July 1, 2026 — 11:39amUS mining giant Alcoa has announced it will purchase South32’s aluminium assets, including Western Australia’s Worsley Alumina mine near Boddington, in a deal worth more than $8 billion.Alcoa has entered into a deal to purchase South32’s aluminium assets including its Worsley mine.The move is set to solidify Alcoa’s position as a leading pure-play upstream aluminum company with an expanded portfolio of world-class bauxite, alumina, and aluminum assets.Under the deal, Alcoa will acquire South32’s interests in Worsley Alumina (86 per cent), Hillside Aluminium (100 per cent), MRN bauxite mine (33 per cent), Brazil Alumina refinery (36 per cent) and Brazil Aluminium smelter (40 per cent).The announcement comes on the same day Matt Daley takes over from Graham Kerr as South32’s new chief executive.Daley has also moved into the role of managing director while Kerr remains with the company as a strategic adviser.The South32 sale includes its South32 mines bauxite at Boddington, 130 kilometres south-east of Perth.He said following the deal, the company’s portfolio would be focused on high-quality, long-life assets leveraged to attractive market fundamentals.“From this strong platform, our peer leading, funded growth profile is expected to deliver approximately 55 per cent production growth from our Taylor project and Sierra Gorda’s fourth grinding line expansion,” he said.“Our deep pipeline of copper and zinc growth options in study and exploration phases provide additional upside.Daley added that the sale would make South32’s business simpler with a portfolio of higher margin upstream operations, reduced complexity and greater resilience.“This will enable a leaner, lower cost operating model that will deliver ongoing value through an anticipated US$125M per annum reduction in overhead costs as new support structures are implemented,” he said.“Under Alcoa’s ownership, the assets will be part of a global aluminium value chain business. Together with Alcoa, we are committed to working closely with our people, communities, government and other stakeholders to support a successful ownership transition.”Alcoa president and chief executive William Oplinger said the transaction was exactly the kind of opportunity the company was built to execute.“These high-quality, globally relevant assets are a strong strategic fit within our portfolio and align directly with our strengths as a leading pure-play upstream aluminum company,” he said.“With our proven operating model and global capabilities, we are well positioned to enhance performance, unlock value, and support their long-term success within Alcoa.”Kerr, who was the inaugural chief executive of South32, said the transaction would unlock significant value for shareholders and repositions the company as a leading upstream base metals focused company with high-margin assets and transformational growth.“The sale of our aluminium value chain assets to Alcoa for up to US$5.6B will deliver significant upfront proceeds while retaining upside to commodity price strength through price-linked consideration,” he said.“This transaction sees us unlock and capture our share of material synergies from combining our respective alumina businesses in Western Australia.”From our partners