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Mubadala and 1MDB to build USD 4 billion aluminum smelter in Malaysia
Edited by : AL CIRCLE
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Mubadala Development Company, a wholly owned investment vehicle of the government of Abu Dhabi and 1 Malaysia Development Bhd have announced that they will jointly establish USD 4.2 billion aluminum smelter in Sarawak of Malaysia.
The JV partners will also bring in other investors to invest approximately USD 1.8 billion to develop aluminum related downstream industries including a rolling mill, a wire cabling facility, a wheel casting plant and up to 10 extrusion plants in the state. The new plant will have a production capacity of 750 kilo tonnes per year.
The new development is expected to create over 40,000 jobs yield additional USD 3 billion MYR 9.05 billion to the gross domestic product and contribute MYR 7.8 billion to the country's trade balance.
The agreement to build the smelter in Sarawak, on the island of Borneo, is still preliminary and its execution will hinge on regulatory approvals and an agreement on the price of electric power among other things.
The JV partners will also bring in other investors to invest approximately USD 1.8 billion to develop aluminum related downstream industries including a rolling mill, a wire cabling facility, a wheel casting plant and up to 10 extrusion plants in the state. The new plant will have a production capacity of 750 kilo tonnes per year.
The new development is expected to create over 40,000 jobs yield additional USD 3 billion MYR 9.05 billion to the gross domestic product and contribute MYR 7.8 billion to the country's trade balance.
The agreement to build the smelter in Sarawak, on the island of Borneo, is still preliminary and its execution will hinge on regulatory approvals and an agreement on the price of electric power among other things.
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