Jamaica: Noranda to Invest in Discovery Bay Dredging
Noranda Aluminum Holding Corporation (NOR) reported results for fourth quarter and full-year 2012.
“Our fourth quarter results reflect continued stable demand with somewhat improved LME aluminum prices,” said Layle K. (Kip) Smith, Noranda`s President and Chief Executive Officer.
The Company has no debt maturities until 2015 aside from the modest 1% per annum amortization of the Term B Loan. The Company continues to actively evaluate its capital structure and debt maturities.
In July 2012, the Company announced an $11 million project to expand harbor capacity at Port Rhodes in Discovery Bay, Jamaica. The project scope consisted principally of harbor dredging.
On February 20, 2013, the Company announced plans to extend that project from $11 million to up to $20 million, and to expand the scope to include improvements in railing infrastructure used in its bauxite mining operation.
The Company expects to substantially complete the project by the end of 2013.
Dredging Today Staff, February 25, 2013