Alumar refinery in Brazil is currently 35% Alcoa, 19% AWAC, 36% S32, 10% RIO, its operated by Alcoa, its production cost is even cheaper than Worsley i believe.
If S32 took AWAC's share they would be majority owner and i imagine could become operator of that asset. There is a smelter over there as well, S32 was operator but they idled it as its too expensive.
Maybe S32 are just after control of that, not the whole thing.
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