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Overview

China Development Bank provides a $170 million loan to JISCO for the acquisition of the Alpart Alumina Plant (Linked to Record ID#57213, #71281, and #71640)

Commitments (Constant USD, 2023)$185,422,667
Commitment Year•2016Country of Activity•JamaicaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2016
Start (actual)
Nov 24, 2016
End (actual)
Jun 21, 2017

Geospatial footprint

Map overview

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China Development Bank provides a $170 million loan to JISCO for the acquisition of the Alpart Alumina Plant. More detailed locational information can be found at: https://www.openstreetmap.org/way/199601812

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned companies

  • Jiuquan Iron & Steel (Group) Co. Ltd (JISCO)

Implementing agencies

Government Agencies

  • Government of Jamaica

Private Sector

  • Rusal

Loan desecription

China Development Bank provides a $170 million loan to JISCO for the acquisition of the Alpart Alumina Plant

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 22, 2016, China Development Bank (CDB), Jiuquan Iron and Steel Co. Ltd. (JISCO), and the Jamaican Government signed the Tripartite Cooperation Framework Agreement for Alpart Aluminum Project. JISCO bought Alumina Partners of Jamaica (Alpart) alumina plant from Rusal for $299 million using a $170 million loan provided by CDB. The maturity, grace period, and interest rate of the loan are unknown. The CDB served as liaison between JISCO and the Government of Jamaica, conducted research, and coordinated on-site investigations before the acquisition. On June 21, 2017, production resumed at the Alpart alumina plant. The Alpart alumina plant produced its first batch of alumina products on October 6, 2017. The plant has a nameplate capacity of 1.65 million metric tons per annum, but JISCO’s modernization program is expected to boost that capacity to 2 million metric tons per annum of refined alumina. JISCO suspended alumina production at Alpart plant in September 2019 for the modernization program.

Staff comments

1. This CDB loan is not captured in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. 2. Record ID#57211 captures the $170 million loan from CDB for the Alpart acquisition, and is linked to the $129 million that JISCO spent on the Alpart acquisition (captured via Record ID#71640). This project is also linked to (a) Record ID#57213, which captures a $150 million loan from CDB for aluminum production committed at the same time as this loan; and (b) Record ID#71281, which captures JISCO's 2019 modernization program to expand the Aplart plant's capacity.