Recently, Yuefeng Aluminum said in its 2023 annual report that the bauxite project it invested in and acquired in Indonesia is currently conducting detailed exploration of resource reserves and is about to complete the prerequisites for equity delivery. In addition, Yuefeng Aluminum plans to invest in the construction of alumina projects with an annual capacity of 2 million tons in Indonesia, and the company has declared the EIA approval procedures to the relevant local authorities, and the project has been included in the list of national strategic projects in Indonesia. The project has completed the feasibility study report and entered the design stage.
The report also mentioned that in order to strengthen the protection of upstream bauxite resources and enhance cost competitiveness, Yuefeng Aluminum completed the equity acquisition of a local mining company in Guinea and obtained the right of first purchase of mineral products, directly locking the supply of bauxite resources and procurement costs, and the project has entered the scale of mining in 2024 and will be shipped back to China to meet the demand for domestic alumina production raw materials. The project is planned to have an annual capacity of 5-6 million tons of bauxite, which will basically solve the raw material needs of the company's alumina production after fully reaching the target.
