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Xiong Weiping to take the Chinalco helm

(China Daily)
Updated: 2009-02-10 08:11

Xiong Weiping	Xiao Yaqing

Aluminum Corp of China (Chinalco) is likely to appoint former executive Xiong Weiping as chairman in place of Xiao Yaqing, according to reports.

Related readings:  Chinalco debunks sealed deal with Rio Tinto  Chinalco to reduce wages  Chinalco cut prices by 23%  Rio Tinto in asset sale talks with Chinalco

Reuters quoted the company's vice-president Lu Youqing as saying "I would not deny the fact." But he said the company had not announced it, even internally.

Li Tangdi, an official from Chinalco's press department, declined to comment when contacted.

Bloomberg News quoted an anonymous industry official as saying Xiong's appointment was announced last week to the board of Chinalco but not yet released to the public. No date has been given for the moves.

Bloomberg said Xiao, 49, will also step down as chairman of listed unit Aluminum Corp of China Ltd, or Chalco.

Xiong, who joined Chalco in 2000, is currently vice-chairman and general manager of China Travel International Investment Hong Kong Ltd. He was president of Chalco between 2004 and 2006.

Xiao has led Chinalco's move in joining Alcoa to buy a 9 percent stake in London-based mining giant Rio Tinto Group for 7.2 billion pounds in 2008.

"Xiao helped Chinalco strengthen its position among China's resource companies and improve its market recognition," said Helen Wang, a Shanghai-based analyst with DBS Vickers. "It's a strategic move for China to invest. The current market turmoil is unpredictable."

Chinalco is now in initial talks with Rio Tinto on buying convertible debt or minority stakes in some of its units.

Rio Tinto is expected to announce the investment details on Feb 12.

Chalco shares crossed the 10 percent limit to close at 9.56 yuan in Shanghai trading yesterday and surged 6.4 percent to HK$4.36 in Hong Kong.

State-owned Chinalco has taken a hard blow from the global economic downturn. Prices of electrolytic aluminum and copper, the company's two major products, plunged 70-80 percent last year.

Chinalco produced 10 million tons of alumina, 390,000 tons of refined copper and 4,450 tons of sponge titanium last year.