Alcoa (ASX:AAI) entered into a joint venture with Ignis Equity Holdings, the majority shareholder in Spanish integrated energy company Ignis Group, to restart the San Ciprian smelter, according to a Tuesday joint statement.
Alcoa owns 75% of the joint venture, while Ignis EQT holds the remaining 25%. The companies contributed $81 million and $27 million, respectively, to form the JV and fund the operations, per the statement. Alcoa may fund up to a further $108 million if needed.
The San Ciprian smelter was paused in 2021 amid high energy costs.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments