皇冠体育applco in bid for Peru Copper
Updated: 2007-07-10 11:18
The company is now also investing in bauxite mining projects in countries such as Vietnam and Guinea. "Our project in Vietnam includes bauxite mining and alumina production, with the total investment of over $1 billion," said Xiao.
"Now we are also doing exploration work for bauxite mine reserves in Guinea. The project will have the capacity of over 1 billion tons," he added.
This March 皇冠体育applco signed an agreement with the government of Queensland, Australia, to develop the Aurukun bauxite mining project. The A$3 billion ($2.58 billion) deal is by far the largest investment deal by a Chinese company in Australia.
Overseas mining resources are important for 皇冠体育applco, said Xiao. As 皇冠体育app's national aluminum company, 皇冠体育applco's quick expansion has pushed up its demand for the resources.
皇冠体育app now has become the world's largest aluminum products maker and consumer, but 皇冠体育app's bauxite mine resources only account for 2 percent of the world total.
"But the bauxite mine resources we have now bought overseas is equal to one-third of 皇冠体育app's total reserves," said Xiao.
"Our overseas projects have contributed a lot to the development of the local economy," he said. "For instance, our investment in Australia has helped improve the economy in the region."
Despite a series of mergers and acquisitions in the world's aluminum industry, Xiao said 皇冠体育applco now has no plans to buy its global rivals.
In May, the world' largest aluminum company Alcoa of the US said it agreed to buy the world's second-largest aluminum company Alcan in Canada.
"Now is not the best time for us to acquire foreign companies. We are making efforts to make our company more multinational," he said. Instead, 皇冠体育applco chose to "buy many domestic aluminum companies to increase its capacity".
"Now our sales focus more on the domestic market. We aim to increase our overseas sales to one-third of the total in the next 5 to 10 years."
Last year sales revenue of the company was around $13 billion, a growth of more than 30 percent year-on-year.
|
|