Q.A.L. ownership changes delayed

Press, 4 August 1977, Page 20

Q.A.L. ownership changes delayed

NZPA Brisbane The big corporate reshuffle of interests in the world’s biggest alumina plant at Gladstone in Central Queensland will, it- is understood, now take place late in October. The plan, which involves the acquisition by Comalco, Ltd. of the 12.5 per cent interest of Conzinc Rio Tinto of Australia Ltd, in Queensland Alumina, Ltd, and a 4 per cent portion of the Kaiser Aluminium and Chemical Corporation’s equity interest in the same project, was first announced in September. However, as the Comalco chairman Sir Donald Hib-

berd, pointed out in his address to shareholders at the annual meeting in April, “the complexities of the transaction are likely to cause delay.” It had been proposed to make the re-arrangement in the first half of this calendar year, but this now had been put back to some time in the second half of the year, because there were Government approvals still required.

The ownership structure of Q.A.L. will be Comalco 30.3 per cent, Kaiser 28.3 per cent, Alcan Aluminium, Ltd, 21.4 per cent, and Pechiney Ugine Kuhlmann, the only French aluminium producer, 20 per cent.