Wednesday, June 11, 2008

Chinalco to issue RMB 3 bln of MTNs next Tue

Aluminum Corporation of China (Chinalco), the parent company of Aluminum Corporation of China Ltd (Chalco)<601600><2600>, announced on Tuesday that it will issue medium-term notes (MTNs) of RMB 3 billion with a duration of five years, as reported.

The fresh capital from the issuance of MTNs will be primarily used for increasing the company's operating capital, paying part of its bank loans and practicing long-term investments, sources said.

According to Chinalco's issuance schedule, the company planned to issue two batches of MTNs, worth a total of RMB 6 billion. In addition to the RMB 3 billion of MTNs, the second batch with a duration of three to five years, will come on the market in the second half of 2008 or in the first half of 2009.

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