Government of Jamaica
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Tuesday, April 25, 2023
The Government of Jamaica (GOJ) notes the announcement from Century Aluminium Company (“Century”) about its transaction with the Noble Group (“Noble”) with respect to Noble’s 55% 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.
About Century Aluminium Company
Century Aluminium Company is a global producer of primary aluminium, operating smelters in the United States and Ireland. The company operates three aluminium smelters in the US, Hawesville and Sebres in Kentucky and Mount Holly in South Carolina, and another smelter, Grundartangi, in Iceland. These smelters produce standard grade and value-added primary aluminium products that are used in aerospace, automotive, building and construction, packaging and infrastructure industries.
The company is listed on the NASDAQ exchange, with approximately 45% of its shares held by global metals company, Glencore.
Century has been one of the largest customers of the JAMALCO refinery and alumina produced by JAMALCO has been used in all its smelters. The acquisition of the 55% ownership in JAMALCO is expected to assure Century of a predictable, long-term supply of high-quality alumina, allowing for efficiencies associated with vertical integration from bauxite to aluminium.
JAMALCO’s competitive positioning derives from the consistent production of high-quality alumina, strategic geographic location in the Atlantic alumina market and an appropriate corporate culture.
With the involvement of Century, an experienced operator in the industry, JAMALCO is expected to benefit from the know-how, technical and systems support, purchasing economies, etc. These are expected to yield improved efficiencies in its operation.
JAMALCO is expected to continue to honour all existing employment contracts and terms and conditions of employment, including the collective labour agreements for both salaried and hourly employees and the existing compensation arrangements for contractors.
For more information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-4656/4660/4655
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
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