Aluminum Corporation of China (CHINALCO) is a state-backed holding company established to be the primary aluminium producer in the People's Republic of China in 2001. It is the parent company of Aluminum Corporation of China Limited (CHALCO) which is listed on the New York, Hong Kong and Shanghai stock exchanges.
Chinalco holds a 9% stake in the Anglo-Australian mining company Rio Tinto. Rio Tinto controls large Iron ore reserves in Australia. On June 5, Rio Tinto broke a deal for Chinalco to purchase a larger stake in the company, with support by rival Anglo-Australian mining company BHP Billiton. Rio Tinto is expected to pay a US$195 million breaking fee according to the contract signed earlier by the two parties.
In 2010, Chinalco reported a net profit of ¥778.01 million, a dramatic rise when compared with the company's ¥4.62 billion profit losses from the previous year. The company credits increased prices and effective cost control strategies with the financial turnaround.
During July 2011, Chinalco signed a long-term agreement with Mongolian miner Tavan Tolgoi to import more than 15 million tons of coking coal annually in order to meet increased domestic demand.
Chinalco operates its business through three segments: aluminium oxide segment, producing and selling aluminium oxide, aluminium hydroxide and gallium; virgin aluminium, providing virgin aluminium, carbon element products and aluminium alloys, and aluminium processing segment, offering casting products, slab band products, foils, squeezing products, forging products, powder products and die-casting products.
Chinalco's gallium products include gallium metal and gallium oxide.
As of 2013, Morococha was the site of a planned open pitcoppermine to be operated by Aluminum Corporation of China Limited. A new town for the 5,000 residents of Morococha has been built about 6 miles away, but some residents were reported to be resisting location. The mine is projected to produce about 250,000 tons of copper a year for about 35 years.