Alumina completes Jamalco alumina refinery sale

Company News

Alumina Limited (ASX:AWC) has completed the divestment of its stake in the Jamalco alumina refinery in Jamaica to Noble Group for $US140 million. 
The 55 per cent stake was sold by Alcoa World Alumina and Chemicals, a joint venture between Alumina who hold a 40 per cent interest and Alcoa Inc (ASX:AAI) who hold a 60 per cent interest. 
Alumina says the JV will remain managing operator of the refinery for the next three years under a compensated service agreement.  
At the time of announcing the divestment in October the JV said the sale was part of its strategy to focus more on low cost operations.
Alumina reported a net loss of $50.3 million in the first half of the 2014 calendar year.