Noranda signs long-term agreement with Concord Resources for smelter grade alumina

<p>Noranda has signed a long-term, exclusive offtake agreement with Concord Resources for smelter grade alumina produced at Noranda's Gramercy alumina refinery in Louisiana. Concord Resources has also agreed to a third party marketing arrangement for bauxite produced at its mining facility in St. Ann, Jamaica.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/gramercy.jpg" alt="News" width="517" height="226" /></p> <p>According to a press release the agreement will be valid till 2014 and cover all smelter grade alumina produced at the Gramercy refinery and bauxite mined in Jamaica.</p> <p>Commenting on the agreement, David D'Addario, CEO of Noranda said, &ldquo;Our partnership with Concord substantially changes the risk profile of our business by giving us a marketing partner to sell our product worldwide.&rdquo;</p> <p>&ldquo;By combining our highly efficient production capabilities with Concord's global marketing reach we will utilize each partner's strengths to create a successful and profitable long-term relationship," he added.</p> <p>&ldquo;We look forward to a long and successful partnership that will be the foundation of our global bauxite and alumina marketing business,&rdquo; said Mark Hansen, CEO Concord.</p> <p>{googleAdsense}</p> <p>Noranda&rsquo;s alumina refining and Jamaican bauxite mining assets were formerly controlled by Noranda Aluminum, which were acquired in late 2016, by DADA Holdings, an investment and management company based in Florida. Concord is a global resources merchant dealing in supply chain and risk management of nonferrous metals and raw materials, with it&rsquo;s headquarter in London and offices in New York and Hong Kong.</p>