Zhu Qiang Competes For The Bauxite Mine In Guinea Chalco Plans To Invest RMB 1 Billion In Cash
Zhu Qiang competes for the bauxite mine in Guinea Chalco plans to invest RMB 1 billion in cash
On May 18, China Aluminum Corporation (hereinafter referred to as Chinalco, 601600.SH) announced that it will invest no more than 163.8 million U.S. dollars (about 1.045 billion U.S. dollars) in cash to mine the Boffa bauxite project in Guinea.
Bauxite is a raw material for aluminum products such as electrolytic aluminum and alumina. China is the world's largest producer of electrolytic aluminum, accounting for more than half of the world's output; it is also the second largest bauxite producer in the world after Australia, but reserves only account for 2.96% of the world's total. The huge demand has made China's dependence on the import of bauxite up to 50%.