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Chalco and China Development Bank Signed Development-Oriented Financial Cooperation Agreement

On February 3, Chalco and the China Development Bank signed development-oriented financial cooperation agreement in Beijing. According to the agreement, China Development Bank would provide gain credit fund in a form combining financing and talent to support Chalco “walking out”, mixed ownership reform, and renovation of shanty town in old industrial zone, boost Chalco transition & upgrading and sustainable development. Chalco would actively assist the China Development Bank to properly manage existing loans, and actively safeguard rights and interests of China Development Bank in mixed ownership reform.

Ge Honglin, Chairman of Chalco, thanked the long-term ongoing support from the China Development Bank to Chalco. He introduced Chinalco’s production operation and reform development, and focused on discussing current development status of Chinalco’s three business divisions of aluminum, copper and scarce rare earth as well as development performance of overseas projects. He said Chalco is currently at a crucial stage of reform and development, on the one hand it strives to fulfill loss reduction and difficulty extrication, and transition development, comprehensively improve enterprise’s market competitiveness; on the other hand it has quickened the development pace of domestic and overseas mineral resources, went all out to enhance guarantee ability of national strategic mineral resources. Judging from long-term perspective, aluminum product substitution represents the future development trend of manufacture industry, aluminum industry enjoys bright prospects. Chalco has drafted development targets of all-around profit-earning by all business divisions in 2015, committed to solving problems through development, improving staff happiness index. The cooperation between Chalco and the China Development Bank has key strategic significance, the signing of agreement this time would further improve strategic partner relationship between both sides, enhance understanding and mutual trust, and fully push forward cooperation in all businesses.

Hu Huaibang, Chairman of the China Development Bank, thanked Chalco for its trust and support toward the China Development Bank. He said the China Development Bank is dedicated to propelling market construction and planning in advance through financing, supporting development of national infrastructure, basic industry, pillar industry and strategic emerging industry fields and construction of national key projects, promoting regional coordinated development and urbanization construction, and insisting on serving economic and social development with development-oriented approach and marketized operation. The China Development Bank and Chalco have very high level of strategy cohesion, both sides have carried out fruitful cooperation in mineral resource development, asset M&A and restructuring, and capital market fields, the China Development Bank cherishes full confidence toward future growth of Chalco. At present, the China Development Bank is the top-ranking loan bank of Chalco, Chalco is also the third biggest group customer of China Development Bank, both sides have solid cooperation foundation and extensive cooperation prospects. Through the signing of development-oriented financial cooperation this time, both sides will further converge consensus, deepen cooperation, and fulfill win-win development.