Sat | Aug 19, 2017

Noranda finalizes long-term agreement with Concord Resources

Published:Friday | May 5, 2017 | 5:02 PM

Noranda and Concord Resources have entered into a long-term, exclusive offtake agreement for smelter grade alumina produced at Noranda's alumina refinery in Gramercy, Louisiana, and a related third party marketing arrangement for bauxite produced at its mining facility in St. Ann, Jamaica.

The agreement, which runs through 2024, will eventually cover all smelter grade alumina produced at the Gramercy refinery and bauxite mined in Jamaica, according to a release out of Florida, United States.

David D'Addario, CEO of Noranda said it believes “that our partnership with Concord substantially changes the risk profile of our business by giving us a marketing partner to sell our product worldwide.”

He added that “by combining our highly efficient production capabilities with Concord's global marketing reach we will utilize each partner's strengths to create a successful and profitable long-term relationship."

Mark Hansen, Concord’s CEO said they “look forward to a long and successful partnership that will be the foundation of our global bauxite and alumina marketing business.”

Noranda owns the alumina refining and Jamaican bauxite mining assets formerly controlled by Noranda Aluminum.

Those assets were acquired in late 2016 by the partners of DADA Holdings, an investment and management company based in Fort Lauderdale, Florida. DADA makes control investments and manages companies in basic industries, such as metals and mining.

Concord is a global resources merchant focused on the supply chain and risk management of nonferrous metals and its associated raw materials. It is headquartered in London with fully-staffed offices in New York and Hong Kong.

- business@gleanerjm.com