DJ Aluminum Corp Of China To Sell CNY5 Bln 5-Year Notes Thu

Aluminum Corp. of China Ltd. (ACH), or Chalco, China's biggest aluminum and alumina producer by output, said Monday it plans to issue CNY5 billion ($731.4 million) worth of five-year notes on the interbank market Thursday.

Chalco had earlier planned to sell the bonds on Oct. 16, but it delayed the sale while its parent firm Aluminum Corp. of China, or Chinalco, arranged to transfer its stake in Rio Tinto PLC held in an account with a unit of Lehman Brothers Holdings Inc.

Chinalco and Alcoa Inc. had jointly paid US$14.1 billion for 12% of Rio Tinto's London-listed stock, giving them a 9% stake in the Rio Tinto group.

In its statement Monday, Chalco said it has decided to proceed with the bond sale because it isn't involved in Chinalco's claim to the Rio Tinto shares.

"Chalco is a separate legal entity from its controlling shareholder, and the stake in the Rio Tinto group is held by the controlling shareholder instead of us," Chalco said.

After negotiating with the National Association of Financial Market Institutional Investors, the group that is responsible for the registration of medium-term notes, Chalco decided to resume the issuance of the notes, it said.

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