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Ormet looks to sell alumina to Glencore
Edited by : AL CIRCLE
1 min read
Ormet Corp has inked a pact to sell about 32,000 tonnes of alumina to Glencore Xstrata for $8.44 million.
The bankrupt Hannibal, Ohio-based aluminium producer is seeking court approval to sell the calcined metallurgical-grade alumina, valued at $263.75 per tonne, from its Burnside refinery to Switzerland-based Glencore, according to court documents dated November 14 and filed in the US bankruptcy court in Delaware.
The material is to be delivered to a Glencore vessel anchored midstream at the St. James, terminal of the Mississippi river, per an asset purchase agreement, also dated November 14, and signed by Ormet commercial vp Matthew T Powell and Glencore trader David Streule.
Ormet said in court documents that the move is part of its efforts to sell excess assets.
The company has said those assets include raw materials such as alumina, anodes, caustic soda and bauxite, as well as finished goods.
In addition, Ormet has said it is looking to sell excess equipment, office furniture, fixtures, vehicles and property.
Ormet has already received court approval to sell the Burnside refinery to alumina producer Almatis for about $39.5 million.
The bankrupt Hannibal, Ohio-based aluminium producer is seeking court approval to sell the calcined metallurgical-grade alumina, valued at $263.75 per tonne, from its Burnside refinery to Switzerland-based Glencore, according to court documents dated November 14 and filed in the US bankruptcy court in Delaware.
The material is to be delivered to a Glencore vessel anchored midstream at the St. James, terminal of the Mississippi river, per an asset purchase agreement, also dated November 14, and signed by Ormet commercial vp Matthew T Powell and Glencore trader David Streule.
Ormet said in court documents that the move is part of its efforts to sell excess assets.
The company has said those assets include raw materials such as alumina, anodes, caustic soda and bauxite, as well as finished goods.
In addition, Ormet has said it is looking to sell excess equipment, office furniture, fixtures, vehicles and property.
Ormet has already received court approval to sell the Burnside refinery to alumina producer Almatis for about $39.5 million.
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