CapitalVue reported that Jiaozuo Wanfang Aluminum Manufacturing together with Aluminum Corporation of China will jointly inject CNY 2.85 billion into Chalco Xinjiang for the latter's coal fired electricity aluminum integrated project.
Based on its 35% stake in Chalco Xinjiang, Wanfang Aluminum will contribute CNY 1.01 billion with the remainder to be invested by Chalco.
Chalco Xinjiang founded in 2011 with a registered capital of CNY 50 million is engaged in the production of bauxite, other minerals, metallurgical products, carbon products and is involved in the power generation businesses. The capital injection will boost Chalco Xinjiang's registered capital to about CNY 2.9 billion.
Chalco Xinjiang generated a loss of CNY 51,7000 in 2011. It did not record any sales and had total assets of CNY 49.95 million through the end of 2011. The proposed project was reported to be able to help Wanfang Aluminum improve its profitability as energy costs stayed at elevated levels.
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