Chinalco seeks Laos's minerals
By Richard Fu |
April 8, 2011, Friday
|
Print Edition
Print Edition
CHINALCO is making a foray into Laos by signing a deal to jointly develop mineral resources as part of the Chinese company's plan to expand overseas.
Under the agreement, signed on March 30 with Laos's state service company, the two companies will jointly develop mineral resources in the southern part of the southeast Asian nation, Chinalco said in a statement.
The diversified metals producer's Hong Kong subsidiary will invest in the Laotian entity to become its shareholder, according to the statement.
The two sides were in talks to finalize details such as an investment plan, according to a Chinalco spokesman.
The agreement came as Chinalco, the state-owned parent of listed Chalco, is diversifying into copper, coal, iron ore and rare earth to widen income channels after rising costs and overcapacity weighed on its main aluminum business.
Under the agreement, signed on March 30 with Laos's state service company, the two companies will jointly develop mineral resources in the southern part of the southeast Asian nation, Chinalco said in a statement.
The diversified metals producer's Hong Kong subsidiary will invest in the Laotian entity to become its shareholder, according to the statement.
The two sides were in talks to finalize details such as an investment plan, according to a Chinalco spokesman.
The agreement came as Chinalco, the state-owned parent of listed Chalco, is diversifying into copper, coal, iron ore and rare earth to widen income channels after rising costs and overcapacity weighed on its main aluminum business.
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