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Aluminum Corporation of China (CHALCO), through its Hong Kong-listed Unit, and its partnering mining company and port company have signed an agreement to amend and restart the Mining Convention with the Guinean Government. It paves the way for the creation of a dedicated project company that will oversee the development and operations of the Guinean Alumina Project linked to the country’s Boffa bauxite reserves.
{alcircleadd}The agreement formally recognises Guinea’s right to acquire additional equity in the venture at fair market value. Following this, Chalco Hong Kong aims to establish the Project Company in Guinea through its subsidiary, Chalco Energy Holdings, via a cash capital contribution. The proposed initial registered capital for it stands at GNF 600 million, equivalent to nearly USD 68,200 or RMB 470,900.
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The agreement specifies the Guinean government’s combined stake through free-carried shares and any additional equity participation which would not exceed 35 per cent of the Project Company’s total issued shares. Any move by the Guinean government to increase its stake would qualify as a major transaction under Hong Kong listing regulations and would therefore require shareholder approval.
Chalco’s board intends to seek investor consent through a general meeting covering the alumina investment plan, refinery construction and Guinea’s participation rights in the Project Company. Detailed project-related disclosures are expected to be circulated to shareholders by August 10, 2026.
The development further strengthens Chalco’s position across Guinea’s bauxite-to-alumina value chain, reinforcing long-term raw material security for the Chinese producer. Concurrently, this offers Guinea a larger economic role in the project, which could improve regulatory alignment and long-term operational stability, though it may also dilute Chalco’s eventual ownership share in the asset.
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