The bauxite and alumina business in Jamaica will be undergoing significant change with Century Aluminium Company acquiring Noble’s 55 per cent interest in JAMALCO.

On this matter, the Ministry of Finance put out a statement which read: “The Government of Jamaica notes the announcement from Century Aluminium Company about its transaction with the Noble Group with respect to Noble’s 55 per cent interest in JAMALCO.

 “The GOJ offers its non-objection to the transaction and welcomes Century as the new managing partner of JAMALCO. The GOJ looks forward to working with Century to maximise the value of JAMALCO for all stakeholders.

“In November 2021 JAMALCO experienced a fire which engulfed the power plant, halting production at the plant for almost a year before partial production resumed on a single digester basis in August 2022. In order to restore the refinery to its rated capacity of 1.4 million tonnes a series of further investments, referred to as Project Restore, are required. With the transfer of Noble’s share-ownership to Century, the necessary investments are expected to be made, in association with Clarendon Alumina Production (“CAP”) to improve JAMALCO’s operating efficiency and to restore the facility to a top place among the top two quartiles of the global ranking of alumina producers.

“Furthermore, Century is aligned with the GOJ on the priority of transitioning JAMALCO from an unincorporated joint venture legal structure arrangement to a limited liability company structure. These efforts will therefore continue and are expected to gain increased momentum and achieve completion.”