4 Jul 2011 10:34

Chinalco to increase Yunnan Copper stake

Shanghai. July 4. INTERFAX-CHINA - Aluminum Corp. of China (Chinalco) will purchase a seven percent stake in Yunnan Copper Group Co. Ltd. (Yunnan Copper Group) for RMB 1.25 billion ($190 million), increasing its equity position in the company to 58 percent, according to a June 30 announcement by a listed arm of Yunnan Copper Group.

Chinalco will buy the stake from the State-owned Assets and Administration Commission (SASAC) of Yunnan Province, said Yunnan Copper Co. Ltd., a Shenzhen Stock Exchange-listed subsidiary of Yunnan Copper Group.

Chinalco is aiming to consolidate its copper assets into one unit or fold them into Yunnan Copper Group prior to listing a domestic or overseas board, Interfax previously reported.

- HD