Chalco will apply to the China Securities Regulatory Commission (CSRC) within six months for the issue of not more than 1.25bn additional Shanghai-listed A shares, the company said in a filing to the Hong Kong Stock Exchange.

The shares, which buyers will not be able to sell for 12 months, will be issued to no more than 10 target subscribers at a price to be determined after the CSRC approval, it said.

Chalco said the issue would raise not more than RMB8bn, and the money would be used to fund the Xing Xian alumina project and Zhongzhou Ore-dressing Bayer Process expansion construction project and also serve as working capital