Chinese aluminum maker to form joint venture with Ashapura Minechem
15 Mar 2007
Beijing: China's second largest aluminium maker has got the go ahead from the Chinese government to set up a 5-billion-yuan ($651 million) joint venture with an Indian company to produce alumina, the Chinese state media has reported.
The National Development and Reform Commission, China's top planning agency, has approved Qingtongxia Aluminium Group's proposal to set up an alumina mining and processing joint venture Ashapura Minechem Co. Both the companies will have a 50 per cent share in the company.
The facility will have a capacity of 1 million tonne annually.
This is the Chinese company's first investment in alumina, the main raw material for aluminium production, and will see China's biggest investment in India so far.
Qingtongxia has an annual production capacity of 4,30,000 tonne of primary aluminium, which needs 9,00,000 tonne of alumina a year, the report added.
