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Mon, Oct. 6, 7:17 PM
- Rio Tinto (NYSE:RIO) says it rejected an informal approach from Glencore (OTCPK:GLCNF, OTCPK:GLNCY) about a potential merger in August and has had no further contact.
- Rio rose 9.1% in the session after a Bloomberg report around midday said Glencore had been laying the groundwork for a potential deal with Rio next year and has reached out to Rio’s biggest investor, Chinalco (NYSE:ACH), to gauge its interest in a deal.
- Clarkson Capital notes that while a strategic merger would make sense, it believes too many obstacles would need to be overcome for a deal to happen; also, Rio's ADR share price is down less than 10% YTD even as iron ore prices are down more than 40% (Briefing.com).
Mon, Oct. 6, 12:16 PM
- Rio Tinto (RIO +9.8%) skyrockets on a Bloomberg report that Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is laying the groundwork for a potential merger with the company in the next year that would create the world’s largest mining company.
- Glencore is said to have has reached out in recent weeks to Chinese state-backed Chinalco (NYSE:ACH), which is Rio’s largest shareholder with a ~9.8% stake, to gauge its interest in a potential deal.
- However, no talks are yet underway between the two companies, no formal offer has been made, and none is likely before the end of 2014.
Tue, Sep. 16, 10:59 AM
- Aluminum Corp. of China (ACH -1.4%) vice chairman Sun Zhaoxue is being investigated for graft as China intensifies its corruption crackdown.
- Analysts believe the probe is linked to Sun’s long experience with China National Gold Corp. or in the aluminum industry in the eastern Shanxi province, but the impact on Chalco could be limited since he has been with the company only a few months.
- Sun resigned from his position and from the company's board; the head of Chalco's international trading unit resigned last November amid an investigation.
Wed, Sep. 3, 9:11 AM
Tue, May. 27, 10:56 AM
- Rio Tinto (RIO -0.6%), Chinalco Mining (ACH -1.1%) and International Finance Corp. finalize a $20B deal to develop Guinea's Simandou project, which has been delayed for years but would be Africa's biggest iron ore and infrastructure project.
- As well as mining the iron ore, the three partners say they are working together to raise the funds to build a 650 km railway and a deepwater port to transport the rocks and minerals.
- RIO will take a 46.6% stake in the project, ACH 41.3%, Guinea 7.5% and IFC 4.6%.
Fri, Apr. 4, 3:33 PM
- Chinese-owned mining company Minera Chinalco (ACH +1.2%) says it received a go-ahead from Peru's government to partially restart operations at its Toromocho copper mine, which were halted last week due to environmental contamination.
- ACH opened the open-pit mine late last year, becoming the first mine in Latin America set up from scratch by a Chinese company; the mine's estimated production is 1M tons/year of copper concentrate.
Fri, Jan. 24, 2:58 PM
- The Rio Tinto-led (RIO -3%) group planning to mine iron ore from part of Guinea's Simandou mountain range will be expected to adhere to a "rigorous" schedule to ensure one of the world's largest mining projects finally comes to fruition after years of delay, the country's mining minister says.
- Guinea is negotiating a pact with Rio and its partners, which include a consortium led by Chalco (ACH) and the private-sector arm of the World Bank; the two sides have been locked over how the ~$20B project will be financed and executed.
Tue, Jan. 21, 10:35 AM
- Alcoa (AA +5.2%) continues its unlikely march higher, as J.P. Morgan predicts tightening aluminum markets and higher prices will boost earnings.
- "Given the pace and amount at which premiums have recently increased, it is clearly difficult to forecast for how long they will remain near current levels which we believe provide a significant amount of earnings support to [Alcoa]’s primary aluminum smelting operations," the firm writes.
- The firm upgrades AA shares to Overweight from Neutral with a $15 price target, up from $9, and raises Century Aluminum (CENX +5.3%) to Overweight from Underweight with a $13 target, up from $6.
- Also: AWC +5.5%, KALU +0.5%, ACH +0.2%, NOR +4.5%.
Dec. 27, 2013, 4:29 AM
- The WSJ shines a light onto "shadow warehouses," a hidden system of facilities that store tens of millions of tons of aluminum, copper, nickel and zinc across the globe for banks, hedge funds and commodity merchants.
- The warehouses operate outside the London Metal Exchange's system, are unregulated, and don't provide details of their holdings. As a result, it's unclear how much metal is held in the shadow system. This lack of visibility could cause major price swings.
