Bossay to Invest $1 Billion to Build a Alumina Plant in Indonesia

Bossay Group will become the sole private enterprise owning three overseas bauxite mines under Alumnum Corporation of China. On September 15, after acquiring a bauxite mine in Guyana and a bauxite mine in Ghana, the group announced that it would soon set up an alumina plant in Indonesia, and it would acquire a bauxite mining area of at least 100 million tons by setting up the alumina plant.

Bosai Minerals has reached an agreement with Indonesia. Soon it will invest $1 billion to set up a 2-million-ton alumina plant there. As early as the end of 2006, Bosai Minerals acquired OBMI of Guyana in South Africa for $60 million, thereby obtaining 200 million tons of High alumina and low iron bauxite resources.That was the biggest overseas investment made from an enterprise from Chongqing.

After the financial crisis broke out, Bosai Minerals invested $30 million to acquire Rio Tinto plc's 80% interest in Ghana Bauxite Company Ltd., acquiring the second large mine.

Bosai Minerals spokesperson Zhang Yonghua disclosed that from next year on the company would produce 2.5 million tons of bauxite. The company plans to transport all of the bauxite back to Bosai Minerals’ alumina plant in Nanchuan. This makes bauxite the second imported resource after iron ore in Chongqing. According to Zhang, during the 12th five-year plan period, the company plans to invest $2 billion -$3 billion abroad.