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Chinalco to take mining unit private

  • Aluminum Corp. of China (NYSE:ACH) moves to take private its Hong Kong-listed Chinalco Mining Corp. International unit with a HK$1.39/share offer, a 32.4% premium to the closing price on Sept. 14, its last trading day.
  • The move to privatize CMC will make it easier for ACH to raise funds for its unit’s Toromocho copper mine in Peru, which started operations in December 2013 and has seen its revenue hit by falling copper prices, inefficient operations and worker strikes.
  • LME copper prices fell 43% from January 2013, when CMC started trading in Hong Kong, to Sept. 14, ACH says.

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SymbolLast Price% Chg
ACHHY--
Aluminum Corporation of China Limited
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