(Jamaica Gleaner) Noranda Aluminum Holding Corporation plans to double its initial investment plan for its Discovery Bay port expansion to US$20 million.
The scope will also be widened from dredging to include infrastructure works.
The United States-based company with local operations in St Ann told shareholders this week that it “plans to extend that project from US$11 million to up to US$20 million, and to expand the scope to include improvements in railing infra-structure used in its bauxite-mining operation”.
Noranda expects to substantially complete the project by the end of 2013.
Last July, the company announced the project to expand harbour capacity at Port Rhodes in Discovery Bay, St Ann. The project scope originally consisted principally of harbour dredging.
Noranda, meantime, reported full-year 2012 net income of US$49.5 million, compared to net income of US$140.9 million in 2011.
Solid demand
“During 2012, we took steps to strengthen our company and our liquidity profile,” said Layle ‘Kip’ Smith, Noranda president and chief executive officer. “Although our 2012 results were negatively affected by London Metal Exchange prices that, in real terms, reached points that were among historical lows, we experienced throughout the year stable, solid demand in combination with attractive Midwest and fabrication premiums for our key aluminium products.”
During the second half of 2012, Noranda said it worked through operational challenges, particularly in its upstream business.
“We are pleased that all upstream plants are currently producing at expected levels,” Smith said.
