Alcoa Signs MOU with Vinacomin for Joint Venture (5/2/06)
May 2, 2006
Alcoa World Alumina and Chemicals has signed a memorandum of understanding (MOU) with Vietnam National Coal-Minerals Industries Group (Vinacomin) to explore the feasibility of creating a joint venture to develop a bauxite mine and alumina refinery in the Dak Nong Province of Vietnam. The agreement calls for the creation of a joint venture to explore the feasibility of the construction and operation of an alumina refinery located in the Gia Nghia bauxite deposit area in Dak Nong Province, with first stage capacity between 1.0 and 1.5 million metric tons per year, and expansion opportunities from there. The joint venture would be 51% held by Vinacomin and 49% held by Alcoa World Alumina and Chemicals. Alcoa will appoint the managing director of the facility, who will operate it using the Alcoa Business System and in close connection with Alcoa's global refining system.