Jamaican Government Plans Merger of Clarendon Alumina and Jamaica Bauxite Mining, With Stock Exchange Listing to Follow
01 June 2018 by Staff
Jamaica’s government announced earlier this week its intention to combine Clarendon Alumina Partners (CAP) and the Jamaica Bauxite Mining Limited, followed by listing the resulting organization on the country’s stock exchange.
Jamaican Minister of Transport and Mining Robert Montague told local media that the plan, for which he is currently seeking Cabinet support, would allow a buy-in to the lucrative industry for the everyday Jamaican.
“This is an offer that the little man, the civil servant, the farmer, the workers, all Jamaicans, both here and abroad, will finally, after over 60 years get a chance of owning a part of the industry,” he explained in the course of remarks to the country’s parliament.
Montague continued by indicating that talks between the entities have already begun, and the Jamaican Attorney General and the Development Bank of Jamaica will likely lend their assistance for the merger.
Such a move would open an additional avenue beyond that of the bauxite levy and royalties collected by the government for the average Jamaican to benefit from the island’s bauxite trade.
At present CAP owns 45 percent of Jamalco, while Jamaica Bauxite Mining holds a majority interest in the former Kaiser Aluminum assets. Noble Group owns the remaining 55 percent of Jamalco.