Chalco focuses on overseas resources
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Aluminum Corp of China, better known as Chalco, will continue to focus on exploring and acquiring overseas resources this year to expand its presence abroad.
China's top alumina and aluminum producer will use all its resources and strength to accelerate the development and takeover of mineral resources, both at home and abroad, according to a statement on its Website yesterday, citing Chairman Xiong Weiping at an annual working conference.
The company's sales rose to 142 billion yuan (US$20.8 billion) in 2009, a gain of 10 percent from a year earlier, the statement said.
Chalco turned profitable from August. But it didn't disclose its net income.
Meanwhile, the firm expects 2010 to be a tough year as the nonferrous metal market will continue to see slim profit for a long time, the statement said.
Lu Youqing, vice president of Chalco, was quoted last week by Reuters as saying that the company is targeting sales of 170 billion and 180 billion yuan this year and profit is set to reach 5 billion yuan due to higher metal prices.
The firm's other major tasks this year include diversifying its nonferrous metal portfolio and tapping more capital tools, Xiong said.
Chalco has been stepping up efforts to lift output of copper and rare earth as well as its main aluminum products.
The company acquired 49 percent in Yunnan Copper Group for 7.5 billion yuan in 2008. Reports said it has reached a preliminary pact with the Yunnan provincial government to raise investment and take a controlling stake in the copper firm.
