KUALA LUMPUR (Dow Jones)--Cahya Mata Sarawak Bhd. (2852.KU), a
Malaysian construction and building material company, and Australian miner Rio
Tinto PLC (RIO.LN) said Tuesday that they won't go ahead with plans to develop a
US$2 billion aluminium smelter in Malaysia's eastern Sarawak state.
Cahya Mata and Rio Tinto were unable to finalize commercial power supply terms with Sarawak Energy Bhd., Cahya Mata said in a statement to the Malaysian stock exchange.
The project was meant to produce 550,000 metric tons a year initially before rising to 1.5 million tons over time.
Separately, Jacynthe Cote, chief executive of Rio Tinto's Alcan aluminum division, said a great deal of progress was made in negotiations with Sarawak Energy but they couldn't agree on a long-term competitive power supply agreement.
"Looking into the future, we remain interested in development opportunities that may arise within the state and the country," Cote said.
Cahya Mata and Rio Tinto also said they "remain open to other future possible collaborations."
Cahya Mata and Rio Tinto were unable to finalize commercial power supply terms with Sarawak Energy Bhd., Cahya Mata said in a statement to the Malaysian stock exchange.
The project was meant to produce 550,000 metric tons a year initially before rising to 1.5 million tons over time.
Separately, Jacynthe Cote, chief executive of Rio Tinto's Alcan aluminum division, said a great deal of progress was made in negotiations with Sarawak Energy but they couldn't agree on a long-term competitive power supply agreement.
"Looking into the future, we remain interested in development opportunities that may arise within the state and the country," Cote said.
Cahya Mata and Rio Tinto also said they "remain open to other future possible collaborations."
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