China's Regal Metal plans to launch 300,000 tpy recycled aluminium project

BEIJING/NINGBO,China Sept 21 (Reuters) -

* China’s Regal Metal said it planned to build a recycled aluminium project in Shanxi province with annual capacity of 300,000 tonnes of secondary aluminium.

* The project is part of revitalisation of old and abandoned assets, supported by the local government, and building of new assets.

* The project, with total investment of 500 million yuan ($73.98 million), will be completed in two years with two phases of construction, according to a company statement released on Saturday.

* The first phase of the project involves 100,000 tonnes of secondary aluminium capacity and is expected to put into production in April 2021, it said.

* Regal Metal expects the project to produce recycled aluminium alloy ingots, high-performance magnesium alloy ingots and other projects, and to bring an annual output valued at around 5.41 billion yuan after fully in operation.

* China, the world’s top metals producer, produced 5.86 million tonnes of aluminium alloy in the first eight months of 2020, according to the National Bureau of Statistics data. ($1 = 6.7588 Chinese yuan renminbi) (Reporting by Min Zhang in Beijing and Shivani Singh in Ningbo; Editing by Rashmi Aich)