China's Chalco Sees H1 Approval for Lanzhou Liancheng

BEIJING (XFN-ASIA) - Aluminum Corp of China (Chalco) said its purchase of Lanzhou Liancheng Aluminium from its parent Chinalco is expected to receive all necessary approvals within six months,.

"Our attempt to buy the Lanzhou stake from our parent is still being reviewed by concerned parties for approval. It's still in the initial stages. We have been eyeing this aluminum company for some time, and want to add it to Chalco. If things go as smoothly, we are looking at acquiring Lanzhou in the first half," said Chalco spokeswoman Zhang Qing.

She said Lanzhou Liancheng is a dedicated aluminum producer with no alumina mining operations.

Separately, the Shanghai Business Review reported Chinalco will set up a 300 mln usd titanium plant joint venture with UK-based Aricom Plc in the northeastern Chinese province of Heilongjiang

Zhang said the venture fits in with Chinalco's stated goal of metals diversification.

"The goal of our parent has for some time been to expand further into other metals besides aluminum. SASAC (State-Owned Assets Supervision and Administration Commission) has already approved us and our parent to engage in mining and processing of other metals. But so far we have not decided when or whether to take this path, although our parent has," Zhang said.

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