AAP reported that Atlantic Limited has signed MoU to develop 25 million tonnes per annum bauxite mine in Vietnam.

The miner and a Vietnamese state owned enterprise aim to access up to 1.5 billion tonnes of bauxite from the Lam Dong and Dak Nong bauxite provinces.

Under the plan, Atlantic will join with Vietnam Natural Resources and Environment Corporation for the mine and associated rail and port infrastructure.

Atlantic said that some of the world's largest aluminum companies have shown interest in mining bauxite in the region but an absence of key infrastructure has curtailed development. The parties have also agreed to undertake the downstream processing of bauxite in Vietnam, including alumina refining and aluminum smelting opportunities, on completion of a positive feasibility study. It had agreed to undertake the exploration of the bauxite areas, provide the funding for the project feasibility and procure finance. It said that "The JV interest of T-MV and Atlantic will reflect the contributions of the parties."

Meanwhile, the 2 groups hope to sign a definitive agreement in the H1 of 2010.

(Sourced from AAP)