Rusal to sell Alpart to Chinese company

Owners of UC Rusal have signed an agreement with a Chinese firm for the purchase of Alumina Partners of Jamaica (ALPART), a bauxite mining and alumina processing plant located at Nain, St Elizabeth, in the south of Jamaica.

Reliable sources said yesterday that – in a process likely to be concluded by the third quarter of 2016 – the price had been agreed on and that the Chinese company will now enter into its due diligence phase before the financial year closes later this year.

The source said that full-scale reopening of the plant would mean employment and inflows from the bauxite levy. No development plans were mentioned at this stage.

Other sources have named the Chinese company as Jiuquan Iron & Steel (Group) Co Ltd (JISCO) – a producer of carbon steel, stainless & special steel and steelmaking raw materials — as the buyer.

http://www.jamaicaobserver.com/business/Rusal-to-sell-Alpart-to-Chinese-company_51456