Xiong

Chalco expects its 2011 capital expenditure to be about 22.5 billion yuan, mainly dedicated to securing 500 million tons of bauxite in the domestic and overseas markets, Mr. Xiong said.

Chalco Swings to Net Profit 2011

"It is easier to accuse China of making that mess," said Xiong Zhiyong, a professor at China Foreign Affairs University who specializes in U.S.

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So we're confident of seeing another strong year, Chairman Xiong Weiping said.

Chalco Swings to Net Profit 2011

Aluminum futures in China will likely move in a range of 16,000 yuan to 18,500 yuan a ton this year, while three-month aluminum on the London Metal Exchange will likely trade between $2,300 and $2,900 a ton, Mr. Xiong said.

Chalco Swings to Net Profit 2011

Chalco has started a new round of talks with the government of Australia's Queensland state on exploring bauxite and alumina resources at its Aurukun project, after it shelved a plan to develop the three billion Australian dollar US$3 billion project in July, Mr. Xiong said.

Chalco Swings to Net Profit 2011

Chalco will continue its diversification into the iron ore, copper, thermal coal, coking coal and rare earth sectors, as its core business faces oversupply and rising raw material costs, Mr. Xiong told a news conference Tuesday.

Chalco Swings to Net Profit 2011

Xiong Ping/Xinhua via Zuma Press An investor watched share prices at a stock exchange in Kuala Lumpur.

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"Futures are still not liquid enough to do large size," said Jonathan Xiong , managing director in the global asset-allocation group of Bank of New York Mellon, which manages $240 billion on behalf of sovereign-wealth funds and pension plans.

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The company also aims to secure five million tons of coal assets nationwide, in areas like Xinjiang Autonomous Region, Inner Mongolia, Gansu Autonomous Region and Qinghai and Guizhou provinces, although the project is "still undergoing a feasibility study," Mr. Xiong said.

Chalco Swings to Net Profit 2011

In addition to aluminum projects Chalco is developing in Saudi Arabia and Malaysia's Sarawak state, the company will seek bauxite resources, primarily in Southeast Asia, and will build more alumina plants there if it succeeds, Mr. Xiong said.

Chalco Swings to Net Profit 2011