Domestic alumina production recovery in Jamaica is expected to counterpoise the slowdown in economic growth for the financial year 2022-23, caused by the country’s one of the main alumina refineries suspension.
The Bank of Jamaica is projecting GDP growth of 2.5-4.5 per cent for the fiscal year ending March 2023. The bank’s governor Richard Byles said in a statement, “The forecasted growth reflects the recent resumption of production at the Jamalco alumina plant”
In August 2021, Jamalco had to shut down its operation after a major fire accident but the 1.42 million tonnes refinery has now resumed. Jamalco is a joint venture between General Alumina Jamaica, a member of the Noble Group, and Clarendon Alumina Production, controlled by the Jamaican government. The former owns 55 per cent of the share, while the latter the rest 45 per cent.
Since the production suspension at Jamalco, alumina output in Jamaica has shrunk by 76.8 per cent, while the overall mining and quarrying sector has seen a drop of 60.6 per cent.
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In 2021, Jamaica’s alumina production stood at 1.20 million tonnes, down by 25.96 per cent from 1.62 million tonnes in 2020, according to the US Geological Survey data. USGS also showed bauxite output fell to 5.8 million tonnes from 7.55 million tonnes.
Jamaica has the world’s fifth biggest bauxite reserves of 2 billion tonnes, after Guinea, Vietnam, Australia and Brazil.
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