
The owners of the Aughinish Alumina refinery in West Limerick have reportedly secured a temporary reprieve over threat to alumina jobs from the Trump administration.
The news arrived after the US Treasury’s Office of Foreign Assets Control (OFAC) granted a three-week extension until November 12 on last Friday, for investors to divest holdings of debt, equity, and other assets in Rusal and its sister company EN+.
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The Irish Government was engaged in a high-stakes battle to save up to 1,700 jobs in the Mid-West. Germany and France also lobbied Washington to back down as Aughinish is a key strategic asset for Europe.
Some 750 people are directly employed at Aughinish while an additional 1,000 people are indirectly employed in roles such as subcontracting.
Ireland had sought a minimum 12-month extension to help save jobs amid concerns the sanctions could see production at Aughinish slashed by up to 70pc or face closure.
Pat Breen, Minister of State across the Departments of Enterprise and Innovation - and a TD for Clare - said all sides are anxious to get the deal across the line.
Minister Breen in the same context commented: "There are additional hurdles to overcome, but we are encouraged by the three-week extension which suggests that a deal may be close." I am confident that we will see a deal where Rusal is de-listed from the sanctions list." Minister Breen had travelled to Washington DC in July to raise concerns about the potential jobs to blow with the US administration.
US Treasury Secretary Steven Mnuchin reported the United States was in talks with Rusal to remove it from the sanctions list. The Treasury said in a statement "EN+ and Rusal approached the US government about substantial corporate governance changes that could potentially result in significant changes in control."
He further added that to allow sufficient time for review, the US government decided to extend the licences until November 12.
Initially, Aughinish, under the punitive sanctions regime, had time until October 23 to wind down dealings with American businesses.
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