Qingtongxia Aluminum Gets Gov Nod To Build 1 Mln-ton Alumina Project In IndiaPublished by MAC on 2007-03-15
Qingtongxia Aluminum gets gov nod to build 1 mln-ton alumina project in India
Qingtongxia Aluminum Group, China's second largest aluminum smelter, recently gained government approval to launch a 1 million-ton alumina plant joint venture in India, a company official said on March 9.
"The project was approved by the National Development and Reform Commission (NDRC), but construction will not begin until we have agreed on the project details with our Indian partner Ashapura Minechem Co. Ltd.," an official in Qingtongxia Aluminum's general affairs office who asked to remain anonymous, said.
The total investment amounts to RMB 5.04 billion ($651.16 million) and each party holds a 50 percent stake in the joint venture. The registered capital for the joint venture stands at RMB 1.51 billion ($195.09 million), he said.
The project's mine is located in the Kutch District of Western India's Gujarat State and contains more than 80 million tons of bauxite, or a service period of 30 years.
Qingtongxia Aluminum is China's second largest aluminum smelter and can produce 430,000 tons of electrolytic aluminum per year.
The company currently consumes 900,000 tons of alumina per year, mainly provided by Chalco and other overseas suppliers.
"The project will take two years to construct and our company may not be the sole consumer of alumina mined from the Indian project," he added.
[source: Interfax China, 9 March 2007]