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Chalco's Ningxia Energy unit advances joint venture plan

April 3, 2025 at 05:14 PM UTCBy FilingReader AI

Aluminum Corporation of China (Chalco) announced that its subsidiary, China Aluminum Ningxia Energy Group, has officially signed an investment cooperation agreement with China Copper Tibet Mining and Tibet Development and Investment Group to establish a joint venture. Ningxia Energy will invest CNY 1,139,258,288.12, representing a 23.9% stake. The total registered capital of the joint venture is CNY 4,766,771,080.00. China Copper Tibet Mining will hold 56.1% equity with an investment of CNY 2,674,158,575.88, and Tibet Development and Investment Group will hold the remaining 20% with an investment of CNY 953,354,216.00. The announcement details the payment schedule for the capital contributions, with the first installment of CNY 289,009,365.33 due within 20 working days of the joint venture account opening. The agreement, signed on April 3, 2025, includes provisions for breach of contract and outlines the responsibilities of each party.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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