(Yicai Global) June 13 -- Aluminum Corporation of China, also known as Chalco, has agreed to explore cooperation with Guinea Alumina Corporation on developing alumina refining in the West African country.

The tie-up, which began with the signing of a memorandum of understanding in March, brings together the alumina refining experience of both firms, GAC said in a statement yesterday, without adding any further details.

GAC, a unit of Emirates Global Aluminium, was developed in the largest greenfield mining investment in Guinea in four decades, the firm noted. It began bauxite exports in 2019. Last year, GAC mined and shipped 14 million wet metric tonnes of bauxite ore to customers worldwide.

Chalco is a leading Chinese non-ferrous metals company with a strong portfolio of assets. In the first quarter, it reported net profit of CNY1.8 billion (USD253.2 million), down 9.8 percent from a year earlier. Revenue slumped 17.6 percent to CNY66.3 billion (USD9.3 billion).

Chalco’s shares [SHA: 601600] finished 1.2 percent down at CNY5.53 (USDxx) in Shanghai today. The stock has gained 24 percent so far this year.

Editor: Futura Costaglione