SARCO Receives Loan Proposal for Alumina Refinery

30 May 2011 (Last Updated May 30th, 2011 18:30)

China Minsheng Banking (CMBC) has offered to finance a $600m proposed alumina refinery built at Laos by Sino Australian Resources (SARCO). CMBC said it will provide 70% of the finance for the project. SARCO, a subsidiary of Ord River Resources, plans to build a 600,000 t

China Minsheng Banking (CMBC) has offered to finance a $600m proposed alumina refinery built at Laos by Sino Australian Resources (SARCO).

CMBC said it will provide 70% of the finance for the project.

SARCO, a subsidiary of Ord River Resources, plans to build a 600,000 ton per annum capacity alumina refinery.

SARCO is also currently negotiating with various banks to secure finance for the project, ahead of the planned initial public offering.

Ord River Resources owns 49% interest in SARCO and the remaining 51% is held by China Non-Ferrous Metal Industry's Foreign Engineering & Construction.