1934 ACT FILE NO. 001-15264

         Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

         Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1): __________

         Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7): __________

         Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

         If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-              

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date  August 29, 2011       

By                 /s/    Liu Qiang                     
Name: Liu Qiang
Title: Company Secretary

Certain statements contained in this announcement may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements, unless required by applicable laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this announcement.

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.

Aluminum Corporation of China Limited*
(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2600)

The Board of Directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") is pleased to announce the unaudited interim results of the Company and its subsidiaries (together the "Group") for the six months ended 30 June 2011. This announcement, containing the full text of the 2011 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. This 2011 interim results announcement of the Company is available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and of the Company at www.chalco.com.cn.

CORPORATE INFORMATION

1.

Registered name

:

Abbreviation of
   Chinese name

:

English Name

:

ALUMINUM CORPORATION OF CHINA LIMITED

Abbreviation of
   English name

:

CHALCO

2.

First registration date

:

September 10, 2001

Registered address

:

No. 62 North Xizhimen Street, Haidian District,

Beijing, the PRC (Postal Code: 100082)

Place of business

:

No. 62 North Xizhimen Street,

Haidian District, Beijing, the PRC

(Postal Code: 100082)

Principal place of business

:

Unit 3103, 31/F, Office Tower, Convention Plaza

   in Hong Kong,

1 Harbour Road, Wanchai, Hong Kong

Internet website

:

http://www.chalco.com.cn

E-mail of the Company

:

IR_FAQ@chalco.com.cn

3.

Legal representative

:

Xiong Weiping

Company (Board) Secretary

:

Liu Qiang

Telephone

:

(8610) 8229 8103

Fax

:

(8610) 8229 8158/8229 8090

E-mail

:

IR_FAQ@chalco.com.cn

Address

:

No. 62 North Xizhimen Street, Haidian District,

Beijing, the PRC (Postal Code: 100082)

Representative of the Company's

:

Shen Hui

   securities affairs

Telephone

:

(8610) 8229 8560

Fax

:

(8610) 8229 8158

E-mail

:

IR_FAQ@chalco.com.cn

Address

:

No. 62 North Xizhimen Street, Haidian District,

Beijing, the PRC (Postal Code: 100082)

Department for corporate

:

Secretarial Office to the Board

   information and inquiry

Telephone for corporate

:

(8610) 8229 8560/8229 8456/8229 8157

   information and inquiry

4.

Share registrar and transfer office

H shares

:

Hong Kong Registrars Limited

17M Floor, Hopewell Centre,

183 Queen's Road East, Wanchai, Hong Kong

A shares

:

China Securities Depository and

Clearing Corporation Limited,

Shanghai Branch

3/F, China Insurance Building,

No. 166, Lujiazui Road (East),

Shanghai, the PRC

American Depositary Receipt

:

The Bank of New York Corporate Trust Office

101 Barclay Street, New York,

NY 10286 USA

5.

Places of listing

:

The Stock Exchange of Hong Kong Limited ("HKSE")

New York Stock Exchange, Inc ("NYSE")

Shanghai Stock Exchange ("SSE")

Stock name

:

CHALCO

Stock code

:

2600 (HK)

ACH (US)

601600 (China)

6.

Principal bankers

:

Industrial and Commercial Bank of China

China Construction Bank

7.

Independent auditors

:

PricewaterhouseCoopers

Certified Public Accountants

22/F, Prince's Building,

Central, Hong Kong

PricewaterhouseCoopers Zhong Tian

CPAs Limited Company

11/F, PricewaterhouseCoopers Center,

2 Corporate Avenue

202 Hu Bin Road,

Shanghai, the PRC (Postal Code: 200021)

8.

Legal advisers

:

as to Hong Kong law:

Baker & McKenzie

23/F, One Pacific Place,

88 Queensway,

Hong Kong

as to United States law:

Baker & McKenzie

23/F, One Pacific Place,

88 Queensway,

Hong Kong

as to the PRC law:

Jincheng Tongda & Neal

10/F, China World Trade Tower

Jianguomenwai Avenue,

Chaoyang District, Beijing, the PRC

The board of directors (the "Board") of Aluminum Corporation of China Limited (the "Company") announces the unaudited interim results of the Company and its subsidiaries (together the "Group") for the six months ended June 30, 2011. On behalf of the Board and all of its staff, the Board would like to express its gratitude to our shareholders for their attention and support to the Company.

BUSINESS REVIEW

In the first half of 2011, the global economy gradually returned to growth while in the course of adjustments. Due to the multiple effects of China's macro economic control, the debt crisis of European countries, and political turbulence in Middle East and North Africa, aluminum price saw a moderate increase amidst wide fluctuations. Internally, through cost reduction and efficiency enhancement as well as structural adjustment focusing on the deepening of operational transformation, and externally, through tapping marketing opportunities, measures to minimize impacts of unfavourable factors such as increase in fuel price, transport bottleneck and difficulties associated with financing, the Group's production and operations have achieved satisfactory results.

1.

The Group steadily implemented its operational transformation, commenced benchmark management and index optimization with continuous improvement of its production index and stability of production. As at the end of June 2011, the Group's production capacity utilization rates of alumina and aluminum were 93.4% and 96.2%, respectively. In the first half of 2011, the Group produced 5.37 million tonnes of metallurgical grade alumina, representing an increase of 8.9% over the corresponding period of the preceding year. The Group produced 1.90 million tonnes of aluminum, representing a decrease of 2.3% over the corresponding period of the preceding year. The Group produced 320,000 tonnes of aluminum fabrication products, representing an increase of 18.5% over the corresponding period of the preceding year.

2.

Through strict budget planning and management as well as strict control of expenses, the Group has achieved satisfactory results and has enhanced its capital management.

3.

By leveraging its market strengths, and through deepening of its procurement management reform by maximizing the advantages from centralized procurement and through strategic cooperation with major suppliers, the Group has endeavored to reduce its procurement costs. The Group has also continuously endeavoured to expand its market share and increased its production sales through more extensive use of its sales network.

4.

The Group continued to press ahead with the implementation of its restructuring projects, focusing on the technical reconstruction projects and construction of mining projects with low cost and high efficiency, thereby leading to a steady increase in the supply by self-owned mines. In the first half of 2011, production volume of self-owned mines reached 6.62 million tonnes, representing a 29.8% increase as compared with that of the corresponding period of the preceding year. At the same time, the Group actively created favourable conditions to expedite the commencement of its strategic transformation projects.

5.

The Group continued to promote the application of mature technology and development of key technology, which provided strong supports for the Group's structural adjustment and strategic transformation. Through promoted application of technologies such as the enhanced high efficiency Bayer technology, the newly structured electrolytic cell as well as the new cathode steel bar and magnetohydrodynamics (MHD) stability technology, the Group achieved effective energy saving and consumption reduction. A range of newly invented chemical alumina products, high-end aluminum products had not only successfully replaced imports, but had also achieved exports. The Group also realized breakthroughs in several key material technology research and development such as the newly invented alumina production technology, the highly-efficient environmental-friendly aluminum smelting technology and the development of aluminum alloy materials for automobile.

6.

The Group further stepped up its efforts in energy saving and emission reductions. In the first half of 2011, the Group witnessed a 5.41% decrease in the overall energy consumption in alumina production, a 0.31% reduction in electricity consumption for aluminum ingot production and a 8.77% decrease in the overall energy consumption for aluminum products. Given a notable increase in the output of alumina, the Group's SO2 emission volume leveled with that of the corresponding period of the preceding year and the COD emission reduced by 42% as compared with that of the corresponding period of the preceding year. The recycling rate of industrial waste water reached 94% and new mining rehabilitation area reached 475 hectares.

7.

The Group continued implementation of direct purchase of electricity. As at June 30, 2011, one out of the nine pilot enterprises had implemented direct purchase of electricity while another enterprise implemented the pricing method for electricity in the multi-lateral trading market during certain period. Direct purchase of electricity for the remaining enterprises is underway.

8.

