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Jamaica and Suriname - 2008
Measuring the Financial Impact of Alcoa's Presence
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Beyond providing employment, Alcoa's presence in a country or community provides added benefits through tax payments, the purchase of local goods and services, and infrastructure improvements like roads, health care, and electricity.
One example is Alcoa's impact in Suriname through the Suriname Aluminum Company (Suralco). In 2006, Suralco accounted for roughly 69% of the export value of Suriname and 13% of Suriname's gross domestic product—more if multiplier effects are taken into account.
In 2007, Suralco employed 900 full-time equivalent employees, and payroll totaled nearly US$29 million. The company also provided more than US$14 million in pension payments to former employees. Other economic contributions included US$24 million spent for around 900 contractors, miscellaneous supplies from local vendors, and medical specialists. The company also bought about US$160 million in oil from the State Oil Company and paid nearly US$60 million in taxes. In addition, Suralco produces about 80 megawatts of electricity for the Suriname government—roughly 75% of the electricity needs of the country's capital city of Paramaribo.
Suralco also provided approximately US$300,000 in scholarships for children of its employees, and Alcoa Foundation provided around US$400,000 in grants for improvement projects in education, the environment, and health services. These grants are focused on sustainable development in the communities of the indigenous and semi-indigenous populations through the support of clean water and the improvement of schools and education equipment.
In 2007, Alcoa's Jamalco operations in Jamaica employed 564 full-time equivalent employees, paid US$24.4 million in salary and benefits, and spent US$76.0 million on local contractor services and supplies. Additionally, Jamalco paid US$26.3 million in taxes.
Alcoa Foundation invested approximately US$372,804 in programs to improve the quality of life in Jamaica in 2007, bringing its investment in the nation between 2004 and 2007 to more than US$1.88 million. The funding has been used to improve health care in Jamalco's operating areas, fund vocational training for residents and local farmers, continue development of local athletes, and provide educational assistance to needy children.
In August 2007, Hurricane Dean caused wide-scale damage to many houses and community buildings across the island. At Jamalco's request, Alcoa Foundation provided a US$100,000 grant to Food For The Poor, an international relief organization with roots in Jamaica, to replace roofs and repair community facilities damaged by the hurricane. Jamalco and community volunteers helped clean and paint the buildings once repairs were completed.
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