Jamaica sells stake in bauxite operation to Rusal

Jamaica is selling its 7 percent stake in a bauxite refinery operation, the island's energy minister announced Tuesday.

Energy Minister Phillip Paulwell told Parliament that the government will sell its $11 million stake in the West Indies Alumina Company, referred to as Windalco. It is located in the central Jamaican parish of Manchester.

The money will go to Windalco's parent company, Russian aluminum giant UC Rusal. The $11 million sale will roughly halve a $21.5 million debt to the Russian company. A debt of $10.5 million remains.

Jamaica's once-flourishing bauxite industry has fallen on hard times in recent years. Globally, high levels of aluminum supplies have led to lower prices.

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