The Group continued to promote exploration of overseas resources. Projects such as the Simandou iron ore mining project in Guinea and the hydropower-aluminum integration project in Malaysia are being actively pursued. The resource development projects in Southeast Asia are making smooth progress.

MARKET REVIEW

ALUMINA

The flooding disaster in Australia, the resumption of production of certain aluminum plants as well as a stronger demand from aluminum plants in the Middle East, the shortage of alumina supply in the international market, coupled with the surge of the international aluminum price, had all gradually pushed up the alumina price. The FOB price of spot alumina in the international market rose from US$365 per tonne early this year to US$420 per tonne in early May, and followed by a decrease in the price of aluminum, the FOB price of spot alumina in the international market in late June decreased to approximately US$380 per tonne. The price of alumina in the domestic market witnessed rise and fall. Beset by the tight power supply, soaring electricity tariff and shortage of funds, coupled with the lower than expected re-commissioned domestic aluminum production capacities and new production capacities and together with the simultaneous launching of new alumina production capacities, there was an oversupply of domestic alumina. Hence, the spot price of alumina started to plummet since the beginning of the second quarter hitting a low spot price of RMB2,500 per tonne by the end of May, before it started to pick up again, reaching RMB2,700 per tonne in later June.

Since the beginning of the year, the global alumina operating capacity had further increased and the production capacity utilization rate hovered at high levels. By the end of June, the production capacity utilization rate of global alumina was approximately 91% while utilization rate in China was approximately 86%. In the first half of the year, the global output and consumption of alumina amounted to approximately 43.8 million tonnes and approximately 43.3 million tonnes respectively, representing an increase of 8.8% and 6.4% respectively over the corresponding period of the preceding year, respectively. China's production volume of alumina was approximately 17.48 million tonnes, representing an increase of 18.9% over the corresponding period of the preceding year; imported alumina was approximately 1.01 million tonnes, representing a decrease of 57% over the corresponding period of the preceding year; demand for alumina reached approximately 16.9 million tonnes, representing an increase of 4.6% over the corresponding period of the preceding year.

PRIMARY ALUMINUM

The second round of quantitative monetary easing policy of the United States led to a continuous rise of global liquidity and a continuously weakening US dollar. Combined with the impacts of the debt crisis in Europe and political crisis in the Middle East, energy prices soared. In the first half of the year, the aluminum price tumbled upwards, hitting a record high in early May, then followed by an adjustment. The three-month aluminum futures price on London Metal Exchange (LME) reached a record of US$2,797 per tonne while the three-month aluminum futures price on Shanghai Futures Exchange (SHFE) hit a high of RMB17,440 per tonne. The three-month aluminum futures price on LME fluctuated between US$2,360 and US$2,800 per tonne and averaged at US$2,550 per tonne, representing an increase of 18.1% as compared with that of the corresponding period last year. In contrast, the domestic aluminum price was less buoyant than the international aluminum price. The three-month aluminum futures price on SHFE drifted between RMB16,402 and RMB17,440 per tonne and averaged at RMB16,870 per tonne, representing an increase of 2.5% over the corresponding period of the preceding year.

Since the beginning of the year, the global operation capacity of aluminum had further increased. As at the end of June 2011, the global production capacity utilization rate of aluminum was approximately 83% while the production capacity utilization rate in China was approximately 87%. During the same period, primary aluminum consumption both in China and the world had increased. In the first half of the year, the global output of primary aluminum was approximately 22.12 million tonnes, representing an increase of 5.7% over the corresponding period of the preceding year; while the global consumption of primary aluminum was approximately 21.98 million tonnes, representing an increase of 10.7% over the corresponding period of the preceding year. China's output of primary aluminum was 8.64 million tonnes, representing an increase of 5.5% over the corresponding period of the preceding year; its consumption of primary aluminum was approximately 8.9 million tonnes, representing an increase of 8.0% over the corresponding period of the preceding year.

ALUMINUM FABRICATION

Since the beginning of the year, following the commencement of China's domestic economic restructuring, a higher level of urbanization rate and upgrading of domestic consumption, the demand for fabricated aluminum products for transportation, electronics, printing, packaging and construction industries have continuously increased. Meanwhile, with the increased production capacities released by the gradual commencement of domestic aluminum fabrication projects, competition in the aluminum fabrication industry has intensified.

In the first half of 2011, the production volume of domestic aluminum fabrication products totaled approximately 11.14 million tonnes, representing a year-on-year increase of 26.7%. The annual production volume of aluminum fabrication products for the year is expected to reach 25 million tonnes. Stimulated by the economic recovery worldwide, export of aluminum fabrication products for the first half of 2011 was approximately 1.52 million tonnes, representing an increase of 45% over the corresponding period of the preceding year.

OUTLOOK AND PROSPECTS

In the second half of 2011 and notwithstanding an improving global economy, the decreased momentum of economic growth in the United States, the debt crisis in Europe and the United States as well as the impacts of China's stringent macro economic control policy to control inflation will lead to increasing uncertainties in the bulk commodity market. With the increase in demands from the new economies and the reconstruction of the post-quake Japan, the demand for aluminum will continue to increase. Restrictions on expansion of China's domestic production capacity, which will improve the supply and demand relationships, and coupled with electricity tariff hikes in China and Europe and the increasing cost of production, such factors will prop up aluminum price. The Group is prudently optimistic about the aluminum price in the second half of the year. The Group will carry out its strategic transformation steadily, further deepen its structural adjustments and its cost control with a view to lowering its cost and improving efficiency. To this end, efforts will be put on the following aspects:

1.

Refine its baseline management at all fronts, encourage operation transformation as well as expanding its scope and accelerating the establishment of its protection mechanism through stronger benchmark management. To exploit internal resources, reduce cost and bolster efficiency, make every effort to improve production and technology indicators and increase profit for stronger profitability of the Company.

2.

Continue to push forward acquisition of bauxite resources and construction of key mines to increase the security of supply of resources; strengthen the baseline management of self-owned mines to ensure a high level of production safety and operational economic efficiency.

3.

Steadily push forward strategic transformation by fastening the construction of production facilities near sources with abundant resources and energy, vigorously pushing ahead acquisition of coal resources and construction of coal bases for the integration of energy as well as development of overseas resources projects.

4.

Deepen the application of electronic procurement platform to realize the advantages of centralized procurement and develop innovative procurement management mechanism.

5.

Further realize the advantages of centralized management of sales, develop innovative marketing sales modes, expand market shares and enhance marketing efficiency.

6.

Continuously expedite technological innovation and reinforce the structural adjustment and the strategic transformation; widen the general application of mature technologies such as the newly structured electrolytic cell, increase the research and development of key technologies such as the series process to produce alumina and the large-amperage electrolytic cell to enhance the Company's profitability.

INTERIM RESULTS

The revenue of the Group for the six months ended June 30, 2011 amounted to RMB65,970 million, representing an increase of 10.36% over the corresponding period of the preceding year. The profit for the period attributable to equity holders of the Company amounted to RMB413 million. Earnings per share attributable to the equity holders of the Company was RMB0.031.

INTERIM DIVIDEND

The Company will not distribute interim dividend for the year 2011.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the financial information of the Group together with the accompanying notes included in the interim report and other sections elsewhere.

BUSINESS SEGMENTS

The Group is principally engaged in alumina refining, primary aluminum smelting and aluminum fabrication products production and the trading of related products. The Group organizes its operations through the following business segments:

Alumina segment, which consists of mining and purchasing of bauxite and other raw materials, refining bauxite into alumina, and selling alumina both internally to the Group's aluminum plants and externally to customers outside the Group. This segment also includes the production and sales of chemical alumina and metal gallium.

Primary aluminum segment, which consists of procuring alumina and other raw materials, supplemental materials and electricity power, smelting alumina to produce primary aluminum and selling them to the Group's internal aluminum fabrication plants and external customers. This segment also includes the production and sales of carbon products, aluminum alloy and other aluminum products.

Aluminum fabrication segment, which consists of procuring primary aluminum, other raw materials, supplemental materials and electricity power, and further processing primary aluminum for the production and sales of seven main aluminum fabricated products, including casts, planks, screens, extrusions, forges, powder and die castings.

