KINGSTON, Jamaica — Cabinet on Monday approved the Letter of Intent for the execution of the takeover deal between Noranda Bauxite Mining and New Day Holdings LLC.

The approval came after the US Court of Arbitration approved the recommendation of Noranda and its creditors for New Day Holdings to acquire the Gramercy Mining Operations in the US as well as the mining rights in Jamaica.

The Ministry of Transport and Mining said in advisory today that the Letter of Agreement for the takeover is to be signed tomorrow.

Transport and Mining Minister, Lester ‘Mike’ Henry, yesterday reiterated the Government’s commitment to protect the interest of all local parties attached to the Noranda Bauxite Company in St Ann.

He said incomplete projects such as land reclamation will be finalised by the new company and the Government will be providing a cooperation framework to ensure that the new entity has a smooth takeover of operations in keeping with our Labour Laws and the Environment Act.