Sprint Global Top Ten miners Chinalco buys Laos mining company
KeywordsTop 10 mineral
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To achieve the goal of stepping into the world's top ten mining companies, Chinalco (hereinafter referred to as "Chinalco") is accelerating the pace of investment in mineral resources overseas. Chinalco insiders told the first financial daily yesterday that the company would acquire and hold the mineral resources company, which is owned by the Lao Service Company. It was the first time that Chinalco invested heavily in the development of the Guinea iron ore project last year. March 29, China Aluminum Company general manager Xiong-Al Company delegation to visit Laos, Chinalco's wholly-owned subsidiary Chinalco Hong Kong Limited and Laos Services Limited, reached the agreement on cooperation between the two sides. Laos, a preliminary survey of the Ministry of Mineral Resources, is rich in mineral resources, such as copper and aluminum, but most have not yet developed. Laos has about 17 million tonnes of gold ore reserves, 800,000 tons of lead-zinc ore and 182 million tonnes of copper ore that can be used to extract 2.9 million tonnes of copper. In addition, 1.6 million tons of tin ore, 125 million tons of bauxite, iron ore 14 million tons, gypsum 128 million tons, potash ore 390 million tons and coal mine reserves 374 million tons. For the investment, Chinalco did not disclose the specific shareholding ratio and focus on the type of metal mining. July 29 Last year, the Chinese aluminum industry (601600. sh;02600. HK) invested 1.35 billion U.S. dollars in Rio Tinto's Du Tie Ore project in the African-Guinea Simao, realizing the company's iron ore resources from scratch. Xiong said that the company plans to spend 3-5 years, into the world's top ten mining companies, become more international competitiveness of large enterprise groups. The internationalization of Chinalco will participate in the international allocation of various resources to achieve international circulation of various elements, the company's future overseas business to account for more than 50%, in the overseas reconstruction of a "China Aluminum company." Last year, Chinalco took off the hat of "the most deficient central enterprise"--2010, the company realized operating income of 200.3 billion yuan, an increase of 41%, to achieve operating profit of 2.7 billion yuan, and 2009 the company had a loss of 7.25 billion yuan. At the same time, the company's strategic objectives have also changed, the former "to the internationalization of polymetallic mining companies," the transformation of the current "building into the most growing world-class mining companies." Responsible Editor: NF045
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