The Chinese Sinosteel Corporation has signed a memorandum of understanding with Iranian Mines and Mining Industries Development and Renovation Organization to establish an alumina production plant and an aluminum factory in Iran as well as a power plant to feed them, the IMIDRO reported on its website on Sunday. Based on the agreement, the alumina and aluminum factories will be jointly established under an EPFC (engineering-procurement-construction-financing) contract with an initial annual production capacity of 1.6 million tons and 350,000 tons respectively. The power plant will be constructed through a BOO (build-own-operate) contract through direct Chinese investment. Established in 1993, Sinosteel is a state-owned enterprise operating primarily in mining and mineral trading as well as equipment manufacture and industrial engineering with more than 86 subsidiaries across the world.
