28 SEPTEMBER 2026AlCircle.com

RUSAL seeks buyers for Windalco after 1.57 Mt of bauxite, 396,000 tonnes of alumina output

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Russia-based aluminium producer RUSAL is exploring a potential sale of its Windalco bauxite and alumina operations in Jamaica, signalling a possible reshaping of its Caribbean footprint. The reported move also extends to its bauxite interests in Guyana, although both potential transactions remain at an early stage and may not ultimately proceed.

Windalco becomes part of RUSAL’s potential asset reshuffle

Windalco comprises the Ewarton alumina refinery in St Catherine, bauxite mines and the Port Esquivel shipping terminal. According to RUSAL’s 2025 annual report, the Jamaican operation produced 1.565 million tonnes of bauxite and 396,000 tonnes of alumina in 2025. The alumina output represented less than 6 per cent of RUSAL’s total alumina production of 6.858 million tonnes during the year.

RUSAL has owned 100 per cent of Windalco since 2014, when it acquired the Jamaican Government’s remaining 7 per cent stake for USD 11 million, with the amount credited against debt owed to RUSAL.

The reported buyer search is not limited to Jamaica. RUSAL is also exploring the potential sale of its interest in the Bauxite Company of Guyana Inc (BCGI), another Caribbean-region raw material asset. BCGI has been mothballed since 2020 after operations were suspended in 2019. Its reported design capacity is around 1.7 million tonnes of bauxite per year, but RUSAL recorded zero production from the operation in 2025.

Explore the production, demand and consumption forecasts of bauxite and alumina in our report: "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Sale remains unconfirmed

Despite reports of a potential divestment, the Windalco sale is far from a completed transaction.

The Jamaican Government has said it has received no formal notification from RUSAL regarding a proposed sale. Agriculture, Fisheries and Mining Minister Floyd Green said checks with the company’s local team had produced no information or correspondence concerning such plans, with the Government indicating that it would contact RUSAL’s parent company for clarification.

RUSAL has also declined to comment on the reported potential sale, according to the reports.

That leaves the immediate status of Windalco unchanged: a major Jamaican bauxite and alumina operation under RUSAL ownership, while the company assesses potential buyers.

Caribbean assets face a changing strategic backdrop

The reported divestment comes as RUSAL reassesses parts of its international raw-material supply chain.

Recent reporting indicates that the company is looking towards other regions while evaluating its Jamaican and Guyanese assets. RUSAL’s first-half reporting has also identified Jamaica among markets where political and economic changes have affected, and could continue to affect, operations.

The company has been adjusting its raw-material portfolio following disruptions to supplies from assets affected by geopolitical restrictions. RUSAL has increased its exposure to alumina production in China and India and has also been considering a bauxite and alumina project in Indonesia, according to recent reports.

For RUSAL, the potential sale of Windalco would therefore involve more than simply exiting a Jamaican operation. It could mark another step in reshaping the geographical balance of its bauxite and alumina supply chain.

What happens next for Windalco?

For now, there is no confirmed buyer, transaction value or completion timeline for Windalco. Any potential deal would also have implications for Jamaica’s bauxite and alumina industry, where Windalco is one of four major bauxite and alumina operations. The other operations include Jamalco in Clarendon, Alpart in St Elizabeth and Discovery Bauxite’s mining operation in St Ann.