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Alumina Limited (ASX:AWC) Says that Alcoa World Alumina and Chemicals has divested its 55 per cent stake in the Jamalco alumina refinery in Jamaica to Noble Group for $US140 million. 
 

AWAC is a joint venture between Alumina Limited which owns 40 per cent and Alcoa Inc which manages 60 per cent. 
 

The deal is part of AWAC’s strategy to focus more on low cost operations. Energy costs make Jamalco one of AWAC’s higher cost refineries. 
 

The sale will result in a pre-tax loss of between $US210 million and $US260 million of which 40 per cent would be booked to Alumina under International Financial Reporting Standards. 
 

AWAC will remain managing operator of the refinery for the next three years under a compensated service agreement.  
 

Alumina reported a net loss of $50.3 million for the half year ended 30th June 2014.