Aluminum price soars as China cancels tax incentive on exports
The export tax rebate was also removed for copper and lowered for some refined oil, solar, battery and non-metallic mineral products.
MELBOURNE, Oct 4 (Reuters) –
* Privately held global metals and raw materials trader Concord Resources has taken a minority stake in New Day Aluminium Holdings LLC, the parent company of Noranda Alumina and Noranda Bauxite, the companies said on Wednesday.
* The stake comes as New Day completes a $110 million refinancing and as it readies two major expansion projects at the Noranda Alumina facility in Louisiana, which will increase the firm’s chemical grade alumina production capacity.
* New Day in 2016 bought bankrupt U.S. aluminium maker Noranda Aluminium’s upstream assets that inlucded the 1.2 million tonne per year alumina refinery and the St. Ann bauxite mine in Jamaica.
* Mark Hansen, chief executive of London headquartered Concord has been appointed to New Day’s board.
* Concord signed a long-term marketing agreement for Noranda’s alumina and bauxite in May 2017 that extends to 2024.
* New Day also owns speciality chemical business ARC Fused Alumina in France, which supplies products to the ceramics, flooring abrasives and refractory industries.
(Reporting by Melanie Burton)
