| As filed with Securities and Exchange Commission on April 18, 2017 |
|--------------------------------------------------------------------|

|   | FORM 20-F |   |
|--------|-----------|--------|

| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------------|

| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2016 |
|---------|---------------------------------------------------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|---------------------------------------------------------------------------------------------|

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| Title of each class         |   | Name of each exchange on which registered |
|-----------------------------|--------|-------------------------------------------|
| American Depositary Shares* |   | New York Stock Exchange, Inc.             |
| Class H Ordinary Shares**   |   |                                      |

| *  | Evidenced by American Depositary Receipts. Each American Depositary Share represents 25 H Shares.                                                              |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** | Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission |

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| Domestic Shares, par value RMB1.00 per share | 10,959,832,268 |
|----------------------------------------------|----------------|
| H Shares, par value RMB1.00 per share        | 3,943,965,968  |

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| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
|---------------------------------|---------------------------|-------------------------------|

| U.S. GAAP ☐ | International Financial Reporting Standards as issued by the International | Other ☐ |
|-------------------|----------------------------------------------------------------------------|---------------|

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|  FORWARD-LOOKING STATEMENTS    | 4                                                                            |
|-------------------------------------|------------------------------------------------------------------------------|
|  CERTAIN TERMS AND CONVENTIONS | 5                                                                            |
|  PART I                        | 9                                                                            |
|  ITEM 1.                       | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS                        | 9 |
|  ITEM 2.                       | OFFER STATISTICS AND EXPECTED TIMETABLE                                      | 9 |
|  ITEM 3.                       | KEY INFORMATION                                                              | 9 |
|  ITEM 4.                       | INFORMATION ON THE COMPANY                                                   | 27 |
|  ITEM 4A.                      | UNRESOLVED STAFF COMMENTS                                                    |             62 |
|  ITEM 5.                       | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 |             62 |
|  ITEM 6.                       | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   |             89 |
|  ITEM 7.                       | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            |             99 |
|  ITEM 8.                       | FINANCIAL INFORMATION                                                        | 107 |
|  ITEM 9.                       | THE OFFER AND LISTING                                                        | 108 |
|  ITEM 10.                      | ADDITIONAL INFORMATION                                                       | 109 |
|  ITEM 11.                      | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK SHARE CAPITAL     | 122 |
|  ITEM 12.                      | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 125 |
|  PART II                       |                                                                         | 126 |
|  ITEM 13.                      | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 126 |
|  ITEM 14.                      | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 126 |
|  ITEM 15.                      | CONTROLS AND PROCEDURES                                                      | 126 |
|  ITEM 16A.                     | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 127 |
|  ITEM 16B.                     | CODE OF ETHICS                                                               | 127 |
|  ITEM 16C.                     | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 127 |
|  ITEM 16D.                     | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 128 |
|  ITEM 16E.                     | PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS        | 128 |
|  ITEM 16F.                     | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT                                 | 128 |
| ITEM 16G.                           | CORPORATE GOVERNANCE                                                         | 129 |
| ITEM 16H.                           |  MINE SAFETY DISCLOSURE                                                 |     130 |
| PART III                            |                                                                         | 130 |
| ITEM 17.                            | FINANCIAL STATEMENTS                                                         | 130 |
| ITEM 18.                            | FINANCIAL STATEMENTS                                                         | 130 |
| ITEM 19.                            | EXHIBITS                                                                     | 130 |

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| ● | future general economic conditions;                                                          |
|---------|----------------------------------------------------------------------------------------------|
|    |                                                                                         |
| ● | future conditions in the international and China capital markets;                            |
|    |                                                                                         |
| ● | future conditions in the financial and credit markets;                                       |
|    |                                                                                         |
| ● | future prices and demand for our products;                                                   |
|    |                                                                                         |
| ● | future PRC tariff levels for alumina and primary aluminum;                                   |
|    |                                                                                         |
| ● | sales of our products;                                                                       |
|    |                                                                                         |
| ● | the extent and nature of, and potential for, future development;                             |
|    |                                                                                         |
| ● | production, consumption and demand forecasts of bauxite, coal, alumina and primary aluminum; |
|    |                                                                                         |
| ● | expansion, consolidation or other trends in the primary aluminum industry;                   |
|    |                                                                                         |
| ● | the effectiveness of our cost-saving measures;                                               |
|    |                                                                                         |
| ● | future expansion, investment and acquisition plans and capital expenditures;                 |
|    |                                                                                         |
| ● | competition;                                                                                 |
|    |                                                                                         |
| ● | changes in legislation, regulations and policies;                                            |
|    |                                                                                         |
| ● | estimates of proven and probable bauxite reserves;                                           |
|    |                                                                                         |
| ● | our research and development plans; and                                                      |
|    |                                                                                         |
| ● | our dividend policy.                                                                         |

| These statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and future developments, as well as other factors we believe are appropriate in particular circumstances. However, whether actual results and developments will meet our expectations and predictions depends on a number of risks and uncertainties, which could cause actual results to differ materially from our expectations. These risks are more fully described in the section headed "Item 3. Key Information - D. Risk Factors."                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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| Consequently, all of the forward-looking statements made in this annual report are qualified by these cautionary statements. We cannot assure you that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected effect on us or our business or operations.4CERTAIN TERMS AND CONVENTIONS "Chalco", "the Company", "the Group", "our company", "we", "our" and "us" refer to Aluminum Corporation of China Limited and its subsidiaries and, where appropriate, to its predecessors;"A Shares" and "domestic shares" refer to our domestic ordinary shares, with a par value of RMB1.00 each, which are listed on the Shanghai Stock Exchange;"alumina-to-silica ratio" refers to the ratio of alumina to silica in bauxite by weight;"aluminum fabrication" refers to the process of converting primary aluminum or recycled aluminum materials into plates, strips, bars, tubes and other fabricated products;"AUD" or "Australian dollars" refers to the lawful currency of the Commonwealth of Australia;"Baotou Aluminum" refers to Baotou Aluminum Company Limited, our wholly-owned subsidiary established under the PRC law;"Baotou Group" refers to Baotou Aluminum (Group) Co., Ltd., one of our shareholders;"bauxite" refers to a mineral ore that is principally composed of aluminum;"Bayer process" refers to a refining process that employs a strong solution of caustic soda at an elevated temperature to extract alumina from ground bauxite;"Bayer-sintering combined process" and "Bayer-sintering series process" refer to the two methods of refining process developed in China which involve the combined application of the Bayer process and the sintering process to extract alumina from bauxite;"Board" refers to our board of directors;"CBEX" refers to China Beijing Equity Exchange, an approved equity exchange for the transfer of state-owned assets;"Chalco Energy" refers to Chalco Energy Co., Ltd., our wholly-owned subsidiary established under the PRC law;"Chalco Hong Kong" refers to Chalco HongKong Limited, our wholly-owned subsidiary established under Hong Kong Law;"Chalco Iron Ore" refers to Chalco Iron Ore Holding Limited, our subsidiary until December 2013 when we disposed of 65% of its equity interest to Chinalco;"Chalco Liupanshui" refer to Chalco Liupanshui Hengtaihe Mining Co., Ltd., 49% of the equity interest of which is owned by us;"Chalco Mining" refers to Chalco Mining Co., Ltd., our wholly-owned subsidiary established under the PRC law;"Chalco Nanhai" refers to Chalco Nanhai Alloy Company, a wholly-owned subsidiary of our Group established under the PRC law;"Chalco Ruimin" refers to Chalco Ruimin Company Limited, our subsidiary until June 2013 when we disposed of 93.30% of its equity interest to Chinalco;"Chalco Shandong" refers to Chalco Shandong Co., Ltd., 100% of the equity interest of which is owned by us;"Chalco Southwest Aluminum" refers to Chalco Southwest Aluminum Company Limited, our subsidiary until June 2013 when we disposed of 60% of its equity interest to Chinalco;5"Chalco Southwest Aluminum Cold Rolling" refers to Chalco Southwest Aluminum Cold Rolling Company Limited, our wholly-owned subsidiary until June 2013 when we disposed of its entire equity interest to Chinalco;"Chalco Trading" or "CIT" refers to China Aluminum International Trading Co., Ltd., our wholly-owned subsidiary established under the PRC law;"Chalco Xing County Alumina Project" refers to the Bayer process production system and ancillary facilities at Xing County, Lv Liang City of Shanxi Province with production capacity of 800,000 tonnes of metallurgical grade alumina per year;""Chalco Zhongzhou" refers to Chalco Zhongzhou Aluminum Co., Ltd., 100% of the equity interest of which is owned by us;"China" and the "PRC" refers to the People's Republic of China, excluding, for purposes of this annual report, Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan;"Chinalco" and "Chinalco Group" refer to our controlling shareholder, Aluminum Corporation of China and its subsidiaries (other than Chalco and its subsidiaries) and, where appropriate, to its predecessors;"Chinalco Finance" refers to Chinalco Finance Co., Ltd.;"Chinalco Shanghai" refers to Chinalco Shanghai Company Limited, 60% of the equity interest of which is owned by us;"CSRC" refers to China Securities Regulatory Commission;"Dongdong Coal" refers to Shaanxi Chengcheng Dongdong Coal Co., Ltd., 45% of the equity interest of which is owned by us;"Energy-Saving and Emission Reduction Goals" refers to the energy-saving and emission reduction goals set out in China's 13th Five-Year Plan for National Economic and Social Development laid out in 2016, by which China expects to cut its per unit GDP energy consumption by 15% compared with the 2015 level by the end of 2020;"Exchange Act" refers to the U.S. Securities Exchange Act of 1934, as amended;"Euros" or "EUR" refers to the lawful currency of the Eurozone;"Fushun Aluminum" refers to Fushun Aluminum Company Limited, our wholly-owned subsidiary established under the PRC law;"Gansu Hualu" refers to Gansu Hualu Aluminum Company Limited, 51% of the equity interest of which is owned by us;"Gansu Huayang" refers to Gansu Huayang Mining Development Company Limited, 70% of the equity interest of which is owned by us;"Guangxi Huayin" refers to Guangxi Huayin Aluminum Company Limited, 33% of the equity interest of which is owned by us;"Guangxi Investment" refers to Guangxi Investment (Group) Co., Ltd., formerly known as Guangxi Development and Investment Co., Ltd., a PRC state-owned enterprise;"Guizhou Development" refers to Guizhou Provincial Materials Development and Investment Corporation, a PRC state-owned enterprise and one of our promoters and