Chalco to buy three more aluminium smelters

Shanghai, Dec 30: Aluminum Corp. of China Ltd. (Chalco) plans to purchase three other aluminium smelters from its state-owned parent after it completes the buyout of its two listed subsidiaries.

The subsidiaries, Lanzhou Aluminum Co. and Shandong Aluminum Industry Co., said in statements to the Shanghai Stock Exchange that the move was in line with Chalco's ambition to speed up the consolidation of its related primary aluminium operations in China, ''Chalco will purchase Baotou Aluminium Co. Ltd., Liancheng Aluminium Co. Ltd. and Tongchuan Xinguang Aluminium to boost its aluminium capacity,'' Lanzhou Aluminum and Shandong Aluminum said of their parent's plan, without providing details on the timing.

In addition, Chalco will expand its alumina facilities and establish alumina production lines in an area rich in bauxite resources, the two companies said.

Under a plan announced this month, Chalco, the world's number two alumina maker, will issue A-shares to buy out aluminium smelter Lanzhou Aluminum and alumina maker Shandong Aluminum. Chalco would then list on the Shanghai Stock Exchange.

REUTERS