Clarendon Alumina Partners Projects $46M Loss for 2027 Amid Efficiency Drive at Jamalco Refinery

Clarendon Alumina Partners (CAP) anticipates a net loss of US$46 million for fiscal year 2027, as alumina revenues fail to cover production costs despite ongoing capital investments at the Jamalco refinery. The refinery, in which CAP holds a 45% stake, is implementing efficiency measures to reduce energy costs amid projected revenues of J$31.8 billion against expenses of J$36.2 billion. CAP's urgent plans for incorporation are aimed at facilitating credit acquisition, as the refinery currently operates under a non-incorporated status.

Published Mar 20, 2026

Clarendon Alumina Partners (CAP) expects a net loss of US$46 million for fiscal year 2027, as alumina revenues remain below production costs. CAP, holding 45% of the Jamalco refinery, faces operating losses despite a capital investment program from 2025 to 2027, led by Century Aluminum, which owns 55% of Jamalco.

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The refinery, which consumes significant steam, aims to reduce energy costs. CAP forecasts revenues of J$31.8 billion and expenses of J$36.2 billion, alongside interest expenses of $3.2 billion. CAP plans to spend US$22 million on capital expenditures this year, down from US$32.1 million. Incorporation plans for Jamalco are urgent due to its non-incorporated status, complicating credit acquisition.