Century Aluminum Company - a US-based producer of primary aluminum - has recently entered into an agreement with Noble Group Holdings Limited to acquire Noble’s 55% ownership interest in Jamalco, a bauxite mining and alumina production joint venture in Jamaica.
Image Credit: igormakarov/Shutterstock.com
Jamalco has a yearly alumina production capacity of nearly 1.4 million tons and employs more than 900 people.
In accordance with the terms of the agreement, a 100% owned subsidiary of Century will obtain General Alumina Holdings Limited, a Noble subsidiary and owner of Noble’s 55% interest in Jamalco, for $1. The transaction is anticipated to close by the end of April 2023.
This acquisition is highly strategic for Century as it secures a predictable, long-term supply of alumina, our most critical raw material, and achieves increased transparency and control of our supply chain.
Jesse Gary, President and CEO, Century Aluminum Company
Gary added, “Acquiring this interest in Jamalco allows us to integrate our aluminum smelting operations with this critical upstream supply of bauxite and alumina to create a more balanced and robust operational footprint, resulting in an organization that is better positioned to deliver strong performance through industry cycles.
“Jamalco is a well-known and well-regarded organization with a world class operational team. It has historically proven its competitive advantages through its consistent production of high-quality alumina, strategic geographic footprint in the Atlantic alumina market, and strong corporate culture focused on safety, integrity, and employee well-being,” continued Mr Gary.
Gary added, “We believe this acquisition will ultimately provide Century and our stockholders with a meaningful opportunity for long-term value creation. We are very excited to add this high-potential asset to our portfolio and we look forward to working with our new joint-venture partners, Clarendon Alumina Production Limited.”
Source: https://centuryaluminum.com/home/default.aspx