Chinese mining company Bosai Group has acquired 51% of Shandong Qixing Group's alumina refinery for 1.2billion yuan ($1.73 million), although the market does not expect any immediate relief to Chinese domestic alumina supply tightness, Fastmarkets understands.
The Qixing refinery has a capacity to produce 500,000 tonnes per year of alumina, but it has been idle for over a year due to financial issues. The remaining 49% of the alumina refinery will remain owned by Qixing but Bosai will now have the majority shareholding. "Yes, Bosai Group has concluded the acquisition of 51% of...