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[April 2004]
Alcoa, Chalco Receive JV Approval
Alcoa Inc and Aluminium Corporation of China Ltd (Chalco) have announced that they have received approval from the China National Development and Reform Commission to proceed with formation of their proposed joint venture at the Pingguo Aluminium facility in the Guangxi Zhang Autonomous Region in South China.
When Alcoa participated as the strategic investor in Chalco's global public offering and listing on the New York Stock Exchange and the Stock Exchange of Hong Kong in December 2001, the parties agreed to form a 50/50 joint venture at Chalco's facility in Pingguo. This facility is one of the most efficient alumina and aluminium production facilities in China. Pingguo's current alumina refining capacity is 850,000 metric tons per year and the capacity of the aluminium smelter is 135,000 metric tons per year.
One week later, the Board of Directors of Alcoa Inc declared a quarterly common stock dividend of 15 cents per share payable on 25 May 2004 to shareholders of record at the close of business on 10 May 2004 and a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock payable 1 July 2004 to shareholders of record at the close of business on 11 June 2004. Alcoa said it had paid a quarterly dividend on its common stock for more than 60 years.
ENDS