On the heels of closing on its $4.9 billion buy of Brazilian mining giant Vale's aluminum and alumina assets, Norsk Hydro wants to participate in the shift in the alumina pricing model, according to a senior Hydro official.
Norsk Hydro would like to see a shift in the bauxite and alumina pricing model, Executive Vice President Johnny Undeli said Tuesday at Metal Bulletin's bauxite and alumina conference in Miami, according to a copy of his speech posted Thursday on Hydro's website.
Hydro would prefer a pricing model that mixes LME, index pricing and, to a larger degree, the costs in the bauxite and alumina value chain, rather than the current model that more or less follows the aluminum price on the London Metal Exchange, Undeli said.
Hydro February 28 completed the takeover of Vale's aluminium and alumina business. The deal gave Hydro a 91% share in the alumina refinery Alunorte, a 51% share in the Albras aluminum plant and an 81% stake in the CAP alumina refinery project.
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