Aluminum Corp of China is to submit a final bid in May to build a US$2.2 billion bauxite mine and refinery in Queensland in what would be China’s biggest ever investment in Australia, state media reported. The deposit is of sufficient size to produce aluminum for 2.5 million Boeing 747-400 aircraft. Chalco’s rival bidders Alcoa, Alcan and Cia Vale do Rio Doce pulled out of the race last month. With Australia holding 22% of the world’s proven bauxite reserves, compared to China’s paltry 2%, Beijing is expected to invest a considerable amount of money in the country. Australia is also one the world’s leading producers of coal and iron ore.
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