Investing in the cauldron

  • 2006-07-05
  • From wire reports
VILNIUS - Lithuania's Ukio Banko Investicine Grupe (Ukio Bank Investment Group), which owns the Birac aluminum refinery in Bosnia and Herzegovina, announced its intentions to expand business in the Balkan country via the creation of an integrated aluminum-production infrastructure.

The group intends to build one or several aluminum production lines, each with annual capacities of at least 125,000 tons, the group said in a press statement.

The projects should revive the production of bauxites, generation and transportation of electricity, alumina production and aluminum industry, which would result in a clear benefit to the whole economy of Bosnia and Herzegovina.
UBIG has begun searching for partners to expand the scale of the project.

The group has already attracted 32 million euros in external investment to the Birac aluminum plant, which it privatized back in 2001. The refinery, which produces some 600,000 tons of alumina per year, currently employs a workforce of 1,500. o