Aluminium smelter US$1.6 billion in Sarawak.

Chinalco, GIIG to build aluminium smelter near Bintulu

Read more: Chinalco, GIIG to build aluminium smelter near Bintulu http://www.btimes.com.my/Current_News/BTIMES/articles/slaju/Article/#ixzz1L4qmoIHE

GULF International Investment Group Holdings Sdn Bhd (GIIG) has entered into a joint venture agreement with Aluminium Corporation of China (Chinalco) to build a US$1.6 billion (US$1 = RM2.97) aluminium smelting plant in Sarawak.

GIIG is headed jointly by Malaysian tycoon, Tan Sri Syed Mokhtar Al Bukhary and UAE-based businessman Mohamed Alabbar.

The signing in Kuala Lumpur was witnessed by visiting Chinese Prime Minister Wen Jiabao and Prime Minister Datuk Seri Najib Razak.

The joint-venture, called Smelter Asia Sdn Bhd, will develop, own and operate the private aluminium smelting plant with an annual capacity of 370,000 tonnes. 

The smelter will be located in Samalaju Industrial Park, about 60km from Bintulu and some 180km from the Bakun hydroelectric dam.

Samalaju Industrial Park is earmarked by the Sarawak state government for heavy industries under the Sarawak Corridor of Renewable Energy (SCORE) master plan.

Smelter Asia has also signed the principal terms of the power purchase agreement (PPA) with Syarikat SESCO Berhad, the wholly owned subsidiary of Sarawak Energy Berhad, for over 600MW of power supply to the proposed aluminium smelting plant. 

"The worldwide demand for aluminium is projected to grow by an average of four per cent over the next five years, with Asia driving the demand," Syed Mokhtar said in a press statement.

The modern aluminium plant is expetcted to contribute to Sarawak's the socio-economic growth, by creating new jobs and supporting industries.

"Smelter Asia is a powerful example of global collaborations to create a dynamic socio-economic growth engine for Malaysia.

"The plant will not only benefit the country but also support the Asean region's development thrust by providing aluminium, which is critical in driving the massive infrastructure projects that are being planned," Mohamed Alabbar said added.

Zhang Chengzhong, Chinalco's depty general manager said the Chinese group has been working closely with GIIG for the development of Smelter Asia Project over the past years.

Read more: Chinalco, GIIG to build aluminium smelter near Bintulu http://www.btimes.com.my/Current_News/BTIMES/articles/slaju/Article/#ixzz1L4qgBWmX

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