Trading segment, which consists of the Group's internal and external procurement and sales of alumina, primary aluminum, aluminum fabrication products, relevant metal products and raw and ancillary materials in bulk.

Headquarters and other operating segments, which mainly include headquarters management and research and development activities.

Results of Operations

The Group's net profit attributable to equity holders of the Company for the first half of 2011 was RMB413 million, representing a decrease of RMB118 million from RMB531 million for the corresponding period of the preceding year.

Revenue

The Group's revenue for the first half of 2011 was RMB65,970 million, representing an increase of RMB6,192 million or 10.36% from RMB59,778 million for the corresponding period of the preceding year. This was mainly attributable to the increase in the external selling prices and increase in the external sales volume of major products.

Cost of Sales

The Group's cost of sales was RMB61,731 million for the first half of 2011, representing an increase of RMB5,719 million or 10.21% from RMB56,012 million for the corresponding period of the preceding year. This was mainly attributable to the increase in the cost and the increase in the external sales volume of major products.

Selling and Distribution Expenses

The Group's selling and distribution expenses decreased by RMB26 million from RMB788 million to RMB762 million for the first half of 2011, representing a decrease of 3.30% as compared with that of the corresponding period of the preceding year. This was primarily attributable to the decrease in sales volume of self-produced aluminum products, as well as the reduction in transportation cost resulting from optimization and control of internal transportation within the Group's plants.

General and Administrative Expenses

The Group's general and administrative expenses decreased by RMB86 million from RMB1,341 million to RMB1,255 million for the first half of 2011, representing a decrease of 6.41% as compared with that of the corresponding period of the preceding year, which was mainly attributable to the Group's measures to reduce costs and enhance efficiency, coupled with efforts to constrain controllable expenses.

Impairment Loss on Property, Plant and Equipment

The impairment loss on property, plant and equipment of the Group for the first half of 2011 increased by RMB275 million over the corresponding period of the preceding year to RMB275 million, which was mainly attributable to the provision of RMB273 million made for asset impairment of the Aurukun project in Australia during the period.

At the end of June 2011, the Queensland State Government of Australia terminated the negotiation on the joint development of bauxite resources in Aurukun, Australia. Therefore, the carrying value of the capitalized development expenditures pertaining to the Aurukun Project was fully provided for after setting off with the relevant government subsidy. Accordingly, an impairment charge of RMB273 million was recognized.

Other Gains, Net

The Group's other gains, net was RMB103 million for the first half of 2011, representing a decrease of RMB228 million from RMB331 million for the corresponding period of the preceding year. This was mainly due to the decrease of RMB259 million in the gains from the commodity future and option contracts as well as foreign currency forward contracts of the Group.

Owing to the above major factors, the operating profit of the Group increased by RMB36 million from RMB1,957 million for the corresponding period of the preceding year to RMB1,993 million for the first half of 2011.

Finance Costs, Net

The Group's net finance costs was RMB1,492 million for the first half of 2011, representing an increase of RMB213 million or 16.65% from RMB1,279 million for the corresponding period of the preceding year. This was primarily attributable to the increase in interest expense as compared with that of the corresponding period of the preceding year as a result of the increase in the size of liabilities of the Group as compared with that of the corresponding period of the preceding year as well as the five upward adjustments in the interest rates by the State since the end of 2010.

Share of Profits of Jointly Controlled Entities and Associates

The Group's share of profits of jointly controlled entities and associates was RMB330 million for the first half of 2011, representing an increase of RMB60 million from RMB270 million for the corresponding period of the preceding year, mainly attributable to increase in profits of associates.

Income Tax

The Group's income tax expenses was RMB139 million for the first half of 2011, representing a decrease of RMB10 million from RMB149 million for the corresponding period of the preceding year. This was mainly attributable to the decrease in profit before income tax for the first half of 2011 as compared with that of the corresponding period of the preceding year.

DISCUSSION OF SEGMENT OPERATIONS

ALUMINA SEGMENT

Revenue

The Group's total revenue in the alumina segment was RMB15,058 million for the first half of 2011, representing an increase of RMB1,747 million or 13.12% from RMB13,311 million for the corresponding period of the preceding year.

The revenue from internal sales of alumina segment was RMB13,630 million for the first half of 2011, representing an increase of RMB1,146 million or 9.18% from RMB12,484 million for the corresponding period of the preceding year.

The revenue from external sales of alumina segment was RMB1,428 million for the first half of 2011, representing an increase of RMB601 million or 72.67% from RMB827 million for the corresponding period of the preceding year.

Segment Profit

The Group's total segment profit in the alumina segment decreased by RMB324 million or 47.09% from RMB688 million for the corresponding period of the preceding year to RMB364 million for the first half of 2011. This was mainly attributable to the impairment provision made for the Aurukun project in Australia as well as that the increase in product prices is less than that in costs.

PRIMARY ALUMINUM SEGMENT

Revenue

The Group's total revenue in the primary aluminum segment was RMB27,699 million for the first half of 2011, representing an increase of RMB913 million or 3.41% from RMB26,786 million for the corresponding period of the preceding year.

The revenue from internal sales of primary aluminum segment was RMB12,572 million for the first half of 2011, representing a decrease of RMB1,593 million or 11.25% from RMB14,165 million for the corresponding period of the preceding year.

The revenue from external sales of primary aluminum segment was RMB15,127 million for the first half of 2011, representing an increase of RMB2,506 million or 19.86% from RMB12,621 million for the corresponding period of the preceding year.

Segment Profit

The Group's total segment profit in the primary aluminum segment was RMB592 million for the first half of 2011, representing a decrease of RMB62 million or 9.48% from RMB654 million for the corresponding period of the preceding year. This was mainly attributable to a year-on-year decrease in production and sales volume of aluminum products of the Group.

ALUMINUM FABRICATION SEGMENT

Revenue

The Group's total revenue in the aluminum fabrication segment was RMB5,870 million for the first half of 2011, representing an increase of RMB1,141 million or 24.13% from RMB4,729 million for the corresponding period of the preceding year.

Segment Profit

The Group's total segment profit in the aluminum fabrication segment was a loss of RMB46 million for the first half of 2011, representing a decrease of RMB258 million or 84.87% in loss from the loss of RMB304 million for the corresponding period of the preceding year. This was mainly attributable to increase in its gross profit margin following the optimization of the product portfolio.

TRADING SEGMENT

Revenue

The Group's total revenue in the trading segment was RMB47,938 million for the first half of 2011, representing an increase of RMB2,162 million or 4.72% from RMB45,776 million for the corresponding period of the preceding year.

The revenue from internal sales of trading segment was RMB4,256 million for the first half of 2011, representing an increase of RMB9 million or 0.21% from RMB4,247 million for the corresponding period of the preceding year. Among which, the internal sales of products purchased from internal sources of the Group was RMB82 million, whereas the internal sales of products purchased from external sources of the Group was RMB4,174 million.

The revenue from external sales of the trading segment was RMB43,682 million for the first half of 2011, representing an increase of RMB2,152 million or 5.18% from RMB41,530 million for the corresponding period of the preceding year. Among which, the external sales of products produced by the Group and sold through the trading segment was RMB17,924 million, whereas the external sales of commodities purchased from external sources of the Group was RMB25,758 million.

Segment Profit

The Group's total segment profit in the trading segment was RMB401 million for the first half of 2011, representing an increase of RMB307 million or 326.60% from RMB94 million for the corresponding period of the preceding year. This was mainly attributable to an increase in both the scale and gross profit of trading as compared with that of the corresponding period of the preceding year.

HEADQUARTERS AND OTHER OPERATING SEGMENTS

Revenue

The Group's total revenue in headquarters and other operating segments was RMB81 million for the first half of 2011, representing a decrease of RMB111 million or 57.81% from RMB192 million for the corresponding period of the preceding year.

Segment Profit

The Group's total segment profit in headquarters and other operating segments was a loss of RMB481 million for the first half of 2011, representing an increase of RMB278 million in loss from the loss of RMB203 million for the corresponding period of the preceding year. This was mainly attributable to an increase in finance costs and a decrease in the share of profit of jointly controlled entities during the period.

