Prime Minister Ali Abul Ragheb on Tuesday expressed his confidence in the Jordan Phosphate Mines Company (JPMC), saying it has great potential for success and for confronting challenges and problems.
Speaking during a meeting with a ministerial economic task force and JPMC senior officials, the prime minister pledged that the government would support the company in view of its economic and social importance to the Kingdom.
According to mid-year results, the JPMC, once Jordan's major currency earner, incurred net losses of JD59 million during the first half of 2000.
A World Bank official in September suggested that Jordan's mining sector be privatised.
The prime minister asked the company workers to carry out their duties as a united team and asked company executives to submit regular reports to the Prime Ministry about the company's financial situation, financial accounts and loans.
He urged company executives to prepare an integrated report within two weeks about the general situation, production costs, volume of phosphate production and the amount of potential exports of phosphate mined at the Shidieh and Hassa mines.
Abul Ragheb listened to reports by the company manager Khaled Sheyyab and department heads about the company's production and marketing policies.
In their reports, they attributed to the recent losses to the fact that the company had allocated funds for early retired workers, to payment of taxes and to very strong competition in the world markets.
© 2000 Mena Report (www.menareport.com)