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MAL Hungarian Aluminum Ltd. acquired concession rights to conduct bauxite exploration and extraction operations in Montenegro
The supply with bauxite of MAL’s alumina plant in Ajka is presently accomplished partly from domestic and Bosnian bauxite mines owned by MAL and partly from mines owned by Bosnian and Montenegrin companies. Due the exploited and limited volume of the economically extractable bauxite reserve in Hungary, Bosnia and Montenegro MAL paid particular attention to at the area Niksic in Montenegro where there is currently 350.000 tons of bauxite reserve and the experts expect further 2-4 million tons of bauxite.

The MAL acquired on 18. July, 2008 from the Ministry for Economic Development 10 year concession rights for an undisclosed price to conduct bauxite exploration and extraction operations in Montenegro. It was given access to a 17.4 square kilometers area of Niksic. The concession fee depends on the extracted volume and it is to be paid to the state. MAL expects to begin the extraction in 2010 after fulfilling the control drillings with investment expenditure of 2 million EUR. MAL accepted also the obligation to explore bauxite in length of 52.000 meters for 15.6 million EUR.

In case of successful activity in Montenegro MAL hopes to supply the alumina plant in Ajka with bauxite in 2010 only from bauxite mines owned by the company.
MAL - Magyar Alumínium Termelő és Kereskedelmi Rt. - 1012 Budapest, Logodi u. 34/b. III. em. - mal@mal.hu
Court Reg. No.: Cg. 01-10-045091 VAT Reg. No.: HU 12516564