Chinalco Says No Plan to Withdraw from Australia Project-Shanghai Metals Market

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Chinalco Says No Plan to Withdraw from Australia Project

Industry News 01:04:14PM Jun 09, 2010 Source:SMM

HONG KONG, June 9 -- China's leading alumina maker Aluminum Corp of China (Chinalco) said it has had no internal discussions on pulling out of its $2.5 billion Aurukun bauxite project in Australia, and is carrying out feasibility studies and comparing proposals.

The Australian Financial Review said Chinalco's listed unit Chalco (2600.HK: Quote) (601600.SS: Quote) may drop the project in Queensland, having struggled with rising costs, an oversupplied market, a requirement to build a refinery, and now Australia's proposed resources tax.

"We do not have the consideration of withdrawing," Chinalco Vice President Lu Youqing told Reuters on Wednesday.

We are pushing the project. Now we are comparing different proposals," he said, adding the proposed tax in Australia was a factor under consideration.

 

Chinalco Says No Plan to Withdraw from Australia Project

Industry News 01:04:14PM Jun 09, 2010 Source:SMM

HONG KONG, June 9 -- China's leading alumina maker Aluminum Corp of China (Chinalco) said it has had no internal discussions on pulling out of its $2.5 billion Aurukun bauxite project in Australia, and is carrying out feasibility studies and comparing proposals.

The Australian Financial Review said Chinalco's listed unit Chalco (2600.HK: Quote) (601600.SS: Quote) may drop the project in Queensland, having struggled with rising costs, an oversupplied market, a requirement to build a refinery, and now Australia's proposed resources tax.

"We do not have the consideration of withdrawing," Chinalco Vice President Lu Youqing told Reuters on Wednesday.

We are pushing the project. Now we are comparing different proposals," he said, adding the proposed tax in Australia was a factor under consideration.