Trinidad gets Chinese funds for aluminum smelter

A deal signed on Tuesday with the government of China has cleared the way for Trinidad and Tobago to move ahead with construction of its first aluminum smelter plant.

Under the deal, China agreed to provide the twin-island Caribbean nation with $112 million, the balance of a $300 million concessional loan for construction of the 125,000 metric ton per year facility near La Brea in southern Trinidad, authorities said.

Pre-construction work on the complex, which will include a rod, wire and cable plant, is already under way and erection of the plant itself is scheduled to begin within a few months.

Earlier this year, Venezuela-based aluminum producer Sural, which had a 40 percent stake in the project, withdrew due to financing problems.

The Trinidad and Tobago government, which owns the remaining 60 percent, has said it is looking for a partner.

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