BEIJING - Chinalco Group, parent of Aluminum Corp of China Ltd (Chalco), said it has signed a 3 bln aud agreement to set up an alumina refinery and to mine bauxite with the government of the Australian state of Queensland.
Chinalco will establish a 2.1 mln ton annual capacity alumina refinery in eastern Queensland as well as a bauxite mine with an estimated resource of 10 mln tons, the group said on its website.
Chalco, China's largest alumina miner and aluminum producer, last week raised spot prices for alumina by 8.3 pct to 3,900 yuan per ton is in response to higher prices for imported alumina.
(1 usd = 1.24 aud; 7.73 yuan)
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