Ormet Material Sell-Off Continues
HANNIBAL – A purchase order shows Libertas Copper will pay about $3 million for approximately 430 metric tons of copper rods from bankrupt aluminum producer Ormet Corp., while the sale of Ormet’s former Burnside, La. alumina refinery to Almatis Inc. is complete.
The company continues selling the raw materials needed to manufacture aluminum in an effort to pay off its debts.
Judge Mary Walrath of the U.S. District Bankruptcy Court in Delaware approved the sale to Libertas after Ormet attorneys conducted an auction for the copper rods, court records show. Court records indicate Ormet has permission to sell alumina – which becomes aluminum through the smelting process – to Switzerland-based Trafigura for $281 per metric ton.
Ormet was also scheduled to auction off carbon anodes on Thursday, but there is not yet a record on file of how this auction concluded.
Company officials have been unavailable for comment.