Chinalco shelves Aussie mine
Source: Agencies |
July 2, 2010, Friday
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Print Edition
Print Edition
A Chinese firm said yesterday it has canceled a US$2.5 billion project for a bauxite mine in Australia, blaming difficult conditions in the global industry.
Aluminum Corp of China and authorities in Queensland state agreed to allow an agreement to develop the Aurukun bauxite deposit to expire, the firm said in a statement to the Hong Kong stock exchange.
"The Aurukun Project has been hindered by various unfavorable factors to the extent that it cannot be implemented," said the company, also known as Chinalco.
A Hong Kong-based unit of Chinalco agreed in 2007 to develop Aurukun amid a commodities boom and surging Chinese investment in Australian resource industries. But aluminum prices have since plunged from US$3,000 per ton to about US$2,000 per ton.
Chinalco and the Queensland government said they would discuss other approaches to the project.
"While the current agreement can't stand, we will continue discussions with a view to hopefully signing a new agreement," said state Premier Anna Bligh, according to the Australian Broadcasting Corp.
Aluminum Corp of China and authorities in Queensland state agreed to allow an agreement to develop the Aurukun bauxite deposit to expire, the firm said in a statement to the Hong Kong stock exchange.
"The Aurukun Project has been hindered by various unfavorable factors to the extent that it cannot be implemented," said the company, also known as Chinalco.
A Hong Kong-based unit of Chinalco agreed in 2007 to develop Aurukun amid a commodities boom and surging Chinese investment in Australian resource industries. But aluminum prices have since plunged from US$3,000 per ton to about US$2,000 per ton.
Chinalco and the Queensland government said they would discuss other approaches to the project.
"While the current agreement can't stand, we will continue discussions with a view to hopefully signing a new agreement," said state Premier Anna Bligh, according to the Australian Broadcasting Corp.
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