• Unique track record of realizing on-strategy returns
  • Our initial operating business, demonstrates our ability to source unique opportunities
  • Highly specialised team
  • M&A begins with deep dive into the thematic, macro, and commodity fundamentals

Investment Process


Thematic, Macro, Fundamental Research


Sourcing & Screening


Deep-Dive Due Diligence




Investment, Commitment, Development of Business



Investment Strategy


We believe that many aluminium assets are held by investors who are not long-term, strategic holders of these businesses. Such owners and operators typically fall into one of two categories.

First is large diversified mining companies who generate the bulk of their long-term value through developing and running long-life, low-cost extractive projects – typically in the upstream mining space rather than in downstream metals production.

The second type of owner is a specialist in aluminium with many plants around the world, plants on different parts of the cost curve. These producers currently own and operate assets in jurisdictions, products, or quartiles of the cost curve which may not be core to their future mission, but many of these assets we would consider to be important and valuable and sustainable businesses in our industry. We have a clearly defined mission and vision for a greener aluminium future which can deliver a future and a natural home to such assets.

We believe that the careful application of the pillars of our Growth Framework can be directly applied to create value in such businesses, through acquisitions, joint ventures and other forms of combination.