UPDATE 1-China's Chalco plans 10 bln yuan share placement

Aluminum Corp. of China Ltd (601600.SS)(2600.HK) said on Wednesday it planned to raise up to 10 billion yuan ($1.5 billion) in a private share placement to fund its alumina projects and supplement working capital.

The company, known as Chalco, planned to place up to 1 billion yuan-denominated shares to institutions including mutual funds, securities houses, insurance firms and Qualified Foreign Institutional Investors.

Chalco said the fund will be used in several production projects, including a Chongqing-based alumina project with a designed annual capacity of 800,000 tonnes and was scheduled to start production in 2010.

The placement plan is pending shareholders and regulatory approval, it said in a statement published in the official Shanghai Securities News.

The placement shares would be issued within six months after regulatory approval and would have a lock-up period of 12 months after the issuance before they hit the market, it said.

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