UC RUSAL pays $US13.7M debt to Jamaica

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Nov 26, 2021 02:50 PM | Business

Last Wednesday United Company RUSAL (UC RUSAL) paid approximately US$13.7 million to the Government of Jamaica (GoJ) for bauxite production levy.

This figure represents 40% of the bauxite levy that it has owed Jamaica between April 2018 and September 2021. It also includes the first payment of the remaining 60% of the debt, which both parties have agreed will be paid in equal monthly instalments over a period of 30 months commencing November 2021. UC RUSAL is also required to remain current with its regular bauxite levy payments.

In a meeting at his Maxfield Avenue office on November 25, Minister of Transport and Mining, Robert Montague, commended UC RUSAL for making the payments as agreed. He further encouraged the company to maintain the good practice. The Minister was joined by Sergey Kostyuk, country manager of UC RUSAL’s Jamaican operations, and a technical team from the ministry.

The agreement to allow UC RUSAL to pay 40% of its bauxite levy debt upfront and the remaining 60% over 30 months was reached between the Minister of Transport and Mining and senior officials of UC RUSAL in September 2021. This agreement was also supported by the Ministry of Finance and the Public Service.