China's Chalco agrees firm proposal to develop Australin bauxite mine
http://www.oriental-cherry.com news 6/21/2006
Chinese government-owned aluminium company Chalco has agreed on a plan to mine bauxite at Aurukun in the far north-east of Queensland, The Australian newspaper reported, without citing sources.
It said Queensland 's state premier Peter Beattie met senior executives of Chalco in Beijing on Monday ahead of a June 30 deadline for Chalco to lodge its final proposal with the state government.
If Chalco proceeds with the development it will the biggest single Chinese investment in Australia, involving an investment of 3 bln aud to start up a mine at Aurukun and construct a refinery at a conveniently located port.
In March Chalco beat 10 other interested parties to be named the sole developer of the bauxite deposits, worth up to 25 bln aud.
However the Queensland government still has to grant final approval for the project.
The newspaper said the main issues still outstanding and unlikely to be settled before the end of this month are the location of the proposed refinery, with the long-term price of energy and the availability of a workforce being major issues.
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