Chinalco gets 100 billion yuan credit quota from ABC

Agricultural Bank of China (ABC) had signed a stragetic agreement with Aluminum Corporation of China (Chinalco) to lend 100 billion yuan (14.64 billion U.S. dollars) of credit quota to the company in the next three years, Chinalco announced Thursday.

The agreement aimed at enhancing cooperation between the company and the bank, as well as providing strong support to Chinalco's overseas development, and its business in fields of aluminum, copper, and rare metals, said Xiong Weiping, chairman of Chinalco.

Chinalco had signed agreements with four Chinese banks late last month, including the Bank of China, to be provided with 21 billion U.S. dollars worth syndicated loans to support its bid for Rio Tinto.

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