[Al] Follow-up Report of Yunnan Refined Aluminum Reserves

SHANGHAI, Dec. 31 (CBI China) -- Yesterday, the Yunnan Aluminum officially issued a listed company notice to confirm that it has obtained 20 kt of refined aluminum of the State Reserves shares through the auction with the reserve price at RMB 12,350/mt, and will finish reserves before January 31, 2009. At the same time, Yunnan Aluminum has been officially listed as the first batch of important material reserves enterprises in Yunnan Province, in accordance with the requirements, the maximum number of the first batch of aluminum voluntary reserves are 180 kt.  

    CBI believes that, 200 kt of refined aluminum reserves will arrive at the warehouse of State Reserves, but it is uncertain about the volume and time of the completion of aluminum ingots reserves in Yunnan province. This notice only announced the maximum volume of the reserves and said finally, “the company will conduct the reserves based on the production and sales in line with the volumes of the reserves of Yunnan province, the relevant information will be published in accordance with the progress of the reserves". According to the capacity of Yunnan Aluminum, after the completion of the State Reserves of 20 kt of aluminum in January, it may not afford the reserves of Yunnan province. In addition, the second largest refined aluminum producer in Yunnan province suspended deliveries in early December, and made great efforts to apply for the reserves quota through local government.

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