The China Hongqiao Group has acquired domestic alumina refiner Beihai Xinhe New Material in a deal worth ¥2.12bn (USD320m). Beihai Xinhe has an alumina capacity of 2m tpy and a power generating capacity of 240 MW. The acquisition will help improve China Hongqiao's raw material procurement and self-sufficiency in power generation. It also marks Hongqiao's latest effort to secure raw material for its aluminium capacity expansion plans. Hongqiao planned to raise its aluminium capacity by nearly 16% to 6m tpy by the end of 2016. The company's lm million tpy refinery in West Kalimantan, Indonesia, started alumina production in May this year. The group has also started sourcing bauxite from Guinea, making the country China's second largest bauxite supplier as of May.
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