Last Updated :
26 June 2008 at 15:55 IST
Alcoa inks cooperation pact with Vinacomin
US producer Alcoa said it has signed a Cooperation Agreement with Vietnam’s premier minerals development company, Vietnam National Coal-Mineral Industries Group (Vinacomin), to develop the country’s bauxite and alumina sector.
Under the agreement, Alcoa World Alumina and Chemicals (AWAC)--the global alliance between Alcoa and Australia’s Alumina Ltd--will conduct due diligence on the acquisition of a 40% interest in the 600,000tpy Nhan Co alumina refinery that is to be constructed in Dak Nong Province in Vietnam’s Central Highlands.
If the transaction proceeds, Alcoa will take a 40% interest. Vinacomin will own 51% with 9% held by other investors, Alcoa said. In addition, the parties have agreed to conduct a joint feasibility study on the Gia Nghia bauxite mine and alumina refinery project, also located in Dak Nong province, with first stage capacity expected to be between 1.0 and 1.5 million tpy of alumina.
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