Net Earnings
Net earnings aggregated to ~US$84.01 million in Q3 2025, reflecting a marginal 0.4% quarterly gain and a robust 35.4% rise YoY, driven by sustained growth in local cost inflows (+0.5% QoQ; +35.7% YoY). Royalty payments declined 9.8% from Q2 but remained 9.5% higher than the corresponding period a year ago. Year-to-date net earnings amounted to US$246.63 million, up 24.3% compared to Q3 2024, underscoring sustained profitability despite market headwinds.

Total Receipts (US$ ‘000) – Local Bauxite/Alumina Sector

The post Earnings appeared first on Jamaica Bauxite Institute.

Year-to-date capital outlay amounted to ~US$31.42 million, up 60.8% over the same period in 2024, supported by the bauxite/alumina companies’ project rollouts and consistent investment activity.

Capital Expenditure (US$) – Local Bauxite/Alumina Sector

The post Capital Expenditure appeared first on Jamaica Bauxite Institute.

Bunker ‘C’ remained the dominant fuel, totaling 622,288 barrels, a 7.1% quarterly drop but slightly above Q3 2024. Diesel oil usage fell sharply by 33.8% to 31,049 barrels, while recycled fuel declined 27.3% to 4,999 barrels. There was no LNG consumption in the reporting period, contrasting with 5,173 barrels in Q2. Ultra-low sulfur diesel held steady at 1,018 barrels but was down 14.9% YoY.

The industry achieved better fuel efficiency in Q3 2025, as the utilization rate fell to 1.872 barrels per tonne, improving 6.7% QoQ and 2.4% YoY. Year-to-date oil consumption reached ~2.16 million barrels, up 7.4% from 2024, while the average rate of usage rose 9.8%, signaling persistent energy intensity despite Q3 efficiency gains.

Fuel Consumption (bbl) – Local Bauxite/Alumina Sector

The post Oil appeared first on Jamaica Bauxite Institute.

Year-to-date consumption, however, increased 7.7% to 100,112 tonnes, with the cumulative utilization rate averaging 0.0911/mt, up 10.0% year-on-year. This suggests that although Q3 operations were more efficient, overall 2025 trends still point to higher caustic soda intensity, possibly due to the processing of lower-grade bauxite.

Caustic Soda Consumption (mt) – Local Bauxite/Alumina Sector

The post Caustic Soda (Consumption) appeared first on Jamaica Bauxite Institute.

Year-to-date export volumes reached approximately 1.13 million tonnes, a 1.4% increase over the same period in 2024, as Jamalco’s strong year-on-year gains outweighed Windalco’s Q3 slowdown

Alumina Shipped (mt).

The post Alumina Exports appeared first on Jamaica Bauxite Institute.

The decline was led by the Jamalco refinery (operating at 77% capacity), which recorded a quarterly decrease of 3.2% to 270,269 tonnes, though output remained 8.1% above Q3 2024. Windalco’s production (52.8% of capacity) fell 3.3% to 81,986 tonnes, marking an even sharper 14.1% YoY decrease as the plant experienced some mechanical and logistical setbacks during the review period.

YTD alumina output aggregated to ~1.10 million tonnes, down 2.1% compared to the corresponding period in 2024, as operational challenges and capacity constraints offset early gains.

Alumina Production (mt)

The post Alumina Production appeared first on Jamaica Bauxite Institute.

Notwithstanding the Q3 decline, YTD export volumes reached ~1.46 million tonnes, an 8.0% increase compared to the 1.35 million tonnes shipped during the same period in 2024. This growth underscores resilient demand from third-party Chinese markets and strong performance earlier in the year, even as seasonal and logistical factors weighed on Q3 outcomes.

Crude Bauxite Shipped (mt)

The post Bauxite Exports appeared first on Jamaica Bauxite Institute.

Discovery Bauxite posted a 4.9% reduction in bauxite output to 448,933 tonnes, though volumes remained 22.2% higher than Q3 2024, supported by its ongoing ramp-up toward a 4 million DMT target for the year. Jamalco fell 6.5% to 784,889 tonnes, despite maintaining a 12.0% YoY increase, while Windalco recorded the steepest quarterly decline, down 10.3% to 231,609 tonnes, 16.8% lower than its outturn in Q3 2024. Alpart’s operations remain suspended.

Despite the Q3 slowdown, YTD output rose 4.4% to ~4.69 million tonnes, driven by Jamalco’s strong YoY gains and Discovery’s robust performance earlier in the year.

Crude Bauxite and Bauxite Equivalent of Alumina Produced (mt)

The post Bauxite Production appeared first on Jamaica Bauxite Institute.

The EIA envisages natural gas prices rising steadily through 2026, driven by expanding LNG export demand and stagnant production growth. Further, seasonal heating needs are expected to add short-term pressure, supporting a generally upward trajectory over the forecast period.

Average Natural Gas Prices (US$ per Million Btu)

The post Natural Gas appeared first on Jamaica Bauxite Institute.

The OPEC Basket averaged US$70.36/bbl, up 4.3% QoQ but down 6.8% YoY. Brent crude posted a modest 1.4% QoQ increase to US$68.96/bbl, while the U.S. benchmark, WTI (Cushing), saw the strongest quarterly gain, rising 7.3% QoQ to US$65.75/bbl. Both benchmarks declined by more than 13% YoY.

The Energy Information Administration (EIA) foresees continued downside pressure for oil markets as rising production (increased OPEC+ output) and muted demand swell global inventories. Although sanctions on Russia persist, the agency anticipates supply will remain abundant. China’s stockpiling and potential disruptions could temper losses, but the overall trend is expected to be bearish.

Consequently, price expectations for 2026 have been revised slightly upward amid fragile conditions.

Average Prices (US$/bbl) – Crude Oil

The post Crude Oil appeared first on Jamaica Bauxite Institute.