Staff , contractors and creditors at Noranda Jamaica Bauxite Partners have been assured that outstanding amounts in compensation and other payments owed to them will be paid under agreement reached with new operators of the bauxite company, New Day.
New Day is a subsidiary of Dada Holding that has entered into a 25-year agreement with the Government of Jamaica, that remains a minority partner.
The details of the agreement were outlined by government ministers Mike Henry, Mining and Transport and Audley Shaw Finance and Planning. CEO of the company David D’Addario told workers, contractors and community leaders at the facility in Discovery Bay, St Ann that things had got close to no agreement being reached. In the end, he said “a fantastic stable long-term agreement” was arrived at through tough negotiations for which he credited the Government of Jamaica. He pledged investment in the people, the equipment and technology.
Mr Shaw outlined details of payments to Government, the agreement for the new majority owners to pay US$12 million in owed levy plus US$7 million in compensation to the workforce, suppliers and creditors. He said the agreement had saved jobs and provided several benefits to the country and the workers directly.
The details and assurances about the company were provided in a gathering at the sports club of the company in Discovery Bay, Wednesday morning Nov. 9.
Although what was once Kaiser now has new owners who have taken over the operations for the last 12 days, the company is still called Noranda Jamaica Bauxite Partners.
See North Coast Times next issue for details and photos)
NEW DAY: There were many quips on Wednesday morning about a ‘New Day’ in the bauxite industry as A Dada Holdings, through New Day, has taken control of Noranda Jamaica Bauxite Partners under a new agreement with the Government of Jamaica. Sharing lens time for the North Coast Times are, from left: Monte Schafer, CFO of the new entity, minister of mining Mike Henry; David D’Addario, CEO and Audley Shaw, minister of finance.
