Chinalco turns to new chairman

CHINALCO, China's biggest aluminium producer, has appointed Xiong Weiping as chairman to replace Xiao Yaqing, leader of the country's largest overseas acquisition.

Mr Xiong's appointment was announced last week, an industry official said, though he declined to be identified because the information was not public.

Mr Xiong, 52, was a Chinalco executive between 2004 and 2006. He returns as the state-owned company ponders increasing its holdings in Rio Tinto, the world's third-largest mining company, above the 9 per cent stake it bought last year.

The company has lost 67 per cent on the value of that $US11 billion ($16 billion) investment due to plunging metal prices.

"Xiao helped Chinalco strengthen its position among China's resource companies and improve its market recognition," said an analyst in Shanghai with DBS Vickers, Helen Wang.

Mr Xiong holds a doctorate in mining and is vice-chairman and general manager of China Travel International Investment Hong Kong Ltd. He joined Chinalco in 2000 and was president of the listed unit from 2004 to 2006.

Under Mr Xiao Chinalco bought the 9 per cent stake in Rio with Alcoa last February to become its largest shareholder. At the time, he said it would help the company diversify into other commodities. China is the world's largest metal consumer.

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