Shares in the S&P/ASX 200 Index (ASX: XJO) mining stock closed Friday at $119.00. In late morning trade on Monday, shares are swapping hands for $119.92 apiece, up 0.77%.

For some context the ASX 200 is down 0.33% at this same time.

This comes as the miner reports on its latest sustainable production initiatives.

Rio Tinto share price lifts on low-carbon aluminium

The Rio Tinto share price is in the green after the company announced it will install carbon-free aluminium smelting cells at its Arvida smelter in Quebec, Canada.

This will see the ASX 200 miner using the first technology licence issued by the ELYSIS joint venture. Rio Tinto noted this investment would support the ongoing development of the ELYSIS technology and enable the company to build expertise in its installation and operation.

Management said the facility will use the same technology that's already been successfully demonstrated at the ELYSIS Industrial Research and Development Center, also in Quebec.

Rio Tinto will design, engineer, and build a demonstration plant equipped with ten pots operating at 100 kiloamperes (kA). A new joint venture will own the plant.

Rio Tinto will invest US$179 million in the JV, and Quebec's state government will invest US$106 million via Investissement Quebec. That will see the equity partners kick in a total investment of US$285 million (AU$426 million).

The plant will have the capacity to produce up to 2,500 tonnes of commercial-quality aluminium per year without direct greenhouse gas emissions. The first production is targeted for 2027.

Commenting on the green production plan that could offer the Rio Tinto share price some ongoing tailwinds, the miner's Aluminium CEO Jerome Pecresse said:

This investment will further strengthen Rio Tinto's industry-leading position in low-carbon, responsible aluminium in North America with our hydro-powered smelters and our recycling capacity.

Becoming the first to deploy the ELYSIS carbon-free smelting technology is the next step in our strategy to decarbonise and grow our Canadian aluminium operations.

In addition to delivering even lower-carbon primary aluminium for our customers, this investment will allow Rio Tinto to build its expertise on installing and operating this new technology, while the ELYSIS joint venture continues its research and development work to scale it up to its full potential.

Quebec Minister of Economy, Innovation and Energy Pierre Fitzgibbon added: "This is a technological innovation with unprecedented benefits for our aluminium sector, which remains an undisputed world leader."

Potentially offering some additional support for the Rio Tinto share price, the miner said ELYSIS joint venture partner, Alcoa Corp (NYSE: AA), will have the option to purchase a portion of the aluminium produced over the first four years at the demonstration plant through an offtake agreement.

The post Rio Tinto share price marching higher amid $426 million 'industry-leading' step appeared first on The Motley Fool Australia.

On Friday, the financial market indices provider announced its latest changes that will become effective prior to the open of trading on Monday 18 March.

These changes were revealed following its March quarterly review and will see some big names entering and exiting the major indices.

Earlier today, we looked at the new additions and the exits from the benchmark ASX 200 index.

Now let's see what changes are being made to the illustrious ASX 100 index.

ASX 100 index changes

According to the release, travel agent giant Flight Centre Travel Group Ltd (ASX: FLT) and high-flying health imaging technology provider Pro Medicus Limited (ASX: PME) will be joining the index in two weeks.

They will be replacing alumina producer Alumina Ltd (ASX: AWC) and Region Re Ltd (ASX: RGN). It was previously known as Shopping Centres Australasia Property Group and is an internally managed shopping centre focused real estate investment trust.

While being kicked out of the ASX 100 index could be a blow to Region, it probably won't mean much for Alumina. That's because it could be leaving the ASX boards in the not so distant future.

Last week, the company received a non-binding, indicative, and conditional proposal from Alcoa Corporation (NYSE: AA), and the two parties entered into a transaction process and exclusivity deed.

What else was announced?

In other news, there has been one change made in the ultra-exclusive ASX 50 index.

Joining the index later this month will be insurance giant QBE Insurance Group Ltd (ASX: QBE). It will be taking the place of gold miner Newmont Corporation (ASX: NEM), which has been demoted.

The post Guess which are the 2 newest members of the ASX 100 index appeared first on The Motley Fool Australia.

