United Company RUSAL has sold its Jamaican alumina facility ALPART refinery to China's Jiuquan Iron and Steel Company (JISCo). The takeover is expected to be completed by November this year.
Transport and mining minister, Mike Henry, said an interest purchase agreement negotiated between JISCo and Russian alumina firm, UC Rusal, which operated the refinery, was signed by representatives of both entities on July 19 in China. Henry led a Jamaican delegation that attended the signing ceremony along with science, energy and technology minister, Dr Andrew Wheatley.
Henry, in a press briefing, said that during the ensuing months, a JISCo technical team will visit ALPART alumina refinery to conduct a study and develop basic designs as part of the preparatory work.
The project, slated to run from December 2016 to December 2017 and, on conclusion, “is expected to not only reduce production cost, but also enhance the effectiveness of production," Henry indicated.
Andrew Wheatley noted that JISCo is preparing a document that will outline its “best estimates” to allow the ministry to make its own preparations and plans to cooperate with the company for “efficient and effective (project) implementation within the shortest possible time”.
JISCo will continue to employ the existing ALPART staff along with of its former and available employees. The new entity is expected to create around 700 jobs as early as October/November this year, Wheatley noted.
Both the signing parties agreed on playing a responsible role in protecting the environment during implementation of the project.
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