Jamaica is expected to earn increased revenues from the mining sector this year, driven by a sharp rise in global aluminum prices amid tightening supply and growing demand.
The higher earnings could help cushion the impact of reduced remittance inflows and lower tourism activity following Hurricane Melissa.
Aluminum prices have climbed as demand rises from the green energy and automotive sectors, compounded by global supply constraints and the impact of U.S. trade tariffs under the Trump administration.
At current levels, aluminum prices on the London Metals Exchange are projected to range between US$2,850 and US$3,000 per tonne this year, with long-term forecasts pointing to prices as high as US$4,000 per tonne by 2030.
In the United States, consumers are now paying about 155 per cent more for aluminum products compared with last year.
The price surge has also boosted the share prices of major mining companies, including Rio Tinto, Anglo American and Antofagasta, pushing several European mining stocks to record highs.
Jamaica earned US$437.5 million from mining exports in the first eight months of last year, and stronger prices are expected to lift earnings further in 2026.
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