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Italy-Albania Copper JV
07 June 1994
TIRANA, Albania -- Albania's state-owned copper corporation Albaker has signed a $100 million joint-venture agreement with two Italian companies to modernize the country's copper industry, a senior official said. Ramiz Balla, General Director of the Albanian Albaker company, said that the contract launching Alb-Ita Baker Corporation between Albaker and two Rome-based firms, IEMEL Copper and Italba, was signed last week. Under the agreement Albaker will put $30 million in fixed assets into the venture and the Italian partners will invest $70 million, mainly in upgrading technology. IEMEL will account for 90 percent of the Italian contribution.
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