Chinese firm to establish US$2 billion industrial zone near Alpart
Chinese company, Jiuguan Iron and Steel Company (JISCO) are to invest US$2 billion to establish an industrial zone in Nain, St Elizabeth over a four-year period creating over 3,000 new jobs.
This includes the acquisition of the ALPART plant in St Elizabeth.
Transport and Mining Minister Mike Henry says the government is excited about the prospects of the industrial zone.
Just last week JISCO inked an interest purchase agreement with Russian alumina company, UC Rusal to buy the ALPART plant in St Elizabeth South East.
Henry says JISCO is expected to complete the takeover of ALPART by November this year creating an initial 700 jobs.
He also said the company will retain the current ALPART staff and recruit most of the workers who were previously laid off.
Looking ahead, the mining minister said the Chinese company will formulate an integrated planning scheme for the next three to five years.