Negotiations on Yanggu project terminated
Hamburg, 13 April 2006. Norddeutsche Affinerie AG (NA) has terminated the negotiations about a joint venture project in China. „We regret that it was not possible to reach an agreement with the Chinese partners on key issues in the project“, said NA’s Chief Executive Officer, Dr Werner Marnette.
On 14 December 2005 representatives of NA, the Chinese Yanggu Hongxiang Investment Co., Ltd. (HX) and Shandong Fengxiang (Group) Co., Ltd. (SF) signed a Letter of Intent (LOI). Based on the LOI, discussions were held on a participation by NA in the construction of a copper smelter with integrated power plant and a rod plant in Yanggu, Shandong Province. „Regardless of this decision, China and Asia will in future still be highly-interesting growth markets for NA“, emphasised the CEO.
Marnette stressed that NA’s internationalisation continued to be the strategic target. „We currently have several growth options which offer us excellent opportunities.“