Pearl marketer Atlantic Ltd
(ASX:ATI) says it has signed a memorandum of understanding to develop a 25 million tonnes a year bauxite mine and associated rail and port infrastructure project in Vietnam.
Atlantic and Vietnam state-owned enterprise Vietnam Natural Resources and Environment Corporation are aiming to access up to 1.5 billion metric tonnes of bauxite from the Lam Dong and Dak Nong bauxite provinces.
Atlantic says the parties have also agreed to undertake the downstream processing of bauxite in Vietnam, including alumina refining and aluminium smelting opportunities, on completion of a positive feasibility study.
Both parties hope to sign a definitive joint venture agreement in the first half of 2010.
Atlantic posted a loss for the year ended June 30, 2009.
