Chinalco sets up Tibet Mining Co to explore mineral resources

Aluminum Corp. of China, or Chinalco, has set up a mining unit in the Tibet Autonomous Region to engage in the prospecting, development and sales of mineral products.

The establishment of Chinalco Tibet Mining Co., which is fully owned by Chinalco, follows the company’s earlier framework contract with the local government on cooperation in the mineral resources sector, according to a statement posted on the company’s Web site Thursday.

Chinalco said it plans to expand its business to copper, rare earth and other nonferrous metals and aims to become an internationalized mining company.

The company is China’s biggest aluminum and alumina producer by output. It is the parent of Aluminum Corp. of China Ltd. (ACH), better known as Chalco.