February 15, 2011
VIDEO: Jamaica mines limestone gold
LYDFORD Mining secured a joint-venture agreement with New York-based TBS Shipping to supply high-purity limestone to the US over the next 10 years.
The St Ann-based company aims to grow its mineral export business eightfold to two million tonnes a year.
The deal secured late last year, has TBS injecting US$3 million into the operations to repair sheds and conveyor belts as well as upgrade crushing plants in exchange for a 50 per cent ownership in the mine.
Also in play is a contract the joint-venture company has secured to supply 200,000 tonnes of limestone a year until 2012, when the amount demanded is expected to double.
TBS International provides worldwide shipping solutions and has a fleet of 50 vessels.
