Chalco to Build Aluminum Smelter in Saudi Arabia

BEIJING (SinoCast via COMTEX) -- Aluminum Corporation of China Limited (Chalco, SEHK: 2600; SHSE: 601600) is brewing to set up an aluminum smelter venture in Jazan Economic City of Saudi Arabia.

Chalco has signed a memo of understanding on October 4, 2007 with its partners MMC Corporation, the Malaysian infrastructure and energy group, and Saudi Binladin Group to jointly invest up to USD 3 billion in the 1-million-ton electrolytic aluminum plant, which is set to start construction in the second half of 2008.

The smelter is part of a project designed to include ports, steel and copper processing, oil refineries, and fisheries. Chalco will provide necessary technologies and supply alumina.

Chalco mainly develops alumina in overseas markets and has owned substantial reserve. The establishment of the smelter is aimed to effectively use alumina resources and avoid white-hot competitions in domestic market.

Chalco is China's sole alumina manufacturer and one of the top five in the world.

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