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China Aluminum Corporation plans to build a new 2-million-ton alumina project.
2018-11-15
China Aluminum Corporation recently disclosed that it plans to build a 2-million-ton alumina project in Fangcheng Port, Guangxi, with a total investment of approximately RMB 5.805 billion, including about RMB 1.742 billion in project equity capital. Given that the aforementioned project will be developed and operated by Guangxi Huasheng New Materials Co., Ltd. (hereinafter referred to as “Guangxi Huasheng”), the company will inject an additional approximately RMB 838 million into Guangxi Huasheng, proportional to its equity stake.
The company believes that this alumina project can generate synergies with its overseas bauxite projects and regional primary aluminum smelting operations, fully leveraging stable, self‑owned overseas bauxite resources to enhance the company’s capacity for sustainable development.
According to China Aluminum Corporation’s 2018 interim report, in the second quarter of this year, the company reported a net profit of RMB 540 million, up 52% year over year and 75% quarter over quarter. Non‑GAAP net profit stood at RMB 71 million, down 66% year over year but up 173% quarter over quarter. In the first half of the year, the alumina segment—comprising the company and its subsidiaries—generated operating revenue of RMB 21.268 billion, a 12.3% increase year over year, primarily driven by higher alumina sales volumes and rising selling prices. Pre‑tax profit for the alumina segment reached RMB 1.915 billion, an increase of RMB 218 million compared with the same period last year.
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