China's Chalco to issue up to RMB 5 billion of short-term bonds

By Reshmi Basu

New York, April 12 - Aluminum Corp. of China Ltd. (Chalco) plans to issue short-term corporate bonds up to RMB 5 billion, according to a statement filed with the U.S. Securities and Exchange Commission.

Proceeds from the sale will be used for the repayment of short-term corporate bonds, which were issued in 2005.

Additionally, the issue will be sold to institutional investors in the People's Republic of China's banking industry. The bonds will not be sold to public investors.

The Beijing-based Chalco is a maker of alumina, which is refined from bauxite, and is a critical material in producing aluminum.

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