Mon | Aug 20, 2018

UC Rusal finalises Alpart sale

Published:Friday | November 25, 2016 | 12:00 AM
The bauxite-alumina refinery, Alpart.

UC Rusal said on Tuesday that the sale of Alpart to Jiuquan Iron & Steel (Group) Company (JISCO) Limited was now finalised, marking its exit from an investment it first made nine years ago.

The bauxite and alumina operation was sold for US$299 million to the Chinese state industrial group, as first announced in July.

JISCO's core business is steel but the company also operates divisions spanning aluminium, electricity, and engineering technical services.

Rusal says the disposal of Alpart, which is based in the parish of St Elizabeth, does not affect its own self-sufficiency in alumina. Alpart's alumina refining operation is fed by its own bauxite mines.

Alpart had been in mothballs for several years, ever since the global economic crisis derailed the aluminium markets.

Before the suspension of operations at Alpart, between 2009 and 2015, Rusal said its annual production capacity was 1.65 million tonnes of smelter-grade alumina and 4.9 million tonnes of bauxite.

Rusal first acquired 65 per cent of Alpart in 2007, under a merger of its assets with that of Glencore. It bought the remaining stake to take 100 per cent ownership in November 2011. Rusal sold its full stake in Alpart to JISCO.