The Government has scored a major victory in its dispute with the St. Ann based Noranda Bauxite Limited.
The dispute was over what tax rate should apply for each metric tonne of bauxite Noranda exports from Jamaica, dating from January of this year.
The government had insisted that it the full rate of USD$7.56 per tonne, but Noranda argued that it should pay USD$2.52 because of a concessionary regime signed in 2010 which was still in force.
Speaking with Nationwide News this afternoon, Energy Minister Phillip Paulwell said the Government had wanted the full bauxite levy implemented as of January 1 this year, but Noranda took the matter to arbitration.
Minister Paulwell says hearings were held in London this week and the government got word of the result today.
The government was represented by Queens Counsel Michael Hylton.
Minister Paulwell says the victory is a major boost to the Government’s coffers, but notes that the country should benefit more from this finite resource.