CENX - Century Aluminum to buy 55% stake in Jamaica refinery

2023-04-25 15:56:15 ET

Century Aluminum ( NASDAQ: CENX ) said Tuesday it agreed to acquire a 55% ownership interest in Jamalco, a bauxite mining and alumina production joint venture in Jamaica, from Noble Group Holdings for $1.

Jamalco has annual alumina production capacity of ~1.4M metric tons.

"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," President and CEO Jesse Gary said.

Century Aluminum ( CENX ) stock -8.1% in Tuesday's trading as base metals commodities trade lower across the board amid a weaker than expected demand recovery in China.

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• Stock price return: less than 1% loss YTD, 60% loss in the past 12 months

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