CapitalVue reported that Aluminum Corporation of China may issue up to USD 1.2 billion worth of bonds in Hong Kong in order to fund its overseas development.

According to the report, this will be the fourth fundraising exercise by Chalco year to date. It had issued CNY 5 billion worth of short term bills in May and in July. Another CNY 5 billion worth of five year MTNs were issued. Chalco has raised CNY 15 billion so far this year. According to the company it plans to raise a total of CNY 47 billion in 2011.

It had invested in projects in Sarawak, Malaysia and in Saudi Arabia and Guinea's Simandou. All of these programs are at the preparation stages. The projects in Saudi Arabia and Guinea are projected to require investments of USD 1.35 billion and USD 4.5 billion respectively.

(Sourced from CapitalVue)