Mining Minister Wants Jamaicans to Own Shares in Industry

Minister of Transport and Mining, Hon. Robert Montague, says he intends to seek Cabinet’s approval to sell shares on the Stock Exchange for the average Jamaican to invest in the mining sector.

“I have instructed that the Government holdings in Clarendon Alumina Partners (CAP) and Jamaica Bauxite Mining Limited (JBM) be merged into one entity. I will then seek Cabinet’s permission to sell to the Jamaican people, shares via the Stock Exchange,” Mr. Montague said, during his contribution to the 2018/19 Sectoral Debate in the House of Representatives on May 30.

The Minister said one way in which he sees the mining sector in Jamaica growing is through the sale of stocks.

He pointed out that CAP currently owns 45 per cent of Jamalco, while JBM owns 51 per cent of the old Kaiser operations.

Mr. Montague said the proposal will allow Jamaicans to become owners of various aspects of the mining industry.

“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 part of this industry,” he said.

“This is epic and historic. Internal discussions have started and assistance will be sought from the Attorney General’s office and the Development Bank of Jamaica to properly package the concept for listing on the Stock Exchange,” Mr. Montague said.

He explained that although the earnings for Jamaicans who decide to invest may fluctuate based on their returns on investments, they will still be able to boast that they are owners, have share certificates, be able to attend annual general meetings, determine how the business is operated and pass on their ownership to their children.

“For years, the country has mined bauxite and exported it. The industry has offered many workers a fairly decent salary, but more persons we believe could participate in not only the industry, but in the profits of the industry,” Mr. Montague said.