Bosai Mining assumes management of South American bauxite minePublished by MAC on 2007-03-15
Bosai Mining assumes management of South American bauxite mine
Bosai Mining Co. Ltd., China's largest bauxite processor and exporter, dispatched a management team to Guyana on Feb. 26 to oversee the Omai Bauxite Mining Inc., a company official said on March 5
Bosai Mining has purchased a controlling 70 percent stake in the mine from the Toronto-based mining company Iamgold for $28 million, and has also taken on Iamgold's $18 million debt. The Guyana government holds the additional 30 percent stake, according to the official surnamed Cao.
The purchase received approval from the National Development and Reform Commission on Jan. 31, and was approved by the Guyana government on Feb .12, the NDRC announced on March 2.
Omar Bauxite currently produces 400,000 tons of calcined bauxite per year, Bosai Mining plans to further exploit Omai's bauxite reserves to 2.5 million tons per year.
Bosai will inject RMB 10 billion ($1.29 billion) over the next five years to construct a production base, annual production of alumina will be 800,000 tons, and electrolytic aluminum 400,000 tons, Cao said.
Bosai Mining is a privately-owned bauxite miner and alumina producer in southwestern China's Chongqing Municipality. It can produce 200,000 tons of alumina and nearly 20,000 tons of aluminum per year.
[Source: Interfax China, 9 March 2007]