Chalco confident to profit in 2010

(China Aluminum Network) General manager of Chinalco Xiong Weiping said the company was confident to gain profit in the year2010. It was the first time to achieve the overall profitability of full year operation since August 2009 when realized monthly losses.

Xiong Weiping said on a media conference, Chinalco achieved not only profit for listed company, also the overall profitability of the seven sections of the group.

Xiong Weiping said in the past two years Chalco realized large decline of cost. The achieved cost efficiency in two years reached 6.8 billion Yuan.

Since last July, 2009, Chinalco initiated structural adjustment and arranged annual investment of 19.1 billion Yuan in 2010, which mainly used for structural adjustment.

Xiong Weiping said the company would continue to stick to internalization, multi metals and mineral resources. Chinalco’s future oversea business would take up over 50%. Except aluminum-oriented light metals, copper-oriented heavy metals, Tungsten titanium-based rare metals, Chalco would also actively develop metal species in short supply in China. Meanwhile, Chalco would spend three to five years to stride into global top ten mining companies.

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