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Aluminum Corp of China to explore for copper in Mongolia |
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Thursday, 23 August 2007 |
China’s largest producer
of copper has purchased a controlling interest in Yunnan Copper Group,
which is exploring for copper in Mongolia.
Aluminum Corp of China, also
known as Chinalco, is the parent company of China’s largest producer
of metals. It has purchased a 49 percent stake in Yunnan Copper Group
for an undisclosed sum.
Observers believe this is a
move to allow Chinalco to further expand into base-metal production.
Chinalco currently owns aluminum,
copper, molybdenum and other metal resources. However, the company has
been rapidly moving away from its aluminum business and focusing on
copper.
Chinalco Chairman Zou Shaolu
has announced plans to increase output by two-thirds, to 600,000 tons
annually, by 2010 to exploit the copper demand in China. China is the
world`s largest copper consumer.
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