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(Agencies)
Updated: 2007-11-30 15:01

Aluminum Corp of China, or Chinalco, will invest 500 million yuan (US$67.6 million) in a five-year metal mining exploration project in China's western province of Qinghai, the company said.

Related readings: Chinalco in copper deal Chinalco to buy more copper firms Chinalco buys out another domestic rival Metal futures rebound sharply

Chinalco, China's largest integrated aluminium firm, said in a statement on Thursday it had signed an agreement with the provincial government of Qinghai on the project the day before.

Soaring global mineral prices have spurred Chinese metal smelters to expand into the mining sector to secure raw material supplies and boost earnings.

Chinalco, parent of listed Aluminum Corp of China Ltd, is trying to diversify from a pure aluminium firm into an international multimetals mining company, officials have said.