MUMBAI, April 24 - Indian minerals producer Ashapura Minechem Ltd. is likely to finalise a joint venture within a week with a Chinese firm to set up an alumina plant in the western state of Gujarat, a company official said.
The plant, which will have one million tonne annual capacity, will begin production by 2009 and primarily cater to overseas markets, an Ashapura official, who did not wish to be identified, told Reuters on the sidelines of a metals conference.
Last month, a top executive of the Qingtongxia aluminium group, the second-largest aluminium producer in China, said it has received Beijing's approval to invest in an alumina project in India.
The Ashapura official said the bauxite supply for the joint venture will come from a new mine in Gujarat which the state government was in the final stage of handing over to the company.
"This mine will be good enough to last us 20-25 years. It would be able to generate 2.5 to 3 million tonnes of bauxite annually," he said.
While Ashapura will contribute both capital and mineral resources, the Chinese partner will invest capital in the project.
The official said Ashapura's total bauxite production is likely to rise to 4.5 to 5 million tonnes in the financial year ending March 2008, from about 3.6 million tonnes this year.
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