ALUMINIUM Corp of China has allowed the development agreement for the Aurukun bauxite project in Queensland to lapse.
The Chinese group, also known as Chalco, said today that conditions in the global aluminium industry had "deteriorated significantly" since the development agreement was signed in March 2007.
The Chinese group, which is the listed unit of China's biggest aluminum producer Aluminium Corp of China, said it has agreed with the Queensland government to continue to discuss options for Aurukun.
"We look forward to discussing new development and investment options for Chalco with respect to the Aurukun resources, as we continue to seek opportunities to invest in the resources sector in Australia and Queensland," Chalco chief executive Xiong Weiping said.
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