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Norsk Hydro ASA (NHYDY) is a global leader in sustainable aluminium production and renewable energy integration. This dedicated news hub provides investors and industry stakeholders with essential updates on the company's operational developments, strategic initiatives, and market positioning.
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Hydro has entered into a strategic partnership with Glencore in Brazil, agreeing to sell 30 percent of its Alunorte alumina refinery and its stake in bauxite producer Mineração Rio do Norte (MRN) to Glencore. The company will provide more details about these transactions during a conference call scheduled for April 27 at 08:30 CEST (06:30 GMT), hosted by President and CEO Hilde Merete Aasheim and CFO Pål Kildemo. This partnership aims to enhance operational efficiency and strengthen Hydro's market position in the alumina sector.
Hydro has entered an agreement with Glencore for the acquisition of a 30% stake in the Brazilian alumina refinery, Hydro Alunorte, along with Hydro's 5% stake in Mineracão Rio do Norte (MRN). Glencore will also buy an additional 40% stake in MRN from Vale, leading Hydro to exit its ownership in MRN completely.
Post-transaction, Hydro will maintain a 62% ownership in Alunorte, which continues as a strategic asset for low-carbon alumina supply. The total net enterprise value for these transactions is estimated at USD 1.11 billion, with a net debt adjustment of USD 335 million as of March 31, 2023. The deal is subject to regulatory approval and expected to close in the second half of 2023.
Hydro will use proceeds for strategic growth and shareholder distributions while continuing to develop Alunorte towards a lower carbon emissions profile.
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