KUALA LUMPUR (March 27) : CAHYA MATA SARAWAK BHD [] (CMSB) and Rio Tinto plc have called off plans to jointly set up an aluminium smelting facility in Sarawak as electricity-supply details for the project could not be finalised.
In a statement to Bursa Malaysia on Tuesday, CMS group managing director Datuk Richard Curtis said both firms have not been able to obtain power supply from Sarawak Energy Bhd (SEB) at economically-feasible terms. As such the heads of agreement between CMS and Rio Tinto, apart from both companies’ memorandum of understanding with SEB were mutually terminated.
“As a result, Rio Tinto and CMS have agreed that they would cease to pursue plans to jointly develop an aluminium smelter at Samalaju in Sarawak but remain open to other future possible collaborations,” Curtis said.
He said CMS remains optimistic about investment opportunities within the Sarawak Corridor for Renewable Energy and is evaluating other investment opportunities there.
In a statement to Bursa Malaysia on Tuesday, CMS group managing director Datuk Richard Curtis said both firms have not been able to obtain power supply from Sarawak Energy Bhd (SEB) at economically-feasible terms. As such the heads of agreement between CMS and Rio Tinto, apart from both companies’ memorandum of understanding with SEB were mutually terminated.
“As a result, Rio Tinto and CMS have agreed that they would cease to pursue plans to jointly develop an aluminium smelter at Samalaju in Sarawak but remain open to other future possible collaborations,” Curtis said.
He said CMS remains optimistic about investment opportunities within the Sarawak Corridor for Renewable Energy and is evaluating other investment opportunities there.
