China interested in alumina companies

Prime Minister Bruce Golding says progress is being made in the divestment of some state assets.



As it concerns the sale of the sugar factories, Mr. Golding has indicated that renewed interest has emerged for the three remaining factories.

Discussions he said are advanced with a potential buyer with strong financial backing.

In addition to the sugar divestment, he also indicated that the government owned 45% stake in Jamalco, held through Clarendon Alumina Partners, is being eyed by a Chinese firm.

"We have entered into an agreement with a Chinese firm, Tzu hui Hung Fang, for the sale of Clarendon Alumina Partners,"

"That company has an alumina supply contract with the Aluminium Company of China, CHALCO; China's largest aluminium company and has secured financing commitments from the China Development Bank. The sale is subject to the inherent right of Alcoa, our joint venture partner in Jamalco which has a 90 day right of first refusal," Mr. Golding said.

He added that representatives of the Chinese firm met in Jamaica last week and he is optimistic that a deal will be struck.

The company is indicating that once it acquires majority control of Clarendon Alumina, it will be willing to double Jamalco's bauxite refining capacity as long as the government provides adequate reserves.

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