Abu Dhabi’s Mubadala and Dubai Aluminium (Dubal) have secured full ownership of Guinea Alumina Corporation (GAC) after acquiring the stakes of their former joint venture partners Global Alumina Corporation and BHP Billiton.
The takeover will be carried out by Emirates Global Aluminium (EGA), the newly created merger between the UAE’s two state aluminium firms, Dubal and Emirates Aluminium (Emal).
Mubadala had entered into the GAC joint venture in 2007 with an 8.33 per cent stake while the remaining shares were held by Global Alumina Corporation (33.33 per cent), BHPB Billiton (33.33 per cent) and Dubal (25 per cent).
EGA, jointly owned by the sovereign state fund Mubadala and Investment Corporation of Dubai (ICD), will now own GAC, which manages a mining project in the Republic of Guinea, home to the world’s largest bauxite reserves and a key component in aluminium production.
The latest acquisition paves way for EGA’s further regional and international expansion.