Century Aluminum to buy 55% stake in Jamaica refinery (NASDAQ:CENX)

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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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