Century Aluminum Company to Acquire 55% Interest in Jamalco Alumina Refinery
25 April 2023 - 9:05PM
Century Aluminum Company (NASDAQ: CENX) today announced that it has
entered into an agreement with Noble Group Holdings Limited
(“Noble”) to acquire Noble’s 55% ownership interest in Jamalco, a
bauxite mining and alumina production joint venture in Jamaica.
Jamalco has annual alumina production capacity of approximately 1.4
million tonnes and employs over 900 people. Pursuant to the terms
of the agreement, a wholly owned subsidiary of Century will acquire
General Alumina Holdings Limited, a Noble subsidiary and owner of
Noble’s 55% interest in Jamalco, for $1. The transaction is
expected to close by the end of April 2023.
“This acquisition is highly strategic for Century as it secures
a predictable, long-term supply of alumina, our most critical raw
material and achieves increased transparency and control of our
supply chain,” said Jesse Gary, President and CEO of Century.
“Acquiring this interest in Jamalco allows us to integrate our
aluminum smelting operations with this critical upstream supply of
bauxite and alumina to create a more balanced and robust
operational footprint, resulting in an organization that is better
positioned to deliver strong performance through industry
cycles.
“Jamalco is a well-known and well-regarded organization with a
world class operational team. It has historically proven its
competitive advantages through its consistent production of
high-quality alumina, strategic geographic footprint in the
Atlantic alumina market, and strong corporate culture focused on
safety, integrity and employee well-being,” continued Mr. Gary. “We
believe this acquisition will ultimately provide Century and our
stockholders with a meaningful opportunity for long-term value
creation. We are very excited to add this high-potential asset to
our portfolio and we look forward to working with our new
joint-venture partners, Clarendon Alumina Production Limited.”
About Century Aluminum Company
Century Aluminum Company owns primary aluminum capacity in the
United States and Iceland. Century's corporate offices are located
in Chicago, IL. Visit www.centuryaluminum.com for more
information.
Cautionary Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking statements are
statements about future events and are based on our current
expectations. These forward-looking statements may be identified by
the words "believe," "expect," "hope," "target," "anticipate,"
"intend," "plan," "seek," "estimate," "potential," "project,"
"scheduled," "forecast" or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could,"
"might," or "may.".
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our forward-looking
statements are based on current expectations and assumptions that
are subject to risks and uncertainties which may cause actual
results to differ materially from future results expressed,
projected or implied by those forward-looking statements. Important
factors that could cause actual results and events to differ from
those described in such forward-looking statements can be found in
the risk factors and forward-looking statements cautionary language
contained in our Annual Report on Form 10-K, quarterly reports on
Form 10-Q and in other filings made with the Securities and
Exchange Commission. Although we have attempted to identify those
material factors that could cause actual results or events to
differ from those described in such forward-looking statements,
there may be other factors that could cause actual results or
events to differ from those anticipated, estimated or intended.
Many of these factors are beyond our ability to control or predict.
Given these uncertainties, investors are cautioned not to place
undue reliance on our forward-looking statements. We undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
ContactPeter Trpkovski(Investors and
media)312-696-3132
Source: Century Aluminum Company
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