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Chalco shares rocket on A-share trading debut
(Xinhua)
Updated: 2007-05-01 09:21
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It produced about 32 per cent more alumina at 9.5 million tons last year, while aluminum volume almost doubled to two million tons.
The company raised five billion yuan in February by selling long-term corporate bonds to fund its alumina refining and smelting capacity expansion.
It also plans to spend 3 billion Australian dollars to build analumina plant in Queensland, Australia with annual production capacity of 2.1 million tons. It also intends to buy a bauxite mine in Australia.
Chalco, founded in September 2001 and listed on the Hong Kong and New York bourses the same year, has seen its market capitalization gallop to 110 billion Hong Kong dollars.
Alumina is a semi-finished material refined from bauxite ore and processed to make aluminum. It is used in the manufacture of aluminum metal, zeolites and ceramics. It can also be used as a fire retardant and smoke suppressant.
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