Chinalco president Xiong Weiping addresses media on Rio Tinto deal.

Xiong Weiping: Thank you. Good morning ladies and gentlemen. It is a pleasure to meet with you here in Sydney today. I truly appreciate that our connection with Rio Tinto is of great importance to Australia and this is why I made Australia my first overseas stop 12 days after my appointment as President of Chinalco.

First of all, I would like to make an introduction to Chinalco. Chinalco is the largest diversified metal and mining company in China involved in the exploration, mining, refining and processing of alumina, aluminium, copper and other metals.

Chinalco is the largest producer of alumina and aluminium in China.

Globally, Chinalco is the third largest alumina producer and the fourth largest aluminium producer.

Chinalco was established in 2001. Between 2001 and 2007, Chinalco achieved significant growth as a result of the fast acknowledged growth of China and the significant increase in demand for metals from the Chinese economy.

Over that period, total assets of Chinalco more than quadrupled with a CAGR of growth of 27 per cent for that period. Sales revenue increased 5.8-fold with a CAGR of 34 per cent for that period. Net profit increased by 6.4 times with a gross CAGR of over 40 per cent.

Over the same period, Chinalco has diversified from a single metal company, i.e. aluminium only, into a diversified mining house.

Our stated strategy is to become a global diversified metals and mining company.

Commodity and geographic diversification will help reduce risk on reliance on a single metal, and this is a proven strategy that¡¯s been endorsed by most of the large mining companies globally.

In February 2008, Chinalco became the single largest shareholder of Rio Tinto through its down rate of 9.3 per cent stake of Rio Tinto.

And since then, we have had regular interactions with the management team of Rio Tinto and its board, and through that process, we have established mutual understanding and trust with each other, and as a result of that, corporation relationships.

Details, please refer to http://www.businessspectator.com.au/bs.nsf/Article/Chinalco-president-Xiong-Weiping-addresses-media-o-$pd20090302-PR5Y3?OpenDocument

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