Item 2. Properties
Item 2. Properties
Our principal executive office is located at 1 South Wacker Drive, Suite 1000, Chicago, Illinois 60606. We own and operate aluminum smelters in the United States and Iceland. We also own a carbon anode production facility located in the Netherlands and hold a 55% interest in a bauxite mining and alumina refining facility in Jamaica. We lease certain of our facilities under long-term operating leases, however, we do not believe that this fact materially affects the continued use of these properties. We believe all of our facilities are suitable and adequate for our current operations. Our significant properties are listed below. Additional information about the location and productive capacity of our facilities is available in the "Overview" section of Item 1. Business .
Facility Ownership
Sebree 100% Owned
Mt. Holly 100% Owned
Grundartangi Facility 100% owned; long-term ground lease
Vlissingen Facility 100% owned; long-term ground lease
Jamalco 55% Joint venture interest; long-term ground lease
Chicago Corporate Office Long-term office lease
Bauxite Mining Properties
Century has access to large bauxite deposit areas with mining rights that extend through 2031. The Company obtains bauxite from these resources in Jamaica. Tonnes of bauxite are reported on a zero-moisture basis in millions of dry metric tonnes (mdmt) unless otherwise stated.
As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource” and “mineral reserve” are defined and used in accordance with subpart 1300 of Regulation S-K. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person (as defined under subpart 1300 of Regulation S-K) that the mineral resources can be the basis of an economically viable project. The approach to mining at Jamalco is such that, in the qualified person's opinion, the documented mineral reserves are too small to merit reporting and as such, mineral reserves are not included in the discussion below. Refer to “Property History and Condition” below for more information on why reportable reserves are not available.
Part or all of the mineral deposits (including any mineral resources) in these categories may never be converted into mineral reserves. Further, except for the portion of mineral resources reclassified as mineral reserves, mineral resources do not have demonstrated economic value. Estimates of inferred mineral resources have too high of a degree of uncertainty as to their existence and may not be converted to a mineral reserve. Therefore, it should not be assumed that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, it should not be assumed that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. Management relies on estimates of our recoverable mineral reserves, which estimation is complex due to geological characteristics of the properties and the number of assumptions made and variable factors, some of which are beyond our control.
The information that follows is derived from the technical report summary relating to the property prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K by Aluminium Industry Professionals Inc. (“Aluminpro”), which we engaged as a qualified person as defined under subpart 1300 of Regulation S-K. No employee of Aluminpro is an employee of the Company, and Aluminpro is not affiliated with the Company or with any other entity that has an ownership, royalty, or other interest in Jamalco or the mining properties. The scientific and technical information concerning our mineral resources in this Form 10-K have been reviewed and approved by Aluminpro. Portions of the following information are based on assumptions, qualifications, and procedures that are not fully described herein. Reference should be made to the full text of the Technical Report Summary dated February 27, 2025, with an effective date of December 31, 2024, incorporated by reference as Exhibit 96.1 to this Form 10-K (the “Jamalco TRS”).
Property Location and Description
Jamalco holds two Special Mining Leases, Special Mining Lease 130 ("SML 130") and Special Mining Lease 169 ("SML 169") in the southwestern region of Jamaica within the Parishes of Clarendon and Manchester and one Special Exclusive Prospecting License 580 ("SEPL 580") is in the St. Catherine Parish in the southeastern region of Jamaica.
26
Table of Contents
On October 7, 1991, under SML 130, the Government of Jamaica granted Jamalco the rights to explore and mine the bauxite in the leased area for a period of 40 years, expiring in 2031. The center of SML 130 is located at 18°02’N and 77°25’W and covers 137.3mi 2 . The lease guarantees that no other company will be allowed to mine for bauxite in the leased area. Jamalco may surrender lands to the Government of Jamaica that it has mined out and restored or lands it no longer wishes to retain free of charge. Conversely, the Government of Jamaica may rescind lands under the mining lease that it deems necessary in the national interest of Jamaica: such lands will not be made available to other bauxite users.
