Chalco to Expand to Coal, Iron Ore as Costs Rise
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Aluminum Corp. of China Ltd., the nation’s biggest maker of the metal, plans to expand into coal, iron ore, copper and rare earth as rising costs for its smelters led to a second-quarter loss. Shares fell.
The company, which last month agreed to pay $1.35 billion for part of the Simandou iron ore project in Guinea, wants to build as many as three coal production bases in three years, Chairman Xiong Weiping told reporters in Shanghai today.