Sun | Sep 24, 2017

Government not hostile to Noranda – Phillips

Published:Wednesday | January 27, 2016 | 1:39 AM
Speaking in the House of Representatives yesterday, Dr Phillips said Noranda Aluminum Holding Corporation was facing problems before it lost a case against the government over the payment of the levy.

Finance Minister, Dr Peter Phillips, says the government is not being hostile by demanding that the Noranda Aluminum Holding Corporation pay over monies owed under the bauxite levy.

Noranda has said that it has been facing challenges and would send home a huge chunk of its workforce if the government pushes for the outstanding money. 

However, speaking in the House of Representatives yesterday, Dr Phillips said the company was  facing problems before it lost a case against the government over the payment of the levy. 

Phillips insisted that the government will not give up on getting its money. 

 

Finance Minister Dr Peter Phillips

Earlier this month, the company based in the US said 90 jobs will be cut.

The company carried out a series of cuts late last year into earlier this month. 

Meanwhile, the House of Representatives has approved the revised budget with more than $160 billion.

The supplementary estimates will now go to the Senate for approval.

The finance minister says the government would provide the information about new projects following concerns raised by Opposition Spokesman on Finance, Audley Shaw. 

The revised budget now stands at $808 billion, $167 billion more than originally budgeted. 

Capital expenditure has been increased by $4.2 billion due to the relaxation of the primary surplus target.

This target was reduced by 0.25 per cent of GDP following protracted discussions with the International Monetary Fund.