The S&P/ASX 200 Index (ASX: XJO) resources company closed on Friday trading for $1.02. At the time of writing on late Monday morning, shares are changing hands for $1.10 apiece, up 7.6%.

For some context, the ASX 200 is up 0.5% at this same time.

This comes amid news of a $3.3 billion takeover bid from its joint venture partner Alcoa Corp (NYSE: AA). Alumina owns some 40% of Alcoa World Alumina & Chemicals (AWWC) through the joint venture.

Here's what we know.

Alumina shares rocket on takeover offer

Alumina shares are soaring after the company confirmed it has received a non-binding, indicative and conditional proposal from Alcoa to acquire 100% of its stock via a scheme of arrangement.

Alcoa is offering 0.02854 shares of its common stock for each Alumina share.

This represents a 13.1% premium to the share price of Alumina on Friday, 23 February. And it implies a 19.5% premium based on the average exchange ratio over the last 12 months.

Alcoa's bid comes after earlier indicative offers and a period of negotiation. The US resources giant now has a 20-business day period of exclusivity.

Subject to standard conditions and the lack of a superior proposal, the Alumina board and CEO Mike Ferraro said they intend to recommend shareholders vote in favour of the takeover offer.

Alcoa noted that it's entered into an agreement with Allan Gray Australia giving the company the right to acquire up to 19.9% of Alumina for 0.02854 Alcoa shares for each Alumina share.

Commenting on the acquisition proposal, Alcoa CEO William Oplinger said (quoted by Bloomberg):

We recognise the value creation opportunities possible under a simplified ownership structure, including the ability to implement AWAC's operational and strategic decisions on an accelerated basis. We believe now is the right time to consolidate ownership in AWAC.

How has Alumina stock been tracking?

2024 has been a rewarding year for Alumina shareholders to date, with the stock now up 18% since the opening bell on 2 January.

The post Alumina shares leap 8% on Alcoa takeover bid appeared first on The Motley Fool Australia.

While this was a great return, it pales in comparison to some of the gains that were made last month.

For example, the five ASX 200 shares listed below absolutely smashed the market in January:

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price was the best performer on the ASX 200 index last month with a stunning 38% gain. Investors were scrambling to buy the uranium developer's shares after the price of the chemical element surged to new highs. This was driven by an update from the world's largest uranium developer, which warned that it could fall short of guidance in the coming years. For the same reasons, Paladin Energy Ltd (ASX: PDN) shares raced 31% higher in January.

Megaport Ltd (ASX: MP1)

The Megaport share price was on fire last month and also stormed 38% higher. The majority of this gain came at the end of the month when the elasticity connectivity and network services interconnection provider released its quarterly update. Megaport reported total revenue of $48.6 million and EBITDA of $30 million. The latter was well ahead of expectations. Goldman Sachs commented: "MP1 reported 1H24 revenue of A$95mn (+35% yoy, +1% vs. GSe prior) and EBITDA of $30mn (+20% vs. GSe prior)."

Alumina Limited (ASX: AWC)

The Alumina share price wasn't too far behind with a gain of 29% in January. Investors were buying the alumina producer's shares after it revealed that its partner, Alcoa (NYSE: AA), plans to fully curtail production at the loss-making Kwinana Alumina Refinery in Western Australia from the second quarter of 2024. This went down well with analysts. For example, Goldman Sachs responded by upgrading Alumina's shares to a buy rating with a $1.43 price target. Alumina shares ended the month at $1.16.

Elders Ltd (ASX: ELD)

The Elders share price was on form in January and rose a sizeable 19%. This appears to have been driven by favourable operating conditions. These conditions caught the eye of analysts at Bell Potter, which responded by retaining its buy rating with an improved price target of $9.50 (from $8.35). It said: "Since reporting FY23 results in Nov'23 soil moisture profiles in key summer cropping regions have improved and livestock prices have firmed, with volumes generally continuing to demonstrate high single-to-double digit YOY gains in both cattle and sheep/lamb markets."

The post These were the best performers on the ASX 200 in January appeared first on The Motley Fool Australia.

