HONG Kong-based Noble Resources finalised a deal to buy out Alcoa’s stake in the Jamalco alumina refinery for US$140 million.
The US company will continue to manage the operations of the Clarendon plant over the next three years.
But the deal gives Noble a 55 per cent stake in the Jamaican alumina refinery. Put another way, the Hong Kong company will have access to another 780,000 tonnes of annual alumina from the Jamaican plant.
It already secured up to 6.1 million tonnes (5.5 million tonnes) of alumina from Jamalco’s output over a 12-year period through last year’s US$120-million forward sale contract with Clarendon Alumina Production (CAP), which owns the remaining 45 per cent. That agreement runs until 2025 and gives the Hong Kong company an option to buy out the government-owned CAP.
Published in the Jamaica Observer
Read Full Article →