Saturday, March 5, 2016
Thursday, February 11, 2016
Noranda Aluminum Holding Corporation (NAHC) announced Monday that the company has filed voluntary petitions for a court-supervised restructuring process under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the Eastern District of Missouri.
In its filing Noranda said it took the action to have additional time and room to assess options available for its assorted business operations. It said that while most units will continue to operate, its profitable downstream flat-rolled products business would likely become the subject of a court-supervised sale process.
NAHC is parent company of the St Ann-based Noranda Bauxite Limited (NBL) – the assets of which it shares ownership with the Government of Jamaica. NBL was recently affected by changes to mining targets and workforce reduction, conditions reflective of a company-wide retrenchment which started in January.
NAHC said it will in the interim continue production and its partnership with the Government of Jamaica at its Noranda Jamaica Bauxite Partners mine in St Ann, Jamaica.
Thursday, January 28, 2016
THE Government has rejected pleas to relieve St Ann-based bauxite company, Noranda, of its levy obligations in light of its declining profits.
Minister of Finance and Planning Dr Peter Phillips told the House of Representatives yesterday that the Government would not compromise the 40-year-old levy to save Noranda from decline.
“Were we to accede to Noranda’s demand, the country would be realisng, in nominal terms, the same amount of taxes that we were receiving prior to the introduction of the bauxite levy in 1974. And we would be doing so while allowing the exploitation of a depleting, non-renewable resource,” Phillips said during the debate on the first supplementary estimates 2015/16, which were approved by the House of Representatives last night.
“This would be dishonouring the legacy of Michael Manley, and the generation that struggled for this. Our obligation is not to a particular company, but to the people of Jamaica,” Phillips added, pointing out as well that the Government was confident that, while doing this, it will be able to keep the “employees employed”.