Minister of Finance and the Public Service, Hon. Audley Shaw, is reporting that the Noranda Jamaica Bauxite operation in St. Ann has officially changed ownership in a "seamless" transfer.
Noranda's parent company, Noranda Aluminum Holding Corporation, received court approval to sell the operations to DADA Holdings LLC, under its affiliate, New Day Aluminum LLC for a purchase price of $24.4 million.
The Jamaican Government has partial ownership in the company, which employs more than 800 people, and has the capacity to produce up to 5.2 million metric tonnes of premium-grade bauxite annually.
Mr. Shaw informed that on November 9, he along with Minister of Transport and Mining, Hon. Mike Henry, and officials from New Day, gathered at the Discovery Bay operations, where details of the 25-year agreement were shared with staff, and contractors. He said the Government, through "very careful" negotiations, was able to ensure that Noranda will honour its monetary obligations to Jamaica.
Minister Shaw, who was delivering the keynote address at the opening of the expanded Rapid True Value store in Mandeville on Sunday (November 13), informed that Noranda will pay out outstanding liabilities amounting to US$19 million to Jamaica over the next three years. Under the takeover arrangement, the Government will be abandoning the Bauxite Levy in favour of a profit-sharing arrangement with the new owners. readmore