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This case examines whether a foreign aluminum producer should establish an aluminum smelter in Jamaica. Although Jamaica is a major bauxite producer, there are considerable questions whether a smelter (which is highly energy-intensive) would be economically viable without ongoing government subsidies. The case is designed to allow students to perform a social cost-benefit analysis of this investment. It is relatively short (two pages of text, pro-forma income statement, and questions), but it provides enough financial projections to enable extensive numerical analysis from both the foreign company''s and the host government''s viewpoints. Raises questions of investing in inflationary conditions, local vs foreign borrowing, local value added, social discount rate and investment negotiations.