Swiss commodity trading and mining company Glencore will acquire a 3.03% stake in Brazil's Alunorte alumina refinery for R$237 million, which is currently held by Companhia Brasileira de Alumínio (CBA).

After the transaction is completed, CBA will lose the relevant proportion of alumina production rights and terminate the sales agreement for the remaining alumina.

The Alunorte refinery in Barcarena, state of Pará, was established in 1995 with an annual production capacity of 6 million tons and is majority-owned by Norwegian Hydro.

The latest shareholding ratio between Hydro and Glencore has not been disclosed.