27 MARCH 2015AlCircle.com
Noranda demands an extension of bauxite levy concession from the Jamaican government
Edited by : AL CIRCLE
1 min read
Jamaican government and Noranda Bauxite Limited are at loggerheads as issues arise regarding payment of bauxite levy imposed by the government.
The issue was revealed by Finance Minister, Dr. Peter Phillips on Wednesday, at the close of the budget debate in the House of Representatives.
During the period of global economic crisis, the government had agreed to allow concessions on bauxite levy in an agreement established in 2009 and the regime was to end in December 2014.
However Noranda now demands another 5 year extension on bauxite levy concession and the company has not been paying full levy since January, says Peter Phillip. He says, considering the financial condition of Jamaica and the improvements in the global economy, providing concessions will not be feasible for the country.
Rusal, however has agreed to pay the full levy applicable once they begin alumina shipments from Alpart later this year, he said.
The issue was revealed by Finance Minister, Dr. Peter Phillips on Wednesday, at the close of the budget debate in the House of Representatives.
During the period of global economic crisis, the government had agreed to allow concessions on bauxite levy in an agreement established in 2009 and the regime was to end in December 2014.
However Noranda now demands another 5 year extension on bauxite levy concession and the company has not been paying full levy since January, says Peter Phillip. He says, considering the financial condition of Jamaica and the improvements in the global economy, providing concessions will not be feasible for the country.
Rusal, however has agreed to pay the full levy applicable once they begin alumina shipments from Alpart later this year, he said.
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