Aluminum Corporation of China Ltd (NYSE: ACH, SHA: 601600, HKG: 2600), also known as Chinalco, said it plans to import 15 million tons of coking coal annually from Mongolia's Tavan Tolgoi mine in the next three years to ease strained domestic supply. Chinalco signed the long-term deal with Erdenes MGL LLC, Tavan Tolgoi's owner, in July. China is the world's largest coking coal producer with an annual capacity of over 400 million tons, but this can hardly meet robust the demand of domestic steelmakers.
The financial leasing unit of Industrial & Commercial Bank of China Ltd (SHA: 601398, HKG: 1398) has signed a deal with Commercial Aircraft Corp of China (Comac) to buy 45 homegrown C919 jumbo jets. ICBC wants to expand its current fleet size of 70 to cash in on the nation's rising demand for air services. The order's value was not disclosed. The deal has brought the total number of Comac's C919 orders to 145.
Datang International Power Generation Co (SHA: 601991, HKG: 0991), one of the top five electricity producers in China, said its power generation rose 17.6% year on year to 150.98 billion kW hours in the first nine months on increased demand.
Baoshan Iron & Steel Co (SHA: 600019), China's most profitable steelmaker, said its energy saving practices have saved ¥97.63 million in energy costs in the first three quarters.
Wuhan Iron & Steel Co (SHA: 600005) signed a deal with Dongfeng Peugeot Citroen Automobile Co to share market information and deepen cooperation in product development. No details were disclosed.
Sichuan Expressway Co (SHA: 601107, HKG: 0107), a leading regional highway and tunnel contractor, said it has won a ¥11.74 billion contract to build a highway between Suining and Guangan and between Suining and Xichong. Construction on the projects is scheduled to kick off by the end of this year and complete by the end of 2014.
PICC Property & Casualty Co (HKG: 2328) chalked up ¥132.61 billion in premium incomes during the first nine months, up from ¥118.37 billion during the same period a year ago.
$1 = ¥6.37
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