Four ASX shares that are defying the market and are charging higher today are listed below. Here's why they are rising:

Alumina Limited (ASX: AWC)

The Alumina share price is up 14% to $1.12. Investors have been buying this alumina producer's shares this week after it revealed that its partner, Alcoa (NYSE: AA), plans to fully curtail production at the Kwinana Alumina Refinery in Western Australia from the second quarter of 2024. Goldman Sachs responded by upgrading Alumina's shares to a buy rating with a $1.43 price target.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price is up 2% to $13.75. This may have been driven by a bullish broker note out of Morgan Stanley this morning. According to the note, the broker has retained its overweight rating with a $19.30 price target. The broker sees a big opportunity for the company to expand its charity offering.

Kali Metals Ltd (ASX: KM1)

The Kali Metals share price is up a further 42% to 75 cents. This morning, Mineral Resources Ltd (ASX: MIN) revealed that it has built up a stake of almost 10% in the company. This is on top of the personal investment that its billionaire co-founder Chris Ellison made through its IPO. Kali Metals also released exploration results this morning which appear to have gone down well with the market.

Silex Systems Ltd (ASX: SLX)

The Silex Systems share price is up 10.5% to $4.48. Investors have been buying the uranium enrichment technology company's shares after the U.S. Department of Energy released a request for proposal for the acquisition of High Assay Low Enriched Uranium (HALEU). Management appears to believe it could be well-positioned to benefit from funding.

The post Why Alumina, Jumbo, Kali Metals, and Silex shares are pushing higher today appeared first on The Motley Fool Australia.

• ASX-listed Adbri shares surge following supply agreement extension
• The extension with Alcoa of Australia for quicklime will add a further 12 months to the arrangement
• Agreement will see between $25 million to $35 million in additional revenue

The Adbri Ltd (ASX: ABC) share price is finding a pocket of optimism within the materials sector today. This follows the company's announcement of an extension to an existing lime supply agreement with Alcoa of Australia Limited.

At the time of writing, shares in the integrated construction materials company are trading 7.5% higher to $3 apiece. However, this only puts the 140-year-old materials manufacturer ~9% above its recently set 52-week low of $2.75.

Let's take a closer look at this morning's announcement.

What's moving Adbri on the ASX today?

Investors have been drawn to the Adbri share price on Monday after the cement and lime producer posted an announcement to the ASX.

According to the release, Adbri's subsidiary, Cockburn Cement Limited, has secured an extension for its lime supply agreement with Alcoa of Australia. This agreement is with the local Australian arm of the US$11.5 billion United States industrial giant, Alcoa Corp (NYSE: AA).

Furthermore, the agreement relates to the supply of ASX-listed Adbri's 'quicklime' product. Additionally, the extension moves the end of the existing arrangement from 31 January 2022 to 31 January 2023 — an added year of supply.

As part of the updated agreement, the company expects a minimum of $25 million in additional revenue from the extended supply. Likewise, a maximum supply volume of quicklime has been agreed upon which would correlate with a maximum additional revenue of $35 million.

Commenting on the announcement, Adbri managing director and CEO Nick Miller said:

We thank Alcoa for continuing to work with CCL around the supply of quicklime to their operations in
Western Australia. The extension reinforces CCL's position as a reliable and high-quality supplier of lime through
our local manufacturing and distribution network across Western Australia, supporting local manufacturing jobs,
the resources sector and broader WA economy.

Adbri share price in the rear view

It has been an uneventful period for Adbri on the ASX over the past year. To illustrate, accounting for today's gain in share price, the company is back to where it was 12 months ago.

Prior to the company's half-year results in August 2021, the Adbri share price was up ~15% since the beginning of the year. However, the market was unimpressed with Adbri's performance during the half, leading to a selloff over the following months.

Finally, the company is trading on a price-to-earnings (P/E) ratio of 15 based on Adbri's current pricing on the ASX.

The post Here's why the Adbri (ASX:ABC) share price is raging 8% higher today appeared first on The Motley Fool Australia.