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Aluminum Corp of China Ltd, or Chalco, the nation's largest maker of the metal, will buy processing plants from its parent to meet the domestic demand forecast of a 20 percent annual growth.

The Beijing-based company will buy the plants from Aluminum Corp of China in the next two to three years, Chairman Xiao Yaqing said yesterday. London aluminum prices may average as much as 7.9 percent higher this year, he said.

Xiao has at least $1.7 billion in cash to fund acquisitions and increase supplies to the Chinese economy, which expanded 10.7 percent last year, the fastest pace in 11 years.

Chalco reported a record full-year profit on Sunday, and Xiao said buying the plants would help maintain higher earnings.

"This may increase Chalco's profit margin and price bargaining power because it will help it control production costs," said Chris Ding, a Beijing-based analyst with China International Capital Corp. "Still, whether profit can increase significantly depends on the size of that capacity."

Shares of Chalco, which gained 22 percent last year, fell by 9 Hong Kong cents, or 1.1 percent, to close at HK$7.90.

"The injection of processing assets is the key to profit growth in two to three years," Xiao said in an interview in Hong Kong. "Chinese aluminum demand is not slowing down" after gaining a record 23 percent last year, he added.

The parent company is aiming to more than double the processing capacity to as much as 2 million metric tons, he said.

Chalco will sell shares in Shanghai later this month or early April to buy into local aluminum companies, Xiao said. It will also buy other local aluminum plants to boost production capacity by 900,000 tons this year, from last year's 2.5 million tons, Xiao said.

Chalco is focusing on buying bauxite mines overseas and acquiring smelters domestically, Xiao said. It has no intention of buying global rivals, he said. Alumina is the semi-finished material refined from bauxite ore and processed to make aluminum.

The company expects to sign an agreement with Australia's Queensland government later this month to obtain mining rights to develop the Aurukun bauxite deposits. Chalco will also complete a feasibility study by August to develop Vietnam's Dak Nong bauxite project and form a joint venture with Vietnam National Coal-Mineral Industries Group.

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