Nalco inks a JV agreement with RAK Minerals

It is reported that National Aluminum Co has signed a JV agreement with RAK Minerals and Metals Investment, UAE (RMMI) for setting up a five lakh tonne smelter in Indonesia. The project which entails an investment of USD 4 billion will also include a 1,250 MW power plant to support the facility. The smelter will be coming up in Tanjung Api-api, South Sumatra, Indonesia and is likely to start production by June 2010. The projects, which will have a capacity to produce 500,000 tonne of aluminium metal per year and require one million tonne of alumina which will come from India for its feedstock NALCO and RMMI are in talks with several Indonesian coal producers to secure coal supplies. Nalco is likely to pick up a majority stake up to 75% in the JV. The company will provide a DPR following clearance of various issues. Some other approvals are also expected along with technical issues that have to be cleared. source：steelguru.com