Chinalco in bid for Peru Copper
By Wan Zhihong and Chen Jialu (China Daily)Updated: 2007-07-10 09:07 "Our overseas projects have contributed a lot to the development of the local economy," he said. "For instance, our investment in Australia has helped improve the economy in the region."
Despite a series of mergers and acquisitions in the world's aluminum industry, Xiao said Chinalco now has no plans to buy its global rivals.
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"Now is not the best time for us to acquire foreign companies. We are making efforts to make our company more multinational," he said. Instead, Chinalco chose to "buy many domestic aluminum companies to increase its capacity".
"Now our sales focus more on the domestic market. We aim to increase our overseas sales to one-third of the total in the next 5 to 10 years."
Last year sales revenue of the company was around $13 billion, a growth of more than 30 percent year-on-year.
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