Alcoa and CNNC enter long-term supply relationship.PITTSBURGH--(BUSINESS WIRE)--Nov. 11, 1996--Alcoa World Alumina and Chemicals (AWAC) and Sino Mining International Limited (SMI (1) (Storage Management Initiative) The initiative developed by the SNIA in 2003 to create a single standard interface for storage management technologies used by multiple vendors and networking communities. ), a wholly-owned subsidiary of China National Nonferrous Metals Industry Corporation (CNNC CNNC China National Nuclear Corporation ), today announce they have entered into a long-term agreement for the purchase of alumina for the CNNC smelter system. The arrangement entitles Sino Mining Alumina Limited (SMAL SMAL Stabilized Mirror Airborne Laser SMAL Spare Material Authorization License ), a wholly-owned subsidiary of SMI, to take 400,000 metric tons of alumina per year for 30 years. SMAL has the option to increase its alumina take as CNNC's needs grow. SMAL will make an advance lump-sum payment of $240 million to AWAC related to the 400,000 metric ton agreement and per-ton payments as shipments are made. Other terms were not released. Commenting on the transaction, Robert F. Slagle, president of Alcoa World Alumina, said, "This new relationship with CNNC represents an important step for AWAC in growing our global business and confirms our commitment to the Chinese alumina market and to CNNC." Nicholas Curtis, president and chief executive officer of SMI stated that, "The transaction represents a significant move by CNNC to internationalize in·ter·na·tion·al·ize tr.v. in·ter·na·tion·al·ized, in·ter·na·tion·al·iz·ing, in·ter·na·tion·al·iz·es 1. To make international. 2. To put under international control. its business by building strong long-term relationships with recognized global industry leaders who complement CNNC's existing business. "China has been a major importer of spot alumina for some time. This transaction reduces the system's dependence on spot market transactions and creates a stronger, more stable base for CNNC's future growth." Alcoa World Alumina and Chemicals Alcoa World Alumina and Chemicals is a joint venture between Alumina Limited (40% share) and Alcoa (60% share) and is abbreviated to AWAC. AWAC's business is the mining of bauxite, the extraction of alumina (aluminium oxide) and the smelting of aluminium. is a global alliance between Alcoa and WMC WMC Winter Music Conference WMC Weill Medical College (Cornell University) WMC Wisconsin Manufacturers and Commerce (Madison, WI) WMC Westchester Medical Center WMC Western Mining Corporation Limited. CNNC is a Chinese Government state-owned enterprise, which operates and controls the state-owned nonferrous industry in China. CNNC's smelting output is more than 735,000 metric tons of aluminum per year. SMI is the vehicle for CNNC's international mining investment activities. SMAL is a special purpose subsidiary of SMI. CONTACT: Alcoa, Pittsburgh Bonita Bonita (Spanish and Portuguese for "beautiful") is the name of:
or Sino Mining International Limited, Australia Nicholas Curtis, 612-9232-8344 |
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