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Another quarterly loss for Noble Group

Jamalco's co-owner - Noble Group, has warned of  another quarterly loss, driven by restructuring and finance costs, as the embattled commodity trader moves toward completing a US$3.5 billion  rescue deal that will hand control to creditors.
 
According to a filing, the net loss for the three months to September will be US$90 million to $115 million .
 
It expects to incur restructuring costs of  about 35 million US dollars, after spending more than US$100 million   in the first half.
 
Once Asia's largest commodity trader, Noble Group's crisis has escalated in recent years as losses and defaults mounted. 
 
Creditors will gather tomorrow to vote on its restructuring plan, which has been approved by shareholders.
 
In addition to restructuring costs, Noble Group highlighted a loss of  US$55 million   from discontinued operations, including from assets disposed of  several years ago as troubles intensified. 
 
Noble Group purchased 55 per cent of  Jamalco from Alcoa in 2014.
 
The other 45 per cent of  the company is retained by the Jamaican Government through Clarendon Alumina Partners.


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