Finance Minister Dr. Peter Phillips and Dr. Uma Ramakrishnan, head of the IMF Mission to Jamaica, at last Friday's press conference - JIS photo
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Dr. Peter Phillips, speaking at press conference in Kingston on Friday, August 21
The price for aluminium has recovered slightly, after plunging to a six-year low on the international market last week.
It closed the week down 1.7%, at US$1,548 a ton, after falling to US$1,541.
Surging output of aluminium overshadowed news that China’s exports of aluminium products stalled in July as London Metal Exchange prices and premiums ruptured.
On Friday, Finance Minister Dr Peter Phillips said that slowing demand for aluminium and declines in the price of the metal could affect plans for Jamaica's bauxite industry.
"The decisions of a lot of the companies have had to have been adjusted, stayed, restrained," he said, in respect of the depressed state of the the global aluminium market.
"Certainly, it's going to have some impact on developments here in Jamaica, if only at the level of tax flows," he added.
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