Jamaica now has full ownership of the Rare Earth Element Plant, following Thursday’s formal handing over of the facility to the Jamaica Bauxite Institute (JBI) by Nippon Light Metal Holding Company.
Over the next two years, the JBI will continue to receive technical expertise in bauxite red mud mineral extraction from Nippon Light. This will be a continuation of the Japanese firm’s J$600 million investment in the Rare Earth Element Pilot Plant Project, jointly developed with the JBI. It was completed earlier this year.
The project entailed development of a state-of-the-art facility on the grounds of the JBI, at Hope Gardens, St. Andrew, for the extraction of rare earth elements from bauxite residue and to determine the scope of a commercial rare earth elements extraction venture in Jamaica.
Commercial engagements under the project have been suspended due to unfavourable market conditions for rare earth elements, which are key components for manufacturing products such as electronic devices.
It will resume when conditions improve.View the original article here
Jamaica now has full ownership of rare earth plant
