March 17 news: A senior Lanzhou official said on Friday that Lanzhou Liancheng Aluminum Co., Ltd. and a Hong Kong privately-owned trader, the Federal Resources Group, have delayed the establishment of a 2.4-million-ton aluminum oxide joint venture plant.
The plan was influenced by the Gansu government's plan to sell Lanzhou Aluminum to China Aluminum. According to the output calculation, Lanzhou Aluminum was the eighth largest aluminum producer in China in 2005.
China Aluminum's current fishing industry proposes to spend another 1.2 billion U.S. dollars for the establishment of additional production capacity and plans for aluminum industry mergers and acquisitions.
The delayed alumina joint venture plan was originally planned to be owned by Lanzhou Aluminum with 70% and the other 30% owned by the Federal Resources Corporation.
Lanzhou Aluminum has an annual capacity of 270,000 tons of aluminum, but last year it produced only about 200,000 tons of aluminum, partly because of high alumina prices. The company plans to produce 210,000 tons of aluminum in 2006.
Since the beginning of 2005, the price of alumina has risen by 55%, and the spot alumina price sent to Chinese ports is around 660 US$/t.
According to a report released by the National Development and Reform Commission on March 1, China has 12.15 million tons of alumina production capacity under construction, and another 3.2 million tons of production capacity is planned.
By the end of 2006, China's alumina production capacity will increase by 24% to 11.3 million tons, exceeding the 3.1 million tons last year. By the end of 2007, production capacity will further increase to 17.5 million tons, and by 2010 it will increase to 21 million tons.
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