Alcoa, Alumina to sell WA natural gas pipeline stake to Duet Group

Lightweight metals major Alcoa announced that Alcoa of Australia has agreed to sell its stake in DBP, the owner and operator of the Dampier to Bunbury Natural Gas Pipeline (DBNGP), to DUET Group (DUET) for AU$205 million (US$154 million approx.). DBP is currently owned 20 per cent by Alcoa of Australia and 80 per cent by DUET (in aggregate).

As part of the transaction Alcoa of Australia will maintain its current access to approximately 30 per cent of the DBNGP transmission capacity for gas supply to its three alumina refineries in Western Australia.

The sale is expected to close in early April. The company expects to recognize a gain in connection with the sale of between $10 million and $15 million, after-tax and non-controlling interest, or $0.01 per share. Alcoa of Australia expects the net cash impact of the transaction, after estimated fees and taxes, will be approximately US$115 million.

Alcoa of Australia is owned 60 per cent by Alcoa Inc., and 40 per cent by Alumina Limited.

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