Chinalco pioneers new mining company in Xiongan with whopping RMB 2 billion capital injection
On December 18th, Aluminum Corporation of China (CHINALCO) disclosed its intention to collaboratively invest RMB 2 billion with its controlling shareholder, Chinalco Group, along with subsidiary entities such as China Copper and Chinalco Capital Holdings. The objective was to establish a new entity called Chinalco Xiongan Mining Co., Ltd. With Qu Bo serving as its legal representative, this recently established company boasts a registered capital of RMB 2 billion.
Chinalco Xiongan Mining Co., Ltd. specializes in various activities within the mining sector, including exploration of mineral resources, exploitation in non-coal mines, sales of metal ore, import and export of goods, investment activities using its funds, and project management services.
As per shareholder information, the joint ownership of the company involves significant players in the industry, such as China Aluminum Group Co., Ltd. and its affiliated entities: Aluminum Corporation of China Limited (CHALCO), China Copper Co., Ltd., and Chinalco Capital Holdings Co., Ltd. Chinalco has contributed RMB 600 million in cash and assets, securing a 30 per cent equity stake in the newly formed joint venture company.
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