Noranda Alumina LLC gets financial assistance to expand its business

<p>Noranda Alumina that operates an alumina refinery in Gramercy, US, gets financial support from the Siena Lending Group LLC, a finance company offering asset based loans. Siena Lending Group LLC has also provides $30 million asset-based revolving credit facility for New Day Aluminium LLC to repay certain indebtedness.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/238146_64940_repro.jpg" alt="news" width="517" height="226" /></p> <p>The financial assistance will help the company to expand its business. The company produces up to 1.2 million metric tons of alumina per annum.&nbsp;Noranda Alumina LLC operates as a subsidiary of Noranda Aluminium Holding Corp.</p> <p>Monte Schaefer, Chief Financial Officer of New Day and Noranda Alumina, said, &ldquo;We continue to execute on our plan to solidify our financial model and grow Noranda Alumina&rsquo;s business.&rdquo;</p> <p>{googleAdsense}</p> <p>&ldquo;This facility provides the company with financial security for its day-to-day operations along with the bandwidth to implement strategic and large-scale capital expenditures,&rdquo; he concluded.</p> <p>David Grende, President of Siena Lending Group, said, &ldquo;We are pleased to provide this facility to New Day and partner with the company to help support their current working capital needs, as well as their future business plans.&rdquo;</p>