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DJ Chalco: To Invest CNY537 Mln In Coal Joint Venture In Shanxi
Aluminum Corp. of China Ltd. （2600.HK, 601600.SH）, or Chalco, said Thursday it will invest CNY537 million （$81.17 million） for a 34% stake in a coal-related joint venture in the coal-rich Shanxi province, the latest move to secure coal resources amid its forays into other resource sectors.
Its Shanxi aluminum unit will invest CNY253 million to gain a 16% stake in the joint venture called Shanxi Jiexiu Xinyugou Coal （Group） Corp, Chalco said in a statement.
The remaining stakes will be held by other investors, including Jiexiu Luxin Coal Gasification Co., it said, without providing details.
The country's largest alumina producer by output received government approval in July to expand its core business to the production of other metals and raw materials such as coal, iron ore, rare earths and copper.
On Monday, the company reported a net loss of CNY117.8 million for the three months ended Sept. 30, compared with a net profit of CNY21.3 million a year earlier.
However, Chalco said, it expects to record a profit in the full year as the global economy continues to regain momentum and demand for aluminum increases.
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