Jamaica's bauxite industry to return to profitability
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| Published on Thursday, January 22, 2009 |
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KINGSTON, Jamaica (JIS): Minister of State in the Ministry of Mining and Telecommunications, Laurence Broderick, is projecting that Jamaica's bauxite sector should return to profitability within three years.
He noted that with the current downturn in demand on the world market for metals and in particular aluminium, Jamaica’s bauxite sector was now in a “survival mode.” He noted, however, that the decline should be reversed soon.
He stated that while there have been some dislocations as a result of the downturn, “we have been able to keep the plants open.”
“We are now working closely with the mining companies to find a way to ensure that the industry stays intact,” he told JIS News, adding that, “it is important that we get ourselves ready to be able to perform effectively.”
Senior Director of Policy Planning Development in the Ministry, Oral Rainford, in the meantime, told JIS News that the Ministry is making preparations “for the good days ahead.”
“One thing that is certain, when you have a downturn, there will always be an upturn. It’s just a matter of waiting to see when it comes and putting yourself in a position to take advantage of all of that,” he stated.
Greenland Development, which was established to assist the Greenland Home Rule Government in a wide range of areas of activity in relation to that country’s aluminium project, forecasts a 3.7 per cent annual increase in the consumption of primary (fresh and not recycled) aluminium on a global scale during the period 2006 to 2030, a clear indication that the global market will demand more aluminium for some time to come. | | | | Reads : 745 | | | |
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