Chinalco and subsidiaries form new rare metal joint venture

Aluminum Corporation of China (the Company) announced the establishment of a joint venture with its controlling shareholder, Chinalco, and Chinalco's subsidiaries Yunnan Copper, Chihong Zinc & Germanium, and Chinalco Capital. The parties entered into a capital contribution agreement on October 24, 2025, to jointly contribute to the new entity.

The joint venture's registered capital is RMB1,500 million. Chinalco will hold 25% equity, with the Company, Yunnan Copper, and Chihong Zinc & Germanium each holding 20%, and Chinalco Capital holding 15%. This connected transaction is exempt from independent shareholders' approval as the highest applicable percentage ratio is less than 5%.

The Company will contribute RMB300 million to the joint venture, comprising the appraised value of its high-purity gallium production line and cash. Chihong Zinc & Germanium will contribute RMB300 million in the form of 100% equity in Chihong Germanium and cash. Chinalco will contribute RMB375 million in cash, Yunnan Copper RMB300 million in cash, and Chinalco Capital RMB225 million in cash, all by December 31, 2025.

The joint venture's proposed business scope includes new material technology research and development, electronic specialty material manufacturing and sales, high-purity elements and compound sales, and rare earth metal smelting, aiming to extend the rare metal industrial chain into downstream industries. Directors Mr. Mao Shiqing and Mr. Li Xiehua abstained from voting due to their positions at Chinalco.