STRUCTURE OF ASSETS AND LIABILITIES

Current Assets and Liabilities

As of June 30, 2011, the Group's current assets amounted to RMB45,456 million, representing an increase of RMB4,131 million from RMB41,325 million as at the beginning of the year.

As of June 30, 2011, the Group's cash and cash equivalents amounted to RMB9,599 million, representing an increase of RMB616 million from RMB8,983 million as at the beginning of the year.

As of June 30, 2011, the Group's net inventories amounted to RMB22,326 million, representing an increase of RMB546 million from RMB21,780 million as at the beginning of the year, primarily due to the increase in work-in-progress of the Group mainly as result of commencement of production of certain production lines.

As of June 30, 2011, the Group's current liabilities amounted to RMB61,987 million, representing an increase of RMB6,253 million from RMB55,734 million as at the beginning of the year, primarily due to a net increase of approximately RMB3,518 million in short-term borrowings during the period, coupled with an increase of approximately RMB2,820 million in payables and advances from customers.

As of June 30, 2011, the current ratio of the Group was 0.73, representing a decrease of 0.01 from 0.74 as at the end of 2010. The quick ratio was 0.37, representing an increase of 0.02 from 0.35 as at the end of 2010.

Non-current Liabilities

As of June 30, 2011, the Group's non-current liabilities amounted to RMB27,910 million, representing a decrease of RMB492 million from RMB28,402 million as at the beginning of the year, mainly due to the repayment of long-term borrowings.

As of June 30, 2011, the debt to asset ratio of the Group was 60.81%, representing an increase of 1.28 percentage points as compared with 59.53% as at the end of 2010.

MEASUREMENT OF FAIR VALUE

The Group formulated procedures for measurement and disclosure of fair value in accordance with the requirements on the recognition of fair value under the relevant accounting principles, and undertook responsibility for the truthfulness of the measurement and disclosure of fair value. Currently, save as the available-for-sale financial assets and financial assets and liabilities at fair value through profit or loss (including derivative instruments) of the Company are accounted at fair value, others were measured at historical cost.

As of June 30, 2011, the financial assets at fair value through profit or loss held by the Group amounted to RMB20 million, of which, future contracts for primary aluminum and other commodities amounted to approximately RMB13 million, representing an increase of RMB13 million as compared with that of the end of 2010; and foreign currency forward contracts amounted to approximately RMB7 million, representing a decrease of RMB10 million as compared with that of the end of 2010. The changes represented unrealized gains on future, forward and option contracts, net. The amount of future contracts for primary aluminum and other commodities accounted for as financial liabilities at fair value through profit or loss amounted to RMB2 million, representing a decrease of RMB7 million from RMB9 million at the end of 2010. The change represented unrealized gains on future, forward and option contracts, net. The amount of changes in fair value of primary aluminum option contracts measured at fair value amounted to RMB13 million, representing unrealized gains on future, forward and option contracts, net.

PROVISION FOR INVENTORY IMPAIRMENT

On June 30, 2011 the Group conducted valuation on the net realizable value of the Company's inventories based on the estimated selling price of finished goods. The valuation took into account the intra-group matching of sales plans and production schedules of alumina plants and aluminum smelters, financial budget, inventory turnover, inventory purposes and post balance sheet events. Upon the assessment, the provisions for inventory impairment for inventories held as of June 30, 2011 amounted to RMB94 million, representing a decrease of RMB15 million as compared with the provisions for impairment of RMB109 million at the end of 2010. This was mainly due to the provisions for inventories impairment of RMB18 million because the net realizable value of the inventories held was lower than the carrying amount at the end of the reporting period and the reversal of provision for inventories impairment of RMB33 million as a result of the use and sales of inventories for which provisions were made at the previous period.

CAPITAL EXPENDITURES, CAPITAL COMMITMENTS AND INVESTMENT COMMITMENTS

For the six months ended June 30, 2011, the Group's accumulated project investment expenditures amounted to RMB4,692 million, which consisted mainly of investments in energy saving and consumption reduction, environment improvement, resources acquisition and scientific research and development, including projects such as project in relation to the phasing out of obsolete capacity and environmental protection and energy saving of Liancheng branch
(), the Zhongzhou branch's expansion of Bayer-process ore dressing project (), the Henan branch's 500,000-tonne ore possessing plant project
(), the alumina project of Shanxi Huaxing in Xing County (), the Guangxi branch's 480,000-tonne alumina capacity expansion and technological renovation project, () and the 201 technological promotion project ().

As of June 30, 2011, the Group's capital commitment for investment in fixed assets amounted to RMB29,640 million, of which those contracted but not provided for amounted to RMB3,621 million and those authorized but not contracted for amounted to RMB26,019 million.

As of June 30, 2011, the Group's investment commitment amounted to RMB1,634 million, consisted mainly of the capital contributions of RMB915 million, RMB378 million and RMB140 million to Gansu Huayang Mining Development Company Limited (), Qinghai Province Energy Development (Group) Company Limited () and Sapa Chalco Aluminum Products (Chongqing) Company Limited
(), respectively.

CASH AND CASH EQUIVALENTS

As of June 30, 2011, the Group's cash and cash equivalents amounted to RMB9,599 million, representing a net increase of RMB616 million from RMB8,983 million as at the beginning of the year, which included foreign currency deposits of RMB101.88 million, RMB1.84 million, RMB104.99 million and RMB29.56 million denominated in US dollars, Euro, Australian dollars and Hong Kong dollars, respectively.

Cash Flows from Operating Activities

In the first half of 2011, the Group's net cash inflow generated from operating activities amounted to RMB4,824 million, representing an increase of RMB1,256 million from a net inflow of RMB3,568 million for the corresponding period of the preceding year, mainly attributable the Group's vigorous efforts in cutting down the use of working capital.

Cash Flows from Investing Activities

In the first half of 2011, the Group's net cash outflow generated from investing activities amounted to RMB5,249 million, representing an increase of RMB478 million from a net outflow of RMB4,771 million for the corresponding period of the preceding year, primarily due to the increase in investment expenditure as compared with the corresponding period of the preceding year given the progress made by the Company in restructuring.

Cash Flows from Financing Activities

In the first half of 2011, net cash inflow generated from financing activities decreased by RMB3,539 million from a net inflow of RMB4,579 million for the corresponding period of the preceding year to RMB1,040 million. This was mainly attributable to the decrease in additional external debt financing for the period as compared with the corresponding period of the preceding year.

INVESTMENT OF THE COMPANY

USE OF PROCEEDS

During the reporting period, no proceeds were utilized by the Group.

USE OF NON-PROCEEDS

(1)

The proposed investment of Shanxi Xing County's 800,000-tonne alumina project is RMB4.46 billion. By the end of June 2011, the Company had invested RMB0.34 billion in total. The project is expected to be completed and commence production by 2014, with an annual alumina production capacity of 800,000 tonnes.

(2)

The proposed investment of the Bayer process system expansion project for production lines 3 and 4 in Zhongzhou () is RMB2.87 billion. By the end of June 2011, the Company had invested RMB1.2 billion in total. The project is expected to be completed and commence production by 2011, with an annual alumina production capacity of 700,000 tonnes.

(3)

The proposed investment of Shandong branch's Bayer process alumina exploration and renovation project () is RMB0.27 billion. As at the end of June 2011, the Company had invested RMB0.19 billion in total. The project is expected to be completed and commence production by 2011, with an annual alumina production capacity of 270,000 tonnes.

(4)

The proposed investment of Guangxi branch's alumina exploration and renovation project () is RMB0.99 billion. As at the end of June 2011, the Company had invested RMB0.36 billion in total. The project is expected to be completed and commence production by 2011, with an annual alumina production capacity of 480,000 tonnes.

(5)

The proposed investment of Liancheng branch's technological renovation project, which involves the phasing out of obsolete capacity and introduction of environment protection and energy saving technologies, was RMB3.8 billion. By the end of June 2011, the Company had invested RMB2.43 billion in total. The project is expected to be completed and commence production by 2011, with an annual aluminum production capacity of 388,000 tonnes.

