UK-based Concord Resources acquires equity in Noranda Bauxite

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UK-based Concord Resources acquires equity in Noranda Bauxite

Wednesday, October 03, 2018

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KINGSTON, Jamaica — Concord Resources Limited (Concord) a global resources merchant focused on the supply chain and risk management of non-ferrous metals and associated raw materials, has acquired a minority equity position in New Day Aluminium Holdings LLC, the parent company of Noranda Bauxite and Alumina.

Founded in 2015, Concord is headquartered in London and covers markets through its principal offices in New York and Hong Kong, serving customers worldwide.

Concord's purchase is said to coincide with New Day's recent completion of a $110 million refinancing and the imminent conclusion of two major expansion projects at the Noranda Alumina facility in Gramercy, LA that will increase the company's chemical grade alumina production capacity.

In conjunction with Concord's equity stake, its CEO, Mark Hansen, has been appointed to New Day's Board, a release from the St Ann-based Noranda Bauxite said today.

“We have been working closely as a marketing partner with New Day from very early on, and are pleased to be able to acquire an equity position in the company. We view this strategic investment as a terrific opportunity to expand our partnership with a proven management team executing a strategy we are pleased to be supporting to add value,'' Hansen was quoted as saying.

Chairman and CEO of New Day and Noranda Bauxite and Alumina, David D'Addario, commented: “We welcome Mark Hansen to our Board, and are pleased that our vision for the future has attracted significant investment from such a well-respected international player in our industry.”

Concord has been a key marketing partner for us since we acquired this business, and its confidence in our success is manifest in this acquisition of an equity stake in our company.”

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