Jamaican Gov’t to Rusal: Start Mining Again in 6 Months or Lose Your Mining Rights

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The government of Jamaica has issued a formal notice, to Russian aluminum company UC Rusal, of its intention to revoke the special mining rights for its ALPART and Kirkvine refineries, if “bona fide” mining operations do not resume within six months, according to the Jamaica Observer.

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This was disclosed by Minister of Science, Technology, Energy and Mining Phillip Paulwell, as he closed the 2014/15 Sectoral debate in the House of Representatives on Tuesday.

“The bauxite reserves associated with both plants represent over 200 million tons of ore idling in the ground while the plants flounder in uncertainty, and the livelihood of thousands continue to be in peril. This situation cannot be allowed to continue indefinitely,” Paulwell said.

The cash price of primary Indian aluminum saw a 1.0 percent increase on Friday, July 18, reaching INR 121.00 ($2.00) per kilogram and making it the biggest mover for the day. On the LME, the primary aluminum cash price increased 0.3 percent to $1,967 per metric ton. At $1,983, the 3-month price of aluminum finished the market day on the LME up 0.1 percent per metric ton.

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Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,974) per metric ton. The price of Chinese aluminum billet was unchanged at CNY 13,590 ($2,190) per metric ton. The price of Chinese aluminum bar saw little movement at CNY 14,200 ($2,289) per metric ton. The Chinese aluminum cash price saw little price change last Friday at CNY 13,450 ($2,168) per metric ton.

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