China's Chalco to Pay 1.2 Bln Usd for 40 Pct of Saudi Aluminum Smelter

BEIJING (XFN-ASIA) - Aluminum Corp of China (Chalco), China's top aluminum producer, will spend 1.2 bln usd to take a 40 pct stake in an aluminum smelter joint venture in Saudi Arabia with Malaysia's MMC Corp and Saudi Binladin Group, China's Ministry of Commerce said.

The venture will export some products to China, it said.

In October, the three companies signed an agreement to build a 1 mln ton-per-year smelter for a total investment of 3 bln usd. At the time they did not disclose the equity structure of the venture.

Construction of the plant, located in Jazan, Saudi Arabia, is slated to start next year, the ministry said.

The smelter will be built in three phases, it added.

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