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Sydney (AFP) July 1, 2010 China's Chinalco has shelved a three billion dollar (2.5 billion US) bauxite and alumina project in northern Australia, blaming rising costs and a struggling aluminium market. The state-run company's vice president said the Aurukun mine had been hit by high labour and construction costs, as well as fluctuating aluminium prices. "The cost was too high for us, and we just don't see the project generating much of a return," Lu Youqing told Dow Jones Newswires. But the Queensland state government, whose development agreement with Chinalco lapsed on Wednesday, said it was still open to discussions on a reworked deal on developing the giant deposit. "While the current agreement can't stand, we will continue discussions with a view, hopefully, to signing a new agreement that might have some different characteristics," state premier Anna Bligh told public broadcaster ABC. Chinalco was the only bidder for Aurukun when Queensland stripped Alcan of development rights due to a missed deadline in 2004. The agreement was hailed as a landmark of Chinese and Australian cooperation at the time.
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