China’s Chinalco Pursuing $426m Investment to Develop Bauxite Mine in Suriname

Highlights

• Chinalco, a Chinese state-owned mining company, plans to invest $426 million in bauxite mining in Suriname.
• The project will produce 6 million tonnes of bauxite annually.
• Suriname will own a 13% share of the project.
• Suriname has potential rare earth mineral deposits, including:
  • Monazite
  • Neodymium
  • Cerium

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Chinalco, (opens in a new tab) a Chinese mining company, now contemplates an investment of some $426 million in bauxite mining in Suriname. This news came via the chair of a Surinamese presidential mining commission and a Reuters (opens in a new tab) media entry. The South American country would own 13% share in the project according to the news.

This project would of course need to be approved by Suriname’s parliament. Then the Chinese would commence  construction by the middle of next year and would produce 6 million tonnes of bauxite – the key ore for aluminum – per year, said government advisor Daniel Lachman (opens in a new tab) reports Ank Kuipers and Oliver Griffin.

Established in 2001, the Aluminum Corporation of China (“Chinalco”) is a key state-owned enterprise directly supervised by the central government and a pilot state-owned capital investment company. It is shouldering the important mission of being the spearhead in the global nonferrous metals industry, the main force in supplying national strategic mineral resources and advanced high-end materials, and the leader in industry innovation and green development.

At present, Chinalco’s industry chain involves over 20 nonferrous metal elements, including aluminum, copper, lead, zinc, gallium , and germanium. With business presence in over 20 countries and regions, Chinalco has been in the Fortune Global 500 list since 2008.

So, who is Daniel Lachman in Suriname?

According to his profile  Lachman, who holds a PhD (cum laude), MBA (cum laude), MSc (cum laude), BSc, and CMRP, and is currently pursuing his second PhD,  gained experience in several upper/top management positions in the food, industrial and medical gases, metals and mining, education, and business & country consulting industry in various countries, and has managed workforces up to a couple hundred people and assets close to 1 billion USD in value, and chaired various strategic commissions, such as aluminum industry, tourism development and regional industrial policy.

He specializes in (Energy) Sustainability Transition Management, Business Process Re-engineering, and Reliability Centered Maintenance, and has written 20+ peer-reviewed articles and book chapters (and won awards in this regard), supervised close to 100 MSc students, improved overall equipment effectiveness for customers, provided key strategic insights to further growth and resilience, and was responsible for the conception of the Multi-Annual Development Plan 2022-2026 with an outlook to 2050.

According to his LinkedIn profile, he has served on numerous commissions with ties to the government in this South American former Dutch colony.

Any rare earths in Suriname?

Suriname does have rare earth minerals, with the mineral monazite being a primary source of these elements found in several locations within the country; indications of rare earth elements like neodymium, cerium, scandium, and yttrium have also been identified in Suriname, particularly in the Bakhuis area. (opens in a new tab) 

Key points about Suriname’s rare earth minerals:

• Presence of monazite: This mineral is a significant source of rare earth elements in Suriname. 
• Other rare earth elements: Besides monazite, elements like neodymium, cerium, scandium, and yttrium have also been detected. 
• Exploration potential: Suriname’s mineral potential is considered largely underexplored, including its rare earth deposits.