Bauxite weekly recap: Jamalco to initiate public offering (IPO), informs Jamaican Finance Minister Dr Nigel Clarke; Metro Mining signs Bauxite deal with Xiangsen Aluminium worth 5 Million WMT for the next 3 years

This week, the bauxite industry was in the news for a limited number of reasons. To begin with, Dr. Nigel Clarke, Jamaica's Minister of Finance and Public Service, said on Tuesday that Jamaicans may soon be able to participate in Jamalco, a bauxite mining/alumina firm, through an initial public offering (IPO). This was followed by the news of  Australia's Metro Mining Ltd. announced that it has expanded and extended its Strategic Cooperation Agreement with Xiamen Xiangsen Aluminium Limited (Xiangsen Aluminium) for the delivery of roughly 5 million wet metric tonnes of bauxite over the next three years.

Metro Mining Ltd. of Australia stated last week that it has enlarged and extended its Strategic Cooperation Agreement with Xiamen Xiangsen Aluminium Limited (Xiangsen Aluminium) for the delivery of approximately 5 million wet metric tonnes of bauxite over the next three years. According to Metro, the new arrangement builds on a previous letter of intent between the two companies for 1.1 million wet metric tonnes of bauxite for the current year. The new agreement calls for 1.7 million wet metric tonnes of bauxite ore to be supplied over the next three years.

To know more: https://www.alcircle.com/news/metro-mining-signs-bauxite-deal-with-xiangsen-aluminium-worth-5-million-wmt-for-the-next-3-years-72997

The Indonesian-based holding company that engaged in the manufacturing and trading business of aluminium extrusion-based building and household materials, PT HK Metals Utama Tbk (HKMU) positively welcomes the Joko Widodo government's plan to cautiously halt the export trade of bauxite among other raw materials. This proposal is believed to deliver the recovery of the aluminium industry with much promptness. The global aluminium industry for the past two years has been under immense pressure due to several reasons, apart from the decline in demand for the aluminium industry. It also experienced the pressure of the rise in the price of raw materials for aluminium ingots.

To know more: https://www.alcircle.com/news/hk-metals-utama-tbk-positively-welcomes-indonesia-govt-s-plan-to-ban-bauxite-export-72998

The world's largest aluminium rolling company, Hindalco which also ranks among the largest producers of primary aluminium in Asia has been able to reduce the environmental damage by developing a biodiversity park on the wasteland of a bauxite mine. Hindalco’s commitment towards sustainable mining development efforts, the company has retrieved five hectares of land in its bauxite mine in Bagru Hills in Lohardaga, Jharkhand and has built a biodiversity park. The park accommodates a butterfly garden and has seasonal fruits, vegetables, medicinal plants, herbs, tea and flowers.

To know more: https://www.alcircle.com/news/hindalco-develops-a-biodiversity-park-on-the-wasteland-of-bagru-hills-bauxite-mine-reduces-environmental-damage-73006

Dr Nigel Clarke, Minister of Finance and the Public Service, indicated on Tuesday that Jamaicans may soon be able to invest in the bauxite mining/alumina business company, Jamalco, through an initial public offering (IPO). Dr Clarke informed the House of Representatives that the Government of Jamaica is trying to incorporate Jamalco and list the Government of Jamaica's 45 percent stake in the firm on the Jamaica Stock Exchange. He also informed about the future plans of the company, which includes rebuilding the bauxite/alumina plant’s power house in Clarendon, which is expected to be funded by US$250 million insurance claims for the damage, which has forced the company to shut down operations since September.

To know more: https://www.alcircle.com/news/jamalco-to-initiate-public-offering-ipo-informs-jamaican-finance-minister-dr-nigel-clarke-73023