HONG KONG: Aluminium Corp of China (Chalco) said it had terminated a US$2.5 billion (RM8.13 billion) agreement to develop bauxite resources in Australia due to adverse changes in the aluminium industry.
Chalco, the world's third largest alumina maker, had agreed with the Queensland government that the development agreement would be automatically terminated after the expiration date of June 30, it said in a filing to the Hong Kong stock exchange late on Wednesday, June 30.
But both parties have agreed to continue discussions on the exploration of Aurukun bauxite resources and other means of investment.
The company statement can be downloaded here. ' Reuters
Chalco, the world's third largest alumina maker, had agreed with the Queensland government that the development agreement would be automatically terminated after the expiration date of June 30, it said in a filing to the Hong Kong stock exchange late on Wednesday, June 30.
But both parties have agreed to continue discussions on the exploration of Aurukun bauxite resources and other means of investment.
The company statement can be downloaded here. ' Reuters
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