(6)

The energy-saving and environmental protection technology refinement project of Gansu Hualu's aluminum and carbon system. The proposed investment in the project was RMB0.73 billion. By the end of June 2011, the Company had invested RMB0.52 billion in total. The project is expected to be fully completed and commence production by 2011, with a production capacity of 70,000 tonnes of aluminum achieved in 2010.

DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

In accordance with Articles 104 and 145 of the Company's Articles of Association, all directors ("Directors") and supervisors ("Supervisors") of the Company were appointed for a term of three years, eligible for re-appointments after expiry of their respective terms of office. In view of the expiry of the term of office of the third session of the Board and the third session of the supervisory committee ("Supervisory Committee") of the Company upon holding of the 2009 annual general meeting, the Directors of the fourth session of the Board and the shareholder-representative Supervisors of the fourth session of the Supervisory Committee were elected at the 2009 annual general meeting held on June 22, 2010. The employee-representative Supervisor of the fourth session of the Supervisory Committee of the Company was elected by the employee-representatives of the Company's headquarters and each of its subsidiaries. Upon consideration and approval at the eleventh meeting of the fourth session of the Board held on February 23, 2011, Mr. Liu Caiming was appointed as the Company's Senior Vice President, Chief Financial Officer and a member of Executive Committee. Mr. Liu Caiming was elected as the executive Director of the fourth session of the Board of the Company in the 2010 annual general meeting held on May 31, 2011.

Upon nomination by the nomination committee of the Company, the proposal in relation to the appointment of Mr. Liu Xiangmin as the Company's Senior Vice President was considered and passed at the fifteenth meeting of the fourth session of the Board of the Company held on May 27, 2011.

Members of the fourth session of the Board and the fourth session of the Supervisory Committee are as below:

Executive Directors

:

Xiong Weiping, Luo Jianchuan,

Liu Caiming and Liu Xiangmin

Non-executive Director

:

Shi Chungui and Lv Youqing

Independent Non-executive Directors

:

Zhang Zhuoyuan, Wang Mengkui and Zhu Demiao

Supervisors

:

Ao Hong, Yuan Li and Zhang Zhankui

During the reporting period, there was no change in the respective shareholdings of the Directors, Supervisors, and senior management of the Company.

Profile of Mr. Liu Caiming

Liu Caiming, aged 48, is currently the executive Director, Senior Vice President and Chief Financial Officer of the Company. Mr. Liu was elected as the executive Director of the Company at the 2010 annual general meeting of the Company held on May 31, 2011. Mr. Liu Caiming was appointed as the Senior Vice President, Chief Financial Officer and member of Executive Committee of the Company at the eleventh meeting of the fourth session of the Board of the Company convened on February 23, 2011. Graduated from the School of Economics of Fudan University, Mr. Liu is a doctoral candidate, senior accountant and certified public accountant in the PRC. Having been engaged in financial management at large state-owned enterprises for a long time, Mr. Liu has extensive experience in finance and business management. He had served as Deputy Head and head of the Finance Department of China Non-ferrous Metals Foreign-Engineering Corporation (), Deputy General Manager of China Non-ferrous Metals Construction Group Limited (), Deputy General Manager of China Non-ferrous Construction Group Limited (), Director and Deputy General Manager of China Non-ferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., Deputy General Manager of China Non-ferrous Metals Mining and Construction (Group) Co., Ltd., Deputy General Manager of Aluminum Corporation of China, Chairman of Yunnan Copper Industry (Group) Co., Ltd., Chairman of Chinalco Shanghai Copper Co., Ltd., Executive Director of Chinalco Kunming Copper Co., Ltd., as well as Director and President of China Copper Co., Ltd. (). Mr. Liu has also acted as titular Deputy Head of Department of Finance of Yunnan Province, director of State-owned Assets Supervision and Administration Commission of Yunnan Province and assistant to the governor of Yunnan Province.

Profile of Mr. Liu Xiangmin

Liu Xiangmin, aged 48, is currently the executive Director and Senior Vice President of the Company. Mr. Liu was appointed as the Company's Senior Vice President at the fifteenth meeting of the fourth session of the Board convened on May 27, 2011. Mr. Liu graduated from Central South University of Technology in 1982, majoring in non-ferrous metallurgy; he has a doctorate degree from Central South University and is a professor-grade senior engineer. He has been engaged in research on non-ferrous metal metallurgy and corporate management and has accumulated extensive and professional experience. Mr. Liu had previously served as Deputy Head and Head of the Alumina branch of Zhongzhou Aluminum Plant, Deputy Head of Zhongzhou Aluminum Plant, and General Manager of Zhongzhou Branch and Vice President of the Company.

EMPLOYEES, PENSION PLANS AND WELFARE FUND

The Group had approximately 105,408 employees as of June 30, 2011. For the first half of 2011, the Group had paid total remuneration of approximately RMB3,051 million for its employees. The remuneration package of the employees includes salaries, bonuses, subsidies, allowances and welfare benefits including medical care, housing subsidies, childbirth, unemployment, work injury, pension and other miscellaneous items. In accordance with the applicable PRC regulations, the Group has participated in pension contribution plans organized by the provincial and municipal governments, under which each of the Group's plants is required to contribute an amount equivalent to a specified percentage of the sum of its employees' salaries, bonuses and various allowances to the pension fund. The amount of contribution of each plant was in the region of 20% of the employees' salary.

PARTICULARS OF SHARE CAPITAL STRUCTURE, CHANGES AND SHAREHOLDERS

SHARE CAPITAL STRUCTURE

As of June 30, 2011, the share capital structure of the Company was as follows:

As of June 30, 2011

Increase/decrease

Percentage of

of shares in

total issued

Total number

the reporting

Name of shareholder

Nature of shareholder

shares

of shares held

period

Note

(%)

Chinalco^#

State-owned

38.56

5,214,407,195

HKSCC Nominees Limited

Overseas legal person

29.03

3,926,110,779

Decreased by

796,858

China Cinda Asset

State-owned

5.92

800,759,074

   Management Co., Ltd.

China Construction

State-owned legal person

5.08

686,895,697

Decreased by

   Bank Corporation

22,477,439

Guokai Financial

State-owned legal person

3.14

425,168,145

Decreased by

   Limited Company

690,000

Baotou Aluminum

State-owned legal person

2.59

350,237,795

Decreased by

   (Group) Co., Ltd.

980,000

Lanzhou Aluminum Factory

State-owned legal person

0.59

79,472,482

Guizhou Provincial Materials

State-owned legal person

0.51

69,149,065

Decreased by

49,200,000

   Development and Investment

2,490,935

(pledged)

   Corporation

ICBC - Shanghai 50 ETF Index

Domestic non

0.15

20,054,837

Increased by

   Securities Investment Fund

   state-owned legal person

3,387,585

Bank of China - Harvest

Domestic non

   Shanghai and Shenzhen

   state-owned legal person

0.11

15,141,217

Increased by

   300 Index Securities

4,157,400

   Investment Fund

Note 1:

These are subsidiaries of Chinalco.

SUBSTANTIAL SHAREHOLDERS WITH SHAREHOLDING OF 5% OR MORE

So far as the Directors are aware, as at June 30, 2011, the following persons (other than the Directors, Supervisors and Chief Executive of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance ("Hong Kong SFO") or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the Hong Kong SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange").

Percentage in

the relevant class

Percentage in

Name of substantial

Class of

Number of

of issued

total share

Shareholder

shares

shares held

         Capacity

share capital

capital in issue

Chinalco

A Shares

5,655,377,299(L)

         Beneficial owner and

59.04%(L)

41.82%(L)

(Note 1)

            interests of controlled

            corporations

China Cinda Asset Management

A Shares

800,759,074(L)

         Beneficial owner

8.36%(L)

5.92%(L)

   Co., Ltd.

China Construction Bank

A Shares

686,895,697(L)

         Beneficial owner

7.17%(L)

5.08%(L)

   Corporation Limited

Templeton Asset Management Ltd.

