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Mining Minister Robert Montague says transferring portfolio responsibility for CAP to Finance Ministry was right thing to do

by November 29th, 2021

 

Transport and Mining Minister Robert Montague says transferring portfolio responsibility for Clarendon Alumina Production limited (CAP) to the Finance Ministry was the right thing to do.

Mr. Montague reacted to last week’s announcement, which followed a number of allegations regarding CAP, which Prime Minister Andrew Holness described as troubling.

 

In announcing the transfer, the Government says it is important that the transformation of JAMALCO to an incorporated joint venture, continues without distraction.

 

This will allow for the Government’s interest in JAMALCO to be monetized and for containment or elimination of the fiscal risk that the current unincorporated structure has posed to Jamaica over a long period of time.

Mr. Montague commented on the development as he addressed the JLP’s conference yesterday (November 28).

 

He said tough decisions have to be made and they are not for self or partisan interests, but for the interest of Jamaica.

 

Earlier this month, Mr. Holness requested a report on the incorporation process at CAP and the contract in question and requested that the contract be put on hold until Cabinet reviews the report.

 

CAP owns the government’s forty-five per cent stake in JAMALCO.

 

Meantime, the Opposition has called for the Integrity Commission and MOCA to investigate the issues at CAP.

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