Daewoo's aluminum project

Daewoo's aluminum project

HANOI (AFP): South Korean chaebol Daewoo Corp. is considering investing in a one-billion-dollar integrated aluminum casting project in Vietnam's Central Highlands, a company representative said Friday.

Daewoo had signed a letter of intent with state-owned Vietnam Minerals Corp. to conduct a survey of two bauxite reserves in Daklak, she said.

While Vietnam is extremely rich in bauxite with estimated reserves of 6.5 billion tons reportedly accounting for more than 16 percent of the world's supply, the mineral is located in a remote mountainous area.

Daewoo must contemplate an ambitious plan that would incorporate a new power plant and upgrading transport links from the mountainous area some 200 kilometers (125 miles) from Ho Chi Minh City.