On January 1, 2003, the Government of Jamaica granted Jamalco under SML 169 the rights to explore and mine the bauxite in the lease area for a period of 40 years, expiring in 2043. The center of SML 169 is at 18°10’24’’N and 77°33’15’’W and covers 46.0mi 2 . The conditions of the lease are the same as the conditions for SML 130.
On June 7, 2016, the Government of Jamaica granted Jamalco under SEPL 580 the right to explore exclusively for bauxite in the license area. The license is renewable annually and currently valid until June 2026. The center of SEPL 580 is at approximately 18°04’N and 77°25’W and covers 59.7mi 2 .
Jamalco’s refinery is located at 17°54’N and 77°14’30’’W and the dedicated port is located at Rocky Point on Jamaica’s south coast at 17°49’N and 77°10’W approximately 8.7mi to the southeast of the refinery.
Mining by Jamalco is subject to the Mining Act of 1947 ("the Mining Act") and its subsequent amendments and the lease agreements. It provides the holder of a mining lease with full access to land granted with the exclusive right to explore and mine bauxite. Many lands are held by private owners and, prior to prospecting or mining, Jamalco is required to give notice to the owner and provide compensation.
Refer to the Jamalco TRS in Sections 2 through 5 for more information on the Jamalco property location, history and topography.
Infrastructure
Jamalco has three office locations, a refinery, a rope conveyor and a railway. Jamalco’s mining and refinery operations may be reached by an approximately one hour drive west via toll road from the center of Kingston, the administrative capital
27
Table of Contents
and main business center of the island. Jamaica has multiple daily air and sea connections to the United States, Canada, and United Kingdom.
The bauxite deposits are distributed throughout the region in communities of local residents, served by an extensive road system and infrastructure providing services to these communities.
The deposits are connected to the central stockpile at St. Jago by internal private haul roads. Access to the deposits is also available through public roads, but these roads are generally not used for transporting bauxite. Jamalco haul roads occasionally cross public roads. The crossings are controlled by contractors directly employed by Jamalco.
Many deposits occur on the higher Manchester plateau which is connected to the stockpile at St. Jago via an aerial ropeway cable conveyor over the face of a steep, rugged limestone escarpment. The conveyor is 3.4 km in length with a capacity up to 1,000 tonnes of bauxite per hour from the load station at Mount Oliphant, at an elevation 1750 ft or 533m, to the rail head at St. Jago, elevation 150 ft or 46 m.
From St. Jago, the bauxite is transported to the alumina refinery by a dedicated 18.0 km rail system, controlled and operated by Jamalco 24 hours per day, 6 days per week and approximately 9 rail trips are made each day transporting bauxite. At the refinery the bauxite is processed through the Bayer Process resulting in red mud residue which is disposed of within the residue lakes near the refinery. Alumina is transported from the refinery by the rail line to the Rocky Point Port on the southern coast, again a distance of 18.0 km.
Approximately 900 employees work in the refinery and related facilities such as the laboratory and port. Jamalco has employed three mining contractors to carry out the following tasks: road development, pit preparation, mining and stockpiling, train loading and rehabilitation of mined pits. The combined workforce for operations and maintenance is 328 contractor employees.
Refer to the Jamalco TRS in Sections 14 and 15 for more information on infrastructure.
Property History and Condition
Studies and exploration for bauxite first began in Jamaica in 1944, with bauxite mining beginning in 1952. Alcoa was first granted mining concessions for the property in Clarendon, creating a mining joint venture in 1959 and beginning bauxite mining and exporting in 1963. The Company also built an alumina refinery in Clarendon that commenced operations in 1972 at an annual capacity of 0.5mdmt drawing on bauxites from the Mocho Mountain region upper Clarendon. Jamalco was formed in 1988 when the Government of Jamaica acquired a 50% interest in Alcoa’s mining and refining operations, with Alcoa remaining the managing partner. In December 2014, Alcoa sold its stake in Jamalco to the Noble Group. In May 2023 the Company purchased the interest from the Noble Group. General Alumina Jamaica Limited is the managing partner of the Jamalco joint venture.
