Glencore to pay Norsk Hydro $700m for Brazilian assets

Norwegian aluminium producer Norsk Hydro said on Thursday it will sell a 30% stake in Brazilian alumina refinery Alunorte and a 5% stake in bauxite producer Mineracao Rio do Norte to Swiss miner and trader Glencore.

Glencore expects to pay about $700-million for the equity stakes on completion of the deal in the second half of 2023, it said in a separate statement, which will give the miner and trader an offtake of the metal of proportionate value.