Chinalco sets up Tibet unit for mineral exploration

Aluminum Corp of China (Chinalco), the country's largest aluminum producer, announced that it has set up a subsidiary in Tibet, namely China Aluminum Tibet Mining Corp Ltd.

Chinalco said in a statement on its Website on Thursday that the US$36.5 million wholly-owned subsidiary is based in Tibet's capital, Lhasa, which will be mainly engaged in exploration, mining, smelting and trading of mineral resources in the area.

The company also pledged to seek cooperative and socially responsible development in the region.

As one of the fastest-growing last frontiers in China, Tibet has abundant deposits of copper, chromium, bauxite and other precious minerals and metals, which are mainly untapped.

The newly-built Qinghai-Tibet railway is expected to facilitate the transportation of mining equipments and the mineral products.

Chinalco is the parent of listed Aluminum Corp of China Ltd<601600><2600>.