MOSCOW, July 19 (Reuters) - Russia’s Rusal Plc has agreed to sell its Alpart alumina refinery in Jamaica to China’s state-owned Jiuquan Iron & Steel Group for $299 million, it said on Tuesday.
Overtaken last year by China’s Hongqiao as the world’s top aluminium producer, Rusal said it would still be able to satisfy its demand in alumina, which is used in producing aluminium.
Alpart, a production complex in Jamaica, uses its own bauxite mines and has an annual production capacity of 1.65 million tonnes of alumina and 4.9 million tonnes of bauxite.
Its alumina production was suspended in 2009 due to global weak aluminium prices.
The deal is subject to regulatory approvals by Jamaica and China, Rusal said in a statement. (Reporting by Polina Devitt; editing by Denis Pinchuk and Jason Neely)