Chalco to invest in aluminum project in Saudi Arab

Aluminum Corp of China Ltd (Chalco) announced in a statement yesterday that it had inked an agreement with Malaysia's MMC International Holdings Ltd and the Saudi Binladin Group on an aluminum project in the Arabian country.

The project, with a total investment of US$4.5 billion, includes an aluminum production facility and an electricity generating facility, in which Chalco will hold 40% and 20% stake respectively.

Chalco will be the largest shareholder in the aluminum plant, which is expected to produce 1 million tons of electrolytic aluminum per year.