UK-based Concord Resources has upped its stake in New Day Aluminum Holdings, the parent company of Noranda Alumina and Bauxite, buying over interest from Dada Holdings.
Dada noted in a statement on Wednesday that the transaction will increase Concord’s control over the business in New York and Missouri. However, Dada will continue to have a majority stake in the European business operations of Noranda.
Mark Hansen, Concord’s chief executive officer, said that Noranda Alumina has been growing steadily under Dada Holdings and it sees even greater value in the operations, looking to the future. According to Noranda’s website, the refinery produces around 1.2mn mt of alumina per year.