Chalco approved to issue 10 bln yuan of corporate bonds

The Aluminum Corporation of China Ltd. (Chalco) has gained approval to issue no more than 10 billion yuan (about 1.4 billion U.S. dollars) of corporate bonds to fund projects.

Half of the funds will be invested in projects in sectors including mining, manufacturing and power supply, according to information from the National Development and Reform Commission.

The other 5 billion yuan will be used for fund replenishment.

The bonds, with maturity of no more than 15 years, could be issued in phases, according to the top economic planner.

Chalco is China's top aluminum producer, engaging in the whole industrial chain from exploration and mining of coal to production and marketing of aluminum products.