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Aluminum Corporation of China Limited (Chinese: &#;&#;&#;&#;&#;&#;&#;&#;&#;&#;, also known as Chalco or Chinalco), is a multinational aluminium company headquartered in Beijing, People's Republic of China. It is a public company, listed in Hong Kong and in New York.[2] In , it was the world's largest aluminum producer, ahead of China Hongqiao Group, Rusal and Shandong Xinfa.[3]
Chinalco is principally engaged in the extraction of aluminium oxide, electrolysis of virgin aluminium and the processing and production of aluminium as well as traded trading and engineering and technical services.
Its primary listing is on the Shanghai Stock Exchange and it is a constituent of the SSE 180 index. It has a secondary listing on the Hong Kong Stock Exchange.
The major shareholder of the company was Aluminum Corporation of China known as Chinalco (Chinese: &#;&#;&#;&#;&#;&#;), a state owned enterprise.
Organization
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The company has a number of distinct business segments including (1) alumina refining, (2) primary aluminum smelting, and (3) energy.[4] The alumina refining segment consists of mining and purchasing bauxite, refining bauxite into alumina, and production and sales of alumina chemicals and metal gallium.[4] The aluminum smelting segment smelts alumina to produce primary aluminum and also produces carbon products, aluminum alloy products, and other aluminum products.[4] Finally the energy segment produces coal, generates electricity from coal, develops wind and solar power, manufactures new energy equipment, and integrates coal electricity generation with aluminum operations.[4]
Until , it was also engaged in aluminum fabrication but has since sold this business line.
History
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Aluminum Corporation of China (Chinalco) is a state-backed holding company established to be the primary aluminium producer in the People's Republic of China in .[5] It is the parent company of Aluminum Corporation of China Limited (Chalco) which is listed on the New York, Hong Kong and Shanghai stock exchanges.[5]
Effective from 10 June , Chalco was added to the Hang Seng Index Constituent Stock (blue chip).[6]
In , mining giant Rio Tinto declined a contemplated deal in which Chalco would pay $19.5 billion in order to increase its stake in Rio Tinto.[7] Rio Tinto ultimately declined because "there are lots of Aussies in high political places who don't want ... land and resources sold to China."[7] Along with the failed attempt by China National Offshore Oil Corporation (CNOOC) to buy Unocal Corporation (which ultimately sold to Chevron Corporation for $1.5 billion less than CNOOC's offer), the failed Rio Tinto deal was perceived in China as part of a coordinated effort in the West to stall China's rise.[7]
Chinalco is investing $3 billion to begin open-cast mining operations, within three to four years, in Morococha District, Peru. The company plans to extract copper ore from Mount Toromocho.[8]
Chinalco holds a 9% stake in the Anglo-Australian mining company Rio Tinto.[9] Rio Tinto controls large Iron ore reserves in Australia. On June 5, Rio Tinto broke a deal for Chinalco to purchase a larger stake in the company, with support by rival Anglo-Australian mining company BHP. Rio Tinto is expected to pay a US$195 million breaking fee according to the contract signed earlier by the two parties.[10]
In , Chinalco reported a net profit of ¥778.01 million, a dramatic rise when compared with the company's ¥4.62 billion losses from the previous year. The company credits increased prices and effective cost control strategies with the financial turnaround.[11]
During July , Chinalco signed a long-term agreement with Mongolian miner Tavan Tolgoi to import more than 15 million tons of coking coal annually to meet increased domestic demand.[12]
Operations
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Engineering and technical services
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A subsidiary is China Aluminum International Engineering (Chalieco) which consists of businesses in engineering design and consultancy, engineering and construction contracting and equipment manufacturing. As a contractor it is the 124th largest construction firm in the world as ranked by Engineering News-Record in .[13] Chalieco was publicly listed on the Hong Kong Stock Exchange in .
Aluminum fabrication
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Through its aluminum fabrication unit, which was sold in , Chinalco sold casting products, slab band products, foils, squeezing products, forging products, powder products, die-casting products, remelted aluminum ingots, and gallium metal and gallium oxide. These products are used in construction, electricity, packaging, transportation, nondurable consumer goods, hard board material, wire and cable, ceramics, refractory material, laundry, petrochemical, and aerospace industries.
Peru
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As of , Morococha was the site of a planned open pit copper mine to be operated by Aluminum Corporation of China Limited. A new town for the 5,000 residents of Morococha has been built about 6 miles away, but some residents were reported to be resisting relocation. The mine is projected to produce about 250,000 tons of copper a year for about 35 years.[14]
In April , owing to Peru's increasing importance as a copper supplier to China, Chinalco announced an investment of $1.3 billion to expand copper production after failing to reach its output target last year. The expansion is projected to add 70,000 tonnes a year to the project.[15]
Chinalco has invested $1.3 billion in its Toromocho mine in , which it acquired in .[16] The project came online in and is, besides copper, primarily producing silver and molybdenum. The investment constitutes an increase of 45 percent by , with the value of production from this move expected to exceed $2 billion.[17]
Joint Venture with Rio Tinto
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In , China Aluminum Corporation and Rio Tinto, the world's second largest mining company, created a joint venture in order to explore deposits in China.[18] According to Rio Tinto chief executive Tom Albanese, the joint venture was meant to be &#;an important milestone in the expanding relationship between Rio Tinto and China.&#; Chinalco was the majority stakeholder of the project, holding 51% of shares, while Rio Tinto held 49%.[18]
On January 18, , it was reported that the two corporations had terminated the joint venture, and had begun to liquidate the joint venture company, Chinalco Rio Tinto Exploration Co.[19]
References
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China is the highest alumina producer, contributing around 58 per cent of the world&#;s output. According to the International Aluminium Institute survey, China produced 82.27 million tonnes of alumina in , up by 3.15 per cent from 79.76 million tonnes in . With this annual hike, China&#;s alumina output exceeded the pre-COVID level and further solidified its position as the world&#;s largest ore producer. As a consequence of the COVID-19 impacts, China&#;s alumina production decreased year-on-year in the previous three years by about 2 per cent but rebounded in , surpassing 81.469 million tonnes of production in .
