Alcoa Corp. said Tuesday it will permanently close the Suralco alumina refinery and bauxite mines in Suriname, which were fully curtailed in November 2015 amid a limited bauxite supply and unfavorable market conditions.
Alcoa said in September 2015 that it would curtail Suralco’s remaining alumina refining capacity.
On Tuesday, the company said it continues to work with the Suriname government on agreements concerning Suralco’s remaining activities in the country.
Pending completion of the agreements, Alcoa will continue to operate the Afobaka hydroelectric facility.
The company expects to record $90 million of fourth-quarter restructuring-related charges after-tax for the closure.
Alcoa also projects a $31 million impairment charge for Alcoa of Australia Ltd.’s interests in a Western Australia gas field.
Alcoa expects the charges will total about 6 cents a share.
Alcoa Inc. split into two companies in November, separating its beleaguered raw-aluminum operation from the businesses that supply the aerospace and automotive markets. Arconic contains the aerospace and automotive operations.
Alcoa also said the Dec. 1 power outage at the Portland Aluminum smelter in Australia isn’t expected to significantly affect fourth-quarter results. Alcoa owns 55% of the smelter, while Citic Resources Ltd. and Marubeni Aluminium Australia own 22.5% each.
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