Commodity OnlineAlcoa World Alumina LLC and Billiton Suriname Holdings B.V. have reached an agreement in principle where Suriname Aluminum Company LLC (Suralco) will acquire the alumina refining interests of N.V. BHP Billiton Maatschappij Suriname (BMS) in Suriname.
Suralco is an Alcoa Ltd (NYSE:AWC) subsidiary and BMS is a BHP Billiton Ltd. (NYSE:BHP) subsidiary.
FOLLOW COMMODITYONLINE ON TWITTER Alcoa Ltd. is a Victoria based company engaged in investing in bauxite mining, alumina refining and selected aluminum smelting operations through its 40% ownership of Alcoa World Alumina and Chemicals.
BHP Billiton Ltd. is a diversified natural resources company based in Melbourne with businesses producing alumina and aluminum, copper, energy coal, iron ore.
Suralco and BMS expect the transaction to come to terms by June 2009 end in compliance to any regulatory approvals. BMS currently holds 45% interest whereas Suralco has 55% interest in the joint ventures.
AWC lost 5.35% whereas BHP Billiton gained 4.57% at New York Stock Exchange on Monday. AWC touched a 52-week high of 25.36 and low of 2 and BHP touched a 52-week high of 95.61 and low of 24.53.
