Aluminum Corporation Of China Limited (601600.SH) has announced that its board of directors approved a proposal on June 26, 2025, for its wholly-owned subsidiary, CHALCO Hong Kong Limited, to invest in the construction of a 1.2 million-ton-per-year alumina project in Guinea. The disclosure of this matter was temporarily deferred at the time to avoid negatively impacting critical project negotiations. Subsequently, on May 21, 2026, the board approved a proposal to sign a revised and restated mining agreement. This agreement, involving CHALCO Hong Kong, CHALCO Guinea Mining Company, CHALCO Guinea Port Company, and the Guinean government, amends and supplements the original 2018 mining pact for the Boffa bauxite project, setting terms for the new alumina project. The matter is still subject to approval by a shareholder meeting and relevant Guinean government authorities.

CHALCO Hong Kong will establish an independent project company in Guinea to build the production, port, and related ancillary facilities for the alumina project, with a total estimated investment of approximately $1 billion. Concurrently, the mining company will gradually implement activities to supply ore for the alumina project and appropriately increase the scale of ore exports. The project company will be established by CHALCO Hong Kong through its wholly-owned subsidiary, CHALCO Energy Holdings Limited, with an initial capital contribution of 600 million Guinean francs (approximately $68,200). Further capital increases may follow based on project progress. Financing beyond the registered capital may be raised by the project company through shareholder or bank loans. For project financing needs, investors other than the Guinean party, the project company, and its shareholders may provide guarantees using their rights and assets in the Boffa project, subject to prior notification to the Guinean government. As of the announcement date, CHALCO Hong Kong and the project company have no immediate plans to provide any guarantees or loans.