Alcoa, Ignis EQT progress toward strategic agreement

The company states: “Alcoa and IGNIS Equity Holdings announced that they are progressing toward entering into a strategic cooperation agreement to support the continued operation of Alcoa’s San Ciprian operations. Under the proposed agreement, Alcoa would contribute EUR 75 million, and IGNIS EQT would make an initial investment of EUR 25 million to fund the operations. Alcoa would continue as the managing operator of the San Ciprian operations, with IGNIS EQT holding 25 percent ownership. Additionally, up to EUR 100 million would be funded by Alcoa as needed for operations with a priority position in future cash returns. If further funding is required, both partners must agree and the funding would be shared 75 percent by Alcoa and 25 percent by IGNIS EQT. Alcoa has operated San Ciprian for a number of years in a challenging economic environment, primarily due to the high cost of energy. Earlier in 2024, Alcoa launched a robust sale process while also working to identify solutions for the long-term viability of the operations.”