16 JUNE 2014www.twst.com
AWAC to pursue sale of its stake in Jamalco
Edited by : AL CIRCLE
2 min read
Alcoa World Alumina & Chemicals Signs Letter of Intent to Pursue Sale of its Stake in Jamalco
Alcoa confirms that it has signed a non-binding Letter of Intent with Noble Resources UK Limited to pursue a sale of its ownership stake in Alcoa Minerals of Jamaica, L.L.C (AMJ), which operates the Jamalco bauxite mining and alumina refining joint venture. Jamalco is owned jointly by AMJ (55%) and Clarendon Alumina Production Ltd. (45%). The decision is in line with Alcoa's global strategy to reshape its upstream portfolio and lower the cost base of its commodity business.
In the proposed transaction, Alcoa would retain a minority interest in AMJ and serve as Jamalco's managing operator for at least two years. Employees would remain employed by Jamalco. Work will continue on pursuing an energy solution for Jamalco. The transaction is subject to the required approvals of the Government of Jamaica, the finalization of definitive purchase documents, necessary approvals, consents and due diligence.
Alcoa Minerals of Jamaica, L.L.C. is part of the Alcoa World Alumina & Chemicals group of companies and is owned 60% by Alcoa and 40% by Alumina Ltd. Clarendon Alumina Production Ltd. is a company wholly owned by the Government of Jamaica.
In the proposed transaction, Alcoa would retain a minority interest in AMJ and serve as Jamalco's managing operator for at least two years. Employees would remain employed by Jamalco. Work will continue on pursuing an energy solution for Jamalco. The transaction is subject to the required approvals of the Government of Jamaica, the finalization of definitive purchase documents, necessary approvals, consents and due diligence.
Alcoa Minerals of Jamaica, L.L.C. is part of the Alcoa World Alumina & Chemicals group of companies and is owned 60% by Alcoa and 40% by Alumina Ltd. Clarendon Alumina Production Ltd. is a company wholly owned by the Government of Jamaica.
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