shareholders;"Guizhou Huajin" refers to Guizhou Huajin Aluminum Co., Ltd., 60% of the equity interest of which is owned by us;"Guizhou Yuneng" refers to Guizhou Yuneng Mining Co., Ltd., 25% of the equity interest of which is owned by us;"H Shares" refers to overseas listed foreign shares with a par value RMB1.00 each, which are listed on the Hong Kong Stock Exchange;"Henan Aluminum" refers to Chalco Henan Aluminum Company Limited, our subsidiary until June 2013 when we disposed of 90.03% of its equity interest to Chinalco;"HK$" and "HK dollars" refer to Hong Kong dollars, the lawful currency of the Hong Kong Special Administrative Region of the PRC;6"Hong Kong Stock Exchange" refers to The Stock Exchange of Hong Kong Limited;"Huaxi Aluminum" refers to Huaxi Aluminum Company Limited, our subsidiary until June 2013 when we disposed of 56.86% of its equity interest to Chinalco;"Japanese Yen" refers to the lawful currency of Japan;"Jiaozuo Wanfang" refers to Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd.;"Ka" refers to kiloamperes, a unit for measuring the strength of an electric current, with one kiloampere equaling 1,000 amperes;"kWh" refers to kilowatt-hours, a unit of electrical power, meaning one kilowatt of power for one hour;"Lanzhou Aluminum" refers to Lanzhou Aluminum Co., Ltd., a wholly-owned subsidiary of us from April 2007 until July 2007 when it was divided into two wholly-owned entities: Lanzhou branch and Northwest Aluminum;"Liancheng branch" refers to our wholly-owned branch, which was formerly known as Lanzhou Liancheng Longxing Aluminum Company Limited, before we acquired 100% of its equity interest;"Listing Rules" and "Hong Kong Listing Rules" refer to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, as amended;"LME" refers to the London Metal Exchange Limited;"Longmen Aluminum" refers to Shanxi Longmen Aluminum Co., Ltd., 55% of the equity interest of which is owned by us;"MIIT" refers to Ministry of Industry and Information Technology of the PRC;"Nanchu Price" refers to the independent reference price for aluminum published on ENanchu (http://www.enanchu.com/), an nonferrous metal-related portal site in PRC;"NDRC" refers to China National Development and Reform Commission;"Ningxia Energy" refers to Chalco Ningxia Energy Group Co., Ltd. (formerly Ningxia Electric Power Group Co., Ltd.) and we acquired 70.82% of its equity interest in January 2013;"Northwest Aluminum" refers to Northwest Aluminum Fabrication Branch, our wholly-owned branch until June 2013 when we disposed of all its assets to a subsidiary of Chinalco;"NYSE" or "New York Stock Exchange" refers to the New York Stock Exchange Inc.;"ore-dressing Bayer process" refers to a refining process we developed to increase the alumina-to-silica ratio of bauxite;"Qingdao Light Metal" refers to Chalco Qingdao Light Metal Company Limited, our wholly-owned subsidiary until June 2013 when we disposed of its entire equity interest to Chinalco;"Qinghai Energy" refers to Qinghai Province Energy Development (Group) Co., Ltd., 21% of the equity interest of which is owned by us;"refining" refers to the chemical process used to produce alumina from bauxite;"Rio Tinto" refers to Rio Tinto plc, a company incorporated in England and Wales, the shares of which are listed on the London Stock Exchange and the New York Stock Exchange;"RMB" or "Renminbi" refers to the lawful currency of the PRC;"SASAC" refers to State-owned Assets Supervision and Administration Commission of the State Council of China;7"SEC" refers to the U.S. Securities and Exchange Commission;"Securities Act" refers to the U.S. Securities Act of 1933, as amended;"Shandong Aluminum" refers to Shandong Aluminum Industry Co., Limited, a wholly-owned subsidiary of Chinalco;"Shandong Huayu" refers to Shandong Huayu Alloy Material Co., Ltd, , 55% of the equity interest of which is owned by us;"Shanxi Jiexiu" refers to Shanxi Jiexiu Xinyugou Coal Industry Co., Ltd., 34% of the equity interest of which is owned by us;"Shanxi Huasheng" refers to Shanxi Huasheng Aluminum Company Limited, 51% of the equity interest of which is owned by us;"Shanxi Huaxing" refers to Shanxi Huaxing Aluminum Co., Ltd., formerly a wholly-owned subsidiary of our Group. We disposed of 50% of the equity interest in Shanxi Huaxing in 2015, and as a result Shanxi Huaxing has become our joint venture in accordance with relevant accounting standards;"Shanxi Huaze" refers to Shanxi Huaze Aluminum and Power Co., Limited, 60% of the equity interest of which is owned by us;"Shanxi Other Mines" refers to the seven mines to which we entrusted another party to conduct mining activities, including Shangtan mine, Jindui mine, Shicao mine, Nanpo mine, Xishan mine, Niucaogou mine and Sunjiata mine in Shanxi Province and that became the mining areas of our new own mine in 2010;"SHFE" refers to the Shanghai Futures Exchange;"Simandou Project" refers to the project to develop and operate the Simandou iron ore mine located in Guinea in West Africa as further described in the Simandou joint development agreement dated July 29, 2010, entered into among Rio Tinto, Rio Tinto Iron Ore Atlantic Limited and us for the purpose of development of the Simandou Project;"sintering process" refers to a refining process employed to extract alumina from bauxite by mixing ground bauxite with supplemental materials and burning the mixture in a coal-fired kiln;"smelting" refers to the electrolytic process used to produce molten aluminum from alumina;"tonne" refers to the metric ton, a unit of weight, that is equivalent to 1,000 kilograms or 2,204.6 pounds;"US$", "dollars" or "U.S. dollars" refers to the legal currency of the United States;"Xinghua Technology" refers to Chinalco Shanxi Jiaokou Xinghua Technology, 66% of the equity interest of which is owned by us;"Xinan Aluminum" refers to Xinan Aluminum (Group) Company Limited;"Yangtze" refers to the Shanghai Changjiang Nonferrous Metals Spot Market;"Zhangze Electric Power" refers to Shanxi Zhangze Electric Power Co., Ltd.;"Zhengzhou Institute" refers to Chalco Zhengzhou Research Institute of Non-ferrous Metal, our wholly-owned subsidiary mainly providing research and development services;"Zunyi Alumina" refers to Chalco Zunyi Alumina Co., Ltd., 73.28% of the equity interest of which is owned by us; and"Zunyi Aluminum" refers to Zunyi Aluminum Co., Ltd., 62.10% of the equity interest of which is owned by us.Translations of amounts in this annual report from Renminbi to U.S. dollars and vice versa have been made at the rate of RMB6.9430 to US$1.00, the exchange rate as set forth in the H.10 statistical release of the Federal Reserve Board for December 30, 2016. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. See "Item 3. Key Information - Selected Financial Data - Exchange Rate Information" for historical exchange rates between the Renminbi and the U.S. dollar.Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.8PART IITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS   Not applicable.  ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE   Not applicable.  ITEM 3.KEY INFORMATION   ASELECTED FINANCIAL DATA   Historical Financial InformationOur consolidated financial statements as of December 31, 2015 and 2016 and for the years ended December 31, 2014, 2015 and 2016 included in this annual report on Form 20-F have been prepared in accordance with International Financial Reporting Standards, or IFRSs, which includes all International Accounting Standards and Interpretations, as issued by the International Accounting Standards Board, or the IASB. We make an explicit and unreserved statement of compliance with IFRSs with respect to our consolidated financial statements as of December 31, 2015 and 2016 and for the years ended December 31, 2014, 2015 and 2016 included in this annual report. Ernst & Young, our independent registered public accounting firm, has issued an unqualified auditor's report on our consolidated statement of comprehensive income, statement of changes in equity and statement of cash flows for the year ended December 31, 2014. Ernst & Young Hua Ming LLP, which has been appointed as our independent registered public accounting firm for the year 2015 and 2016, has issued unqualified auditor's reports on our consolidated statements of financial position as of December 31, 2015 and 2016, and the related consolidated statements of comprehensive income, statements of changes in equity and statements of cash flows for the years ended December 31, 2015 and 2016, respectively. Details of the change in our certifying accountant is disclosed in ITEM 16F.The following tables present selected comprehensive income data and cash flows data for the years ended December 31, 2012, 2013, 2014, 2015 and 2016 and selected statements of financial position data as of December 31, 2012, 2013, 2014, 2015 and 2016 that were prepared under IFRSs. We disposed of substantially all of our aluminum fabrication operations to Chinalco in June 2013. As a result, the operating results of our aluminum fabrication segment were presented as a discontinued operation in our consolidated statement of comprehensive income for the year ended December 31, 2013. As such, the comparative figures for our consolidated statements of comprehensive income for the year ended December 31, 2012 is revised to reflect the reclassification between continuing operations and discontinued operations accordingly. The selected financial information for the years ended and as of December 2014, 2015 and 2016 have been derived from, and should be read in conjunction with, the audited consolidated financial statements and their notes included elsewhere in this annual report. As the business combination under common control incurred in the years ended December 31, 2015 and 2016, the comparative figures for our consolidated statements of comprehensive income for the years ended December 31, 2012, 2013, 2014 and 2015 are revised to reflect the business combination under common control.  Year Ended December 31,   2012  2013  2014  2015  2016  2016   RMB  RMB  RMB  RMB  RMB  US$   (in thousands, except per share and per ADS data) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME DATA                         Revenue  143,781,638   169,765,245   142,059,691   123,475,434   144,065,518   20,749,751 Continuing OperationsCost of sales  (143,752,327)  (167,014,322)  (141,438,233)  (120,982,778)  (133,508,536)  (19,229,229)                         Gross profit  29,311   2,750,923   621,458   2,492,656   10,556,982   1,520,522 Selling and distribution expenses  (1,846,981)  (1,875,206)  (1,766,666)  (1,784,114)  (2,065,453)  (297,487)General and administrative expenses  (2,762,654)  (2,958,199)  (4,843,400)  (2,346,565)  (3,348,345)  (482,262)Research and development expenses  (184,683)  (193,620)  (293,766)  (168,870)  (168,862)  (24,321)Impairment loss on property, plant andequipment  (19,903)  (501,159)  (5,679,521)  (10,011)  (57,080)  (8,221)Other income  734,852   805,882   823,986   1,771,027   745,206   107,331 Other (losses)/gains, net  (16,989)  7,399,252   356,929   5,023,600   166,633   24,000   9Operating (losses)/profit from continuing operations  (4,067,047)  5,427,873   (10,780,980)  4,977,723   5,829,081   839,562 Finance costs, net  (4,079,152)  (5,251,206)  (5,686,243)  (5,148,626)  (4,189,037)  (603,347)                         Operating (loss)/profit from continuing operations less finance costs  (8,146,199)  176,667   (16,467,223)  (170,903)  1,640,044   236,215 Share of profits of joint ventures  37,040   148,749   89,510   23,238   (95,508)  (13,756)Share of profits of associates  256,081   511,869   350,575   284,531   115,091   16,577                          (Loss)/profit before income tax from continuing operations  (7,853,078)  837,285   (16,027,138)  136,866   1,659,627   239,036 Income tax benefit/(expense) from continuing operations  371,092   (339,551)  (1,074,910)  230,147   (404,172)  (58,213)                         (Loss)/profit for the year from continuing operations  (7,481,986)  497,734   (17,102,048)  367,013   1,255,455   180,823 (Loss)/profit per share from continuing operations  (0.52)  0.05   (1.20)  0.01   0.02   0.004 Discontinued operation (loss)/profit for the year from discontinued operation  (1,187,299)  207,144   -   -   -   -                          (loss)/profit for the year  (8,669,285)  704,878   (17,102,048)  367,013   1,255,455   180,823                          (Loss)/profit attributable to:                        Owners of the parent  (8,259,456)  929,290   (16,269,477)  148,622   402,494   57,971 Non-controlling interests  (409,829)  (224,412)  (832,571)  218,391   852,961   122,852                          Dividends  -   -   -   -   -   -                          Basic and diluted (loss) /earnings per share  (0.61)  0.07   (1.20)  0.01   0.02   0.004 (Loss)/earnings per ADS  (15.27)  1.72   (30.07)  0.25   0.49   0.10 Dividends (expressed in RMB and US$ per share and per ADS)                        Final dividends per share  -   -   -   -   -   - Final dividends per ADS  -   -   -   -   -   - Proposed dividends per share  -   -   -   -   -   - Proposed dividends per ADS  -   -   -   -   -   -   Year Ended December 31,   2012  2013  2014  2015  2016  2016   RMB  RMB  RMB  RMB  RMB  US$   (in thousands, except per share and per ADS data) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA            Total current assets  49,467,490   63,444,766   63,675,743   64,462,404   66,426,230   9,567,367                          Total non-current assets  127,511,239   137,910,815   131,146,233   127,596,000   123,650,716   17,809,408                          Total assets  176,978,729   201,355,581   194,821,976   192,058,404   190,076,946   27,376,775                          Total current liabilities  84,170,180   96,999,986   104,693,353   81,807,290   82,944,664   11,946,516                          Total non-current liabilities  38,160,621   49,067,354   48,822,563   58,357,588   51,544,793   7,423,995                          Total liabilities  122,330,801   146,067,340   153,515,916   140,164,878   134,489,457   19,370,511                          Net assets  54,647,928   55,288,241   41,306,060   51,893,526   55,587,489   8,006,264                          Long-term interest bearing loans and borrowings (excluding current portion)  36,635,652   46,294,828   44,774,211   54,000,874   47,322,748   6,815,893                          Capital stock  13,524,488   13,524,488   13,524,488   14,903,798   14,903,798   2,146,593   Year Ended December 31,   2012  2013  2014  2015  2016  2016   RMB  RMB  RMB  RMB  RMB  US$   (in thousands) OTHER FINANCIAL DATA            Net cash flows generated from operating activities  1,122,352   8,281,407   13,782,322   7,297,055   11,518,674   1,659,034 Net cash flows (used in)/generated from investing activities  (23,279,963)  (8,529,119)  (5,139,667)  2,393,107   (4,997,193)  (719,745)Net cash flows generated from/(used in) financing activities  20,695,222   2,557,047   (3,813,351)  (5,425,640)  (3,661,181)  (527,320)                         Net (decrease)/increase in cash and cash equivalents  (1,462,389)  