CHINALCO and Tangshan Jiahua to Develop Luochuan Coal Field in Gansu

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Researched by Industrial Info Resources (Sugar Land, Texas)--Aluminum Corporation of China Limited (CHALCO) (Beijing) (SHA:601600), the listed flagship of China Aluminum Corporation (CHINALCO) (Beijing), signed a cooperation agreement with Tangshan Jiahua Group (Tangshan, Hebei) to set up of a joint venture for the development of the Luochuan Coal Mine in Shaanxi earlier this month. Weiping Xiong, general manager of CHINALCO, and Jianchuan Luo, president of CHALCO attended the ceremony with other leaders and representatives.

According to the agreement, Gansu Huayang Minerals Development Company Limited (GHMDC) (Qingyang, Gansu) will be jointly set up by the parties under the control of CHALCO to develop the proposed Luochuan Coal Field in Qingyang City, as well as other coal resources in the surrounding area.

Luochuan Coal Field, which is south of Zhengning County, Qingyang City in northwest China's Gansu province, has total predicted coal reserves of about 79 million metric tons in an area that is 29.79 square kilometers. In March 2007, Jiahua Group won the exploration rights for the coal field through public bidding. Gansu Coalfield Geological Bureau 146 Team was mandated by Jiahua Group to perform the geological survey for the coal field. The field survey was officially kicked off in May 2007 and was completed in late 2009.

The official signing of the agreement is an important result of promoting cooperation between CHINALCO, Jiahua Group and Qingyang City. This will help CHINALCO increase its proportion of assets in the upstream sector and extend more into the domain of energy and resources. The agreement will also help promote CHINALCO's core competitive forces in its aluminum sector, the development of coal, power and aluminum complex projects, and the optimization of CHINALCO's business portfolios.

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