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Chalco seeks controlling stake in Saudi JV

Beijing, October 16, 2007

Aluminum Corp of China is seeking a controlling stake in its aluminium joint venture in Saudi Arabia, its chairman said

But it is not certain Chalco could manage such a stake in the $3 billion Middle East smelter with its current partners, Chairman Xiao Yaqing said, without providing further details.

The smelter is expected to have an annual production capacity of about one million tonnes. Chalco will co-build the smelter with Malaysian infrastructure and energy group MMC Corp and Saudi Arabia's Binladin Group.

Additionally, Xiao, speaking on the sidelines of the party congress, said he was bullish on the aluminium price next year as he thought the metal was undervalued this year. Reuters




Tags: Saudi Arabia | aluminum |

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