2,309,335   4,829,304   4,264,522   2,860,300   411,969  10Exchange Rate Information The following table sets forth information concerning exchange rates between the Chinese Renminbi and the U.S. dollar for the periods indicated. These rates are provided solely for your convenience and are not necessarily the exchange rates that we used in this annual report or will use in the preparation of our periodic reports or any other information to be provided to you. The source of these rates is the Federal Reserve H.10 Statistical Release. On April 7, 2017, the exchange rate for Renminbi was US$1.00 = RMB6.8978. Period Period End  Average(1)  High  Low      (RMB per US$1.00)     2012  6.2301   6.3093   6.3449   6.2221 2013  6.0537   6.1412   6.2438   6.0537 2014  6.2046   6.1704   6.2591   6.0402 2015  6.4778   6.2869   6.4896   6.3180 2016                September  6.6685   6.6702   6.6790   6.6630 October  6.7735   6.7509   6.7819   6.6685 November  6.8837   6.8402   6.9195   6.7606 December  6.9430   6.9198   6.9559   6.8775 2017                January  6.8768   6.8708   6.9575   6.8360 February  6.8665   6.8694   6.8821   6.8517 March  6.8940   6.8940   6.9132   6.8787 April (through April 7, 2017)  6.8978   6.8903   6.8978   6.8832  (1)Annual average is calculated by averaging the rates on the last business day of each month during the annual period. Monthly averages are calculated by averaging the rates on each business day during the month.B.CAPITALIZATION AND INDEBTEDNESSNot applicableC.REASONS FOR THE OFFER AND USE OF PROCEEDSNot applicableD.RISK FACTORSOur business and financial condition and results of operations are subject to various changing business, competitive, economic, political and social conditions in China and worldwide. In addition to the factors discussed elsewhere in this annual report, the following are some of the important factors that could cause our actual results to differ materially from those projected in any forward-looking statements.Our business is vulnerable to downturns in the general economy and industries in which we operate or which we serve. A reduction in demand could materially and adversely affect our business, financial condition and results of operations.Demand for our products depends on the general economy and level of activity and growth in the industries where we operate or serve. Development of the relevant industries is subject to various factors, including but not limited to market fluctuations of prices of commodities, general political or economic conditions, technology development, government investment plans and regulations, fluctuation in global production capacity and global and regional weather conditions, many of which are beyond our control. Unfavorable and volatile financial or economic conditions, such as those caused by the global financial and economic crisis since 2008, including the sovereign-debt crisis in the European Union from 2011 to 2012 and the continued weakness and uncertainty regarding the durability of the emerging economic recovery, had adversely affected the global economy and resulted in a significant decrease in our sales volumes.If a global recession recurs, demand for our products may continue to decline. In addition, results of the U.S. presidential election in 2016, which may lead to changes in existing trade policies and agreements of the United States as well as perceived changes in the U.S. social, political, regulatory and economic conditions and withdrawal of the United Kingdom from the European Union, which may involve lengthy negotiations and the uncertainty towards the European economy, financial and banking market, could potentially bring uncertainties to the development of global economy and thus increase volatility in the markets, including the prices of non-ferrous metals. Concerns over inflation, energy costs, geopolitical issues, the availability and cost of credit, unemployment, consumer confidence, declining asset values, capital market volatility and liquidity issues have created difficult operating conditions for us in the past and may continue to do so in the future. Furthermore, the PRC Government has, from time to time, adjusted its monetary, fiscal and other policies and measures to manage the rate of growth of the economy or the overheating and overcapacity in certain industries or markets. As a result, the general economy in the PRC or the world or any particular industry in which we operate or which we serve may grow at a lower-than-expected rate or even experience a downturn. Uncertainty about future economic conditions makes it challenging for us to forecast our results of operations, make business decisions and identify risks that may affect our business. If we are not able to timely and appropriately adapt to changes resulting from the difficult macroeconomic environment, our business, financial condition and results of operations may be materially and adversely affected.11Volatility in the prices of alumina, primary aluminum, other non-ferrous metal and other commodities may adversely affect our business, financial condition and results of operations.The prices of the products we produce and trade, including alumina, primary aluminum, other non-ferrous metal and coal products, have historically fluctuated and are expected to continue fluctuating in response to general economic conditions, supply and demand and the level of global inventories, which are beyond our control.We price our alumina and primary aluminum products by reference to international and domestic market prices, and domestic supply and demand, each of which may fluctuate beyond our control. For example, in 2014, the Australian FOB spot price for alumina and the international cash price of primary aluminum on the LME reached a high of US$357 per tonne and a low of US$307 per tonne and a high of US$2,089 per tonne and a low of US$1,634 per tonne, respectively. However, due to the general slowdown of the global economy and overcapacity of global aluminum industry beginning in 2015, the range for the high and low prices for the Australian FOB spot price for alumina and the international cash price for primary aluminum on the LME declined in 2015 to a high of US$354.5 per tonne and a low of US$200 per tonne and a high of US$1,959.1 per tonne and a low of US$1,423.5 per tonne, respectively, and further declined in 2016 to US$350.5 per tonne and a low of US$197.0 per tonne and a high of US$1,778 per tonne and a low of US$1,449 per tonne, respectively. As a result, the average external selling prices for our self-produced alumina and primary aluminum were RMB2,016 per tonne and RMB12,208 per tonne respectively in 2016, which decreased by approximately 15% and increased by 1%, respectively, as compared to the prices in 2015. Because most of our costs are fixed, we may not be able to respond promptly to a sudden decrease in alumina or primary aluminum prices. There is no assurance that there will be no further falls in prices of our key products, including alumina and primary aluminum, which may materially and adversely affect our business, financial condition and results of operations.In addition, since our profit margin for trading non-ferrous metal products and coal products is based on price fluctuations in the short term, we need to make the correct prediction of the price fluctuations of these commodities on the markets to maintain our profit margin. If market price fluctuations on the market do not match our prediction, we may incur substantial losses. In addition, as we generate profit from the differences between the purchase and sales prices of the non-ferrous metal products and the coal products we deal in, significant fluctuations in these prices may cause the value of the outsourced products in transit or in inventory to decline, and if the carrying value of our existing inventories exceeds the market price in the future periods, we may need to make additional provisions for our inventories' value. As a result, any significant fluctuation in international market prices for these commodities could materially and adversely affect our business, financial condition and results of operations.12Our business requires substantial capital investments that we may be unable to fulfill.Our plans to upgrade and expand our production capacity will require substantial capital expenditures. See "Item 4. Information on the Company - D. Property, Plants and Equipment - Our Expansion." We may also need additional funding for debt servicing, working capital, other investments, potential acquisitions and joint ventures and other corporate requirements. We expect to incur total capital expenditures of approximately RMB15 billion in 2017. We may seek external financing to satisfy our capital needs if cash generated from our operations is insufficient to fund our capital expenditures or if our actual capital expenditures and investments exceed our plans. Our ability to obtain external financing at reasonable costs and on acceptable terms is subject to a variety of uncertainties. Failure to obtain sufficient funding for our development plans could adversely affect our business and prospects.We incurred losses in the past and may not achieve sustained profitability in the future.Although we were profitable in 2015 and 2016, we incurred a net loss of approximately RMB17.0 billion in 2014. We may incur losses in the future and we cannot assure you that we will remain profitable in the future.In addition, we expect that we will continue to rely on, in addition to our cash flows generated from operating activities, bank and other loans as well as proceeds from bond offerings, to fund our business operations and expansions. Our borrowing costs and access to the debt capital markets, and thus our liquidity, depend significantly on our public credit ratings. These ratings are assigned by rating agencies, which may reduce or withdraw their ratings or place us on "credit watch", which would have negative implications. A history of net losses may result in a deterioration of our credit ratings, which could increase our borrowing costs and limit our access to the capital markets, which in turn, could reduce our earnings and adversely affect our liquidity.Our historical results may not be indicative of our future prospects.In the past few years, we have entered into a new business segment and streamlined our existing business to focus on the productions of alumina and primary aluminum. For instance, in 2013, we acquired an aggregate of 70.82% of the equity interest in Ningxia Energy, an integrated power generation company with coal mines located in Ningxia Autonomous Region. Its principal business includes conventional coal-fire power generation and renewable energy generation. After the acquisition of Ningxia Energy, we established an energy segment in January 2013 to include (i) operations of Ningxia Energy and (ii) our other energy related operations that were formerly included in our corporate and other operating segment. In November 2015, we acquired relevant assets and liabilities of High-Purity Aluminum and Light Metal of Baotou Aluminum Group. Baotou Aluminum Group is a subsidiary of Chinalco. In addition, in line with our development strategy to focus on the development of our core business in alumina and primary aluminum production, where we have an established leading market positions, and to reduce future capital expenditures on iron ore development, improve asset-to-debt ratio and generate expected cash flows, we disposed of our 65% equity interest in Chalco Iron Ore to a wholly-owned subsidiary of Chinalco on December 26, 2013. In December 2015, we transferred a 50% equity interests in Shanxi Huaxing, a wholly owned subsidiary of our Company, through the Shanghai United Assets and Equity Exchange at a price of RMB2,351 million. Pursuant to a resolution passed at the 2015 second general meeting of the Company held on 29 December 2015, the proceeds raised from the disposal of the equity interests in Shanxi Huaxing would be used for permanent replenishment of liquidity required for the operation of the Company. For details of the disposal of Chalco Iron Ore and Shanxi Huaxing, please see "Item 4. Information on the Company - A. History and Development of the Company."There is no assurance that we will enter into a new business segment or continue to streamline our existing business as we have done so in the past.  As a result, our historical results may not be indicative of our future prospects and result of operations.13Our failure to successfully manage our business expansion, including our expansion into new areas of business, would have a material adverse effect on our results of operations and prospects.We have invested in business expansion in line with our development strategy through organic growth, acquisitions and joint ventures. In addition, we may, from time to time and when we deem appropriate, expand into new industries which we believe have synergies with our existing operations. For example, we have successfully enhanced our energy-related operations through the acquisition of Ningxia Energy in 2013 and participation in joint ventures and strategic investments in coal mining since 2010.Our expansion has created, and will continue to place, substantial demand on our resources. Managing our growth and integrating the acquired businesses will require us to, among other things: •comply with the laws, regulations and policies applicable to the acquired businesses, including obtaining timely approval for the construction or expansion of production and mining facilities as required under the relevant PRC laws;    •maintain adequate control on our business expansion to prevent, among other things, project delays or cost overruns;    •gain market acceptance for new products and services and establish relationships with new customers and suppliers;    •achieve sufficient utilization of new production facilities to recover costs;    •manage relationships with employees, customers and business partners during the course of our business expansion and integration of new businesses;    •attract, train and motivate members of our management and qualified workforce to support successful business expansion;    •access debt, equity or other capital resources to fund our business expansion, which may divert financial resources otherwise available for other purposes;    •divert significant management attention and resources from our other businesses; and    •strengthen our operational, financial and management controls, particularly those of our newly acquired subsidiaries, to maintain the reliability of our reporting processes.Any difficulty meeting the foregoing or similar requirements could significantly delay or otherwise constrain our ability to implement our expansion plans, or result in failure to achieve the expected benefits of the combination or acquisition or write-offs of acquired assets or investments, which in turn would limit our ability to increase operational efficiency, reduce marginal manufacturing costs or otherwise strengthen our market position. Failure to obtain the intended