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..jpg)
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.
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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.
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