Chinalco says to buy further mining assets abroad

SHANGHAI - Chinese metals conglomerate, Aluminum Corporation of China (Chinalco), is on the lookout for opportunities to acquire mining assets overseas as it restructures amid fierce competition, its president said on Friday. The firm will also seek joint ventures and strategic cooperation with suppliers of resources, energy and raw materials, Xiong Weiping told a conference. China's aluminium industry has entered a phase where there is overcapacity, cut-throat competition and low margins, he said. "Chinalco must adopt profound business restructuring in order to maintain our leadership in the industry," he said.