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Tags: aluminum,  alcoa,  jamalco,  bauxite mining,  sales,  high cost,  competition

Author: Paul Ploumis
02 Dec 2014 Last updated at 01:39:08 GMT
KINGSTON (Scrap Monster): Among the sold subsidiaries of the company, one was the aluminum plant in the United States, and the second one is located in Jamaica. The main reason why the company  is selling off its assets is that, it is planning to increase its strategy as a low cost producer and to maintain the competition within the market.

Alcoa World Aluminum and Chemicals, has already made a decision regarding the sale of the Jamalco bauxite mining company’s 55 percent of ownership stakes. According to the plan, the stake will be sold to the Noble group Ltd. The company, announced that, it  has already completed the sales on the 15th of October 2014, and also added that it had received all the regulatory approvals. The Jamalco bauxite mining company is located in Clarendon, in Jamaica.

According to the deal by the two companies, Alcoa World Aluminum and Chemicals (AWAC) will remain to be as the managing director of Jamalco, for the next three years, and moreover that, the earlier employees at the bauxite mining company, will remain to be employed. AWAC is a joint venture of which 60 percent is owned by Alcoa, and the remaining 40 percent of the Alumina Limited of Australia.

The company has also finalized the sale of its 50.3 percent of stakes at Mount Holly Aluminum Smelter, which is located in the Goose Creek in South Carolina, to the other partner of the smelter Century Aluminum. The smelter has the capacity of producing about 229,000 tonnes of aluminum annually. Tye deal regarding the sale was signed on 23rd October 2014.

from metal.com