Alutrint plant moves ahead

Louis B Homer South Bureau
Saturday, March 14th 2009
http://www.trinidadexpress.com/index.pl/article_business?id=161451918

The way is now clear for Alutrint to proceed with its aluminium plant at La Brea.

Sources close to the Ministry of Foreign Affairs indicated that the balance of US$100 million has been approved by the Chinese Government and by month's end formal signing of the loan agreement will be executed in Port of Spain.

The original loan for the project was US$400 million.

Last July US$300 million was approved and the balance was pending a decision by the Chinese Government.

The Ministry has since received approval for the balance, thus paving the way for the company to proceed, subject to meeting all the necessary Certificate of Environmental Clearance approvals to proceed with the project.

Earlier this year the second partner in the project, Sural of Venezuela pulled out from the deal, but the Express was told that Sural's decision will in no way affect the continuation of the project.

Yesterday Alutrint officials declined to give details on the loan.

Philip Julien, the company's chief executive officer, said: "What I can tell you is that in a short time there should be some promising news for the Alutrint project and everything is now in the hands of the official channels through which the loan will be approved."

The Express learnt that the signing is expected to take place before month's end during which the Chinese Ambassador of the People's Republic of China, Huang Zhing, will sign on behalf of the Chinese Government.