INTRODUCTION
Mr. Speaker, Colleagues and Honourable Members of this House, I am tasked to update you and the nation on the implementation of Phase II of the modernization and expansion of the alumina refinery in Nain, St. Elizabeth. As you are aware, this refinery, ALPART, is 100% owned and operated by Jiuquan Iron and Steel (Group) Company Limited (JISCO), which is beneficially and effectively owned by Gansu Province of the People’s Republic of China.
JISCO has indicated that this phase of ALPART’s development is slated to commence within the next 50 days.
MODERNIZATION AS AN INVESTMENT
Mr. Speaker, I wish to remind this House and the people of Jamaica that the modernization and expansion programme will be one of the largest investments in the history of the country. Total investment is projected at US$1.1 billion when completed.
It should be understood that the proposed investment in the associated special economic zone (SEZ), which is a part of Minister Michael Henry’s portfolio, is projected to be significantly more.
ACQUSITION OF ALPART BY JISCO
Mr. Speaker, this House is aware that JISCO acquired ALPART from United Company RUSAL (UC RUSAL) in 2016 for approximately US$299 million. By December 2017 the refinery had shipped its first cargo of alumina under JISCO’s ownership.