Aluminum Corporation of China Limited


Aluminum Corporation of China Limited
Aluminum Corporation of China Limited
中国铝业
Type Public (SEHK: 2600, NYSE: ACH [1]
Industry Aluminum
Founded 2001 (2001) (Beijing)
Headquarters Beijing, People's Republic of China
Key people Xiong Weiping (President)
Products Aluminum products
Copper products [2]
Total assets RMB 377.7 billion (2008)
Owner(s) State Council
Employees 107,887 (2008)[3]
Website www.chalco.com.cn www.chinalco.com

Aluminum Corporation of China Limited, also known as Chalco (SEHK2600, NYSEACH, SSE: 601600), is a multinational aluminum company headquartered in Beijing, People's Republic of China. It is the world’s second-largest alumina producer (and the only producer in China) and third-largest primary aluminum producer (and the largest producer in China).[4]

Chinalco is principally engaged in the extraction of aluminum oxide, electrolyzation of virgin aluminum and the processing and production of aluminum.

Its primary listing is on the Shanghai Stock Exchange and it is a constituent of the SSE 50 index. It has secondary listings on the Hong Kong Stock Exchange and the New York Stock Exchange.

Contents

History

Aluminum Corporation of China (CHINALCO) is a state-backed holding company established to be the primary aluminium producer in the People's Republic of China in 2001. [5]It is the parent company of Aluminum Corporation of China Limited (CHALCO) which is listed on the New York, Hong Kong and Shanghai stock exchanges.[6]

With effect from 10 June 2008, Chalco was added to the Hang Seng Index Constituent Stock (blue chip).[7]

Chinalco is investing $3 billion to begin open-cast mining operations, within three to four years, in Morococha District, Peru. The company plans to extract copper ore from Mount Toromocho.[8]

Chinalco holds a 9% stake in the Anglo-Australian mining company Rio Tinto.[9] Rio Tinto controls large Iron ore reserves in Australia. On June 5, Rio Tinto broke a deal for Chinalco to purchase a larger stake in the company, with support by rival Anglo-Australian mining company BHP Billiton. Rio Tinto is expected to pay a US$195 million breaking fee according to the contract signed earlier by the two parties.[10]

In 2010, Chinalco reported a net profit of ¥778.01 million, a dramatic rise when compared with the company's ¥4.62 billion profit losses from the previous year. The company credits increased prices and effective cost control strategies with the financial turnaround.[11]

During July of 2011, Chinalco signed a long-term agreement with Mongolian miner Tavan Tolgoi to import more than 15 million tons of coking coal annually in order to meet increased domestic demand.[12]

Operations

Chinalco operates its business through three segments: aluminum oxide segment, producing and selling aluminum oxide, aluminum hydroxide and gallium; virgin aluminum, providing virgin aluminum, carbon element products and aluminum alloys, and aluminum processing segment, offering casting products, slab band products, foils, squeezing products, forging products, powder products and die-casting products.

Chinalco's gallium products include gallium metal and gallium oxide.

Chinalco also provides remelted aluminum ingots.

Chinalco products are applied in construction, electricity, packaging, transportation, nondurable consumer goods, hard board material, wire and cable, ceramics, refractory material, laundry, petrochemical, and aerospace industries.

References

External links



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