H Shares

865,642,475(L)

         Investment manager

21.95%(L)

6.4%(L)

JPMorgan Chase & Co.

H Shares

354,985,311(L)

         Beneficial owner,

9.00%(L)

2.62%(L)

23,251,326(S)

            investment manager and

0.59%(S)

0.17%(S)

88,902,246(P)

            custodian- corporation/

2.25%(P)

0.66%(P)

(Note 2)

            approved lending agent

Blackrock, Inc.

H Shares

286,920,274(L)

         Interests of controlled

7.28%(L)

2.12%(L)

43,954,183(S)

            corporations

1.11%(S)

0.32%(S)

(Note 3)

Morgan Stanley

H Shares

230,446,250(L)

         Interests of controlled

5.84%(L)

1.70%(L)

210,257,885(S)

            corporations

5.33%(S)

1.55%(S)

(Note 4)

Credit Suisse Group AG

H Shares

211,598,572(L)

         Interests of controlled

5.37%(L)

1.56%(L)

188,336,911(S)

            corporations

4.78%(S)

1.39%(S)

(Note 5)

J.P. Morgan Fleming Asset

H Shares

249,024,000(L)

         Investment manager

9.06%

1.84%

   Management Holdings Inc.

(L)

The letter "L" denotes a long position.

(S)

The letter "S" denotes a short position.

(P)

The letter "P" denotes interests in a lending pool.

Notes:

1.

These interests included a direct interest of 5,214,407,195 A shares held by Chinalco, and an aggregate interests in 440,970,104 A shares held by various controlled corporations which are subsidiaries of Chinalco, comprising 350,237,795 A shares held by Baotou Aluminum (Group) Co., Ltd., 79,472,482 A shares held by Lanzhou Aluminum Factory, 4,119,573 A shares held by Guiyang Aluminum Magnesium Design and Research Institute and 7,140,254 A shares held by Shanxi Aluminum Plant.

2.

Among the aggregate interests in the long position of H shares, 35,149,065 H shares were held as beneficial owner, 230,934,000 H shares were held as investment manager and 87,902,246 H shares were held as custodian corporation/approved lending agent.

The aggregate interests in the short position of H shares were held as beneficial owner.

Among the aggregate interests in the long position of H shares, 3,257,999 H shares were derivative interests.

Among the aggregate interests in the short position of H shares, 1,081,426 H shares were derivative interests.

3.

These interests were held directly by various corporations controlled by Blackrock, Inc..

Among the aggregate interests in the long position in H shares, 6,213,651 H shares were derivative interests.

4.

These interests were held directly by various corporations controlled by Morgan Stanley.

5.

These interests were held directly by various corporations controlled by Credit Suisse Group AG.

Among the aggregate interests in the long position in H shares, 41,913,372 H shares were derivative interests.

Among the aggregate interests in the short position in H shares, 43,551,675 H shares were derivative interests.

Save as disclosed above and so far as the Directors are aware, as of June 30, 2011, no other person had an interest or short position in the shares or underlying shares of the Company (as the case may be) which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the Hong Kong SFO and as recorded in the register required to be kept under section 336 of the Hong Kong SFO, or was otherwise a substantial shareholder of the Company.

CHANGES IN SHARE CAPITAL

On January 4, 2011, the trading moratorium of 5,649,217,045 A shares of the Company was uplifted and all shares of the Company became listed tradable shares thereafter.

APPROVAL OF CHANGES IN SHAREHOLDINGS

Not applicable.

TOTAL NUMBER OF SHAREHOLDERS AT THE END OF THE REPORTING PERIOD

On June 30, 2011, the Company had 588,201 shareholders (including 587,324 holders of A shares and 877 holders (registered shareholders) of H shares).

SHAREHOLDINGS OF THE TOP TEN SHAREHOLDERS

Unit:shares

Increase/decrease

Percentage of

of shares in

total issued

Total number

the reporting

Name of shareholder

Nature of shareholder

shares

of shares held

period

Note

(%)

Chinalco^#

State-owned

38.56

5,214,407,195

HKSCC Nominees Limited

Overseas legal person

29.03

3,926,110,779

Decreased by

796,858

China Cinda Asset

State-owned

5.92

800,759,074

   Management Co., Ltd.

China Construction

State-owned legal person

5.08

686,895,697

Decreased by

   Bank Corporation

22,477,439

Guokai Financial

State-owned legal person

3.14

425,168,145

Decreased by

   Limited Company

690,000

Baotou Aluminum

State-owned legal person

2.59

350,237,795

Decreased by

   (Group) Co., Ltd.

980,000

Lanzhou Aluminum Factory

State-owned legal person

0.59

79,472,482

Guizhou Provincial Materials

State-owned legal person

0.51

69,149,065

Decreased by

49,200,000

   Development and Investment

2,490,935

(pledged)

   Corporation

ICBC - Shanghai 50 ETF Index

Domestic non

0.15

20,054,837

Increased by

   Securities Investment Fund

   state-owned legal person

3,387,585

Bank of China - Harvest

Domestic non

   Shanghai and Shenzhen

   state-owned legal person

0.11

15,141,217

Increased by

   300 Index Securities

4,157,400

   Investment Fund

#

This figure does not include the A shares indirectly held by Chinalco through its subsidiaries.

INTERESTS IN SHARES HELD BY DIRECTORS, CHIEF EXECUTIVE AND SUPERVISORS

As of June 30, 2011, none of the Directors, Chief Executive, President or Supervisors and their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO) which are (a) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the Hong Kong SFO; or (b) required to be recorded in the register kept by the Company pursuant to Section 352 of the Hong Kong SFO; or (c) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. For the six months ended June 30, 2011, none of the Directors, Chief Executive, Supervisors, senior management or their spouses or children under the age of 18 was given the right to acquire any shares in or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO).

REPURCHASE, SALE AND REDEMPTION OF THE COMPANY'S SHARES

During the reporting period, neither the Company nor its subsidiaries purchased or sold any of their shares.

PLEDGE OF GROUP ASSETS

As of June 30, 2011, the Group pledged assets with carrying value amounting to RMB1,438 million, including property, plant and equipment, land use rights and inventories, for bank loans.

EXTERNAL GUARANTEES PROVIDED BY THE COMPANY

As of June 30, 2011, the balance of external guarantees provided by the Company aggregated to RMB670,000,000, details of which are set out as follows:

As at the date of this report, the Company provided a joint liability guarantee in favor of Shanxi Huaze Aluminum and Power Co., Ltd. ("Shanxi Huaze") for an outstanding amount of RMB670,000,000. In 2004, the Company and China Construction Bank, Shanxi Aluminum Plant Sub-branch entered into a Guarantee Contract, whereby the Company provided a several responsibility guarantee for the loan of RMB1,120,000,000 made to Shanxi Huaze, a controlling subsidiary of the Company. The guarantee would expire two years after the expiry of the debt performance period under the principal contract.

Upon consideration at the 2010 annual general meeting convened on May 31, 2011, the proposal was approved that the granting of counter guarantee to Aluminum Corporation of China in respect of the guarantee provided in favor of Rio Tinto plc ("Rio Tinto") by Aluminum Corporation of China in relation to the Simandou iron ore project in Guinea. Please refer to the announcements of the Company dated March 21, and June 1, 2011 for details of the matter.

CORPORATE GOVERNANCE

The Articles of Association, the Terms of Reference of the Audit Committee, the Terms of Reference of the Supervisory Committee and the Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees form the framework for the code of corporate governance practices of the Company. The Board has reviewed its corporate governance documents and internal control guidelines, and is of the view that, except for the roles of Chairman and CEO being performed by the same person, such documents have incorporated most of the principles and code provisions in the "Code on Corporate Governance Practices" (the "CG Code") as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") and the Internal Control Guidelines stipulated by the Shanghai Stock Exchange.

