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Brazil to take over sugar.

Brazil's Infinity Bio-Energy Ltd is expected to take over Jamaica's sugar industry after winning a public tender for five state-owned factories, said Allan Rickards, head of the powerful Cane Farmers Association, reports Reuters (June 13, 2008). Infinity, he added, was the sole remaining bidder for the assets, and the sale should be completed by the end of September:

Finance Minister Audley Shaw said the Brazilian company "has a tremendous track record in the field of ethanol production." The factories being sold are Frome and Long Pond in the west, Monymusk and Bernard Lodge in the central region, and Duckenfield in the east. They have accumulated losses of a quarter of a billion dollars over the last 25 years and the government said that it could not continue to subsidize them;

Once a major sugar power, Jamaica now earns more from bauxite sales and tourism. It produced 162,000 tons of sugar in the last harvest, falling 5,000 tons short of its target. The latest official forecast for the 2007/08 harvest is for 160,000 tons.
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Title Annotation:JAMAICA
Publication:Caribbean Update
Date:Jul 1, 2008
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