South Africa’s Industrial Development Corporation (IDC) increased its shareholding in Mozambique’s Mozal Aluminium to 32.45%.

Before the transaction, IDC held 24% equity in the hydro-powered aluminum smelter located west of Maputo in Beluluane industrial park.

IDC, South32, Mitsubishi, and the Mozambican government togetherly established Mozal in 1998.

Aluminum plays an important role in aiming the low carbon emissions trend, attracting many investors.