economic benefits from the business expansion could adversely affect our business, financial condition, results of operations and prospects. In addition, we may also experience mixed results from our expansion plans in the short term.Furthermore, there is no assurance that we will be able to identify attractive acquisition targets, negotiate acquisitions on favorable terms, obtain necessary governmental approvals on investments, if applicable, accurately estimate the mineral resources and reserves of these acquisition targets or obtain the necessary funding to complete such acquisitions on commercially acceptable terms or at all. Acquisitions may result in the incurrence and inheritance of debts and other liabilities, assumption of potential legal liabilities in respect of the acquired businesses, and incurrence of impairment charges related to goodwill and other intangible assets, any of which could harm our business, financial condition and results of operations. In particular, if any of the acquired businesses fail to perform as we expect, we may be required to recognize a significant impairment charge, which may materially and adversely affect our business, financial condition and results of operations. As a result, there can be no assurance that we will be able to achieve the strategic purpose of any acquisition, the desired level of operational integration or our investment return target.14 Our joint ventures and strategic investment may not be successful.We may from time to time enter into joint venture arrangements to grow our business and operations. For example, since 2010, we have participated in joint ventures and strategic investment in coal mining, in line with our development strategy to diversify our product offering and partially offset our future energy costs, as well as supply a portion of the coal we consume in our operations. In addition, we acquired 70.82% of the equity interest in Ningxia Energy in January 2013, which had joint ventures or held minority interests in a number of power generation companies.We have non-controlling interests in a number of joint ventures. Although we have not been materially constrained by the nature of our ownership interests, no assurance can be given that our joint venture partners will not exercise their power of veto or their controlling influence in any of our joint ventures in a way that will hinder our corporate objectives and reduce any anticipated cost savings or revenue enhancement resulting from these joint ventures. In addition, whether or not we hold majority interests or maintain operational control in such joint ventures, such arrangements necessarily involve special risks and our joint venture partners may: •have economic or business interests or goals that are inconsistent with or opposed to ours;    •exercise veto rights so as to block actions that we believe to be in our or the joint venture's best interests;    •take action contrary to our policies or objectives with respect to the investments; or    •as a result of financial or other difficulties, be unable or unwilling to fulfill their obligations under the joint venture, other agreements, such as contributing capital to expansion or maintenance projects.  In addition, our joint ventures which operate coal mines were facing increasing risks in recent years. Due to more stringent regulations on environmental protection, imbalances between supply and demand in the coal market and level of inventory, coal prices declined in 2015. In the first half of 2016, the coal prices continued their downward trend and reached their lowest point in August 2016. Although coal prices rebounded since August 2016 as a result of the PRC government's policy of cutting excessive coal production capacity as well as decrease in hydroelectricity and increase in transportation costs, we cannot assure you the coal price will continue to increase or maintain at the current price level in the future. If coal prices decrease in the future, the business, financial condition and results of operations of these joint ventures which operates coal mines may be adversely affected.Failure to maintain optimal utilization of our production facilities will adversely affect our gross and operating margins.During the past few years, we expanded the production capacity by completing our construction, upgrading or remoulding of some of our alumina and primary aluminum production facilities. We expect our production capacity expansion in recent years to increase our costs of sales, in particular, depreciation and amortization costs. If we are able to maintain satisfactory facility utilization rates and increase our production output, this increase in our production capacity would enable us to reduce our unit costs through economies of scale, as fixed costs will be spread over a higher volume of output units. Conversely, underutilization of our existing and newly acquired or constructed production facilities may increase our marginal production costs and prevent us from realizing the intended economic benefits of our expansion. In addition, due to weak market conditions in recent years, we have implemented flexible production arrangements for certain alumina and primary aluminum production facilities since 2013. In addition, we abandoned certain primary aluminum and alumina production facilities with an aggregate annual designed production capacity of 157,500 and 30,000 tonnes, respectively, in 2014. We also increased our external purchases of alumina and primary aluminum for trading purposes to capitalize on fluctuating market prices and to enhance resource planning to achieve cost savings in our production. The increase in our external purchases has reduced our utilization of certain production facilities, but has not resulted in a proportionate decrease in fixed costs such as leases and depreciation of plant, property and equipment. Given our high proportion of fixed costs, failure to maintain historical utilization rates may adversely affect our gross and operating margins.15Furthermore, our primary aluminum production may be adversely affected by the administrative policies and orders implemented by the local governments to fulfill China's Energy-Saving and Emission Reduction Goals. Please see "- We are subject to administrative policies and orders relating to China's Energy-Saving and Emission Reduction Goals that could adversely affect our production."We may be required to record impairment charges in the future.If business conditions deteriorate, long lived assets need to be reviewed for possible impairment. An impairment loss needs to be recognized to the extent that the carrying amount exceeds the recoverable amount. We recorded impairment loss on property, plant and equipment during the three years ended December 31, 2014, 2015 and 2016. In 2014, we recorded a impairment loss for land use rights of RMB141 million for our Chongqing branch, impairment loss of property, plant and equipment of RMB5,680 million, impairment loss of mining rights of RMB35 million and impairment loss of computer software and other intangible assets of RMB73 million. In 2015 and 2016, we recorded impairment loss of property, plant and equipment of RMB10 million and RMB57.1 million, respectively. We cannot guarantee that we will not incur increased impairment loss in the future, for various reasons including, but are not limited to, a sustained decline in our stock price, strategic decisions made in response to changes in economic and competitive conditions, the impact of the economic environment on our customer base or a material adverse change in our relationship with significant customers. If we record significant impairment charges, our results of operations may be materially and adversely affected.Our operations consume substantial amounts of energy, and our profitability may decline if energy costs rise or if our energy supplies are interrupted.Our operations consume substantial amounts of energy. Although we generally expect to meet the energy requirements for our alumina refineries and primary aluminum smelters from a combination of internal and external sources, our results of operations may be materially and adversely affected by the following: •significant increases in electricity costs; or    •curtailment of the operation of one or more refineries or smelters due to our inability to extend energy supply contracts upon their expiration. Cost of electricity is the principal production cost in our primary aluminum operations. Although our average electricity cost per kilowatt-hour, or kWh, of our primary aluminum smelters decreased by approximately 16% from 2015 to 2016, there is no assurance that demand for and prices of electricity will not increase in the future. If we are unable to pass on increases in energy costs to our customers, our operating margin, financial condition and results of operations could be materially and adversely affected.In addition, interruptions in the supply of power can result in costly production shutdowns, increased costs associated with restarting production and the waste of production in progress. A sudden loss of power, if prolonged, can cause damage to or the destruction of production equipment and facilities. In such an event, we may need to expend significant capital and resources to repair or replace the affected production equipment to restore our production capacity. In the past, various regions across China experienced shortages and disruptions in electrical power, especially during peak demand in the summer or during severe weather conditions. We cannot assure you that our operations will not suffer from shortages or disruptions in electrical power, any occurrence of which could have a material and adverse impact on our business, financial condition and results of operations.Our operations consume substantial amounts of coal, and our operations may be adversely affected if we are not able to procure sufficient coal or if coal prices rise significantly.We rely heavily on coal as our energy and fuel source in our operations. As we increase our alumina refining capacity, our consumption of coal will increase accordingly. If we are not able to obtain the amount of coal needed for our production due to a shortage of coal, constraints on coal transportation or any other reason, we may be forced to reduce our production output or suspend our alumina refining operations, which could materially and adversely affect our financial condition and results of operations. Although we have acquired equity interest in a number of coal mines, we expect to continue to rely substantially on third-party coal suppliers for the supply of coal. In addition, our average purchase price per unit tonne of thermal coal used in our alumina production increased from 2015 to 2016, if we are unable to pass on increases in coal prices to our customers or offset price increases through productivity improvements, our operating margin, financial condition and results of operations could be adversely affected.16Our business and industry may be affected by the development of alternative energy sources and climate change.Our operations consume substantial amounts of coal. Coal combustion generates significant greenhouse gas and other pollutants, and the effects of climate change resulting from global warming and increased pollution levels may provide incentives for governments to promote or invest in "green" energy technologies such as wind, solar, nuclear and biomass power plants, or to reduce their consumption of conventional energy sources such as coal. A number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to the potential impacts of climate change. These regulatory mechanisms may impact our operations directly or indirectly through customers or our supply chain. We may have to increase our capital expenditures in order to comply with such revised or new legislation or regulations, and may realize changes to profit or loss arising from increased or decreased demand for our products and indirectly, from changes in costs of goods sold, which may adversely affect our results of operations and financial condition.In addition, we have invested in coal mining operations. We are affected by the growth of the PRC thermal power industry, which relies on coal as main source of fuel. The PRC thermal power industry may be affected by the development of alternative energy sources, climate change and global environmental factors. In particular, pursuant to China's 13th Five-Year Plan for Environmental Protection, the PRC government plans to continue to encourage the development of alternative energy sources, such as wind power, solar power, biomass and geothermal energy, from 2016 to 2020. As such, alternative energy industries may rapidly develop and gradually gain mainstream acceptance in the PRC and the rest of the world. If alternative energy technologies continue to develop and prove suitable for wide commercial application in the PRC and overseas, demand for conventional energy sources, such as coal, could be reduced, which could have a material and adverse effect on the coal mining industry and, consequently, our business, results of operations and financial condition.We may be unable to continue competing successfully in the markets in which we operate.We face competition from both domestic and international primary aluminum producers. Our principal competitors are domestic smelters, some of which are consolidating and expanding their production capacities. These smelters compete with our primary aluminum operations on the basis of cost, quality and pricing. In addition, we face increasing competition from international alumina and primary aluminum suppliers as a result of the elimination of tariffs on imports of primary aluminum and alumina into China. Increasing competition in our product markets may reduce our selling prices or sales volumes, which will have a material adverse effect on our financial condition and results of operations. If we are unable to price our products competitively, maintain or increase our current share of China's alumina and primary aluminum markets or otherwise maintain our competitiveness, our financial condition, results of operations and profitability could be materially and adversely affected.Our overseas expansion exposes us to political and economic risks, commercial instability and events beyond our control in the countries in which we plan to operate.We are currently undertaking a couple of overseas projects, including the bauxite mining projects in Laos and Indonesia. Due to uncertainties involved in the overseas projects, we cannot assure you that our overseas expansion or investments will be successful or that we will not suffer foreign exchange losses in connection with our overseas investment.17In addition, operations in the overseas markets also expose us to a number of risks including expropriation and nationalization of our assets in foreign countries, civil unrest, acts of terrorism, war, or other armed conflict; natural disasters; inflation; currency fluctuations, devaluations and conversion restrictions; confiscatory