Rio Tinto Alcan extrudes from regrouping Qingtongxia Aluminium

Last weekend, China Power Investment Group signed the regrouping agreement with Ningxia Hui Autonomous Region SASAC, aiming to combine Ningxia Energy Investment Company and Qingtongxia Aluminium Group Company to Power Investment Ningxia-Qingtongxia Energy Aluminium Group Company in which Ningxia SASAC would hold 30% of the stake and Power Investment 70%.

According to introduction, China Power Investment has already invested in mining in Ningxia. Action of this time is featuring at constructing a typical comprehensive industrial gathering of coal and electricity, coal chemical, Al-coal and deep processing chain.

In September 2004, co-invested with Rio Tinto Alcan, Ningxia Power Investment, Qingtongxia Aluminium established Ningxiajianing Aluminium Co., Ltd with Rio Tinto holding 50% stake.

According to an insider, counter purchase of the joint company was finished during the process of regrouping with China Power Investment. Rio Tinto Alcan will win 0.7-0.8 billion yuan in capital.

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