"What is there now does not offer us any assurance and any security for the future," Golding said Tuesday night in Mandeville, Manchester, at the first in a series of town hall meetings across Jamaica to speak on the state of the economy prior to the debate on public policies in Parliament.

The most worrisome development for Jamaica is the decline of the United Company of Rusal, or UC Rusal, whose indebtedness and financial misfortunes have seen the world's largest alumina producer locking down Jamaica's largest bauxite mining operations, Alpart, citing a 60 per cent fall off in demand. Some 900 workers are out of work as a result.

Rescue and resuscitation

"We better start looking for our salvation, because I am not sure we can depend on them to provide the rescue and resuscitation that is necessary," said Golding.

He is expected to hold talks with Hydro, a minority partner in Alpart, in June.

The PM addressed the sector's downturn in Mandeville again this week, because, while it sits in St Elizabeth, the plant impacts both Manchester's and St Elizabeth's economies. The plant, which has the capacity for 1.6 million tonnes of alumina, was shuttered this month for at least one year.

Jamaica is not convinced, however, that UC Rusal will be in a position to reopen that plant - not within the time frames given. The Russian company commands 55 per cent of the industry. It's Jamaican assets include Windalco, which operates plants at Kirkvine, Manchester and Ewarton, St Catherine.

Reposition operations

"We are going to have to reposition our bauxite/alumina operations, not only in terms of the technology and investments that have to be made, but also in terms of the control and ownership," Golding said.

Significant capital is needed, he said, to rebuild plants and retool with better technology; while cheaper sources of energy were needed to fire the plants.

"Nothing short of that is going to cut it in the future."

business@gleanerjm.com