Xinhua reported that Aluminum Corporation of China Limited will team up with Malaysia's MMC and Saudi Arabia's Binladin for a joint aluminum project in Saudi Arabia.

The USD 4.5 billion project includes an aluminum smelter plant and an equipped power plant in Jazan Economic City. The smelter will have an annual production capacity of 1 million tonne.

Chalco would take a 40% stake in the plant as the largest shareholder and control 20% of the power plant shares. It would also provide technology and alumina for the project.

According to earlier reports, Chalco was to take a 40% stake in the project, while MMC and Binladin would each take 20% stakes. Other Saudi investors would share the remaining 20% stake.

The three sides also signed a MoU on supporting issues with the Saudi Arabia General Investment Authority, which promised to offer necessary support to the JV project.