Your Location > Home > News & Market >International News > Noranda Jamaica Bauxite operation 'seamlessly' transferred to DADA Holdings
Today' Focus
-
Hangzhou Jinjiang Group's general manager Zhang Jianyang, vice general manager Sun Jiabin and their team had attended the SECOND BELT AND ROAD FORUM FOR INTERNATIONAL COOPERATION, they also attended the signing ceremony of comprehensive strateg...
International News
Domestic News
International News
Noranda Jamaica Bauxite operation 'seamlessly' transferred to DADA Holdings
- China Aluminium Network
- Post Time: 2016/11/16
- Click Amount: 415
Noranda Jamaica Bauxite officially changed the ownership of its operations in a “seamless” transfer, announced Jamaica Minister of Finance and the Public Service, Audley Shaw.
Noranda Aluminum Holding Corporation, the holding company of Noranda Jamaica Bauxite, received the court approval for sale of its operations to DADA Holdings LLC, under its affiliate, New Day Aluminum LLC. The purchase was sealed at a price of $24.4 million.
The Government of Jamaica partially owns the company which presently employs 800 plus employees and has a per annum capacity of 5.2 million metric of premium-grade bauxite.
On November 9, Shaw along with Minister of Transport and Mining, Mike Henry, and officials from New Day, gathered at the Discovery Bay operations, where they shared details of the 25-year agreement with staff and contractors.
At the ceremony, new owners of the bauxite operations formally announced the extension of the partnership with Jamaica to what they call “a historic first-time twinning relationship.” As per the agreement, the new company secures a 17.3 per cent share in the profits of the alumina refinery at Gramercy for Jamaica, replacing the levy payments agreement attached to local bauxite production.
- Copyright and Exemption Declaration :①All articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China
Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China
Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this.
②Articles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or
accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the
articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey
this.
③If any articles copied by our website concern the copyright and other problems, please contact us within one week.