Trafigura and Ormet announce agreement
24 May 2012 - Trafigura PTE Limited and Ormet Corporation today announced that they have entered into an agreement to explore and evaluate joint investments in projects in the bauxite, alumina and aluminium industry.
The new venture will combine Trafigura's global experience in mining, commodities trading and logistics with Ormet's aluminium-related production expertise.
In the United States, the two companies are successfully working together in Burnside, Louisiana, where Trafigura provides off and on loading services for Ormet's alumina refinery. Trafigura acquired the neighbouring bulk terminal from Ormet in 2011 and is making a considerable investment to transform it into a state-of-the-art facility for handling coal, bauxite and alumina cargoes.
Trafigura director Simon Collins said: "We've agreed this venture at a crucial time for the global aluminium industry. Although this sector continues to grow, some of its major players are divesting non-core assets. The combination of Trafigura's world-wide reach and Ormet's industry expertise will identify key investment opportunities and demonstrates our joint commitment to meeting market needs."
Mike Tanchuk, Ormet's President and CEO, said: "Clearly, the strengths of our two companies complement each other. To be successful, Ormet must grow smartly while we continue to focus on our current operations. Trafigura is a great partner for us to accomplish our goals."
For further information please contact:
Global Media Office: +44 (0)20 7009 1708 / email@example.com
James B. Riley : + 1 740 483 2602 / firstname.lastname@example.org