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    China Daily Website

    Chalco transfers stake in iron ore venture

    Updated: 2013-10-21 21:08
    By LYU CHANG ( chinadaily.com.cn)

    The Hong Kong listed aluminum giant Chalco said it is transferring its stake in an iron ore venture to its parent company Aluminum Corp of China Ltd., to improve its capital structure.

    Chalco Hong Kong Ltd plans to dispose 65 percent of an equity interest in Chalco Iron Ore Holding Ltd., to Aluminum Corp of China Overseas Holdings Limited, a wholly-owned subsidiary of Chalco for $2.067 billion, according to a filing to the Hong Kong Stock Exchange.

    The Hong Kong-based company is expected to profit by 5.4 billion yuan from the disposal. The proposal is subject to mutual agreement between the two parties.

    The Simandou-based iron ore project in Guinea, West Africa, is a large-scale project that requires long-term investment, Chalco said, so it needs to its reduce capital debt ratio and interest payments to optimize its cash flow.

    China's aluminum sector, however, has been struggling recently. The nation's aluminum producers lost $1.8 billion last year as the government, concerned about overcapacity in the industry, has reined in the approval of new projects and is aiming to restructure companies that are regarded as over-sized.

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