Chongqing enterprise to raise overseas investment

Chongqing Bosai Minerals Group announced Tuesday its overseas investment during the 12th Five-Year Plan period (2011-2015) will reach 2 – 3 billion dollars, which equals to 1/10 of the city’s planned total overseas investment in that period.

Reports also told that the group sets out to invest 1 billion dollars in building an alumina plant with a 2-million-ton annual output in Indonesia recently.

The group spent 60 million dollars, the largest overseas investment of Chongqing then, to purchase a bauxite mining company in South America’s Guyana at the end of 2006 and took over an aluminum company affiliated to the world’s mining giant Rio Tinto in February, 2010.

The development of overseas businesses led to a sales volume of 10.18 billion yuan for the group last year. And it is taking steps to move its overseas division to Singapore and raise its sales revenue to 36.5 billion yuan by 2015.

Zhang Yi