St. Ann Bauxite owner sells stake

Changes are coming to the ownership of one of the country's major bauxite plants. US-based Century Aluminum Company on Tuesday announced that it is divesting its stake in St. Ann Bauxite Limited. Century Aluminum will transfer its 50% ownership to subsidiaries of Noranda Aluminum Holding Corporation which is a major North American producer of aluminium. The price tag was not disclosed. Century and Noranda operated St. Ann Bauxite in a 50/50 venture. Century Aluminium said the transaction will allow it to focus on its smelting business as metal prices begin to rebound from the economic downturn that dried up demand, forced production cuts and sent prices diving. Noranda says its move to acquire a controlling interest in the St. Ann Bauxite mining operations is consistent with its plan to have a secure strategic supply of alumina. source:www.radiojamaica.com