CHINALCO still considering Australian bauxite ores project

15:28, June 10, 2010      

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Lu Youqing, vice-general manager of the Aluminum Corporation of China (CHINALCO), yesterday denied rumors that the company will abandon the Aurukun project in Australia, saying the company is still conducting feasibility analysis and contemplating alternative schemes.

Earlier this week, Australia-based Financial Review reported that the CHINALCO plans to pull out of the Aurukun project because of rising costs, insufficient demand and high taxes.

Lu said the company is planning to go ahead with Aurukun project. A feasibility analysis, which takes into account Australia's tax hike on natural resources, is still underway.

CHINALCO beat out 10 international bidders in 2006 to become the preferred enterprise of the bauxite ores-exploitation project, which is worth 2.9 billion Australian dollars (2.2 billion U.S. dollars).

The Australia government earlier announced it will tax up to 40 percent of the gross income in the form of a natural resources leasing tax. This move suffered unanimous opposition from Australian mining enterprises and caused market concerns over a potential decrease in investment from foreign capital.

By People's Daily Online


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