ATI 0.00% 17.5¢ atlantic limited

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    from an official vietnam governement homepage:

    Atlantic signs MOU over bauxite mine
    Date : 21/12/2009
    Atlantic Ltd has signed a memorandum of understanding to develop a 25 million tonnes per annum bauxite mine in Vietnam.

    The miner and a Vietnamese state-owned enterprise aim to access up to 1.5 billion metric tonnes of bauxite from the Lam Dong and Dak Nong bauxite provinces.

    Under the plan, Atlantic will join with Vietnam Natural Resources and Environment Corporation (T-MV) for the mine and associated rail and port infrastructure.

    Shares in the Atlantic leapt on the news, finishing up 0.6 cents, or 19.35 per cent, at 3.7 cents on Monday.

    Atlantic said some of the world's largest aluminium companies have shown interest in mining bauxite in the region but an absence of key infrastructure has curtailed development.

    "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," Atlantic said in a statement.

    Atlantic said it had agreed to undertake the exploration of the bauxite areas, provide the funding for the project feasibility and procure finance.

    "The joint venture interest of T-MV and Atlantic will reflect the contributions of the parties," Atlantic said.

    The two groups hope to sign a definitive agreement in the first half of 2010.

    Source: AAP
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