Shares of Aluminum Corporation of China (Chalco) rallied during the latest trading session after investors responded positively to plans by its parent company to increase its shareholding, alongside improving aluminium market fundamentals. The company's Hong Kong-listed shares gained 6.28 per cent...
Shares of Aluminum Corporation of China (Chalco) rose on Monday after its controlling shareholder, Aluminum Corporation of China (Chinalco), announced plans to increase its stake in the state-owned aluminium producer by up to USD 300 million (CNY 2 billion), reflecting confidence in the company's...
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SouthGobi Resources Ltd. (SGQ), which mines steelmaking coal in Mongolia, fired Chief Executive Officer Alexander Molyneux, effective immediately, eight days after Aluminum Corp. of China Ltd. dropped its C$925 million ($949 million) takeover bid. Molyneux will be replaced by Ross Tromans, the...
The Aluminum Corp. of China, better known as Chalco, dropped in Tuesday trading after the company announced on Monday that the state-owned firm would drop its bid for Mongolian SouthGobi Resources after months of contentious negotiations. Chalco, China's largest producer of aluminum, had previously...
Shares of SouthGobi Resources Ltd. tumbled almost 17 per cent Tuesday after Aluminum Corporation of China Ltd. withdrew its offer for up to a 60-per-cent stake in the coal miner. Chalco and Turquoise Hill Resources cancelled a deal Monday that would have seen the company formerly known as Ivanhoe...
China has fallen silent in its pursuit of a deal that would have unlocked vast seams of Mongolian coal ahead of a deadline that expires next week, as politics and a slowing Chinese economy likely scotched the proposed $920 million investment. It is now all but certain that Chalco won't pursue its...
The Aluminum Corporation of China Limited (Chalco), one of biggest companies in the country, reported a loss of 3. 25 billion yuan (over USD 513 million) for the first six months of the year. The figure is in sharp contrast to the 413 million yuan profits during the same period last year, the...
The aluminum price briefly touched a three-year low of $ 1,827.25 per ton on the London Metal Exchange (LME) last week. It managed to avoid falling off a technical cliff, just, but the pressure is still on, three-month metal already trading as low as $1,830 in early trading yesterday. Analysts are...
Aluminum Corp. of China Ltd., also known as Chalco, said Friday it swung to a net loss for the first half of the year, as falling aluminum prices, a slowing domestic economy and higher expenses took their toll. The unaudited result, included in an interim earnings briefing to the Shanghai Stock...
It is expected that the state-owned Aluminium Corp of China Ltd, or Chalco, will drop its takeover bid for Mongolia’s coal-producer SouthGobi Resources Ltd due to fierce resistance from the Mongolian government. In April of this year, Chalco offered $926 million for a 60 percent stake in SouthGobi....
Aluminum Corporation of China Ltd., the nation’s biggest producer of the lightweight metal, agreed to buy 35.3 percent of Ningxia Electric Power Group Co. for 2.02 billion yuan ($318 million) to increase energy self-sufficiency. The company, known as Chalco, will buy 23.4 percent of Ningxia Power...
Chalco’s $925-million (U.S.) offer for a 60 per cent stake in SouthGobi in April produced an unfriendly response: a new investment law limiting foreign companies to 49 per cent ownership of mines. More insidiously, Mongolia has dragged its feet over renewing some of SouthGobi’s licences, scaring...
Chalco has decided to extend its offer for a majority stake in Mongolia-focused coal miner SouthGobi Resources for the second time, the Chinese aluminium giant said on Thursday, in the face of stiff political opposition in Mongolia. State-controlled Chalco will extend the time for it to make a...
Aluminum Corporation of China Limited, also known as Chalco, is a producer of alumina and primary aluminum in China. The Company refines bauxite into alumina and smelts aluminate to produce primary aluminum. The company suffers from industrial commodities low prices. From a fundamental viewpoint,...
The market for smelter grade alumina is primarily controlled by integrated aluminium companies. In 2008, worldwide alumina refining capacity totalled approximately 90 million metric tons per year including non-metallurgical aluminiums. It is estimated that approximately 80% of alumina production...
Chinese primary aluminium production in May totalled 1,678.4Kt, up 9.7% from the previous month and equating to an annual rate of 19.76Mt. The increase reflects a rise in production in the Guangxi region. Local smelters have re-started pot lines that have idled since the end of 2011 because of...
Potential bidders for mining tenements in Queensland are lobbying the recently-elected Newman government to resolve environmental, native title and infrastructure issues before calling for tenders, according to a report by The Australian. Chinese aluminium giant Chalco is among the strongest voices...
CHINESE aluminium giant Chalco says it could bid again for the Aurukun bauxite deposits on the Cape York Peninsula after burning $100 million in an unsuccessful attempt to shore up a mine and alumina refinery before being stripped of the leases by the Queensland government last year. The Hong...
Chinese aluminum giant Chalco delayed plans to acquire a controlling stake in Mongolia-focused coal miner SouthGobi Resources Ltd on Tuesday, as it continues to work on securing regulatory approvals in Mongolia and outside. In April the Aluminum Corporation of China Ltd , better known as Chalco,...
Work at SouthGobi Resources Ltd.'s flagship Ovoot Tolgoi Mine will be "entirely curtailed" at the end of the second quarter, the coal miner said Tuesday, raising uncertainty for Aluminium Corp. of China Ltd.'s bid to buy a controlling stake in the Mongolia-focused miner. State backed Aluminium...
