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China Power in aluminum restructuring move
By Richard Fu |
January 1, 2009, Thursday
|
Print Edition
Print Edition
CHINA Power Investment Corp, one of the five national power producers, has taken over the Qingtongxia Aluminum Group in Ningxia Hui Autonomous Region in a local industry restructuring.
And Anglo-Australian mining giant Rio Tinto has agreed to sell a half stake in an aluminum smelting venture with Qingtongxia to pay off debt.
After the takeover, China Power and the local Ningxia state-asset regulator hold 70 percent and 30 percent respectively of the new China Power Qingtongxia Energy & Aluminum Group, which was formed last Friday. Qingtongxia is China's No. 2 aluminum maker. China Power contributes the assets of its Ningxia unit and cash to the new group, which has registered capital of 5 billion yuan (US$733 million), while the Ningxia government has injected all Qingtongxia's assets, a China Power statement said.
The new company aims to become an integrated coal-electricity-aluminum business that will also focus on sectors such as coal-based chemical products. The new group aims to have annual aluminum capacity of 1.66 million tons, more than doubling the current size.
Qingtongxia, which is consolidating its assets, also agreed with Rio Tinto to buy back the 50 percent in their joint venture in China.
And Anglo-Australian mining giant Rio Tinto has agreed to sell a half stake in an aluminum smelting venture with Qingtongxia to pay off debt.
After the takeover, China Power and the local Ningxia state-asset regulator hold 70 percent and 30 percent respectively of the new China Power Qingtongxia Energy & Aluminum Group, which was formed last Friday. Qingtongxia is China's No. 2 aluminum maker. China Power contributes the assets of its Ningxia unit and cash to the new group, which has registered capital of 5 billion yuan (US$733 million), while the Ningxia government has injected all Qingtongxia's assets, a China Power statement said.
The new company aims to become an integrated coal-electricity-aluminum business that will also focus on sectors such as coal-based chemical products. The new group aims to have annual aluminum capacity of 1.66 million tons, more than doubling the current size.
Qingtongxia, which is consolidating its assets, also agreed with Rio Tinto to buy back the 50 percent in their joint venture in China.
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