US$14.6 Million Earned From Scrap Metal Trade Since Resumption

Approximately US$14.6 million has been earned from the scrap metal trade since its resumption in February 2013.

Addressing the Jamaica House Press Briefing at the Office of the Prime Minster on February 26, Minister with responsibility for Information, Senator the Hon. Sandrea Falconer, informed that 2,396 containers of scrap metal have been exported.

“There is general satisfaction that the new regime is reaping success, as the incidence of metal theft has been significantly reduced when compared to 2011-2012,” she informed.

In December 2012, Cabinet approved the reopening of the scrap metal trade under a new governance regime.

Under the new regulations, all exporters, except those who generate metal waste in their manufacturing operations, are required to post a $7 million bond with the Factories Corporation of Jamaica, which is in charge of the designated central multi-user sites.

The regulations also state that general scrap metal exporters are only allowed to export from designated multi-user sites and any exporter, who is convicted of theft, will pay a fine of $2 million and lose their licence to operate.