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Gov't finalises Alpart deal with JISCO

Saturday, September 23, 2017

TRANSPORT and Mining Minister Lester 'Mike' Henry yesterday finalised the deal with Jiuquan Iron & Steel Company (JISCO) completing the company's acquisition of Alpart.

In a release yesterday, the Ministry of Transport and Mining said Henry signed three agreements with the company in Jiayuguan, China.

The documents, Establishment Agreement, the Fiscal Regime Agreement and the Agency and Land Use Agreement, outline the agreements between the Government of Jamaica and JISCO relating to its ownership, operation and build-out of the Alpart alumina works at Nain, St Elizabeth, the release said.

According to the ministry, Minister Henry said the signing of the agreements formally unlocks the inflow of at least an additional US$1 billion in investment and the creation of another 800 direct and high-paying jobs.

Meanwhile, Deputy Director, State-Owned Assets Supervision & Administration Commission of the Gansu Provincial Government Che Hong, said the Government of China and the Government of China's Gansu Province fully support JISCO's acquisition of Alpart.

He also said he is particularly pleased about the additional investments that JISCO would be making at Alpart, as they seek to further expand the relationship with the Jamaican Government and provide well-needed investments for the growth and development of the country's economy.

Henry is expected to return to the island next week.