Henan Shenhuo announces 36% stake in alumina project
According to a Reuters report, China's Henan Shenhuo Coal and Power announced it will secure a thirty six percent (36%) stake in alumina project in the Guangxi region. This will help the company in minimizing its imports of the raw materials.
The 3.12 billion yuan ($450 million) first phase of Guangxi Longzhou's alumina plant, which is likely to start production in December, will have a production capacity of million tonnes per year. The construction at the site started in November 2019.
Shenhuo, whose affiliate manufactures aluminium in Yunnan next to Guangxi, will not pay for the interest in Guangxi Longzhou Aluminium being transferred from Hangzhou Jinjiang. It will assume investment responsibilities, Reuters report.
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Shenhuo may raise its stake up to 51% while Hangzhou Jinjiang will for now retain 34%, Guangxi Chongzuo Jianzhuo Asset Management 20% and Guangxi Longzhou County Industrial Transportation Investment 10%.
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