August 26, 2010
The Aluminum Corporation of China (Chinalco) is mapping out to complete corporate strategic transitions for the following three years, catapulting itself also to coal and iron ore fields, disclosed Xiong Weiping, chairman of Chinalco Tuesday.
Chinalco will establish two to three coal producing bases as scheduled so as to gradually integrate operations in the aluminum coal industry chain with the company, stressed Xiong.
While as for the iron ore business, the company signed an agreement with Rio Tinto on July 29 to jointly develop an iron ore project in Simandu, Guinea.
In the first half of 2010, Chinalco achieved a revenue of 59.778 billion yuan ($8.79 billion) with a growth of 113.61 percent, among which its net profit was of 531 million yuan ($78.08 million), according to the company's quarter financial report Tuesday.
Source: Global Times
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