Alcha Aluminum to build 250,000-ton aluminum project
Shanghai. June 28. INTERFAX-CHINA - Jiangsu Alcha Aluminium Co. Ltd. (Alcha Aluminum) announced June 28 it plans to build a 250,000-ton aluminum project in the Baotou National Rare-Earth Hi-Tech Industrial Development Zone in China's Inner Mongolia Autonomous Region.
Shenzhen Stock Exchange-listed Alcha Aluminum will fund the project's construction through a private issuance of 120 million shares priced at least RMB 12.69 ($1.96) each to a maximum of 10 investors, according to the announcement.
Once construction begins, the casting and rolling production lines are expected to be completed within 12 months, while the whole project will be finished within 18 months, the announcement said. It has a designed annual production capacity of 100,000 tons for aluminum and aluminum alloy ingot, 100,000 tons for aluminum strip and 50,000 tons for aluminum foil.
Aluminum strip produced at the site will be shipped to the company's branch in Changshu City, Jiangsu Province, for the first two years, while aluminum foil will be used to supply the air-conditioning industry in northern China.
Alcha Aluminum forecast China's aluminum sheet and strip consumption to reach 6.50 million tons annually by 2015. Aluminum foil consumption will total two million tons per annum, the company added.
Alcha Aluminum currently has an annual production capacity of 150,000 tons. Its controlling shareholder is privately-owned Changshu Aluminum Co. Ltd., the announcement noted.
-HD