Aluminum Corp of China’s Update
Aluminum Corp of China (SHA:601600), the country's top aluminium producer which is expanding to other metals, will take a majority stake in Jiangxi Rare Earth and Rare Metals Tungsten Group.
Articles Tagged "chinalco"
Aluminum Price Rises Despite Record Stockpiles
Aluminum is defying logic when it comes to basic economics. Spot aluminum premiums have climbed to their highest price in nearly five years, in the face of mounting warehouse stockpiles.
Chinalco inks Strategic Cooperation Agreement with Beijing Bank
Aluminum Corporation of China on July 1 signed a strategic cooperation agreement with the Beijing Bank, a joint stock commercial bank. For full story, click here
Rio Tinto is considering changes to Chinalco deal
Anglo-Australian mining giant Rio Tinto decalred that it is to consider making changes to its planned 19.5 billion US dollar tie-up with China’s Chinalco to head off a shareholder revolt. For full story, click here
Aluminum sector’s failure to launch
In the past few weeks, the global marketplace has been met with some much welcomed positive news. However, on the back of a massive slide in commodities prices, aluminum companies are still struggling with record low prices and seemingly nonexistent demand.
Chinalco deal drives Rio to appoint new chairman
In an effort to calm political turmoil in Australia over its $19.5 billion tie-up with China’s Aluminum Corp. of China Ltd., Rio Tinto PLC announced the appointment of a new chairman of the company. For full story, click here
Australia govt offers Aluminum Corp, Rio Tinto review
Australia’s government has put forth a review of Aluminum Corp. of China, or Chinalco’s, proposed US$19.5 billion investment in Rio Tinto Ltd in a sign that the deal faces intense scrutiny. The latest shareholder to raise its voice against the deal is Australian Foundation Investment Co. Ltd. which reported that Chinalco is being given significant [...]
Aluminum producer’s squeezed
Aluminum producer’s cutbacks have done little to stabilize the metal’s free fall. In London, the price of aluminum fell to $1,321 per tonne from $1,345. In New York, it was selling for 59 cents per pound. Six months ago, the metal’s going rate was $1.50 per pound.
China Exim Bank may grant loans for Chinalco’s Rio buy
Export-Import Bank of China, a state bank that promotes Chinese exports and outbound investment, may take care of loan needs of Aluminum Corp of China (Chinalco) for its stake purchase in Rio Tinto. For full story, click here
Market pessimistic on aluminum’s comeback potential
Aluminum prices are near five-year lows as orders drop from automakers, builders and appliance manufacturers. The global recession, collapsing consumer and corporate confidence and plunging demand for industrial metals have combined to drop the aluminum prices on the LME to their lowest monthly rate since April 2003.
