China Aluminium Network
Chinalco Will ‘Strictly’ Control Investments
Edited by : AL CIRCLE
1 min read
Aluminum Corp. of China, the nation’s biggest producer, said it will “strictly” control project investments and be “prudent” on acquisitions amid a slump in metal prices.
The company, known as Chinalco, should “get well prepared to counter tough challenges” and ensure its financial safety amid market volatilities, General Manager Xiong Weiping said in a statement.
Xiong in March boosted the company’s annual spending 54 percent to 22.5 billion yuan ($3.5 billion) to diversify into coal and bauxite from “low-margin” aluminum production.
The company, known as Chinalco, should “get well prepared to counter tough challenges” and ensure its financial safety amid market volatilities, General Manager Xiong Weiping said in a statement.
Xiong in March boosted the company’s annual spending 54 percent to 22.5 billion yuan ($3.5 billion) to diversify into coal and bauxite from “low-margin” aluminum production.
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