taxation or other adverse tax policies, governmental activities that limit or disrupt markets, restrict payments or limit the movement of funds, governmental activities that may result in the deprivation of contractual rights; lack of a well-developed legal system that makes it difficult to enforce our contractual rights; and governmental activities that may result in the inability to obtain or retain licenses required for operations.Our profitability and operations could be adversely affected if we are unable to obtain a steady supply of raw materials at competitive prices.Historically, the price for bauxite, our most important raw material for alumina production, has been volatile. We obtain bauxite for our operations from our mines and external suppliers. See "Item 4. Information on the Company - B. Business Overview - Raw Materials - Alumina - Supply." The extents to which we procure bauxite from each of these sources affect the security of our supply or cost of bauxite. The supply of bauxite could be affected by various factors, including geographic conditions of bauxite mines, government policies, market prices and competition, many of which are beyond our control. We rely on overseas suppliers to obtain a portion of bauxite we use for production. Indonesia used to be a major source of our imported bauxite. As a result of the ban imposed by the Government of Indonesia on the exportation of unprocessed bauxite and nickel, since January 2014, we were not able to export the bauxite produced by our bauxite mines in Indonesia for the use of our alumina refineries in China, and our operation of bauxite mining in Indonesia has been suspended since September 2014. If we exhaust our stockpiles or our procurement of bauxite from Australia are interrupted for any reasons, and cannot find an alternative source of imported bauxite at competitive prices, our financial condition, results of operations and profitability could be adversely affected.In addition, our results of operations can be affected by increases in the cost of other raw materials and other key inputs such as energy. If we cannot obtain a steady supply of key raw materials at competitive prices, our financial condition and results of operations could be materially and adversely affected.Any transportation interruption or any material increase in our transportation costs could have a material and adverse effect on our business, financial condition and results of operations.Our operations require the reliable transportation of raw materials and supplies to our refining and smelting sites and finished products to our customers. Our alumina products are mainly transported by rail or trucks and our primary aluminum products are delivered to our customers primarily by rail. There is no assurance that we can always enjoy sufficient transportation capacity or we will not experience transportation interruption in the future. Furthermore, natural disasters may cause interruption to the transportation system, which could in turn affect the transportation of our products. In addition, any changes in fuel prices or fuel supply may be unpredictable and beyond our control. There is no assurance that shortage of fuel will not occur in the future. Any surge in fuel prices or shortage of fuel supply may lead to increases in our operation and transportation costs. If we are unable to make timely deliveries due to logistical and transportation disruptions, or transfer the increased costs to our customers, our production, reputation and results of operations may be adversely affected.The bauxite reserve data in this annual report are only estimates, which may prove to be inaccurate.The bauxite reserve data on which we base our production, revenue and expenditure plans are estimates that we have developed internally and may prove inaccurate. There are numerous uncertainties inherent in estimating quantities and qualities of reserves, including many factors beyond our control. If these 18estimates are inaccurate or the indicated tonnages are not recovered, our business, financial condition, and results of operations may be materially and adversely affected.Our mining operations have limited mine lives and eventual closure of these operations will entail costs and risks regarding ongoing monitoring, rehabilitation and compliance with environmental standards.Our existing mining operations in the PRC and overseas have limited mine lives and will eventually be depleted. We need to perform certain procedures to remedy and rehabilitate the environmental and social impact that our mining operations have had on local communities and the environment. Remediation, rehabilitation, closure and removal of our facilities will incur various costs and are subject to various risks. The key costs and risks for mine closures include, but are not limited to, (i) long-term management of permanent engineered structures and acid rock drainage; (ii) closure in accordance with local or international environmental standards; (iii) orderly retrenchment of employees and the third-party contractors; and (iv) relinquishment of the site with associated permanent structures and community development infrastructure and programmes to new owners. There is no assurance that such closure of mines will be successful and without delays or additional costs, in which case we may be subject to increased costs, penalties or other administrative actions, damages to reputation, even suspension and cancellation of mining permits, the occurrence of which would cause a material and adverse effect to our business, financial condition and results of operations.Failure to discover new reserves or resources, maintain or enhance existing reserves or resources, develop new mining operations or expand our current mining operations could negatively affect our business, financial condition and results of operations.Mining exploration is unpredictable in nature. The success of any mining exploration programme depends on various factors, many of which are beyond our control. Due to the unpredictable and speculative nature of the mining industry, there is no assurance that any exploration programme that we are currently undertaking or may undertake in the future will result in the discovery of valuable reserves or resources. There is no assurance that reported resources can be converted into reserves. Furthermore, actual results upon production may differ from those anticipated at the time of discovery. To access additional reserves in explored areas, we will need to successfully complete development projects, including but not limited to extending existing mines and developing new mines. There are a number of uncertainties inherent in the development and construction of any new mine or an extension of an existing mine, including but not limited to (i) the availability and timing of necessary governmental approvals; (ii) the timing and cost necessary to construct mining and processing facilities; (iii) the availability and cost of labor, utilities, auxiliary materials and other supplies and the accessibility of transportation and other infrastructure; and (iv) the availability of funds to finance construction and production activities. There is no assurance that any future exploration activities or development projects will extend the life of our existing mining operations or result in any new economic mining operations and such failure may have a material adverse effect on our business, financial condition and results of operations.Our significant indebtedness could adversely affect our business, financial condition and results of operations.We are subject to a high degree of financial leverage. We have relied, and expect to continue to rely, on both short-term and long-term borrowings to fund a significant portion of our capital requirements. As of December 31, 2016, we had approximately RMB58.3 billion in outstanding short-term bonds and short-term bank borrowings (including the current portion of long-term bank and other borrowings) and RMB47.3 billion in outstanding long and medium-term bonds and long-term bank and other borrowings (excluding the current portion of these borrowings). Please see Note 20 to our audited consolidated financial statements for more detailed information about our borrowings. This level of debt could have significant consequences on our operations, including: •making it more difficult for us to fulfill payment and other obligations under our outstanding debt, including repayment of our debt and credit facilities should we be unable to obtain extensions for any 19   such debt or credit facilities before they mature. Please see "Item 5 - Operating and Financial Review and Prospects - B. Liquidity and Capital Resources" for maturities of our outstanding long-term borrowings;    •reducing the availability of cash flows to fund working capital, capital expenditures, acquisitions and other general corporate purposes;    •exposing us to interest rates fluctuations on our borrowings and the risk of being unable to rollover, extend or refinance our borrowings as necessary;    •potentially increasing the cost of additional financing and making it more difficult for us to conduct equity financings in the capital markets or obtain government approvals to seek additional financing; and    •putting pressure on our ADS price due to concerns of our ability to repay our debt. Our ability to meet our payment and other obligations under our outstanding debt depends on our ability to generate cash flows in the future or to refinance such debt. We cannot assure you that our business will generate sufficient cash flows from operations to satisfy our obligations under our outstanding debt and to fund other liquidity needs. If we are not able to generate sufficient cash flows to meet such obligations, we may need to refinance or restructure our debt, reduce or delay capital investments, or seek additional equity or debt financing. The sale of additional equity securities could result in dilution to our ADS holders. A shortage of financing could in turn impose limitations on our ability to plan for, or react effectively to, changing market conditions or to expand through organic and acquisitive growth, thereby reducing our competitiveness. We cannot assure you that future financing will be available in amounts or on terms acceptable to us, if at all.The instruments governing our senior debt contain certain financial and other covenants that restrict our ability to pay dividends, raise further debt and take other corporate actions which may adversely affect our businessWe completed the issuance of US$350 million in aggregate principal amount of 6.625% senior perpetual capital securities, US$400 million in aggregate principal amount of 6.25% senior perpetual capital securities and US$500 million in aggregate principal amount of 4.25% senior perpetual capital securities (altogether, the "Securities") in October 2013, April 2014 and November 2016, respectively, through Chalco Hong Kong Investment Company Limited (the "Issuer") with guarantees to the repayment obligations of the Securities provided by our subsidiaries including Chalco Hong Kong (the "Subsidiary Guarantors"). We intend to redeem US$400 million in aggregate principal amount of 6.25% senior perpetual capital securities on April 29, 2017 at  the principal amount together with any distribution accrued thereon. The indentures governing the Securities contain a number of significant financial and other covenants. Such covenants restrict, subject to certain exceptions, among other things, our and our subsidiaries' ability to create, or have outstanding, any security interest upon our or our subsidiaries' present or future undertaking, assets or revenues to secure any indebtedness which is in the form of bonds, notes, debentures, loan stock or other securities which for the time being are, or are intended to be or capable of being, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or other securities market ("Relevant Indebtedness") which is issued outside the PRC, our ability to create or have any Relevant Indebtedness which is issued outside the PRC, our ability to create or have outstanding any guarantee or indemnity in respect of any Relevant Indebtedness which is issued outside the PRC and the Issuer's, Subsidiary Guarantors' and their respective subsidiaries' ability to create, or have outstanding, any security interest upon their present or future undertaking, assets or revenues to secure any Relevant Indebtedness or any guarantee or indemnity in respect of any Relevant Indebtedness or to sell or otherwise dispose of capital stock held or controlled by it in any direct or indirect subsidiary of Chalco Hong Kong which is not a Subsidiary Guarantor.As a result of the covenants, our ability to pay dividends or other distributions on our ordinary shares and the ADSs may be limited. These covenants also restrict our ability to raise additional funds in the future through issuing Relevant Indebtedness which is issued outside the PRC or creating or having any 20guarantee or indemnity in respect of any Relevant Indebtedness which is issued outside the PRC and may restrict our ability to engage in some transactions that we expect to be of benefit to us.The Securities are guaranteed by certain of our subsidiaries. A breach of any of the covenants in the indenture governing the Securities could result in redemption of the Securities at our discretion or an increase of coupon rate if we do not redeem the Securities upon a breach of such covenants. If we default under the Securities in the future, the holders may enforce their claims against the guarantors to satisfy our obligations to them. In addition, such default may result in a default and acceleration of our senior debt and the holders of our senior debt could gain ownership of the capital stock of certain of our wholly owned subsidiaries (if such capital stock is pledged for such senior debt) and/or enforce their claims against the assets of the guarantors (if guarantee is provided for such senior debt).In addition to the Securities, our Company issued RMB2,000 million in aggregate principal amount of 5.50% perpetual medium-term notes (the "2015 Perpetual Medium-term Notes")in China. Pursuant to the terms of the 2015 Perpetual Medium-term Notes, while any coupon distribution payments are unpaid or deferred, the headquarters of the Company cannot declare or pay dividends to shareholders or decrease the share capital, or make material fixed asset investments of the headquarters of the Company.We conduct substantially all of our operations in China and substantially all of our assets are located in China and, if we default under our senior debt, we would lose control or ownership of our assets and operations in China and there may be few or no assets remaining with which we could conduct our business or from which the claims of our other creditors could be satisfied.The interests of our controlling shareholder who exerts significant influence over us may conflict with ours.As of December 31, 2016, our largest shareholder, Chinalco, directly owned 32.81%of our