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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (33856)3/9/2009 6:14:20 PM
From: LoneClone  Read Replies (1) of 193231
 
Efforts to find alternative bauxite buyers futile

The Parliamentary Opposition has poured cold water on the Government's last ditch attempt to stave off a shutdown of Jamaica's multi-billion dollar bauxite/alumina sector.

It has criticised the Bruce Golding administration for being tardy in trying to save the industry from collapse and is predicting that its quest to find new buyers for Jamaica's bauxite will be a grand failure.

On Monday, Finance Minister Audley Shaw announced plans to attract other international buyers in an attempt to keep bauxite companies in operation in the wake of a dramatic decline in international demand.

But Opposition Spokesman on Mining, Michael Peart, says not much will be achieved from the Government's last minute intervention in light of the deepening global recession and is predicting that the search for alternative markets will be a fruitless exercise.

"I believe their efforts will be futile because this should have been done months ago, but I do wish them the best because the conditions are getting increasingly worst and I doubt very much that there will be any success ass the prospect for a global recovery from this recession (will) not (be) in this calendar year," said Mr. Peart.

Mr. Shaw has admitted that the Government stands to earn less than $3 billion from the bauxite levy for the next financial year, which is down from its initial $6 billion projection.

Trade union officials have also warned that bauxite/alumina companies could be forced to cease operations in coming weeks as there is no sign that demand on the world market will pick up. – RadioJamaica
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