JAMAICA COULD have saved over a billion dollars last year if we had been using coal. That's according to studies presented by Lincoln Bailey, Jamaica-born co-owner of Mchenga Mine in Malawi, that country's second largest coal mine. Bailey was guest speaker at the Kingston 360 Breakfast Talk Series, hosted by the Mona School of Business and the Spanish Court Hotel.
Using Jamaica Public Service 2011 statistics, Bailey said the company imported a little over seven million barrels of oil for power-generation at a cost of $876 million. The bauxite sector imported about nine and a half million barrels at a cost of $1.1 billion. Bailey calculated that 995,000 tonnes of coal (at $100 per tonne) would equal the power-generation amount of oil.