Yesterday, Chinalco spokesman Yuan Li told reporters that the Queensland Government of Australia terminated discussions with Chinalco on the development of Aurukun bauxite resources. The company will assess the losses and make preparations for a possible loss of 340 million yuan. The Aurukun bauxite project has been taken over by several giant companies and has not been exploited so far. First, the project's mining lease rights were granted to Alcoa in 1975, but it has not been developed; in May 2004, the Queensland Government passed the legislative process to recover the leasehold rights and the project resources in September 2005. Global bidding for development rights. The bidding lasted for two years. In 2007, Chinalco finally won the comprehensive ability of technology and strength. However, during the period of experiencing Australia's resource tax increase, the project has not been developed. Chinalco announced that on June 30, 2010, the Queensland Government and Chinalco Development Agreement expired on its own, but the two parties continued to discuss the development of this project. At present, the Queensland Government has terminated this discussion. As of now, the project expenditure account balance is about 340 million yuan, the company needs to assess its recoverable amount and make corresponding impairment treatment.
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