Jamalco's bauxite consists of many deposits that occur as infilling within depressions on an eroded limestone surface. Referred to as a karst topography, these depressions result from the solution of the limestone over time. The shape of a typical deposit crudely resembles an inverted, flattened cone whose surface may cover many hectares. Exploration for bauxite continues to be conducted on a regular basis to maintain sufficient mineral resources and reserves to meet refinery supply.
At the start of mining, most identified deposits were on public land where the Company had ready access for drilling and mining within the constraints of restrictions imposed by the Mining Act. Currently, most of the remaining bauxite deposits are on private land parcels, which may have multiple owners. This situation of multiple ownership of deposits, typical of Jamaica, calls for a unique approach to detailed exploration, mine planning and bauxite extraction which has resulted in a lack of reportable mineral reserves. Specifically, Jamalco has a policy that once a consolidated land position is attained, then production in-fill drilling and mining is immediately initiated in order to minimize the outlay of capital. As such, it is Aluminpro’s opinion that the reserves are too small to merit reporting. This practice has been the basis for mine planning, extraction, blending and processing of bauxites in this area over the last 50 years and has supported a technically and economically viable operation. Despite our operations, under subpart 1300 of Regulation S-K, we are considered an “exploration stage” company because we do not have mineral reserves to disclose.
The Jamalco facilities, including equipment, are in a maintained condition. The gross book value of these facilities and equipment as of December 31, 2025 of $488.7 million is included in Property, plant and equipment, net on the Consolidated Balance Sheets. Jamalco has prepared capital projects to increase the proportion SML 169 bauxite to 55 % of the refinery feed.
28
Table of Contents
Refer to the Jamalco TRS in Section 5 for more information on the property history and condition.
Mining Method and Processing Operations
Jamalco’s resources are based on exploration done by Jamaican Bauxite Institute (“JBI”).
Once Jamalco's production drilling is completed with assays and merged with JBI data, AutoCAD plans are prepared with grades and thicknesses that are passed on to the mine operators. Production drilling is essentially quality control in-fill drilling. Parcel maps are created for the production crew, showing color-coded grade information which enables selection of mining for stockpiling and subsequent drilling.
Experienced local mining contractors are engaged in the mine production process from topsoil stripping to train loading.
Bauxite does not require blasting. Excavators load directly into 30 tonne highway trucks for a short haul to the stockpile areas at low operating costs for South Manchester. The bauxite in North Manchester requires the same method but besides poorer quality, the long hauling distance makes the bauxite more expensive per tonne.
Once mined, the bauxite is hauled by train to Jamalco's refinery where the Bayer Process is used to extract alumina from bauxite.
Refer to the Jamalco TRS in Sections 12 and 14 for more information on the mining method and processing operations.
Bauxite Mineral Resources
The resources stated below were prepared by Jamalco with the results and procedures validated and tabulated by Aluminpro. As stated above, Jamalco has no reportable mineral reserves.
As such, there is an insufficient time to maintain a significant inventory of reserves prior to processing, that merit reporting by Aluminpro. Refer to “Property History and Condition” above for more information on why reportable reserves are not declared.
The Indicated mineral resources reported below are based on a scenario where all the available SML 130 bauxites have been consumed by blending with SML 169 bauxites to meet refinery specifications. This mix of Indicated resources forms the basis to the production schedule and the Initial Assessment discussed below. It should not be assumed that all the Indicated mineral resources are economic or will be converted to ore reserves as discussed more fully below.
