Miningmx reported that ALCOA would seek to buy mines used in the manufacture of aluminium from BHP Billiton and Rio Tinto after they this year shelved and sold mines owing to the poor outlook for the metal.
Mr Alan Cransberg MD of Alcoa Australia said that aluminium demand would grow about 6.5% annually for the next 10 years. It's a beautiful number and most in the industry would be happy with that."
BHP Billiton sold its 33.3% stake in an alumina project in Guinea for USD 1 earlier this month and abandoned plans for a smelter in the Democratic Republic of Congo. It also stopped exploration at Guinea's Boffa Santou Houda site.
Rio Tinto has put up for sale 13 aluminum assets including its Gove operations in Australia since October last year to improve the group’s financial performance. Aluminum prices have fallen 3.3% this year after an 18% decline in 2011.
