i am comfortable with S32 taking over Alumina. It would sit nicely with Worsley and the SA aluminium smelters.
I have concerns about a non-operated $5b investment, though!
S32 would at least want a say in investment decisions, input on production & pricing and to sell its share of production.
Some of these matters are addressed in the 1 September 2016 re-negotiated Alcoa/Alumina agreement here:
http://www.aluminalimited.com/database-files/view-file/?id=8290
The new agreement allows either party to develop JV assets alone.
AWC Rumours, page-3
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