Aluminum of China : FURTHER ANNOUNCEMENT DISCLOSEABLE TRANSACTION DISPOSAL OF 50% EQUITY INTEREST IN SHANXI HU…

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

FURTHER ANNOUNCEMENT DISCLOSEABLE TRANSACTION DISPOSAL OF 50% EQUITY INTEREST IN SHANXI HUAXING

Reference is made to the announcement of the Company dated 24 December 2015 in relation to the disposal of 50% equity interest in Shanxi Huaxing ("Announcement"). Capitalised terms used herein shall have the same meaning as they were defined in the Announcement unless the context otherwise specified.

COMPLIANCE WITH THE LISTING RULES

As disclosed in the Announcement, the consideration stated in the Equity Transfer Agreement, being RMB2,351,478,800, is the initial bidding price of Shanxi Huaxing, which is determined with reference to the relevant requirements of SUAEE and the appraised value of Shanxi Huaxing as set out in the Valuation Report prepared by CUAAG based on the income approach as at the Benchmark Date.

As the discounted cash flow method was applied in the aforesaid Valuation Report prepared by CUAAG, the calculations of the appraised value of Shanxi Huaxing as set out in the Valuation Report is regarded as a profit forecast under Rule 14.61 of the Hong Kong Listing Rules. Accordingly, the Company discloses the following valuation details in compliance with Rule 14.62 of the Hong Kong Listing Rules.

PROFIT FORECAST IN RELATION TO THE VALUATION METHOD

Details of the principal assumptions, including commercial assumptions, upon which the profit forecast for Shanxi Huaxing is based are set out as follows:

1. It is assumed in the valuation that on the Benchmark Date of valuation, the external economic environment remains unchanged, while there are no significant changes to the prevailing macro-economy in the PRC;

   
   

2. There are no significant changes to the socio-economic environment as well as the policies on areas such as tax collection and tax rates where Shanxi Huaxing operates;

   
   

3. The future operations management personnel of Shanxi Huaxing will duly perform their duties and continue to maintain the existing operations management model;

   
   

4. Shanxi Huaxing is still at the construction stage and three phases of construction are expected to be completed. The first phase has come into operations, while a larger proportion of investments has been made to the second phase, which is expected to be completed in 2016. The construction work for the third phase has not been commenced. As such, the operational capacity upon the completion of the first and second phases of construction has been taken into account in this valuation;

   
   

5. The assets included in the valuation are determined based on the actual balance as at the Benchmark Date of valuation, while the prevailing market prices of the said assets are based on the domestic effective price as at the Benchmark Date of valuation;

   
   

6. It is assumed in the valuation that the base data and financial data provided by the Company and Shanxi Huaxing are truthful, accurate and complete;

   
   

7. The scope of the valuation shall be subject to the valuation declaration forms submitted by the Company and Shanxi Huaxing. Contingent assets and contingent liabilities that may exist other than those provided in the forms by the Company and Shanxi Huaxing have not been taken into consideration;

   
   

8. The impact of inflation has not been considered in arriving at the parameter values in this valuation. Should any changes arise in the foregoing conditions, the valuation results shall be rendered null and void in general.

Ernst & Young, the reporting accountant of the Company, has reviewed the arithmetical accuracy of the calculations of the discounted cash flow forecasts, which do not involve the adoption of accounting policies, for the valuation. The Board has confirmed that the profit forecast of Shanxi Huaxing in the Valuation Report has been made after due and careful enquiry by the Board. Letters from Ernst & Young and the Board are set out respectively in appendix I and II to this announcement.

The following are the qualification of each expert who has provided its conclusion or advice, which is contained in this announcement:

Name Ernst & Young	Qualification Certified Public Accountants	Date of conclusion or advice 15 January 2016
CUAAG	Qualified PRC valuer	24 November 2015

As at the date of this announcement, as far as the Directors are aware, each of the experts was not beneficially interested in the share capital of any member of the Group nor did it have any right (whether legally enforceable or not) to subscribe for or to nominate persons to subscribe for any shares, convertible securities, warrants, options or derivatives which carry voting rights in any member of the Group.

Each of the experts has given and has not withdrawn its written consent to the issue of this announcement with the inclusion herein of its letter and/or references to its name in the form and context in which they respectively appear.

By order of the Board

Aluminum Corporation of China Limited* Xu Bo

Company Secretary

Beijing, the PRC 15 January 2016

As at the date of this announcement, the members of the board of directors comprise Mr. Ge Honglin, Mr. Ao Hong, Mr. Liu Xiangmin and Mr. Jiang Yinggang (Executive Directors); Mr. Liu Caiming and Mr. Wang Jun (Non-executive Directors); Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai Chong, David (Independent Non-executive Directors).

* For identification purposes only

Appendix I - Letter from Ernst & Young

The following is the text of the letter dated 15 January 2016 from Ernst & Young, Certified Public Accountants, which was prepared for inclusion in this announcement.

15 January 2016

The Directors Aluminum Corporation of China Limited

No. 62 North Xizhimen Street, Haidian District, Beijing,

The People's Republic of China Dear Sirs,

We have performed the work described below, in respect of the arithmetical accuracy of the calculations of the discounted cash flow forecast (hereinafter referred to as the "Underlying Forecast") underlying the business valuation dated 24 November 2015 prepared by China United Assets Appraisal Co., Ltd. in respect of Shanxi Huaxing Alumina Co., Ltd ("Shanxi Huaxing") as at 31 October 2015. The Underlying Forecast is regarded by The Stock Exchange of Hong Kong Limited as a profit forecast under paragraph 14.61 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

RESPECTIVE RESPONSIBILITIES OF DIRECTORS OF THE COMPANY AND REPORTING ACCOUNTANTS

It is the responsibility solely of the directors (the "Directors") of Aluminum Corporation of China Limited (the "Company") to prepare the Underlying Forecast. The Underlying Forecast has been prepared using a set of assumptions (the "Assumptions"), the completeness, reasonableness and validity of which are the sole responsibility of the Directors.