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[January 2004]
Alcoa Takes Additional Shares in Chalco
On 6 January 2004, Alcoa (Pittsburgh, PA, USA) announced that it had participated in the Aluminium Corporation of China (Chalco) new share placement.
Alcoa will acquire approximately 44 million additional shares in Chalco as part of the offering. This purchase will maintain Alcoa's approximately 8% ownership in Chalco and will cost around US$32 million.
Chalco is the sole alumina producer and the largest producer of primary aluminium in China and was ranked second in terms of alumina production volume in 2001 in the world. Its mining, refining and smelting operations are the largest in the Chinese aluminium industry. Alcoa has held its 8% stake in Chalco since 2001.
ENDS