Sugar Divestment on Track…says PM Golding

Prime Minister Bruce Golding, has said that the divestment of state owned sugar estates were proceeding as expected and that worker compensation will be in place. The Prime Minister was responding to an email on the Jamaica House Live call-in programme aired last night (November 26).
“Everything is on track,” the Prime Minister said. He noted that a team of four persons from the Brazilian ethanol production company, Infiniti Bio-Energy, were in Jamaica preparing for the takeover. The PM said he met recently met with the Ambassador of Brazil, who gave assurance that the Embassy was being strengthened to support the investors and related trade matters. The PM noted however, that sugar workers’ interests must be defended saying, “We must be ready with redundancy payments.”
The Prime Minister stressed that the financial burdens facing the Government are not sustainable and for emphasis highlighted the losses being sustained in the Bauxite industry. He informed listeners that the country had lost US$35M in October – an ongoing effect of the 2005 fixed selling price for Jamaican Bauxite, that is currently below market rate and did not cover the rising alumina production costs.