Chalco opens subsidiary

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Last updated at: (Beijing Time) Friday, December 19, 2003

Chalco opens subsidiary

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The Aluminium Corp of China (Chalco), the nation's biggest alumina and aluminium producer, has launched an international engineering subsidiary, China Aluminium International Engineering Corporation Ltd (CHALIECO), yesterday in Beijing.

Aiming at both domestic and international markets, the company will engage in engineering, consultancy and contracting for metal mines, metallurgy, aluminium and magnesium projects.

The company, which is formed on the base of two research and design institutions of Chalco, consolidates the engineering and consultancy strength of Chalco.

The two institutions have undertaken and accomplished the planning, consultation, engineering and project contracting for more that 30 light metal mines, six alumina refineries, 133 aluminium smelters, 43 magnesium and titanium smelters and 77 carbon product plants in China.

At yesterday's launch ceremony, Chalco also said it has raised the domestic price of alumina by 12.1 per cent to 3,700 yuan (US$447) a ton from 3,300 yuan(US$399) a ton.

It is the seventh time for Chalco to raise domestic alumina prices this year, because of the alumina supply shortfall and international price hikes.

Alumina is the raw material used in producing aluminium.

Chalco, which holds 60 per cent of the alumina supply in China, said the price of imported alumina has risen to from 4,200-4,500 yuan a ton, pushing domestic prices up.

The company estimated that the price of imported alumina will remain above 4,700 yuan per ton (US$440) until January.

The company also said the domestic alumina output is expected to rise to 5,8 million tons, while the overall demand will rise to 11.5 million tons.

As half of the demand is to be satisfied with imports, the lower domestic alumina prices have to rise in line with international prices, the company said.

The price hike of the raw materials and fuel, including bauxite, coal and alkali, has also contributed to the price rise, the company said.

Standard & Poor's Index has given nine China's enterprises the BBB grade, and Chalco is on the top of the list.

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