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Alcoa Considers Development of Bauxite Mining and Alumina Refineries in Vietnam (posted 6/27/08)

June 27, 2008
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Alcoa World Alumina and Chemicals will conduct due diligence on the acquisition of a 40% interest in the Nhan Co. alumina refinery.

Alcoa recently announced the signing of a cooperation agreement with Vietnam National Coal-Mineral Industries Group (Vinacomin) for cooperation in the development of the aluminum industry in Vietnam. Under the agreement, Alcoa World Alumina and Chemicals (AWAC) will conduct due diligence on the acquisition of a 40% interest in the 600,000-metric-ton-per-year Nhan Co. alumina refinery that is to be constructed in Dak Nong Province in Vietnam’s Central Highlands, based on access to extensive reserves of high-quality bauxite. If the transaction proceeds, the shareholding in the joint stock company that owns the Nhan Co bauxite mine and alumina refinery will be Vinacomin, 51%; AWAC, 40%; and other investors, 9%.

In addition, the parties have agreed to conduct a joint feasibility study on the Gia Nghia bauxite mine and alumina refinery project, also located in Dak Nong province, with first-stage capacity expected to be between 1.0 and 1.5 million metric tons of alumina per year. The agreement follows the recent permission granted to Vinacomin by the Government of Vietnam to establish joint stock companies with foreign partners holding a maximum of 40%. Vinacomin is a state-owned company with a leading role in the development of Vietnam’s mineral resources.

“Alcoa is delighted to be invited to participate in the development of the Vietnamese economy and particularly to be engaged in prospective development within the Central Highlands,” said Bernt Reitan, Alcoa executive vice president and president of Alcoa Global Primary Products. “Combining Vinacomin’s local knowledge and proven capacity for the successful development of Vietnam’s mineral resources with Alcoa’s world-best alumina refining technology, operating practices, and sustainable development philosophy, and our firm commitment to education, training, and recruitment of local employees, creates an exceptionally strong partnership capable of serving the interests of the Vietnamese people and those of Alcoa for generations to come.”

AWAC and Vinacomin will embark on detailed studies with a view to completing definitive costs and definitive investment agreements as quickly as possible. Visit www.alcoa.com for additional details.

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