China's Tianshan Aluminum signs letter of intent for bauxite business in Indonesia

Tianshan Aluminum Group Co.,Ltd. (002532.SZ) announced on Tuesday that it has recently signed a letter of intent with an Indonesia-based mining holding company and its actual controller. 

 

According to the letter of intent, Tianshan Aluminum plans to buy no less than 49 percent of the equity interests of the Indonesian mining company or its three subsidiaries, directly or indirectly, and cooperate with the local mining company in bauxite mining, supply and sales. 

 

The local mining company has a total of three mining certificates issued by Indonesia's Ministry of Energy and Mineral Resources and the mining area is about 30,000 hectares.

 

The move aims to promote the listed company's overseas business development, help get high-quality upstream bauxite resources and enhance its core competitiveness, according to the listed company's filing to the stock exchange.