Chinalco: 706 million net profit in the first half of the year plans to increase capital of rare earths in China-Shanghai Metals Market

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Chinalco: 706 million net profit in the first half of the year plans to increase capital of rare earths in China

Translation 08:38:03AM Aug 28, 2019 Source:Chinalco
The content below was translated by Tencent automatically for reference.

SMM News: Aug. 27, Chinalco released its 2019 semi-annual report, which showed that the company's operating income in the first half of the year was 94.94 billion yuan, an increase of 15.23 percent over the same period last year; net profit was 706 million yuan, down 14.1 percent from the same period last year; and earnings per share were 0.035 yuan.

The report said that the macroeconomic weakness put pressure on the aluminum market, and the price of alumina in China fluctuated in the first half of the year. According to statistics, in the first half of 2019, the global alumina production was about 62.79 million tons and the consumption was about 62.86 million tons, an increase of 1.8 percent over the same period last year; China's alumina production was about 36.03 million tons, an increase of 2.3 percent over the same period last year, and the consumption was about 35.87 million tons, an increase of 0.7 percent over the same period last year; the global raw aluminum production was about 31.75 million tons, and the consumption was about 33.01 million tons, up 0.1 percent and 0.5 percent respectively over the same period last year. China's primary aluminum production is about 17.86 million tons, down 0.8 per cent from the same period last year, and consumption is about 18.06 million tons, up 0.8 per cent from the same period last year.

Chinalco is the largest supplier of alumina, fine alumina and high purity aluminum in the world. It is a large production and management enterprise integrating bauxite, coal and other resources mining, alumina, raw aluminum and aluminum alloy products production, sales, technical research and development, international trade, logistics industry, thermal power and new energy power generation. In the first half of 2019, the company clarified the technical route of environmental protection transformation of alumina, electrolytic aluminum, power generation and carbon enterprises, and promoted the implementation of a number of urgent and necessary safety and environmental protection quality projects. 16 key projects were started, with a total investment of 660 million yuan, and 5 safety and environmental protection projects were completed and put into operation. And with the full opening of the second round of "addition, subtraction, multiplication and division", Chinalco continued to increase the conversion of new and old kinetic energy, successively shut down Shandong Huayu, Shanxi Huasheng and other uncompetitive electrolytic aluminum production capacity, accelerated the construction of high-tech and high value-added products, promoted the transformation and upgrading projects to reach the production standards, and the Guinea bauxite project advanced smoothly. Chinalco continued to deepen supply-side structural reform and significantly enhanced its comprehensive competitiveness by adjusting the industrial layout, optimizing the product structure, and speeding up transformation and upgrading.

At present, the alumina production capacity of Chinalco ranks first in the world, the raw aluminum production capacity is the second in the world, the carbon production capacity is the first in the world, the asset scale is the first in the world, and the sales income is the first in the world. Overseas alone, it has 1.87 billion tons of bauxite resources and has a useful life of more than 60 years.

On the same day, Chinalco announced that it intends to increase its capital to China rare Earth Corporation by 353 million yuan on the basis of its estimated net assets and liabilities related to its metal gallium production line, and the proportion of its shareholding will be increased from 14.62 per cent to 23.94 per cent.

China rare Earth Co., Ltd. is a comprehensive rare earth enterprise group with light, medium and heavy rare earth mineral resources, smelting separation and downstream deep processing business. and in the field of rare metals involved in titanium smelting processing, tungsten resources development and other fields. Rare earths in China are the controlling subsidiary of Chinalco, which is 52.96 per cent owned by Chinalco and 14.62 per cent owned by Chinalco, a related transaction. Chinalco said the purpose of the deal is to invigorate the company's assets and achieve win-win development. After the capital increase is completed, Chinalco's stake will increase from 14.62% to 23.94%.

"Click online to sign up for the Seventh China Aluminum processing Summit"

 

Key Words:  Chinalco  net profit drop  rare earth 

Chinalco: 706 million net profit in the first half of the year plans to increase capital of rare earths in China

Translation 08:38:03AM Aug 28, 2019 Source:Chinalco
The content below was translated by Tencent automatically for reference.

SMM News: Aug. 27, Chinalco released its 2019 semi-annual report, which showed that the company's operating income in the first half of the year was 94.94 billion yuan, an increase of 15.23 percent over the same period last year; net profit was 706 million yuan, down 14.1 percent from the same period last year; and earnings per share were 0.035 yuan.

The report said that the macroeconomic weakness put pressure on the aluminum market, and the price of alumina in China fluctuated in the first half of the year. According to statistics, in the first half of 2019, the global alumina production was about 62.79 million tons and the consumption was about 62.86 million tons, an increase of 1.8 percent over the same period last year; China's alumina production was about 36.03 million tons, an increase of 2.3 percent over the same period last year, and the consumption was about 35.87 million tons, an increase of 0.7 percent over the same period last year; the global raw aluminum production was about 31.75 million tons, and the consumption was about 33.01 million tons, up 0.1 percent and 0.5 percent respectively over the same period last year. China's primary aluminum production is about 17.86 million tons, down 0.8 per cent from the same period last year, and consumption is about 18.06 million tons, up 0.8 per cent from the same period last year.

Chinalco is the largest supplier of alumina, fine alumina and high purity aluminum in the world. It is a large production and management enterprise integrating bauxite, coal and other resources mining, alumina, raw aluminum and aluminum alloy products production, sales, technical research and development, international trade, logistics industry, thermal power and new energy power generation. In the first half of 2019, the company clarified the technical route of environmental protection transformation of alumina, electrolytic aluminum, power generation and carbon enterprises, and promoted the implementation of a number of urgent and necessary safety and environmental protection quality projects. 16 key projects were started, with a total investment of 660 million yuan, and 5 safety and environmental protection projects were completed and put into operation. And with the full opening of the second round of "addition, subtraction, multiplication and division", Chinalco continued to increase the conversion of new and old kinetic energy, successively shut down Shandong Huayu, Shanxi Huasheng and other uncompetitive electrolytic aluminum production capacity, accelerated the construction of high-tech and high value-added products, promoted the transformation and upgrading projects to reach the production standards, and the Guinea bauxite project advanced smoothly. Chinalco continued to deepen supply-side structural reform and significantly enhanced its comprehensive competitiveness by adjusting the industrial layout, optimizing the product structure, and speeding up transformation and upgrading.

At present, the alumina production capacity of Chinalco ranks first in the world, the raw aluminum production capacity is the second in the world, the carbon production capacity is the first in the world, the asset scale is the first in the world, and the sales income is the first in the world. Overseas alone, it has 1.87 billion tons of bauxite resources and has a useful life of more than 60 years.

On the same day, Chinalco announced that it intends to increase its capital to China rare Earth Corporation by 353 million yuan on the basis of its estimated net assets and liabilities related to its metal gallium production line, and the proportion of its shareholding will be increased from 14.62 per cent to 23.94 per cent.

China rare Earth Co., Ltd. is a comprehensive rare earth enterprise group with light, medium and heavy rare earth mineral resources, smelting separation and downstream deep processing business. and in the field of rare metals involved in titanium smelting processing, tungsten resources development and other fields. Rare earths in China are the controlling subsidiary of Chinalco, which is 52.96 per cent owned by Chinalco and 14.62 per cent owned by Chinalco, a related transaction. Chinalco said the purpose of the deal is to invigorate the company's assets and achieve win-win development. After the capital increase is completed, Chinalco's stake will increase from 14.62% to 23.94%.

"Click online to sign up for the Seventh China Aluminum processing Summit"

 

Key Words:  Chinalco  net profit drop  rare earth