Nalco eyes acquisitions abroad: Handique

State-owned National Aluminium Company Ltd (Nalco) is scouting for mineral assets, particularly bauxite, copper, coal and uranium, in overseas countries, including Chile, Namibia and Indonesia, the government said today.

"... The company (Nalco) is exploring acquisition of mineral assets, particularly bauxite, copper, coal and uranium in various countries, including Chile, Namibia and Indonesia," Mines Minister B K Handique told the Lok Sabha in a reply to a query.

However, specific mineral assets in these countries are yet to be identified while no separate venture has been floated by the company, Handique said.

Mines Ministry has also inked pact with Chile and Namibia for cooperation in the field of geology and mineral resources, which envisage promotion of investment in the fields, he added.

To secure raw material to run its diversified portfolio, the aluminium manufacturer has been scouting for bauxite, coal, uranium and copper reserves outside India.

Earlier, the firm had said that in Chile, it had identified a bauxite mine; in Namibia, a copper mine and in Indonesia, a coal block and for copper resources, it was looking to go jointly with Hindustan Copper.

The company had said that it was in process of selecting advisers for such acquisitions.

Nalco is already working on setting up a five-lakh-tonne smelter and an integrated 1,250 MW power plant in Indonesia, a project which will cost about USD 3.9 billion. The company will import required alumina to run the smelter from its India operations.

The company is looking for captive coal block to run the plant as well.

At present, the aluminium maker produces 1.6 million tonnes alumina from its refineries in Orissa. It produced 3.6 lakh tonne aluminium last year.

Nalco is Asia's largest integrated aluminium complex, encompassing bauxite mining, alumina refining, aluminium smelting and casting etc.