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ACH

Aluminum Corporation of China Ltd

5/21/2013, 12:08 AM ET

Quote & Headlines Market Currents StockTalk

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Wednesday, March 27, 9:53 AM Chalco (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! [Commodities, Earnings, Global & FX]
Friday, January 25, 9:39 AM Mongolia's government is asking China's largest coal producer, China Shenhua Energy, to help break a deadlock over terms of a souring coal supply deal with Aluminum Corp. of China (ACH -2.1%). Mongolia, which has huge and as yet lightly exploited mineral reserves, plans to cancel the $250M deal with Chalco it deems undervalued and potentially creates over-reliance on China. Comment! [Energy, Global & FX, On the Move]
Thursday, January 24, 7:22 AM Aluminum Corp. of China (ACH) will reportedly set the price of the IPO of Chinalco Mining - its Peruvian copper mining division - at HK$1.75. It's about the midpoint of the expected range and puts the size of the deal at HK$3.1B ($400M). Several major commodity players are cornerstone investors, and have agreed to buy $240M of shares. Comment! [Commodities, Global & FX]
Wednesday, December 26, 2012, 6:48 PM Can artificial scarcity continue propping up the aluminum market in the face of a production glut? Barclays predicts stockpiles will grow to 8.67M metric tons by the end of 2013. But with about half of all inventories possibly tied up in financing deals, many buyers are having trouble procuring supply, and analysts polled by Bloomberg expect prices to rise 14% next year. The EC recently said it's discussing the issue of premiums caused by financing deals. Comment! [Commodities, Quick Ideas]
Wednesday, October 10, 2012, 8:27 AM More signs of a mining boom turned bust, Chinalco (ACH) looks set to cut the size of the Hong Kong IPO of its Peruvian copper mining unit to about $400M from $800M (which was a cut from the initial $1B). A market in short supply no more: Chinese copper consumption is set to shrink this year, says Simon Hunt. Comment! [Global & FX, Commodities]
Thursday, September 13, 2012, 8:54 AM Former SouthGobi Resources CEO Alexander Molyneux says his departure overnight from the Mongolia-focused coal miner was the final part of an expected succession plan that gained momentum once a proposed sale to Chalco (ACH) fell apart last week. The end of the bid accelerates a plan to fully replace SouthGobi's board with directors backed by Rio Tinto (RIO). 1 Comment [Commodities]
Monday, September 3, 2012, 6:17 AM Chalco (ACH) drops its $926M offer for a majority stake in SouthGobi Resources (SGQRF.PK) because of political opposition to the deal. Comment! [Commodities, M&A]
Monday, August 27, 2012, 12:52 PM Russian aluminum giant Rusal is pressuring peers after reporting a 95% drop in profits for H1 while cutting production expectations and dimming its growth outlook for the sector. With aluminum prices near three-year lows, Rusal plans to trim ~150K tons of production before the end of 2012. AA -0.8%, KALU -0.2%, ACH -2.9%, NOR -0.3%. 5 Comments [Commodities]
Friday, August 3, 2012, 3:58 PM Ivanhoe Mines (IVN +7.1%) has officially changed its name to Turquoise Hill Resources. As a result, the company will trade under the ticker TRQ starting on Wednesday. Recently, it was also announced that Ivanhoe and Chalco (ACH) would once more extend the deadline (previous) for their takeover bid for SouthGobi Resource, this time to Sep. 4. Comment! [Energy]
Tuesday, July 3, 2012, 9:06 AM Ivanhoe Mines (IVN) and Chalco (ACH) agree to extend the deadline for their takeover bid for SouthGobi Resources (SGQRF.PK) to Aug. 3. ACH seeks to make a proportional takeover bid for up to 60% but not less than 56% of SouthGobi common shares at C$8.48/share. IVN +0.5%, ACH -1.5% premarket. 1 Comment [Commodities, M&A]
Tuesday, June 26, 2012, 2:55 AM SouthGobi Resources (SGQRF.PK) falls 8.2% in Hong Kong trading to the lowest level since its 2009 listing after the company's operating report raised uncertainties over whether Chalco (ACH) would move ahead with plans to buy a controlling stake in the miner. SouthGobi also said it reduced output in Q2 and warned of deteriorating market conditions. Comment! [Commodities, On the Move]
Thursday, May 31, 2012, 9:45 AM China's major aluminum producers, including Chalco (ACH), are cutting output by 10% from June 1, stung by rising import prices of bauxite at a time of industry overcapacity. It's finally the Chinese production cut Alcoa (AA) CEO Kleinfeld has been calling for. 1 Comment [Global & FX, Commodities]
Tuesday, April 24, 2012, 1:03 PM Chalco (ACH +1.5%) takes another stab at acquiring Mongolian coal, saying it will buy a 29.9% stake in Winsway Holdings for $308M. The company is keen to have its own source of energy as the cost of such makes up about 1/3 the cost of aluminum production. Another attempt - the purchase of SouthGobi Resources - has stalled as the Mongolian government has a look. Comment! [Global & FX, Commodities]
Tuesday, April 3, 2012, 1:41 PM Ivanhoe Mines (IVN -8.6%) dives following a downgrade to Reduce from TD Securities. While considering Chalco's (ACH) offer for subsidiary SouthGobi a positive, the firm also notes Ivanhoe recently filed a downbeat technical report about its Oyu Tolgoi project, one that suggests expenses will be higher than previously forecast, and production at a specific mine will take longer than expected to start. Comment! [Commodities, On the Move]
Monday, April 2, 2012, 3:25 AM Chalco (ACH) bids for a controlling stake in Mongolia-focused miner SouthGobi Resources (SGQRF.PK), offering C$8.48/share vs. SouthGobi's previous Toronto close of C$6.44. The U.S. dollar value of the deal would be nearly $930M. Ivanhoe Mines (IVN), which owns ~58% of SouthGobi, looks favorably on the offer. Comment! [Commodities, M&A]
Wednesday, March 28, 2012, 8:01 AM Profit estimates for Chinese firms remain "far too optimistic," says SocGen, seizing on the report that Y/Y industrial profits shrank in the year's first 2 months. Among the losers in Shanghai's 2.7% plunge last night: Alum. Corp. of China (ACH) -5.8% and Jiangxi Copper JIXAY.PK) -5.5%. FXI -0.3% premarket. Comment! [Global & FX]