Infrastructure spat stalls Chalco's US$1.5b Vietnam project
05-SEP-2008 Intellasia | Thanhniennews
Sep 5, 2008 - 7:00:00 AM
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Aluminum Corp of China Ltd, the nation's biggest producer of the metal, said a planned US$1.5 billion bauxite project in Vietnam has stalled because of a disagreement over the construction of infrastructure.
"We haven't decided who will build the infrastructure for the project," Chair Xiao Yaqing said Tuesday in a Bloomberg television interview in Hong Kong.
Discussions are ongoing, he said, without saying who the disagreement is with.
Chalco, as the company is known, signed an agreement with Vietnam National Coal-Mineral Industries Group to jointly develop the Dak Nong project in central Vietnam in November 2006.
The company is also seeking bauxite resources in Guinea and Indonesia to meet surging Chinese demand.
"We didn't plan any infrastructure construction as it's not financially feasible," Xiao said.
The infrastructure to be built includes a railway, he added.
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