During the reporting period, except for the roles of Chairman and CEO being performed by the same person, the Board is of the opinion that the Company has complied with the code provisions of the CG Code and the requirements under the Internal Control Guidelines stipulated by the Shanghai Stock Exchange. The Board is of the view that the arrangement that the roles of Chairman and CEO being performed by the same person enables better coordination between the Board and the management, which is beneficial for the long term development of the Company's business.

CODE OF CONDUCT FOR SECURITIES TRANSACTIONS BY THE DIRECTORS, SUPERVISORS AND RELEVANT EMPLOYEES

For the purpose of clarification, the Company has adopted a Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees (the "Required Standards") on terms no less exacting than the required standard of dealings set out in the "Model Code for Securities Transactions by Directors of Listed Companies" in Appendix 10 of the Hong Kong Listing Rules. Specific employees who are likely to be in possession of unpublished price sensitive information of the Group are also subject to compliance with the Required Standards. All Directors, Supervisors and Relevant Employees, upon specific enquiries, have confirmed that they have complied with the Required Standards during the six months ended June 30, 2011.

AUDIT COMMITTEE

The Company has established an audit committee with written terms of reference based on the guidelines recommended by the Hong Kong Institute of Certified Public Accountants. The primary duties of the audit committee are to review the financial report of the Company, review the appointment of independent auditor, approve the auditing and provide audit-related services as well as monitoring over the internal financial reporting process and management policies of the Company.

The Audit Committee of the fourth session of the Board of the Company consists of three independent non-executive Directors, namely Mr. Zhu Demiao, Mr. Zhang Zhuoyuan and Mr. Wang Mengkui. Mr. Zhu Demiao is the Chairman of the Committee.

The Audit Committee and the management have reviewed the accounting principles and practices adopted by the Group and discussed auditing, internal control and financial statements matters including the review of the unaudited condensed consolidated interim financial information for the six months ended June 30, 2011.

In the first half of 2011, the Audit Committee convened four meetings in total, including the fifth meeting of Audit Committee of the fourth session of the Board held on January 10, 2011, at which the proposal in relation to the transfer of 5% equity interest of China Aluminum International Engineering Corporation Limited
() held by China Aluminum International Trading Co., Ltd. () ("CIT") was considered; the sixth meeting of the Audit Committee of the fourth session of the Board held on February 25, 2011, at which thirteen proposals including the 2010 Financial Report were considered; the seventh meeting of the Audit Committee of the fourth session of the Board held on April 8, 2011, at which the proposal on the Work Plan for Implementation of Internal Control Standardization for 2011 () of the Company for submission with Beijing Bureau of China Securities Regulatory Commission was considered; and the eighth meeting of the Audit Committee of the fourth session of the Board held on April 20, 2011, at which three proposals including the 2011 First Quarterly Financial Report were considered.

SIGNIFICANT EVENTS

1.

CORPORATE GOVERNANCE

The Company has strictly complied with the requirements of the Company Law of the People's Republic of China (the "Company Law"), the Securities Law of the People's Republic of China ("Securities Law"), the relevant provisions of China Securities Regulatory Commission and Shanghai Stock Exchange Listing Rules ("Shanghai Stock Exchange Listing Rules") and duly performed its corporate governance obligations in line with the requirements of relevant documents issued by China Securities Regulatory Commission. In addition, except that the roles of Chairman and CEO are being performed by the same person, the Company has strictly complied with the Hong Kong Listing Rules in relation to corporate governance.

The Company will continue to be in strict compliance with the requirements of the regulatory bodies including China Securities Regulatory Commission, Beijing Securities Regulatory Bureau and Shanghai Stock Exchange. Through operation compliance and strict self-regulations, the Company will continuously improve its various corporate governance measures to further enhance its corporate governance and internal control system. Aiming at protecting the interest of shareholders of the Company, the Company will maintain consistency, stability and healthy development to bring returns to the society and shareholders through satisfactory performance results. The Company will also continue to comply with the requirements on corporate governance under the Hong Kong Listing Rules.

Since its incorporation, the Company has been completely separated from its controlling shareholder in terms of business, staff, assets and finance. The Company has independent and comprehensive business and has the ability to operate on its own.

2.

ASSETS TRANSACTIONS

The Group, by way of public bidding, acquired a 9.5% equity interest in China Aluminum International Trading Company Limited from China Aluminum Development Limited ("CAD"), a wholly-owned subsidiary of Chinalco at the price of RMB115 million. Pursuant to the acquisition agreement, CAD is entitled to the profit generated by CIT between the agreed valuation benchmark dates and respective effective acquisition dates. Accordingly, the Company is required to pay to CAD an additional RMB45 million. For details, please refer to the announcement of the Company dated March 17, 2011 as well as the Announcement of the Resolutions Passed at the Annual General Meeting dated May 31, 2011.

3.

DISTRIBUTION OF FINAL DIVIDEND FOR THE YEAR 2010

The final dividend distribution proposal for 2010 of the Company had been considered and approved at the general meeting held on May 31, 2011. Based on a total number of issued shares of 13,524.49 million shares as of December 31, 2010, the Company distributed cash dividend of RMB0.0114 per share (tax inclusive) to all shareholders and the distribution had been completed on July 27, 2011.

4.

MATERIAL LITIGATION AND ARBITRATION

There was no material litigation and arbitration during the reporting period.

5.

MATERIAL CONNECTED TRANSACTIONS OF THE GROUP DURING THE REPORTING PERIOD

Connected transaction related to daily operations

During the reporting period, the total amount of major and continuing connected transactions between the Group and related parties was approximately RMB9,553 million, of which purchase transactions amounted to RMB3,525 million and sales transactions amounted to RMB6,028 million (including product sales and service provision).

All the above connected transactions occurred during the reporting period have been conducted under the relevant agreements which have been announced. Continuing connected transactions of the Group were mainly transactions between the Company and Chinalco.

Connected transactions as a result of acquisition and disposal of assets

The Group, by way of public bidding, acquired 9.5% equity interest of CIT held by CAD. Please refer to the disclosure in "Assets Transactions" of "Significant Events".

6.

PERFORMANCE OF UNDERTAKINGS

The undertakings during or subsisting in the reporting period made by Chinalco are as follows:

During the A share issue, Chinalco undertook to sell to the Company the pseudo-boehmite business within a certain period of time following the listing of the Company's A shares.

In respect of the above matters, Chinalco's performance of the undertakings is as follows:

Both Shanxi Aluminum Plant, a wholly-owned company of Chinalco, and the Shandong branch of the Company had minor activities in the pseudo-boehmite market. However, as the pseudo-boehmite business was not among the principal activities of the Company, the revenue from this segment made up an insignificant portion of the Company's revenue and the sales locations of pseudo-boehmite of Shandong branch and Shanxi Aluminum Plant were different, the competition between Chinalco and the Company in respect of pseudo-boehmite business is limited. Up to the date of this report, since various aspects of Chinalco's pseudo-boehmite business, including profitability and property titles have yet to fulfill the qualifications for injection to the Company, the Company will acquire such business when the conditions become mature.

Apart from the non-performance of the undertaking in relation to injection of the pseudo-boehmite business due to objective factors, other undertakings of Chinalco have been performed.

7.

OTHER SIGNIFICANT EVENTS

Impact of Aurukun Project on the Results of the Company

For reason of not being economically viable, the Development Agreement entered into between the Company and the Queensland State Government was terminated automatically upon its expiry on June 30, 2010. Both parties continued to explore other possible ways for the development of the bauxite resources in Aurukun. At the end of June 2011, the Queensland State Government terminated such further discussion. Pursuant to the relevant accounting standard requirements, the Company made impairment provision during this reporting period for relevant expenditure incurred from the development of such project based on its subsequent estimation on the recoverable amount of Aurukun Project. Please refer to the announcements of the Company dated July 1, 2011 and July 26, 2011 as well as the section headed "Management's Discussion and Analysis on Financial Positions and Results of Operations" in this report for details.

Progress of the Simandou Project in Guinea

The Company entered into a Joint Development Agreement with Rio Tinto on July 29, 2010 for the development of the Simandou Iron Ore Project. On April 22, 2011, Rio Tinto and the Government of Guinea signed a settlement agreement. The Company is proceeding with the project. Please refer to the announcements of the Company dated July 29, 2010 and April 26, 2011 for details.

