Aluminum Corp. of China Ltd. agreed to invest about US$163.8 million through its unit, Chalco Hong Kong Ltd., for the construction of the Boffa bauxite project in Guinea.

The company's board approved the investment as well as the signing of a mining agreement on the project with the Guinean government, according to the May 17 release.

The project is mainly comprised of mines, ports and lighterage, each of which will be operated by an independent investment entity.

The total development cost is estimated at about US$706 million.