Noble Group mulls sale of Jamalco alumina refinery
Noble Group, who acquired interest in Jamalco refinery from Alcoa in 2014, is considering the sale of Jamalco alumina refinery.
According to news reported by Bloomberg, Global commodities company Noble Group sits down with shareholders this week for crisis talks to restructure about $3.5 billion in debt, and the refinery is expected to play a crucial role in managing the debt.
Jamalco is a joint venture between Noble Group and Clarendon Alumina Production (CAP). In December 2014, Noble Group bought 55 percent stake of Jamalco and remaining 45 percent is owned by Clarendon Alumina Production Ltd. (CAP).
As per Bloomberg report, alumina refinery is likely to be the company’s most valuable remaining physical asset after the sale of its global oil and gas trading businesses. However, the company did not mention exactly which assets would be sold to raise $800 million to $1 billion over the next two years.
China alumina and aluminium prices are on a downtrend with the start of capacity cut drives
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