Minister of Mining and Telecommunications Derrick Smith yesterday made it clear the Government would assist the bauxite industry, in any way possible, if it is affected by the ongoing global economic crisis.

"It is a very important industry and this government has been in consultation (with industry representatives) and we will ensure to assist as best we possibly can in the interest of the industry and the revenue derived from the industry," Smith said during a media briefing at his ministry's New Kingston offices yesterday.

He said discussions, on what would be required for the Government to keep the bauxite companies afloat, were ongoing between the two parties.

Response to article

However, he refused to divulge details of the issues being discussed.

Smith, who was addressing journalists for the first time since taking over the mining and telecommunications portfolio in September, was responding to an article published in yesterday's Gleaner in which Jamaica Environment Advocacy Network warned that the Government should not bail out the industry.

Smith also acknowledged that, given the nature of the current global economic crisis, he could not rule out the possibility of job cuts for the sector in the future.

He was, however, quick to note that he was not predicting job cuts for the industry.

Almunia exports account for some 60 per cent of the country's annual export earnings. However, aluminium prices have dropped this year from US$3,200 per tonne to US$1,700 per tonne.