There is a glimmer of hope for the parent company of WINDALCO alumina refinery - UC Rusal - which was bracing for the worst as it faces US sanctions.
The United States on Monday gave American customers of Russia's biggest aluminum producer more time to comply with sanctions, and said it would consider lifting them if Rusal's major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company.
A week after Phillip Paulwell, Opposition Spokesman on Mining, warned that Windalco was facing possible closure due to the expected domino effects of the sanctions on Rusal and its subsidiaries, the Russian conglomerate has been given a reprieve.
The US Treasury has given American companies until October 23 instead of June 5 to wind down business with Rusal.
It also said it would not impose secondary sanctions on non-US entities engaged with Rusal or its subsidiaries.
Rusal declined to comment on the Treasury Department announcement.
The Kremlin and Mr. Deripaska did not immediately respond to requests for comment.
Rusal now has more time to sell off its supply.
Even if sanctions are not ultimately lifted, buyers also have more time to seek other suppliers.
Last week, aluminum rallied to its highest since mid-2011 on fears the global market could face shortages as a result of the U.S. sanctions.
It remains up more than 16 per cent this month.
Rusal, which has owned WINDALCO since 2007, operates more than 40 plants across 13 countries.
It supplies six per cent of the world's supply of aluminium.
In the meantime, Mining Minister Robert Montague is to address the House of Representatives on Tuesday on the US sanctions against Rusal.
News came last week that the Jamaican Government and the Opposition are to discuss the implications.
Mr. Montague issued a statement that he wants a united approach to the issue, as the Government moves to safeguard the welfare of the 1,200 workers at Windalco.
All feeds
