JISCO completes ALPART acquisition deal
China's Jiuquan Iron & Steel Company (JISCO) has finalised its acquisition of the ALPART Alumina Refinery in Nain, St Elizabeth with the government.
The three final parts to the deal were signed yesterday morning in Jiayuguan, China.
A release from the Ministry of Transport and Mining yesterday afternoon said the three final parts to the acquisition deal addresses ownership, operation and build-out of the ALPART alumina works.
The Transport and Mining Ministry says the completion of the deal will pave the way for some $1 billion in additional investment at the refinery and the creation of 800 high-paying jobs
In July, Russian mining company UC Rusal formally signed a deal for the US$300-million sale of the 1.6-million-tonne Alpart alumina refinery to JISCO.
JISCO plans to build a 500,000-tonne-a-year aluminium smelter as part of its redevelopment of the refinery.
Production at the plant was halted in 2009 in the aftermath of the global recession and a drop in metal prices.