Chinalco, the parent company of Aluminum Corporation of China Ltd., or Chalco, the world's second largest producer of alumina, is planning to diversify into copper, lead and zinc in Australia and South America, a company official said this week.
"Chalco is operating on three fronts in Australia, the Aurukun project, discussions with the government to build an aluminum smelter and expansion into other non-ferrous metals," Chalco's senior representative in Australia Wenfu Wang told Dow Jones Newswires.
Chalco is driving Chinalco's overseas expansion strategy, acting as the its international arm, listed in Hong Kong and New York. Chinalco is Chalco's major shareholder, while U.S.-based Alcoa holds an 8% interest.
Chalco has earmarked CNY19 billion ($2.5 billion) this year for mainly alumina and aluminum expansion, up from a capital expenditure of CNY9.3 billion last year.
豫公网安备41010502003434号