issued share capital and indirectly owned an additional 2.96% of our issued share capital through its controlled entities. The interests of Chinalco may conflict or even compete with our interests and those of our public shareholders. Chinalco may take actions that are in the interest of its subsidiaries, associates and other related entities to our detriment. For example, Chinalco may seek to influence our decision as to the amount of dividends we declare and distribute. Any increase in our dividend payout would reduce funds otherwise available for reinvestment in our businesses and thus may adversely affect our future prospects and financial condition.In addition, Chinalco and a number of its subsidiaries and associates provide a range of services to us, including engineering and construction services, social services, land and property leasing as well as the supply of raw and supplemental materials. It would be difficult to find an alternative source for some services that we receive from Chinalco. Our cost of operations may increase if Chinalco, its subsidiaries and associates are unable to continue providing such services to us.The outbreak of infectious diseases could interrupt or affect our operations.The spread of infectious diseases in PRC or other countries or districts where we operate may severely affect our business, results of operations and financial condition. We could be adversely affected by the disease itself, if our employees are infected with diseases and unable to continue their work. While we did not experience significant effects from the outbreak during the year ended December 31, 2016, we cannot assure you that outbreaks of disease in the future will not adversely affect our projects or business operations, which could result in a material adverse effect on our business, financial conditions and results of operations.21We are subject to, and incur costs to comply with, environmental laws and regulations.As we produce air emissions, discharge waste water, and handle hazardous substances at our bauxite mines, alumina refineries and aluminum smelters, we are subject to, and incur costs to comply with, environmental laws and regulations.Given the magnitude, complexity and continuous amendments to these laws and regulations, compliance therewith may be onerous or may involve substantial financial resources and other resources to establish efficient compliance and monitoring systems. The liabilities, costs, obligations and requirements associated with these laws and regulations may therefore be substantial and may delay the commencement of, or cause interruptions to, our operations. Non-compliance with the relevant laws and regulations applicable to our operations may even result in substantial penalties or fines, suspension or revocation of our relevant licenses or permits, termination of government contracts or suspension of our operations. For example, in November 2016, there was a slurry leakage incident at Shanxi Huaxing caused by equipment malfunction. As a result, Shanxi Huaxing was penalized by the local environmental protection authorities. We cannot assure you that the similar events would not occur in the future, if such incidents were to occur, it could impact our operating results, financial condition and reputation, all of which could adversely affect our profitability and ability to attract new customers.In addition, the environmental laws and regulations in the PRC and other jurisdictions in which we operate continue to evolve. As a result, we may incur significant additional costs if relevant laws and regulations change or enforcement of existing laws and regulations becomes more rigorous. For instance, to comply with the requirement of desulphurization and denitration in China, we were requested to invest in upgrading or remoulding certain production facilities. Due to serious haze hovering in certain areas in China, the government of the PRC has issued and may continue to issue rules and regulations to restrict production of certain industries in certain areas to alleviate air pollution. Such rules and regulations may adversely affect our operations in those areas in China. Further, our overseas expansion projects are subject to foreign environmental laws and regulations. Failure to comply with environmental laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including the assessment of monetary penalties, the imposition of remedial requirements and the issuance of orders enjoining future operations, all of which may materially and adversely affect our business operations.We are subject to administrative policies and orders relating to China's Energy-Saving and Emission Reduction Goals that could adversely affect our production.We are subject to administrative energy-saving and emission reduction policies and orders carried out by the central and provincial governments in accordance with China's Energy-Saving and Emission Reduction Goals. On July 18, 2013, the Ministry of Industry and Information Technology of the PRC ("MIIT") issued the Standard Conditions for Aluminum Industry, which sets forth various standards for existing and new projects, including standards for environment protection, energy consumption, and utilization of resources. In order to meet these standards, we may be required to update our equipment and improve our technology, which could delay our production or result in additional costs and expenses. We cannot assure you that the relevant government authorities will not issue any similar standards or rules, which may require us to incur additional costs or expenses to comply with these standards or rules, and our existing production may be delayed for facility upgrading or suspended before fully complied with these standards or rules. The occurrence of any of the foregoing could have an adverse effect on our business, results of operations and financial condition.Our business is subject to unplanned business interruptions that may adversely affect our performance.We may experience accidents in the course of our operations, which may cause significant property damage and personal injuries. Significant accidents and natural disasters may cause interruptions to our operations or result in property or environmental damage, an increase in operating expenses or loss of revenues. The occurrence of accidents, natural disasters and the resulting consequences may not be covered adequately, or at all, by the insurance policies we carry. Losses or payments incurred by us as a result of major accidents or natural disasters may have a material and adverse effect on our results of operations if such losses or payments are not fully insured.22We have not obtained valid titles or land use rights to certain properties or land parcels that we occupy.We had not obtained valid ownership certificates to certain properties that we occupy. These properties are used primarily for production plants and daily operations management. As of December 31, 2016, the book value of our properties with defective titles is RMB6,759 million, which represents approximately 12.2% of our net asset value. In addition, we had not obtained land use rights to certain land parcels, which we use primarily for our production plants. As of December 31, 2016, the book value of these land parcels is RMB447 million, represents approximately 0.8% of our net asset value. We have applied to the appropriate authorities to obtain the relevant ownership certificates. We cannot give any assurance that ownership dispute will not occur or that third parties will not assert any claims against us for compensation in respect of any use of these properties or land parcels.Our business involves inherent risks and occupational hazards, which could damage our reputation, subject us to liability claims and cause substantial costs to us.Our business involves inherent risks and occupational hazards. Under our mining operations, we engage or may engage in certain inherently risky and hazardous activities, including, among others, operations at height or on dangerous terrains, underground excavation and construction, use of heavy machinery, mining and handling of flammable and explosive materials, and we are therefore subject to risks associated with these activities, including, among others, geological catastrophes, toxic gas and liquid leakages, equipment failures, industrial accidents, fire, explosions and underground water leakages. Although we conduct geological assessments on mining conditions and adapt our mining plans to the mining conditions at each mine, we cannot assure you that adverse mining conditions will not endanger our workforce, increase our production costs, reduce our bauxite or coal output or temporarily suspend our operations. The occurrence of any of the foregoing events or conditions could have a material adverse impact on our business and results of operations. Additionally, we are exposed to operational risks associated with industrial or engineering activities, such as maintenance problems or equipment failures. These risks and hazards may result in personal injury and fatal casualties, damage to or destruction of properties or production facilities, and pollution and other environmental damage. Any of these consequences, to the extent they are significant, could result in business interruption, possible legal liability and damage to our business reputation and corporate image.Our mines and operating facilities may be damaged by water, gas, fire or cave-ins due to unstable geological structures. Any significant accident, business disruption or safety incident could result in substantial uninsured costs and the diversion of our resources, which could materially and adversely affect our business operations and financial condition.We may be subject to product liability claims.Some of the products we sell or manufacture may expose us to product liability claims relating to property damage or personal injury. The successful assertion of product liability claims against us could result in significant damage payments and harm to our reputation, which in turn could have a material adverse effect on our business, financial condition and results of operations.We are subject to risks normally associated with cross-border transactions, and our export products have been and may become subject to anti- dumping or countervailing duty proceedings.We generate revenue from exports of certain chemical alumina products and certain non-ferrous metals and minerals products to foreign jurisdictions. Such foreign jurisdictions may take restrictive measures, including, among others, anti-dumping duties and other non-tariff barriers, to protect their own markets. Our sales in major overseas markets may be adversely affected by increases in or new impositions of anti-dumping duties, countervailing duties, quotas or tariffs imposed on our exports. Further increases in or new imposition of anti-dumping duties, countervailing duties, quotas or tariffs on our sales in these markets could adversely affect the exports to these regions in the future. By virtue of our transactions with parties outside the PRC, we will be subject to the risks normally associated with cross-border business transactions and activities. We will also be exposed to the risk of changes in social, legal, political and 23economic conditions in the foreign jurisdictions to which we export. In particular, unexpected changes in regulatory requirements, tariffs and other trade barriers and price or exchange controls could limit our operations and make the repatriation of profits difficult.We are subject to litigation risks.In the ordinary course of business, claims involving project owners, customers, suppliers and subcontractors may be brought against us and by us in connection with our contracts. If we were found to be liable on any of the claims, we would have to incur a charge against earnings to the extent a reserve had not been established for the matter in our accounts, or to the extent the claims were not sufficiently covered by our insurance coverage. Both claims brought against us and by us, if not resolved through negotiations, are often subject to lengthy and expensive litigation or arbitration proceedings. Charges associated with claims brought against us and write-downs associated with claims brought by us could have a material adverse impact on our business, financial condition, results of operations and cash flow. Moreover, legal proceedings resulting in judgments or findings against us may harm our reputation and damage our prospects for future contract awards.We face counterparty risks.While we generally sell goods and provide services to reputable customers and evaluate the customers' credit in accordance with our internal risk management criteria, such as their credit history and likelihood of default, we have limited access to information about our customers and we may encounter difficulties in the collection of receivables in certain countries that we have less experience in our dealings. Therefore, we cannot guarantee that all of our customers will fully perform their obligations under their respective contracts with us, and the deterioration of any customers' credit or payment conditions may result in those customers defaulting on their contractual obligations, which could materially and adversely affect our business, financial condition and results of operations. In addition, disputes with governmental entities and other public organizations could potentially lead to contract termination if these remain unresolved or may take a considerably longer period of time to resolve than disputes with counterparties in the private sector, and payments from these entities and organizations may be delayed as a result.We may be exposed to claims in relation to the unsatisfactory performance of third-party service providers, and disputes with business partners may also adversely affect our business.We rely on third-party service providers for certain services, including but not limited to mining infrastructure construction, logistics services or warehouse management. Therefore, we are exposed to the risk that our third-party service providers may fail to perform their obligations, which may adversely affect our business operations. In addition, from time to time, we co-operate with business partners to develop our business, including acquiring strategic mining resources or businesses that complement our own business line. Furthermore, we operate certain projects through joint venture arrangements and may enter into further joint ventures in the future along with the expansion of our operations. We may have disputes with these business partners or joint venture partners over various aspects, such as performance of each party's obligations, scope of each party's responsibilities, product quality and logistics services. If such disputes cannot be settled in a timely manner, our financial condition and business may be adversely affected.Failure to hire and retain management executives, technicians and other qualified personnel could adversely affect our business and prospects.The growth of