggest aluminium smelter, to 13.33 percent to tap growing demand in emerging economies.
Japan's fifth-biggest trading house said it will buy additional shares in the Quebec-based aluminium producer, which is 40 percent-owned by Rio Tinto Alcan of Canada and 20 percent-owned by Norway's Norsk Hydro, from the Canadian government company Investissement Quebec in early 2012.
The stake increase will double Marubeni's equity holdings in terms of aluminium output in the company to 76,000 tonnes a year.
Its global equity holdings in aluminum production will thus rise to 200,000 tonnes in 2016, from the current 160,000 tonnes, putting it on par with Japan's top aluminium producer Mitsubishi Corp's.
Aluminerie Alouette plans to raise its aluminum ingot output capacity by 60 percent to 930,000 tonnes in 2016 with investment cost of CA$2 billion.
Japan's fifth-biggest trading house said it will buy additional shares in the Quebec-based aluminium producer, which is 40 percent-owned by Rio Tinto Alcan of Canada and 20 percent-owned by Norway's Norsk Hydro, from the Canadian government company Investissement Quebec in early 2012.
The stake increase will double Marubeni's equity holdings in terms of aluminium output in the company to 76,000 tonnes a year.
Its global equity holdings in aluminum production will thus rise to 200,000 tonnes in 2016, from the current 160,000 tonnes, putting it on par with Japan's top aluminium producer Mitsubishi Corp's.
Aluminerie Alouette plans to raise its aluminum ingot output capacity by 60 percent to 930,000 tonnes in 2016 with investment cost of CA$2 billion.
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