Chalco to take stake in Saudi aluminum smelter venture
Updated: 2008-05-09 21:07
BEIJING -- Aluminum Corporation of China Ltd (Chalco), the country's top aluminum producer, will team up with Malaysia's MMC and Saudi Arabia's Binladin for a joint aluminum project in Saudi Arabia.
The project, to cost 4.5 billion US dollars, includes an aluminum smelter plant and an equipped power plant in Jazan Economic City, under an agreement the three sides signed here on Friday.
The smelter will have an annual production capacity of 1 million tons.
Chalco would take a 40 percent stake in the plant as the largest shareholder and control 20 percent of the power plant shares. It would also provide technology and alumina for the project.
According to earlier reports, Chalco was to take a 40 percent stake in the project, while MMC and Binladin would each take 20 percent stakes. Other Saudi investors would share the remaining 20 percent stake.
The three sides also signed a memorandum of understanding on supporting issues with the Saudi Arabia General Investment Authority, which promised to offer necessary support to the joint-venture project.
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