our business operations depends on the continued services of our senior management team. The industry experience, expertise and contributions of our executives and other members of our senior management are essential to our continued success. We will require an increasing number of experienced and competent executives in the future to implement our growth plans. If we were to lose the services of any of our key management members and were unable to recruit and retain personnel with equivalent qualifications at any time, the management and growth of our business could be adversely affected.24Competition for qualified personnel in general is intense in the PRC and other markets where we operate. We cannot guarantee that we will be able to maintain an adequately skilled labor force necessary for us to execute our projects or to perform other corporate activities, nor can we guarantee that staff costs will not increase as a result of a shortage in the supply of skilled personnel. If we fail to attract and retain personnel with suitable managerial, technical or marketing expertise or maintain an adequate labor force on a continuous basis, our business operations could be adversely affected and our future growth and expansions may be inhibited.We may not be able to detect and prevent fraud or other misconduct committed by our employees, representatives, agents, customers or other third parties.We may be exposed to fraud or other misconduct committed by our employees, representatives, agents, customers or other third parties that could subject us to litigation, financial losses and sanctions imposed by governmental authorities, as well as affect our reputation. Such misconduct could include:  •hiding unauthorized or unsuccessful activities, resulting in unknown and unmanaged risks or losses;    •intentionally concealing material facts, or failing to perform necessary due diligence procedures designed to identify potential risks, which are material to us in deciding whether to make investments or dispose of assets;    •improperly using or disclosing confidential information;    •engaging in improper activities such as offering bribes to counterparties in return for any type of benefits or gains;    •misappropriation of funds;    •conducting transactions that exceed authorized limits;    •engaging in misrepresentation or fraudulent, deceptive or otherwise improper activities;    •engaging in unauthorized or excessive transactions to the detriment of our customers; or    •otherwise not complying with applicable laws or our internal policies and procedures. Our internal control procedures are designed to monitor our operations and ensure overall compliance. However, such internal control procedures may be unable to identify all incidents of non-compliance or suspicious transactions in a timely manner if at all. Furthermore, it is not always possible to detect and prevent fraud and other misconduct, and the precautions we take to prevent and detect such activities may not be effective.There is no assurance that fraud or other misconduct will not occur in the future. If such fraud or other misconduct does occur, it may cause negative publicity as a result, and could have a material and adverse effect on our business, financial condition and results of operations.Our operations are affected by a number of risks relating to conducting business in the PRC.As a significant majority of our assets and operations are located in the PRC, we are subject to a number of risks relating to conducting business in the PRC, including the following: •The central and local PRC government continues to exercise a substantial degree of control and influence over the aluminum industry in China and shape the structure and development of the industry through the imposition of industry policies governing major project approvals and safety, environmental and quality regulations. If the PRC government changes its current policies or the interpretation of those policies that are currently beneficial to us, we may face pressure on profit margins and significant constraints on our ability to expand our business operations. 25  •The PRC government exercises control over China's economic growth through the allocation of resources, control of payments of obligations denominated in foreign currencies and monetary and tax policies. Some of these measures benefit the overall economy of China, but may have a materially adverse impact on us.    •In 2005, China adopted a managed floating exchange rate system to allow the value of the Renminbi to fluctuate within a regulated band based on supply and demand with reference to a basket of currencies. Since then the exchange rate between the U.S. dollar and Renminbi has fluctuated and become increasingly unpredictable following the global financial crisis with increasing pressure on the Renminbi to appreciate. In April 2012, the PRC government took a milestone step in turning the Renminbi into a global currency by doubling the size of its trading band against the U.S. dollar, pushing through a crucial reform that further liberalizes its financial markets. The People's Bank of China further allows the Renminbi to rise or fall 2% from a mid-point every day, effective on March 17, 2014, compared with its previous 1% limit. Over the last year the RMB depreciated significantly against the U.S. dollar. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. Any appreciation or depreciation of the Renminbi will affect the value of our US dollar-denominated borrowings and overseas investments, the prices of our export sales denominated in foreign currencies and the Renminbi equivalent value of our trade and notes receivable denominated in foreign currencies, which may affect our financial condition and results of operations. Our financial condition and operating performance may also be affected by changes in the value of currencies other than Renminbi in which our earnings and obligations are denominated.    •The PRC legal system is developing. Laws are enacted and amended and new regulations are issued relatively constantly. In addition, the PRC legal system is different from the common law system and precedents have limited effects in the PRC legal system. As such, it may involve uncertainties to enforce or obtain a remedy under any of our present or future agreements which could result in a significant loss of business, business opportunities or capital.  The audit reports included in this annual report are prepared by auditors who are not inspected fully by the Public Company Accounting Oversight Board and, as such, you are deprived of the benefits of such inspection.Auditors of companies that are registered with the SEC and traded publicly in the United States, including our independent registered public accounting firms, must be registered with the US Public Company Accounting Oversight Board (United States) (the "PCAOB") and are required by the laws of the United States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards. Because we have substantial operations within the PRC and the PCAOB is currently unable to conduct full inspections of the work of our auditors as they relate to those operations without the approval of the Chinese authorities, our auditors' work related to our operations in China is not currently inspected by the PCAOB.This lack of PCAOB inspections of audit work performed in China prevents the PCAOB from regularly evaluating audit work of any auditor that was performed in China including that performed by our auditors. As a result, investors may be deprived of the full benefits of PCAOB inspections.The inability of the PCAOB to conduct inspections of audit work performed in China makes it more difficult to evaluate the effectiveness of our auditors' audit procedures as compared to auditors in other jurisdictions that are subject to PCAOB inspections on all of their work. Investors may lose confidence in our reported financial information and procedures and the quality of our financial statements.26Proceedings instituted recently by the SEC against five PRC-based accounting firms could result in our financial statements being determined to not be in compliance with the requirements of the Exchange Act.In December 2012, the SEC brought administrative proceedings against five accounting firms in China, alleging that they had refused to produce audit work papers and other documents related to certain other China-based companies under investigation by the SEC for potential accounting fraud. On January 22, 2014, an initial administrative law decision was issued, censuring these accounting firms and suspending four of the five firms from practicing before the SEC for a period of six months. The four firms appealed to the SEC against this decision and, on February 6, 2015, each of the four accounting firms agreed to a censure and to pay a fine to the SEC to settle the dispute and avoid suspension of their ability to practice before the SEC. The firms' ability to continue to serve all their respective clients is not affected by the settlement. The settlement requires the firms to follow detailed procedures to seek to provide the SEC with access to Chinese firms' audit documents via the CSRC. If the firms do not follow these procedures, the SEC could impose penalties such as suspensions, or it could restart the administrative proceedings. The settlement did not require the firms to admit to any violation of law and preserves the firms' legal defenses in the event the administrative proceeding is restarted.We were not and are not subject to any SEC investigations, nor are we involved in the proceedings brought by the SEC against the accounting firms. However, the independent registered public accounting firms that issue the audit reports included in our annual reports filed with the SEC is affiliated to one of the four accounting firms above.In the event that the SEC restarts the administrative proceedings, depending upon the final outcome, listed companies in the United States with major PRC operations may find it difficult or impossible to retain auditors in respect of their operations in the PRC, which could result in financial statements being determined to not be in compliance with the requirements of the Exchange Act, including possible delisting. Moreover, any negative news about the proceedings against these audit firms may cause investor uncertainty regarding China-based, United States-listed companies and the market price of our ADSs may be adversely affected.If our independent registered public accounting firms were denied, temporarily, the ability to practice before the SEC and we were unable to timely find another registered public accounting firm to audit and issue an opinion on our financial statements, our financial statements could be determined to not be in compliance with the requirements of the Exchange Act. Such a determination could ultimately lead to the delisting from the NYSE or deregistration from the SEC, or both, which would substantially reduce or effectively terminate the trading of our ADSs in the United States.ITEM 4.               INFORMATION ON THE COMPANYA.HISTORY AND DEVELOPMENT OF THE COMPANYWe were incorporated as a joint stock limited company under the Company Law of the PRC on September 10, 2001 under the corporate name Aluminum Corporation of China Limited. Our principal executive and registered office is located in the People's Republic of China at No. 62 North Xizhimen Street, Haidian District, Beijing, China 100082, and our telephone number is (86) 10 8229 8560.27Pursuant to a reorganization agreement entered into among Chinalco, Guangxi Investment and Guizhou Development in 2001, substantially all of Chinalco's alumina and primary aluminum production operations, as well as a research institute and other related assets and liabilities, were transferred to us upon our formation. We acquired our bauxite mining operations and associated mining rights from Chinalco in a separate mining rights agreement.We are a vertically integrated aluminum producer with operations in bauxite and coal mining, alumina refining and primary aluminum smelting. We also produce ancillary products and services derived from or related to our aluminum operations. In addition, we are engaged in trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products and raw and ancillary materials in bulk domestically and internationally. Since 2013, we have expanded our operations into power generation.We have substantially increased the size and scope of our operations through organic growth as well as selective acquisitions and joint ventures. Our key operating assets currently include eight subsidiaries mainly engaged in bauxite mining; one integrated alumina and primary aluminum production plant; nine stand-alone alumina refineries, including our Zhengzhou Institute; 11 stand-alone primary aluminum smelters; one carbon production plant and one integrated power generation company with coal mining operations. All of our principal alumina and primary aluminum production facilities are operated in accordance with ISO14001 standards.Disposal of Aluminum Fabrication BusinessWe disposed of substantially all of our aluminum fabrication operations to Chinalco pursuant to the approval of shareholders at the 2012 annual general meeting on June 27, 2013.On May 13, 2013, we submitted the tender notice to CBEX to dispose of the equity interest we held in eight aluminum fabrication enterprises, including Henan Aluminum, Chalco Southwest Aluminum, Chalco Southwest Aluminum Cold Rolling, Huaxi Aluminum, Qingdao Light Metal, Chalco Ruimin, Chalco Sapa Aluminum Products (Chongqing) Co., Ltd. and Guizhou Chalco Aluminum Co., Ltd. (collectively, "Aluminum Fabrication Interests") through open tender. Chinalco participated in and won the bid for the Aluminum Fabrication Interests on June 7, 2013. We entered into an agreement (the "Aluminum Fabrication Interests Transfer Agreement") with Chinalco on June 9, 2013 for the disposal of Aluminum Fabrication Interests for a consideration of RMB3,242.2 million. Such consideration was the initial bidding price, which was determined with reference to the appraised value of the Aluminum Fabrication Interests. Pursuant to the Aluminum Fabrication Interests Transfer Agreement, Chinalco agreed to pay the consideration in cash in two installments, namely, 30% of the consideration to be paid within five business days after the effective date of the agreement and 70% of the consideration to be paid by June 30, 2014. Chinalco must pay interest for the second installment for the period starting from the date immediately after the effective date until the payment date at the one-year lending rate set by the PBOC. The disposal was approved at the 2012 annual general meeting held on June 27, 2013 and we completed the disposal on June 27, 2013. As of the date of this annual report, Chinalco had paid the consideration in full.As a condition of the disposal of the Aluminum Fabrication Interests, on June 9, 2013, we entered into an agreement with Chinalco to transfer the outstanding entrusted loans we provided to Henan Aluminum