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Rusal Completes US$299 MM Sale of Alpart to JISCO
Russian Federation aluminium giant UC Rusal yesterday announced the completion of the sale of Alumina Partners of Jamaica (Alpart) to Jiuquan Iron & Steel (Group) Co. Ltd. (JISCO).
Rusal says the sale, in which Jisco tendered US$299 million for the vertically-integrated plant, was completed successfully with all required conditions fulfilled as specified by the previously executed interest purchase agreement.
Rusal went on to point out in the relevant press release that the sale does not diminish the firmís 100% self-sufficiency in alumina. The firm maintains that vertical integration remains at the forefront of its overall strategy.
In addition to the sale of Alpart, Jisco and Rusal have established a consulting and technical services agreement in order to facilitate the hand-off. The agreement will last for eighteen months after the saleís closing.
Alpart is a firm that runs an alumina refinery in Jamaica. Prior to its shut down in 2009, the plantís capacity was 1.65 million metric tons of alumina and 4.9 million metric tons of bauxite (sourced from its own mines). Rusal acquired a 65% share in the operation in 2007 when it acquired Glencoreís alumina business, and came into possession of the remainder in 2011.
JISCO was founded in 1958 in Jiayuguan, Gansu, China. The firm has operations in China, South Africa, the Philippines, and Mongolia, and produces approximately 8 million short tons of crude and rolled steel per annum. With this sale, JISCO takes its place in the top ten producers of aluminium in China. It has been in the top 500 Chinese producers for several years.
Source: Aluminium Insider