CAP: No jobs in danger at Jamalco
Clarendon Alumina Production Limited (CAP) is reiterating that no jobs are under threat at Jamalco and that the workforce at the alumina refinery is to be increased when a modernisation and upgrading process has been completed and production brought back to full capacity.
CAP's stance comes with the announcement that the sale has been completed by Alcoa World Alumina and Chemicals, of its stake in the Jamalco bauxite mining and alumina refinery joint venture, to Noble Group Limited through its wholly owned subsidiary, General Alumina Holdings.
"On December 1, 2014, final details of the transfer of ownership to Noble were concluded and on December 3, the first official meeting of Jamalco's new executive committee was convened, consisting of representatives from CAP and Noble," stated CAP, which is wholly owned by the Government of Jamaica.
In summarising what the Noble investment means for the future of Jamaica's bauxite industry, Minister of Science, Technology, Energy and Mining Phillip Paulwell has described the new partnership as providing tremendous prospects for the future.
An encouraging indicator
He said that, as one of the largest global supply-chain companies in the world, Noble's decision to invest in Jamaica was an encouraging indicator for the industry and the country as a whole.
"They see the potential and we believe that once the energy and equipment issues are resolved, CAP will be profitable and help the country to realise the true value of its Jamalco asset and assist in the country's economic recovery," he said.
Noble has signalled its intention to invest in the improvement of Jamalco's infrastructure and equipment, as well as to continue efforts to build an energy-efficient power plant that will significantly reduce its energy costs.