RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Metals Tools: Save | Print | E-mail | Most Read | Comment
Chinalco in copper deal
Adjust font size:

Aluminum Corp of China, the nation's top aluminum producer, recently took another step in expanding into the copper business by acquiring 49 percent of Yunnan Copper Industry (Group) Co, the country's third largest copper producer.

 

Aluminum Corp of China, or Chinalco, the parent of publicly traded Chalco, has bought the 49 percent stake by paying 7.5 billion yuan in cash.

 

The rest of the company will continue to be owned by the State-owned assets supervision and administration commission of Yunnan Province, which sold the stake.

 

The aluminum major and the Yunnan provincial government inked the deal - the biggest acquisition in the country's metal industry this year - on Tuesday in Kunming, capital of Southwest China's Yunnan Province, where the copper company is headquartered.

 

Under the strategic agreement, Chinalco will invest an additional 2 billion yuan for a copper processing project in the province.

 

Yunnan Copper Group holds 34.5 percent of Shenzhen-listed Yunnan Copper Co, which has a market value of 99 billion yuan.

 

"The newly restructured company aims to achieve an annual revenue of over hundreds of billions of yuan by 2012," Zou Shaolu, president of Yunnan Copper Industry (Group) Co, said in the deal signing ceremony.

 

The State-owned parent company in Yunnan chalked up 32.7 billion yuan in sales revenue last year and posted 3.75 billion yuan in profits and tax.

 

The stake sale has helped shares of Yunnan Copper Co soar, driven by investors' anticipation of an asset injection into its listed arm.

 

"The stake purchase will be Chinalco's biggest investment deal this year. We will also explore other domestic copper enterprises," said Xiao Yaqing, president of Chinalco.

 

The deal with Yunnan Copper comes after its $860 million takeover of Peru Copper earlier this year.

 

The aluminum major has accelerated its entry into the copper business this year and has earmarked 30 billion yuan to fund its expansion into the metal.

 

(China Daily November 1, 2007)

 

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Chinalco buys out another domestic rival
- China, Australia set up light alloy research center
- Chinalco cooperates with Bank of China
Most Viewed >>
-China set to hit the brakes on rising yuan
-Power to resume shortly in worst-hit area by snow
-Macao's gaming market expands further
-Online operators are on top of the game
-Insurance firms set to stump up billions

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright © China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号