Aluminum Corp. of China Limited or Chalco (HKG:2600, SHA:601600) unit Chalco Ningxia Energy Group is looking to form a JV firm with China Copper Tibet Mining and Tibet Development and Investment Group, a Feb. 28 filing with the Hong Kong bourse said.
The three parties will contribute around 1.14 billion yuan, 2.67 billion yuan, and 953.4 million yuan in cash to the JV company, respectively.
Following establishment, the JV firm, expected to be named China Copper (Tibet) New Energy, will be held as to 23.9%, 56.1%, and 20% by the three respective parties.
The parties are yet to enter into a formal agreement regarding the formation of China Copper (Tibet) New Energy.
China Copper Tibet Mining is a unit of Aluminum Corporation of China, which is the controlling shareholder of Chalco.
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