Chalco Gets Nod for RMB 10b Private Placement
Aluminum Corporation of China's (Chalco) (NYSE:ACH, 2600.HK, 601600.SZ) has received Chinese regulatory approval to a non-public offering of A-shares, the company announced March 16. Chalco plans to raise up to RMB 10 billion to finance an 800,000-metric ton alumina project in Chongqing, the statement said.
Chalco has been negotiating with Australian steel giant Rio Tinto (NYSE:RTP, LON:RIO) to develop a joint iron ore project worth $12 billion in the Republic of Guinea and a $4.5 billion copper ore mine in Mongolia, Oriental Morning Post reported March 16 quoting Chalco Vice General Manager Lv Youqing.
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