CNA ventures into bauxite mining; plans investment
1MINS READ
In a bid to enhance diversification, the CNA Group has expressed interest in bauxite venture signing a non-binding MoU with a bauxite mine and processing plant in Shanxi, China for a five percent stake in the company.
The fruitfulness of the venture will only come forth in due course said the company on Thursday.
Chief executive of CNA, Michael Ong says the move can be termed as a "new strategic direction to develop revenue streams from investments to balance cyclical project revenues".
An agreement with Liul inxian Senzetengfei Aluminium Industry Co will provide the necessary technological and engineering expertise needed to carry out the business within China.
CNA revealed that the mine has reserves worth an estimated $600 million and is generating income of $10 million per year and hopes the investment, if completed, will bear fruit in the 2015 results.
Events
e-Magazines
Reports
