Wednesday, July 20, 2016

Chinese company Jiuquan Iron and Steel (Group) Company Ltd (JISCO) and Russian mining company, UC RUSAL yesterday executed the agreement for the transfer of ownership of Alumina Partners of Jamaica (Alpart) which has its bauxite mining and alumina processing plant in Nain, St Elizabeth, to the Chinese enterprise.

Government sources said the investment by JISCO would be US$2 billion over five years, which includes the sale price of US$299 million.

Representing the Government of Jamaica at the signing in Beijing, China, was Minister of Science, Energy and Technology Dr Andrew Wheatley and Minister of Transport and Mining Michael Henry.

Former Minister of Mining Phillip Paulwell also witnessed the official signing, attending the function at the invitation of JISCO.

http://www.jamaicaobserver.com/business/JISCO-to-invest-US-2-billion-in-Alpart_67646