YAOUNDE, Cameroon, Jan 24, 2010 (Dow Jones Commodities News via Comtex) --
Cameroon Alumina Ltd., a new consortium with license to explore and exploit Cameroon bauxite, says it's working on a feasibility studied to build the country's biggest alumina smelter, a senior official of the group told Dow Jones.
Cameroon Alumina Ltd. is a joint venture of three companies: United Arab Emirates aluminum smelter, Dubai Aluminium Company Limited (Dubal), which holds a 45% share; Hindalco Industries Limited (500440.BY), which also holds 45%; and U.S.-based Hydromine Inc., owner of the remaining 10%.
"We've plans to build an aluminum refinery in Cameroon. This project will cost us $4 billion," Hydromine Inc. chairman and CEO Peter L. Briger told Dow Jones Friday.
"If we find the consistency of energy, we can produce about 500,000 tons yearly," Briger said, adding that their decision for the project came "after the government of Cameroon asked us; why not add value to the bauxite you'll be extracting?"
Cameroon Alumina Ltd., which has been exploring for bauxite in eastern and north-central Cameroon, has drilled 11,000 boreholes at its mining site. "Data from the extractions show that the quantity and quality of bauxite found on the site are very rich," the Hydromine executive said.
Bauxite reserves discovered in Cameroon's eastern, north-central and western regions are estimated around a billion tons, a 2009 report published by Cameroon showed.
Cameroon bauxite remains virtually unexploited, except by the state-run Societe Camerounaise d'Alumine, or Alucam.
Alucam produces 90,000 tons of aluminium yearly, and after merging with Rio Tinto Alcan, the consortium aims to more than triple the yearly aluminium output.
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