Chalco¡¯s alumina & aluminum production costs fell in 2013

The Aluminum Corporation of China's production costs of alumina & refined aluminum fell by 9% and 5%, respectively in 2013 the aluminium producer said in their annual report filed with Hong Kong Stock Exchange. As a result, the company got a net profit of Yuan 975 million ($159 million) in the year 2013, compared to their loss of Yuan 8.2 billion the previous year.

"Although the market environment stayed poor last year, we turned losses to profits, as we strengthened management, controlled expenditure and streamlined capital operations," Chalco said, without elaborating on the production costs or providing any output figures.

Besides the aggregate non-recurring items worth Yuan 2.7 billion that the company got from equity interests in the aluminum fabrication entities in the year 2013, the company even earned Yuan 5.4 billion by selling a 65% stake in the Chalco Iron Ore Holdings last year December.

Last year October, Chalco decided to sell its equity stake in Chalco Iron Ore Holding to another company named Chinalco Overseas Holdings in order to ease the funding pressure from their joint venture iron ore project Simandou in Guinea.

The company recorded total sales revenue of Yuan 173 billion in the year 2013, up 16% from the previous year.

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