DJ Chalco Chmn: Co Cuts Capex To Free Funds For Possible M&As

Aluminum Corp. of China Ltd. (ACH) Chairman Xiao Yaqing said Tuesday the company will cut its original capital expenditure plans in the next two years by 20%-30% to free up funds for possible acquisitions. 

"There are many acquisition opportunities in China and overseas," Xiao said, without identifying targets.

The company, known as Chalco, said earlier its capex in both 2009 and 2010 would be CNY20 billion.

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