ACH update: effects of the failed Aurukun project

Date:2011-08-18lile  Text Size:

July 26, 2011 (Press Release) Chinavestor takes no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Aluminum Corp. of China (HKG:2600) (NYSE:ACH)


SUPPLEMENTARY ANNOUNCEMENT REGARDING THE EFFECT OF AURUKUN PROJECT ON THE RESULTS OF THE COMPANY
Reference is made to the announcement of Aluminum Corporation of China Limited (NYSE:ACH)* (the “Company”) dated 1 July 2011 with the heading “Further Announcement regarding Development of the Aurukun Project with the Queensland State Government of Australia”, in which the Company announced that the Queensland State Government had terminated further discussions with the Company in respect of the Aurukun project. In order to provide investors with further information on the effect of such matter on the interim results of the Company, Aluminum Corporation of China Limited (NYSE:ACH) hereby makes this supplementary announcement as follows:
In accordance with the requirements of relevant accounting standards, Aluminum Corporation of China Limited (NYSE:ACH) will make full impairment provision for the entire carrying value of approximately RMB340 million of the expenditure incurred for the Aurukun development project in its 2011 interim report.
Aluminum Corporation of China Limited (NYSE:ACH) is currently assessing whether there is any amount recoverable and, if so, the specific amount that may be recovered, by the Company from the project. It is possible that the amount of impairment provision made in the interim report will be less than the book value.

By order of the board of directors
Aluminum Corporation of China Limited (NYSE:ACH)
Liu Qiang
Company Secretary
Beijing, the PRC
26 July 2011

* For identification purpose only
 

2005-2011 www.researchinchina.com All Rights Reserved 京ICP备05069564号-1