Non-public Offering of A shares

On January 30, 2011, the resolution for the proposed non-public offering of A shares to no more than ten target investors was approved at the tenth meeting of the fourth session of the Board of the Company, under which no more than one billion RMB denominated ordinary shares (A shares) would be issued. The proposal was considered and approved by the shareholders at the 2nd Extraordinary General Meeting for 2011, 1st Class Meeting for Holders of A Shares for 2011 and 1st Class Meeting for Holders of H Shares for 2011 held on April 14, 2011. On April 15, 2011, the Company submitted the application materials to China Securities Regulatory Commission for its non-public offering. On August 15, 2011, the Listing Committee of the China Securities Regulatory Commission conditionally approved the Company's application for non-public offering of A shares. Please refer to the announcements of the Company dated January 30, 2011, April 15, 2011 and August 15, 2011 for details.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of June 30, 2011

(Amounts expressed in thousands of RMB unless otherwise stated)

June 30,

December 31,

Note

2011

2010

ASSETS

Non-current assets

   Intangible assets

6

3,938,528

3,033,875

   Property, plant and equipment

6

91,254,120

90,778,672

   Non-current assets held for sale

-

40,965

   Land use rights and leasehold land

2,285,825

2,180,946

   Investments in jointly controlled entities

7

1,006,189

990,568

   Investments in associates

7

1,946,449

1,212,608

   Available-for-sale financial assets

44,878

44,878

   Deferred income tax assets

1,391,376

1,410,781

   Other non-current assets

503,767

304,199

102,371,132

99,997,492

Current assets

   Non-current assets held for sale

621,705

621,705

   Inventories

22,325,890

21,780,047

   Trade and notes receivable

8

4,041,498

3,269,973

   Other current assets

7,988,942

6,139,969

   Financial assets at fair value through profit or loss

19,970

17,208

   Restricted cash and time deposits

858,897

512,935

   Cash and cash equivalents

9,598,989

8,982,710

45,455,891

41,324,547

Total assets

147,827,023

141,322,039

EQUITY

Equity attributable to equity holders of the Company

   Share capital

13,524,488

13,524,488

   Other reserves

19,562,566

19,553,623

   Retained earnings

18,761,409

18,502,681

51,848,463

51,580,792

Non-controlling interests

6,081,388

5,606,063

Total equity

57,929,851

57,186,855

LIABILITIES

Non-current liabilities

   Borrowings

9

27,234,721

27,723,867

   Other non-current liabilities

675,105

677,770

27,909,826

28,401,637

Current liabilities

   Financial liabilities at fair value through profit or loss

8,415

8,559

   Borrowings

9

45,237,834

41,719,869

   Other payables and accrued expenses

7,180,424

7,533,069

   Trade and notes payable

10

9,533,309

6,376,342

   Current income tax liabilities

27,364

95,708

61,987,346

55,733,547

Total liabilities

89,897,172

84,135,184

Total equity and liabilities

147,827,023

141,322,039

Net current liabilities

(16,531,455)

(14,409,000)

Total assets less current liabilities

85,839,677

85,588,492

The accompanying notes are an integral part of this financial information.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended June 30, 2011

(Amounts expressed in thousands of RMB unless otherwise stated)

For the six months

ended June 30,

Note

2011

2010

Revenue

5

65,969,749

59,778,469

Cost of sales

(61,730,772)

(56,011,650)

Gross profit

4,238,977

3,766,819

Selling and distribution expenses

11

(761,507)

(788,082)

General and administrative expenses

12

(1,254,937)

(1,340,874)

Research and development expenses

(77,285)

(79,080)

Impairment loss on property, plant and equipment

6

(275,225)

-

Other income

13

19,512

67,293

Other gains, net

13

103,175

330,620

Operating profit

1,992,710

1,956,696

Finance income

14

59,019

42,337

Finance costs

14

(1,550,555)

(1,321,182)

Share of profit of jointly controlled entities

7

67,373

160,542

Share of profit of associates

7

262,464

109,476

Profit before income tax

831,011

947,869

Income tax expense

15

(139,180)

(148,897)

Profit for the period

691,831

798,972

Other comprehensive loss, net of tax:

Reclassification of cumulated fair value changes on

   available-for-sale financial assets upon disposal

-

(1,155)

Currency translation differences

(15,674)

(44,584)

Total other comprehensive loss for the period, net of tax

(15,674)

(45,739)

Total comprehensive income for the period

676,157

753,233

Profit for the period attributable to:

   Equity holders of the Company

412,580

530,595

   Non-controlling interests

279,251

268,377

691,831

798,972

Total comprehensive income for the period

   attributable to:

   Equity holders of the Company

396,906

485,297

   Non-controlling interests

279,251

267,936

676,157

753,233

Basic and diluted earnings per share for profit

   attributable to the equity holders of the Company

   (expressed in RMB per share)

16

RMB0.031

RMB0.039

The accompanying notes are an integral part of this financial information.

For the six months

ended June 30,

Note

2011

2010

Dividends

17

-

-

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY

For the six months ended June 30, 2011

(Amounts expressed in thousands of RMB unless otherwise stated)

Non-

controlling

Total

Attributable to equity holders of the Company

interests

equity

Capital reserves

Other

Statutory

Currency

Investment

Share

Share

capital

surplus

Special

translation

revaluation

Retained

capital

premium

reserves

reserve

reserve

differences

reserve

earnings

Total

Balance as of January 1, 2010

13,524,488

12,848,885

432,600

5,799,232

56,747

(54,926)

714

17,792,998

50,400,738

5,180,419

55,581,157

Comprehensive income/(loss):

Profit for the period

-

-

-

-

-

-

-

530,595

530,595

268,377

798,972

Other comprehensive (loss)/income:

Reclassification of cumulated fair value

   changes on available-for-sale financial

   assets upon disposal - gross

-

-

-

-

-

-

(842)

-

(842)

(519)

(1,361)

Reclassification of cumulated fair value

   changes on available-for-sale financial

   assets upon disposal - tax effect

-

-

-

-

-

-

128

-

128

78

206

Currency translation differences

-

-

-

-

-

(44,584)

-

-

(44,584)

-

(44,584)

Total other comprehensive loss

-

-

-

-

-

(44,584)

(714)

-

(45,298)

(441)

(45,739)

Total comprehensive (loss)/income

-

-

-

-

-

(44,584)

(714)

530,595

485,297

267,936

753,233

Transactions with owners:

Release of deferred government grants

-

-

6,339

-

-

-

-

-

6,339

1,443

7,782

Acquisition of non-controlling interests

-

290

-

-

-

-

-

-

290

(290)

-

Capital injection from non-controlling

   shareholders of subsidiaries

-

-

-

-

-

-

-

-

-

183,700

183,700

Other appropriations

-

-

-

-

17,379

-

-

-

17,379

-

17,379

Share of reserve of an associate

-

-

-

-

(764)

-

-

-

(764)

(1,833)

(2,597)

Dividend relating to 2009

-

-

-

-

-

-

-

-

-

(79,011)

(79,011)

Total transactions with owners

-

290

6,339

-

16,615

-

-

-

23,244

104,009

127,253

Balance as of June 30, 2010

13,524,488

12,849,175

438,939

5,799,232

73,362

(99,510)

-

18,323,593

50,909,279

5,552,364

56,461,643

Non-

controlling

Total

Attributable to equity holders of the Company

interests

equity

Capital reserves

Other

Statutory

Currency

Share

Share

capital

surplus

Special

translation

Retained

capital

premium

reserves

reserve

reserve

differences

earnings

Total

Balance as of January 1, 2011

13,524,488

12,847,519

780,061

5,867,557

72,579

(14,093)

18,502,681

51,580,792

5,606,063

57,186,855

Comprehensive income/(loss):

Profit for the period

-

-

-

-

-

-

412,580

412,580

279,251

691,831

Other comprehensive loss:

Currency translation differences

-

-

-

-

-

(15,674)

-

(15,674)

-

(15,674)