US Virgin Islands approves $165 million in bonds to build rum distillery

The U.S. Virgin Islands has agreed to issue US$165 million in bonds to help build a rum distillery. The bonds will also help subsidize the cost of molasses used to produce bulk rum at the St. Croix facility that is expected to open in 2011. Diageo PLC said the facility will supply all of the bulk rum used to make Captain Morgan branded products for the United States in 2012. The company is the world's largest alcoholic drinks producer. The distillery expects to have a distilling capacity of up to 20 million proof gallons per year. Legislators ratified the agreement late Wednesday after a two-day debate. Today in Business with... [read full story]