Navigate this market better. Subscribe for FREE stock alerts and information.

Friday, June 13, 2014

Alcoa to sell Jamaica mining interests to Noble, (NYSE: AA)

Alcoa Inc will pull out of Jamaica within two years and sell its mining interests to Noble Group Ltd, Alcoa and the Jamaican government said on Friday.Alcoa Minerals of Jamaica (AMJ) and the Jamaican government are joint venture partners in Jamalco, a bauxite mining and alumina refining operation.AMJ has a 55 percent stake in Jamalco, with the remaining 45 percent held by the Jamaican government through its holding company Clarendon Alumina Production Ltd (CAP). The plant is managed by Alcoa.In a statement, New York-based Alcoa said its decision was part of a "global strategy to reshape its upstream portfolio and lower the cost base of its commodity business."

Alcoa Inc. (Alcoa) is engaged in lightweight metals, products and solutions. Shares of AA traded higher by 3.64% or $0.51/share to $14.52. In the past year, the shares have traded as low as $7.63 and as high as $14.58. On average, 19404500 shares of AA exchange hands on a given day and today's volume is recorded at 14419421.