China Nonferrous Metal Industry’s Foreign Engineering and Construction Company will co-build an alumina plant in Iran with annual capacity of 200,000 tons, it said in a company filing on Thursday. The state-owned industrial conglomerate won the 380 million euro ($537.3 million) contract with two partners, Iran’s Jahad Tahghighat Group and Jahad Tahghighat Sahand, and will be paid 75.5 million euros for designing, supplying and installing equipment and for training, the company said.
Shares in China Nonferrous were up 9% at 55.25 yuan in late morning trade, compared with a 1% rise in China’s benchmark index.
China Nonferrous has been vigorously expanding its overseas operations. It has built a copper plant, a zinc smelter, a ferroally plant and an alumina plant in Iran. Last month, it announced it would sell equipment worth $135 million to a Kazakh smelter.