CAP sale not close to completion

Finance minister Dr Peter Phillips has indicated that the sale of the Clarendon Alumina Partners, CAP, is not as far along as the country was led to believe.

Last year the JLP administration indicated that it had gone some way with the sale of CAP, after reports surfaced that commodities trader Glencore was interested in the entity.

Dr Phillips, says while discussions on the divestment of the government's 45 percent stake in Jamalco, which is owned through CAP, continue, the country is not as close to selling the entity as it was led to believe.

 He explained that a meeting has been held with Alcoa, which jointly owns Jamalco with the government.   

Talks  will also take place with Glencore.

CAP is set to cost the country 5 point 3 billion dollars this fiscal year, which ends in March. 

Since 2002, it has cost the country 12 billion dollars.

The government is trying to sell the entity, to try to remove the burden being placed on taxpayers.