- The WSJ article follows allegations that warehousing companies have artificially boosted the price of metals, particularly aluminum.
- Companies that operate metals warehouses include Goldman Sachs (GS), Glencore Xstrata (GLCNF) and JPMorgan (JPM), although the latter is looking to sell its commodities unit.
- Relevant tickers include VALE, AA, AWC, KALU, MNSF, CENX, NOR, BHP, RIO, ACH.
- ETFs: DBC, JJC, DBB, DJP, GSG, RJI, GCC, USCI, CFD, JJN, JJT, BOM, RGRC, CPER, CTF, RJZ, GSC, LSC, GSP, JJU, DEE, BDD, BOS, JJM, DYY, DDP, DJCI, LD, CMD, BCM, CUPM, UCI, RGRI, UCD, UBM, FOIL, BDG, LEDD, CMDT, SBV, USMI, DPU, NINI, FTGC, CSCB, CSCR, HEVY
Dec. 10, 2013, 5:39 PM
- Chinalco Mining, the Peruvian copper mining division of Aluminum Corp. of China (ACH), began operations today at its Toromocho open-pit copper project, which will sharply boost Peru's copper production and give a kick-start to the economy.
- Toromocho is the first mine in Latin America set up from scratch by a Chinese company; Peru says the mine will turn out ~250K tons/year of refined copper, enough to boost Peru's copper output by 16% when it hits expected full production in mid-2014.
Nov. 7, 2013, 3:20 PM
- Alcoa (AA -7.2%) shares tumble as the LME reveals final rules designed to speed the delivery of metal out of its global warehousing network.
- The LME's rule essentially would force warehouses that are home to long waits for metal to deliver out more metal than they take in, a move analysts say could speed the flow of aluminum out of warehouses and pressure prices lower.
- Alcoa, which had criticized proposed changes, now voices support for a "more transparent marketplace" while calling on the exchange to give a clear outline on when it plans to implement the new rules.
- Also: CENX -7.9%, KALU -1.9%, ACH -1.3%, NOR -1.5%.
- Benchmark aluminum futures (JJU) are flat, trading ~$1,822/metric ton, well below the level much of the world's aluminum production requires to break even.
Oct. 30, 2013, 8:02 AM
- Chinese aluminum output is likely to hit a record 24M metric tons this year, a research director at top producer Chalco (ACH) says, suggesting production may ramp up towards year-end.
- China's growth in aluminum output means it has had little need for imports from global markets where stocks are sitting at record highs, with prices falling to a four-year low below $1,800/metric ton in June.
- China's aluminum production grew by almost 9% to 16.2M metric tons in the first nine months of 2013 vs. 19.9M for all of last year; total capacity is seen at 32M by the end of this year.
- Related: AA, JJU.
Sep. 30, 2013, 10:40 AM
- Two of China's biggest mining companies put in indicative bids for Glencore's (GLCNF.PK, GLNCY.PK) Las Bambas Peruvian copper project earlier this month, WSJ reports, in a rare case of state-owned firms competing with each other for an overseas asset.
- MMG and Jiangxi Copper have submitted separate, non-binding offers for the mine; it's not clear whether Aluminum Corp. of China (ACH), which had expressed interest, had submitted a bid for the mine, which isn't producing copper yet and is expected to cost ~$5.9B to complete.
- China imports ~3.4M tons/year of refined copper and consumes more than 30% of global copper production.
Jun. 14, 2013, 12:45 PM
Jun. 4, 2013, 8:35 AMChina's demand that Glencore Xstrata (GLCNF.PK) sell the Las Bambas copper mine in Peru as a condition for approval of Glencore's takeover of Xstrata may pave the way for bids on the ~$5B project from Chinese state-backed Chinalco (ACH) and MMG Ltd. Glencore reportedly is looking to sell the mine, which is expected to produce a minimum of 440K tons/year. | 1 Comment
Mar. 27, 2013, 9:53 AMChalco (ACH -1.2%) reports a worse-than-expected 2012 net loss of 8.23B yuan ($1.33B), citing higher raw material costs and lower aluminum prices; ACH posted a net profit of 238M yuan in 2011. Although ACH expects to return to profit this year as the global economy picks up, analysts say China's aluminum industry still faces serious overcapacity. | Comment!
ACH vs. ETF Alternatives
Aluminum Corporation of China Limited is engaged in manufacturing and distribution of alumina, primary aluminum and aluminum fabricated products. It also engaged in the development of bauxite related resources, the production, and fabrication.
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