10:10     CHALCO<02600> - Announcement (1)                                    

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liabilities          
    whatsoever for any loss howsoever arising from or in reliance upon the    
    whole or any part of the contents of this announcement.                   
                                                                              
    Aluminum Corporation of China Limited                                     
                                                                              
    (a joint stock limited company incorporated in the People's Republic      
    of China with limited liability)                                          
                                                                              
    (Stock Code: 2600)                                                        
                                                                              
    CONNECTED TRANSACTIONS:                                                   
    FINANCIAL ASSISTANCE TO AND PROPOSED                                      
    INCREASE OF INVESTMENT IN                                                 
    GUANGXI HUAYIN ALUMINUM CO., LTD.                                         
                                                                              
                                                                              
    The Company together with a connected person and an independent third     
    party has invested in the JV Co. for the production of alumina. After     
    completing the feasibility studies and exploration of bauxite             
    reserves, the Company and other investors have decided, subject to        
    obtaining the relevant governmental approvals, to increase the total      
    investment of the JV Co..                                                 
                                                                              
    Pending governmental approvals, the Company has in the meantime made      
    advances to the JV Co. as working capital to the JV Co. The               
    advancement of funds by the Company to the JV Co. is a connected          
    transaction under the Listing Rules. Subject to obtaining the relevant    
    governmental approvals for the proposed increase in total investment,     
    further contribution by the Company towards the registered capital of     
    the JV Co. will constitute connected transactions, which have to be       
    disclosed in accordance with the disclosure requirements of the           
    Listing Rules.                                                            
                                                                              
    Once the proposed increase in total investment of the JV Co. has been     
    approved by the relevant administrative authorities in the PRC, the       
    Directors will make appropriate announcement on the capital               
    contribution by the Company in accordance with the requirements of the    
    Listing Rules.                                                            
                                                                              
    The board of directors (the "Directors") of Aluminum Corporation of       
    China Limited (the "Company") announces that the Company has since        
    February 2003 invested in the setting up of an alumina project in         
    Guangxi Autonomous Region, the PRC. After conducting preliminary          
    research and exploration for bauxit reserves, it has been decided         
    among the investors in the alumina project that the project shall be      
    implemented and that the total investment of the project be increased.    
    Particulars of the alumina project are as follows:                        
                                                                              
    Establishment of Guangxi Huayin Aluminum Co., Ltd.                        
                                                                              
    On 18 February 2003, the Company together with Guangxi Investment         
    (Group) Co., Ltd * ("Guangxi Promoter") and                               
    China Minmetals Non-ferrous Metals Co., Ltd.*                             
    ("China Minmetals") established Guangxi Huayin Aluminum Co., Ltd.,        
    formerly known as Guangxi Guixi Huayin Aluminum Co., Ltd. (the "JV        
    Co."), a limited company established under the PRC. The total             
    investment and registered capital of the JV Co. are RMB10 million and     
    have been contributed and fully paid up as to 34% by Guangxi Promoter,    
    33% by the Company and 33% by China Minmetals. The scope of business      
    of the JV Co. is, among other things, to research into the feasibility    
    of establishing an alumina project with an estimated initial annual       
    production capacity of 800,000 tonnes, to explore for bauxite in Guixi    
    region and to apply for all necessary approvals and licences from the     
    relevant administrative authorities, upon confirmation of such            
    reserves.                                                                 
                                                                              
    Proposal to increase the registered capital of the JV Co.                 
                                                                              
    On 16 January 2004, at a meeting of the shareholders of the JV Co., it    
    was resolved that, subject to approval by the relevant administrative     
    authorities:                                                              
                                                                              
    (1) the total investment of the JV Co. be increased to RMB668 million,    
    which is to be contributed by the shareholders proportionate to their     
    equity interests in the JV Co., that is, as to RMB227.12 million by       
    Guangxi Promoter, RMB220.44 million by the Company and 220.44 million     
    by China Minmetals;                                                       
                                                                              
    (2) the planned annual production capacity of the alumina project be      
    increased from the initial planned capacity of 0.8 million tonnes to      
    1.6 million tonnes per annum; and