AL Circle's weekly wrap
John Slaven steps down as Vedanta Aluminium CEO; successor yet to be named
John Slaven, CEO of Vedanta Aluminium, has submitted his resignation from the post, effective September 30, 2024, according to an exchange filing on September 14.
Slaven, who took on the role in October 2023, is stepping down?citing?personal reasons. However, the company has not yet named his successor.
John Slaven brings over three decades of expertise in the metals, mining, and modern manufacturing industries. Before joining Vedanta Aluminium, he held the position of Executive Vice President and Chief Operating Officer at Alcoa, where he was responsible for the company's Bauxite, Alumina, and Aluminium operations. He has also held prominent executive roles at BHP Billiton, The Boston Consulting Group, and The De Beers Group of Companies. Earlier in his career, he served as a sub-lieutenant in the South African Navy.
In May 2024, Slaven was appointed Vice Chairman of the International Aluminium Institute.
He holds an MBA from Harvard Business School and a Bachelor's degree in Mechanical Engineering from the University of Cape Town.
ASI certifies Hammerer Aluminium against Performance Standard with provisional status
Aluminium Stewardship Initiative has announced the certification of Hammerer Aluminium Industries against the Performance Standard V3 with provisional status.
Hammerer Aluminium (HAI) specialises in casting and extruding aluminium, with an annual capacity of 250,000 tonnes and 125,000 tonnes, respectively. The company has acquired the ASI certification for the production of high-quality extruded aluminium profiles, fabricated and surface-treated aluminium profiles, and fabricated and welded aluminium components at its Soest facility in Germany. The specified plant has the ability to produce 25,000 tonnes of aluminium products in a year.
The provisional certification is valid for one year, during which it serves as a strategic and flexible approach for aluminium companies to gain access to ASI’s sustainability standards framework, learn, and improve operational practices. After improving sustainability practices aligned with ASI standards, companies can move towards full certification.
Hammerer Aluminium Industries has received the ASI certification after going through a stringent, independent third-party audit by TüV Rheinland Cert GmbH.
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American aluminium giant Alcoa to exit Ma’aden joint venture, selling 25.1% stake to Saudi partner
On September 15, 2024, Alcoa Corporation announced that it had entered into a binding share purchase and subscription agreement with Saudi Arabian Mining Company (Ma’aden). Under this agreement, Alcoa will sell its entire 25.1 per cent ownership stake in their joint venture to Ma’aden for approximately $1.1 billion.
The transaction includes roughly 86 million Ma’aden shares, valued at $950 million based on the 30-day volume-weighted average share price as of September 12, 2024, along with an additional $150 million in cash.
The joint venture, established in 2009 as a fully integrated mining complex in Saudi Arabia, now consists of two entities: the Ma’aden Bauxite and Alumina Company (MBAC), which operates the bauxite mine and alumina refinery, and the Ma’aden Aluminium Company (MAC), responsible for the aluminium smelter and casthouse. Alcoa holds a 25.1 per cent ownership stake in the venture, while Ma’aden controls 74.9 per cent. As of June 30, 2024, Alcoa’s investment was valued at $545 million.
According to Alcoa's Press Release on its website, "Pursuant to the terms of the Agreement, Alcoa will hold its Ma'aden shares for a minimum of three years, with one-third of the shares becoming transferable after each of the third, fourth and fifth anniversaries of closing of the transaction (the "holding period"). During the holding period, Alcoa would be permitted to hedge and borrow against its Ma'aden shares. Under certain circumstances, such minimum holding period would be reduced. Pro forma for the transaction, Alcoa would own approximately 2 per cent of Ma'aden's current shares outstanding." Read the full news here.
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