The project involves the construction of an aluminium complex that will specialise in bauxite mining, alumina refining and aluminium smelting.
Alcoa and Alumina will supply alumina for the initial phase of the project, scheduled to come on line in 2013.
The second phase of the project involves development of the bauxite mine and alumina refinery.
Alumina said it will contemplate various debt funding alternatives for its equity contribution between 2010 and 2014.
Alumina CE John Bevan said the project is a unique opportunity to invest in very low cash-cost alumina production capacity in a major growth region for the aluminium industry and further diversifies the company’s operational and geographic footprint.