India's NALCO gets approval for bauxite mine

NEW DELHI, Sept 18 (Reuters) - Indian state-run National Aluminium Co Ltd (NALCO) (NALU.BO) said on Friday it had got the federal government's nod for bauxite mining lease in Andhra Pradesh state, where it plans to build a refinery. NALCO said in a statement it was planning to build a 1.4 million tonne alumina refinery in the Visakhapatnam district of the southern state at an estimated investment of 60 billion rupees ($1.2 billion). The company said the new mines are estimated to have bauxite reserves of 85 million tonnes. ($1=48.1 rupees) (Reporting by Devidutta Tripathy)