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S.Korea firm to import 600,000 T alumina from Vietnam
Dongyang Gangchul will import 600,000 tons of alumina, or 25 percent of South Korea's annual use, from Vietnam as it plans to build a $350 million aluminum refinery, the Korean government said Tuesday.
Dongyang Gangchul, South Korea's No.1 aluminum extruding firm with an annual production capacity of 54,000 tons, has agreed with Vietnam National Coal, Mineral Industries Holding Corporation (Vinacomin) to proceed with building the aluminum refinery in Vietnam, the world's No.4 bauxite producer.
"While South Korea sees its aluminum demand rising, all of the demand is met by imports," the ministry of knowledge economy said in a statement.
"If this (Dongyang Gangchul's refinery) project was successfully conducted, it would contribute to stabilizing the metal supply."
Vinacomin owns mines of bauxite, which is converted to aluminum via alumina, while it produces 1.3 million tons of alumina per year.
On top of the aluminum refinery project, state entities of the two countries have agreed to widen cooperation in developing energy and resources, such as oil, gas, coal and rare earth in Vietnam and other countries, the ministry added.
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