29
Table of Contents
Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2025 and 2024, expressed in millions of dry metric tonnes (mdmt) and subdivided by SML:
mdmt (1)
AvAl 2 O 3 (2) (%)
ReSiO 2 (3) (%)
P 2 O 5 (4) (%)
At December 31, 2025
SML 130
Measured mineral resources — — % — % — %
Indicated mineral resources 8.6 37.53 % 4.31 % 0.19 %
Measured + Indicated mineral resources — 37.53 % 4.31 % 0.19 %
Inferred mineral resources — — % — % — %
SML 169
Measured mineral resources — — % — % — %
Indicated mineral resources 7.7 38.96 % 1.16 % 1.91 %
Measured + Indicated mineral resources — 38.96 % 1.16 % 1.91 %
Inferred mineral resources — — % — % — %
At December 31, 2024
SML 130
Measured mineral resources — — % — % — %
Indicated mineral resources 13.5 37.49 % 4.89 % 0.21 %
Measured + Indicated mineral resources 13.5 37.49 % 4.89 % 0.21 %
Inferred mineral resources — — % — % — %
SML 169
Measured mineral resources — — % — % — %
Indicated mineral resources 13.5 38.96 % 1.16 % 1.91 %
Measured + Indicated mineral resources 13.5 38.96 % 1.16 % 1.91 %
Inferred mineral resources — — % — % — %
(1) Represents the Company's 55% interest
(2) Available Alumina at Low Temperature
(3) Reactive Silica
(4) Phosphorous
Cut-offs are based on a 35% AvAl 2 O 3 grade for the overall pit. The exception is Porus Victoria Township location where the value of this bauxite for blending allows for a cut-off of 30% AvAl 2 O 3 to be applied. ReSiO 2 grades should not exceed 6% on a pit basis; where high silica zones are encountered in mining such bauxites are flagged and are to be avoided in the extraction process. P 2 O 5 and goethite-hematite ratios are monitored for blending purposes, however no specific cut-offs are applied to constrain the resources.
No call factors are applied to the above resource tonnages and grades. Metallurgical recovery is approximately 84% but has not been applied to these tonnages. The bauxite transfer price to the refinery is $14.43 per tonne and tonnage is reported on a bone-dry basis. All resource estimation is based on an in-situ density of 1.44 tonnes/m 3 .
The overall Resources of SML 130 and SML 169 have required significant tonnage reduction, due to the 2-year delay in implementing Project Restore at the refinery which would allow for treatment of the more complex bauxites from North Manchester (SML 169). The latter resource is the tonnage that can be blended with the residual SML 130 tonnage in line with the required future refinery bauxite quality. High silica pits on SML 130 require low silica SML 169 bauxites to meet future quality needs.
30
Table of Contents
The delay in implementing Project Restore to address the processing constraints has required a revised production schedule, to determine the diminished amount of North Manchester resource available for disclosure. During 2025, 10% of the bauxite mined was from SML 169 with only 13% of production planned from SML 169 in 2026, thus accelerating the depletion of SML 130 blendable bauxites.
Refer to the Jamalco TRS in Section 11 for more information on the mineral resource estimates, including key assumptions used.
Exploration Activity
Exploration at the property is completed using auger drilling. Exploration in 2025 has been focused on drilling pits within the Mocho mining area of SML 130 where 79 deposits are identified. Drilling has been carried out on five pits for which Jamalco has prepared estimates deemed Indicated Resources totaling 0.5kt. A total of 391 holes were drilled in 2025 at 15m centers resulting in 2,748 assays. These pits require further drilling at depth, and final deposit modelling.
Internal Controls
We have internal controls and procedures designed for quality assurance and quality control on the Company’s production activities and associated information for the estimation of mineral resources and reserves. These internal controls include surveying of drillhole collar location, drill sampling, collection and security, database verification and security and quality assurance and quality control programs. Internal controls used by the Company are informed by internal reviews and by reviews, audits, and studies performed by third-party mining consultants. We recognize the risks inherent in exploration, such as the geological complexity, interpretation and extrapolation of data, changes in operations, ongoing mine planning, or permitting requirements, macroeconomic conditions and new data, among others. See Item 1A. Risk Factors of this Form 10-K for more information on risks.