21/12/2009 - 11:25

Atlantic signs MOU for Vietnam bauxite

21/12/2009 - 11:25

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West Perth-based resources development outfit Atlantic Limited has signed a memorandum of understanding (MOU) with a state-owned corporation to develop a new bauxite project in Vietnam.

Atlantic signs MOU for Vietnam bauxite

West Perth-based resources development outfit Atlantic Limited has signed a memorandum of understanding (MOU) with a state-owned corporation to develop a new bauxite project in Vietnam.

The recently created Vietnamese government organisation, Vietnam Natural Resources and Environment Corporation, or T-MZ, has appointed Atlantic as its exclusive partner for the project, which includes developing an integrated 25 million tonnes per annum mine and a port and rail component.

The parties, amid agreeing to consider downstream processing, including alumina refining pending a positive feasibility study, aim to access up to 1.5 billion tonnes of bauxite from Lam Dong and Dak Nong provinces of greater than 45 per cent aluminium grading.

Atlantic managing director, Michael Minosora said signing the MOU was a major step forward.

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