RUSAL acquires remaining government stake in WINDALCO
The Russian-based aluminium company (RUSAL) says it has now completed its acquisition of the remaining seven per cent of the property rights of West Indies Alumina Company (WINDALCO).
As a result, RUSAL now owns 100 per cent of the complex.
RUSAL says the seven per cent acquisition was completed to help pay off some of Jamaica's debt to the company.
However, the value of the acquisition has not been disclosed.
RUSAL says the agreement to fully consolidate the bauxite and alumina complex is in line with its strategy to provide its plants with in-house raw materials.
"WINDALCO is an important raw material supplier of RUSAL’s smelters.
As part of RUSAL’s on-going modernisation programme we are planning to upgrade the complex at WINDALCO to increase efficiency, cut production costs and improve alumina quality,” said Yakov Itskov, the head of RUSAL’s Alumina division commented.
Since 2007, RUSAL had owned 93 per cent of WINDALCO.