CHINESE BUYOUT in JAMAICA: Agreement made with a Chinese firm for the purchase of Alumina Partners of Jamaica (ALPART), a bauxite mining and alumina processing plant located at Nain, St Elizabeth,

 BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com  Friday, February 12, 2016    
Owners of UC Rusal have signed an agreement with a Chinese firm for the purchase of Alumina Partners of Jamaica (ALPART), a bauxite mining and alumina processing plant located at Nain, St Elizabeth, in the south of Jamaica.
Alpart in Nain, St Elizabeth
Reliable sources said yesterday that – in a process likely to be concluded by the third quarter of 2016 – the price had been agreed on and that the Chinese company will now enter into its due diligence phase before the financial year closes later this year.
The source said that full-scale reopening of the plant would mean employment and inflows from the bauxite levy. No development plans were mentioned at this stage.
Other sources have named the Chinese company as Jiuquan Iron & Steel (Group) Co Ltd (JISCO) – a producer of carbon steel, stainless & special steel and steelmaking raw materials — as the buyer. Alpart’s current production capacity is approximately 1.7 million tonnes of alumina annually. It is capable of expansion to more than two million tonnes per annum.
Alpart in Nain, St. Elizabeth
The company was first established in the early 1960s, starting with a union of three companies (Anaconda, Kaiser Aluminium and Reynolds Metals). Since then it has undergone several partnership and ownership changes, the last of which took place in 2011, resulting in the company being 100 per cent owned by UC Rusal Ltd.
In September 2011, UC Rusal inked a deal to acquire the remaining 35 per cent stake in Alumina Partners of Jamaica (Alpart), giving it full ownership of the St Elizabeth-based refinery.
However, hampered by the global economic recession and soaring energy costs, the Alpart plant was shut down in early 2009.
Nevertheless, in September 2015, UC Rusal announced a full resumption of operations.
As it turns out, Rusal, which produces aluminium, continues to be affected by sliding metal prices. more

Comments

Post a Comment

Popular posts from this blog

Tessanne Chin's Husband, Michael Anthony Cuffe Jr Moves Out Of Marital Home

Image
Tessanne Chin and her husband Michael  Anthony Cuffe Jr in happier times After four years of marriage, sources close to the couple have confirmed that artiste  Tessanne  Chin and her broadcaster husband, Michael Anthony  Cuffe   Jr , are having marital problems. Cuffe has reportedly moved out of the marital home and is staying with friends. The couple shot to popularity in 2013 when Chin won the American singing competition The Voice....Developing Story
Read more

IN JAMAICA: MURDER-SUICIDE, Woman cop, 28-year-old Pagiet Davie among two killed in suspected murder-suicide...."She was a person who was determined; she loved life and she was goal-oriented"

Image
BY KIMMO MATTHEWS Observer staff reporter matthewsk@jamaicaobserver.com  Friday, January 16, 2015     A female police corporal and her male partner were yesterday killed in what was suspected to be a case of murder-suicide. The bodies of 28-year-old Pagiet Davie and her common-law partner, Sheldon Douse, were found at their Fairview Park home with gunshot wounds in the morning. Police theorised that Douse killed Davie in her sleep before turning the gun on himself. They leave behind a three-year-old son. The incident left relatives, friends and colleagues of the slain cop in shock. "All now I cannot believe that something like this happen. All now I feel as if I am dreaming. This can't be real!" exclaimed on unidentified family member who was on the scene. But the news was particularly difficult to absorb for Davie's mother, 53-year-old Pauline White, who said that she could not have imagined that when her daughter visited her home last Friday, it would b
Read more