Copper Extends First-Half Gain as Chinese Manufacturing Expands

BEIJING, July 2 -- China's top aluminum producer Chalco announced Wednesday it plans to raise no more than 10 billion yuan via private placement to finance its alumina projects and replenish its working capital.
&nbsp;&nbsp;&nbsp; Chalco said it will issue no more than one billion A-shares to institutions including funds, securities firms and insurance companies as well as other qualified investors.
&nbsp;&nbsp;&nbsp; The company will remain the controlling shareholder after the placement, but its 41.82 percent stake will be trimmed to 39.94 percent.
&nbsp;&nbsp;&nbsp; According to Chalco, 80 percent of the raised capital will be appropriated to its alumina projects, with 2.3 billion yuan going to the Chongqing alumina project with a designed annual capacity of 800,000 tons and 3.7 billion yuan to the Xingxian alumina project with annual capacity 800,000 tons.
&nbsp;&nbsp;&nbsp; Two billion yuan will be reserved for its expansionary project, which may add 700,000 tons of annual alumina capacity to the company.
&nbsp;&nbsp;&nbsp; The remaining two billion yuan will be used to improve the company's financial standing and optimize its financing mix.
&nbsp;&nbsp;&nbsp; (Source: chinamining.org)
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