Advanced technologies like the Bayer-Lurgi combined process and dry bauxite digestion helped China optimise resource utilisation and boost production. By the end of , China&#;s installed alumina capacity had reached 100 million tonnes, with an operating capacity of 80.04 million tonnes. Shandong, Shanxi, and Henan were the top three alumina-producing Chinese provinces in . The top companies are, subsequently, from these Chinese parts. Here is a list of the top five alumina producers from China.
1) Aluminum Corporation of China Limited (Chinalco and also known as Chalco)
Aluminium Corporation of China Limited is China&#;s largest and the world&#;s second-largest alumina producer, having an annual production capacity of 22.26 million tonnes (as of December 31, ), which exceeds internal alumina demand for aluminium production. The group owns the maximum number of alumina refineries in China, such as Guizhou Alumina, Pingguo Alumina, Shandong Alumina, Zhengzhou and Zhongzhou Alumina Refinery, and Shanxi Alumina. In June , the company announced that its board of directors approved its majority-owned subsidiary Guangxi Huasheng New Materials Co., Ltd. to build two alumina production lines with an annual capacity of 1 million tonnes each, with an investment of approximately RMB 4.3 billion.
According to a report till December 31, , Chalco&#;s Zhangzhou Aluminium has the highest capacity of 3.050 million tonnes, followed by Shanxi New Material 2.6 million tonnes. In , Chalco produced approximately 17.64 million tonnes of metallurgical-grade alumina, accounting for 22 per cent of China&#;s total alumina output.
2) China Hongqiao Group Limited
The Group is principally engaged in the manufacturing and sales of aluminum products covering the full value chain from bauxite mining, energy generation and production of alumina to the manufacturing of primary aluminum and down-stream value-added aluminum products. The company&#;s alumina production primarily includes six major production processes from raw materials, dissolution, sedimentation, decomposition, evaporation to roasting.
In , China Hongqiao Group&#;s alumina production capacity had reached 15 million tonnes. According to , the company earned revenue of RMB 21,404,782,000 from alumina business versus RMB 16,966,928,000 in . The growth was due to higher sales volume, which was reported at 8.298 million tonnes, representing a year-on-year increase of approximately 15.8 per cent. The average sales price of alumina also increased by about 8.9 per cent to RMB 2,580 per tonne (excluding value-added tax) as compared with the corresponding period last year.
Shandong Weiqiao Aluminum & Electric Co., Ltd., a subsidiary of China Hongqiao Group Limited has a 10 million tonnes of annual alumina output.
3) Shandong Xinfa Group
Shandong Xinfa Group is a diversified private entity with involvement in power, aluminium and carbon products. In the alumina sector, the company ranks third in China. Xinfa Group&#;s alumina refinery in southern China&#;s Guangxi region had an annual alumina producing capacity of 3 million tonnes but it lowered its production by 500,000 tonnes in . The refinery&#;s daily production rate went down from 7,600 tonnes to 6,100 tonnes.
4) Hangzhou Jinjiang Group
Hangzhou Jinjiang Group is an integrated aluminium company engaged in bauxite mining, alumina refining, and downstream product manufacturing. It has seven refineries, which make the Group the fourth largest producer of alumina in China. Hangzhou Jinjiang Group-owned Kaiman Aluminium, located in Sanmenxia city in Henan province, had an annual alumina production capacity of 2.1 million tonnes until it reduced its production by half with effect from April 19, . Hangzhou Jinjiang Group&#;s total assets during the said year were estimated to exceed RMB 60 billion, and revenue to surpass RMB 78 billion. In December , the Group was awarded the "AAA Credit Rating Unit for Nonferrous Metals Industry Enterprises", which is currently the highest credit rating evaluation for enterprises in the nonferrous metals industry.
5) Shandong Nanshan Aluminium Co., Ltd.
Shandong Nanshan Aluminium Co., Ltd. runs a complete aluminium industry chain. Its main activities include alumina and aluminum production and processing. In , the company&#;s alumina sales amounted to RMB 5,732 million versus RMB 3,643 million a year ago. Its alumina subsidiary firm Longkou Donghai Alumina Co., Ltd. has a production line of 600,000 tonnes per annum in Phase 1.
Conclusion: These are China's top five alumina producers that are fuelling the domestic ore demand. China's alumina production even started on a positive note. Although it slightly decreased month-on-month by 0.30 per cent, it grew annually by 4.74 per cent, reaching 6.85 million tonnes.
Source: https://www.alcircle.com/news/top-5-alumina-refineries-that-keep-the-china-market-ahead-
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