China Mining reported that Chinalco has no plan to subscribe for RUSAL's IPO shares.

As the largest aluminum producer in China, Chinalco is the parent company of Aluminum Company of China Limited.

The world's largest producer of aluminum and alumina RUSAL is reportedly to probably sell a 10% stake through IPO on Hong Kong bourse this December which will be worth about USD 3 billion on the present value.

Earlier, some Russian media reported that Chinalco would be one of the most potential subscribers and the 2 sides have started negotiations.

However, 2 officials with Chinalco's overseas development department said that they didn't know about the issue when Caijing Magazine asked for their verification.

Another insider in Chinalco's overseas business said that the company used to consider about subscribing for RUSAL's shares but already gave up. The insider didn't offer any reason.

United Company RUSAL owns 7 bauxite and nepheline ore mines, 12 alumina refineries, 15 aluminum smelters and 3 aluminum foil mills with an annual production capacity of 4.4 million tonnes of aluminum and 11.3 million tonnes of alumina.

(Sourced from China Mining)