In a deal that values the Australian company's equity at around $2.2 billion, Alcoa said it had agreed to acquire Alcoa.

Alcoa AA and Alumina AU announced that they had reached a binding agreement to implement the program after Alcoa announced last month that it would offer 0.02854 of its own shares for each Alumina share. The search by Pittsburgh-based Alcoa for a joint venture partner, Alumina, represents a bet on raw materials that can play an essential role in the energy transition, with aluminum being used in large quantities to manufacture electric vehicles and renewable energy infrastructures.

The global mining sector has recently seen a wave of transactions despite concerns about the economic prospects of China, the world's largest buyer of many metals, and the slowdown in the growth of electric vehicle sales in the United States.