and Qingdao Light Metal as of December 31, 2012 to Chinalco for a consideration of RMB1,756.0 million. Such consideration was determined based on negotiations between the parties, with reference to the appraised total value of the loans. Pursuant to the agreement, Chinalco agreed to pay the consideration in cash in five equal installments of RMB351.2 million, with the last installment, together with the relevant interests at the one-year lending rate set by the PBOC, to be paid by June 30, 2017. The transfer was approved at the 2012 annual general meeting held on June 27, 2013 and we completed the transfer on June 27, 2013. As of the date of this annual report, Chinalco has paid the first four installments in accordance with the agreement.28In addition, we entered into an agreement with Northwest Aluminum Fabrication Plant, a subsidiary of Chinalco, on June 6, 2013 to dispose of all the assets of Northwest Aluminum for RMB1,659.6 million. Such consideration was determined based on negotiations between the parties, with reference to the appraised net asset value of Northwest Aluminum. Pursuant to the agreement, Northwest Aluminum Fabrication Plant agreed to pay the consideration in cash in five equal installments of RMB331.9 million, with the last installment, together with the relevant interests at the one-year lending rate set by the PBOC, to be paid by June 30, 2017. The disposal was approved at the 2012 annual general meeting held on June 27, 2013 and we completed the disposal on June 27, 2013. As of the date of this annual report, Northwest Aluminum Fabrication Plant has paid the first four installments in accordance with the agreement.Disposal of Assets of Alumina Production Line of Guizhou BranchOn June 6, 2013, we entered into an agreement with Guizhou Aluminum Plant, a subsidiary of Chinalco, to dispose of the assets of the alumina production line of our Guizhou branch for a consideration of RMB4,429.0 million. Such consideration was determined based on negotiations between the parties, with reference to the appraised net asset value of such alumina assets of our Guizhou branch. Pursuant to the agreement, Guizhou Aluminum Plant agreed to pay the consideration in cash in five equal installments of RMB885.8 million, with the last installment, together with the relevant interests at the one-year lending rate set by the PBOC, to be paid by June 30, 2017. The disposal was approved at the 2012 annual general meeting held on June 27, 2013 and we completed the disposal on June 27, 2013. As of the date of this annual report, the first four installments have been paid in accordance with the agreement.We decided to dispose of the assets of the alumina production line of Guizhou branch because the district in which they were located had been changed from an industrial district to a commercial district based on the local urban plan, which will significantly increase Guizhou branch's environmental compliance costs. We built a new alumina refinery in an area relatively close to major bauxite and coal mines in Guizhou Province, which commenced production with an annual capacity of 1.6 million tonnes of alumina in 2015.Disposal of Equity Interest in Shanxi HuaxingThe proceeds from the private placement of A shares was proposed to invest in Chalco Xing County Alumina Project, the Chalco Zhongzhou Bayer Ore-dressing Process Expansion Construction Project, and the replenishment of our working capital. The Chalco Xing County Alumina Project, which was carried out by Shanxi Huaxing, commenced construction in May 2011 and undertook full operation in 2014. After the completion of private placement of A shares in June 2015, the Board resolved to replace the funds which have been invested by us in advance with the proceeds raised from the private placement of A shares. In light of our strategic blueprint for the development of Shanxi aluminum recycle industrial park, we planned to introduce strategic investors for joint investment and cooperation to develop a new model of integrated coal, electricity and aluminum operations. In December 2015, the Group entered into an equity transfer agreement with Shenzhen CR Yuanta Asset Management Co., Ltd., a state- owned entity, to transfer 50% equity interests in Shanxi Huaxing, a wholly owned subsidiary, through the Shanghai United Assets and Equity Exchange at a price of RMB2,351 million. The price was determined based on the appraisal value provided by an independent qualified appraisal company. According to the Equity Transfer Agreement, 30% of the consideration amounting to RMB705 million has been received by us in December 2015. In December 2016, Shenzhen CR Yuanta Asset Management Co., Ltd. transferred the 50% of equity interest in Shanxi Huaxing to Baotou Transportation Investment Group Co., Ltd. As agreed among Shenzhen CR Yuanta Asset Management Co., Ltd., Baotou Transportation Investment Group Co., Ltd. and the Company, Baotou Transportation Investment Group Co., Ltd., shall assume the payment obligation on the outstanding consideration of RMB1,646,035,160 payable by Shenzhen CR Yuanta Asset Management Co., Ltd. to the Company under the Equity Transfer Agreement and settle the outstanding consideration in full together with interest accrued thereon from January 1, 2017 to the date of payment before March 31, 2017. As of the date of this annual report, the payment is fully settled by Baotou Transportation Investment Group Co., Ltd.29Transfer of Shares of Jiaozuo WanfangOn January 22, 2015 and January 23, 2015, we decreased our shareholding in Jiaozuo Wanfang by 4,758,858 shares through the securities exchange system of the Shenzhen Stock Exchange. In March 2015, we transferred 100,000,000 shares of Jiaozuo Wanfang to Geo-Jade Petroleum Corporation by way of agreement after the public solicitation for potential transferees. On June 25, 2015, we further transferred 42,550,900 shares of Jiaozuo Wanfang by way of block trading through the securities exchange system of the Shenzhen Stock Exchange. On December 18, 21 and 22, 2015, we reduced our shareholding in Jiaozuo Wanfang by 16,695,100 shares through the centralized bidding trading system of the Shenzhen Stock Exchange. From December 23 to 25, 2015, we reduced our shareholding in Jiaozuo Wanfang by 13,865,000 shares through the centralized bidding trading system of the Shenzhen Stock Exchange and block trading. As a result, we held 29,582,057 shares of Jiaozuo Wanfang as of December 31, 2015, representing 2.46% of the total share capital of Jiaozuo Wanfang. During the period from July 8, 2016 to September 27, 2016, we reduced our shareholding of Jiaozuo Wanfang by an aggregate of 16,628,098 shares via the Shanghai Stock Exchange centralized bidding trading system, representing approximately 1.39% of the total share capital of Jiaozuo Wanfang. The average price of reduction was approximately RMB8.73 per share. After the reduction, the Company remained holding 12,953,959 shares of Jiaozuo Wanfang, representing approximately 1.09% of its total share capital.During the period from September 29, 2016 to January 26, 2017, we reduced our shareholding of Jiaozuo Wanfang by an aggregate of 12,953,959 shares via the Shanghai Stock Exchange centralized bidding trading system, representing approximately 1.09% of the total share capital of Jiaozuo Wanfang. The average price of reduction was approximately RMB10.19 per share. After such reduction in our shareholding, we no longer hold any shares of Jiaozuo Wanfang.Disposal of Certain Assets of Guizhou BranchGuizhou Branch entered into a land reserve acquisition cooperation agreement with the People's Government of the Baiyun District of Guiyang, Guiyang Land Reserve Center, and Guizhou Aluminum Plant on November 13, 2015. As the land of Guizhou Aluminum Plant occupied by the electrolytic aluminum plant of Guizhou Branch shall be transferred to the respective land resources and reserve authorities, Guizhou Branch agreed to sell the relevant assets, including buildings and structures located on the land occupied by the electrolytic aluminum plant of Guizhou Branch to the Guiyang Land Reserve Center for a total consideration of RMB1.95 billion. The consideration was determined based on the asset appraisal conducted by an independent asset appraisal firm.Disposal of the Environmental Protection BusinessOn May 30, 2016, the Board approved the transfer of the environmental protection assets in relation to the desulfurization, denitration and dedusting of the coal-fired generating units of five entities, namely Lanzhou Branch, Baotou Aluminum, Shandong Huayu, Maliantai Power Station and Liupanshan Power Station of Ningxia Energy, by way of public bidding. On June 29, 2016, the assets transfer agreement in relation to disposal of the above environmental protection assets were entered into between Beijing Aluminum SPC Environment Protection Tech Co., Ltd., which had won the bid for the acquisition of the assets, and us. Pursuant to the asset transfer agreement, the aggregate consideration for the above environmental protection assets disposal was RMB1,754 million which was paid in two installments in June 2016 and December 2016, respectively.Development of Gold Leasing FinancingOn May 30, 2016, the Board resolved to develop gold leasing business to financing working capital. On June 6, 2016, we entered into an agreement with Bank of Communications Co., Ltd., Beijing Branch to finance working capital via gold leasing. The proceeds from financing, which will be used to replenish working capital for our production and operation, amounted to RMB3 billion with a term of 12 months.Construction ProjectsAs of the date of this annual report, we have undertaken a number of facility expansion projects in China. See "- D. Property, Plants and Equipment - Our Expansion."Overseas DevelopmentOn July 29, 2010, we entered into a joint development agreement with Rio Tinto and Rio Tinto Iron Ore Atlantic Limited, an affiliate of Rio Tinto, for the development and operation of the Simandou Project, a premium open-pit iron ore mine located in Guinea, West Africa. This agreement provides that we (via our subsidiary) would acquire 47% of the equity interest in a joint venture company to be incorporated by Rio Tinto for an earn-in payment of US$1.35 billion, and Rio Tinto would transfer its entire 95% of the equity interest in its project company for the Simandou Project, Simfer S.A., to the joint venture company.On April 22, 2011, Rio Tinto Mining & Exploration Limited, a wholly-owned subsidiary of Rio Tinto, Simfer S.A. and the Government of Guinea entered into a settlement agreement, which, amongst other things, provided that the Government of Guinea would be entitled to acquire up to 35% of the equity interest in Simfer S.A. On November 28, 2011, we, through Chalco Hong Kong, established Chalco Iron Ore under the laws of Hong Kong with the China-Africa Development Fund and three leading PRC enterprises in the steel, port building and railway construction industries to serve as an investment vehicle for investing in the Simandou Project. We, through Chalco Hong Kong, hold 65% and the other investors collectively hold 35% of the equity interest in Chalco Iron Ore.30Following the approvals of the relevant PRC authorities in March and April 2012, Chalco Hong Kong contributed approximately US$878 million to Chalco Iron Ore, representing 65% of the US$1.35 billion earn-in to be paid by Chalco Iron Ore to Simfer Jersey Limited, the joint venture company incorporated by Rio Tinto under the laws of Jersey to implement the joint development agreement, as amended. On April 24, 2012, Chalco Iron Ore paid in full the total earn-in payment of US$1.35 billion to Rio Tinto and acquired its 47% equity interest in Simfer Jersey Limited. Simfer Jersey Limited currently holds 95% of the equity interest in Simfer S.A., with the remaining 5% being held by International Finance Corporation. In addition, during the period from May 2012 to the end of 2013, Chalco Iron Ore injected approximately US$561.5 million in the form of capital contribution based on its proportion of equity interest to Simfer Jersey Limited for the development and operation of the Simandou Project pursuant to the joint development agreement, as amended. Meanwhile, the other shareholder of Simfer Jersey Limited also injected the capital contribution based on its proportion of equity interest to Simfer Jersey Limited. On October 18, 2013, we entered into a share purchase agreement with Chinalco and its wholly-owned subsidiary, Aluminum Corporation of China Overseas Holdings Limited ("Chinalco Overseas Holdings"), to dispose of 65% of the equity interest in Chalco Iron Ore and transfer outstanding bank loans provided by China Development Bank Corporation ("CDB") to Chinalco Overseas Holdings for a consideration of US$2,066.5 million (the "Equity Interest") and US$438.8 million (the "Loan Consideration"), respectively. The bank loans were used for Chalco Hong Kong's capital contribution in Chalco Iron Ore. The Equity Interest was determined with reference to 65% of the valuation of Chalco Iron Ore and the Loan Consideration was determined based on the principal amount of such outstanding bank loans as shown in the financial statements of Chalco Hong Kong.We believe that such disposal will enable us to focus on the development of our core business of alumina and primary aluminum operations, where we have established leading market positions, and to reduce future capital expenditures on iron ore development and to improve asset-to-debt ratio and generate expected cash flows. Pursuant to the agreement, in the event that we obtain the consent from CDB on the transfer of the bank loans, Chinalco agreed to pay the consideration for the Equity Interest in five installments, namely, US$438.8 million (which will be net off by the Loan Consideration), US$387.9 million, US$413.3 million, US$413.3 million and US$413.3 million, with the relevant interests at the London Interbank Offered Rate plus 0.9%, with the last installment to be paid by December 31, 2017. In the event that we could not obtain the consent from CDB on the transfer of the bank loan, Chinalco agreed to pay the consideration for the Equity Interest in five equal installments of US$413.3 million, with the relevant interests at the London Interbank Offered Rate plus 0.9%, with the last installment to be paid by December 31, 2017. The transactions were approved at the 2013 second extraordinary general meeting held on November 29, 2013. We obtained the consent from Rio Tinto relating to such disposal on December 19, 2013. We completed the transactions on December 26, 2013. As of the date of this annual report, the bank loans have been transferred to net off the first installment and Chinalco had paid four installments.31Private Placement of A SharesOn March 8, 2012, our Board resolved to issue up to 1.25 billion A Shares in the PRC. The A Share issue plans previously proposed by our Board on June 30, 2009 and January 30, 2011 and approved by our shareholders at the extraordinary general meeting, A Share class meeting and H Share class meeting held on August 24, 2009 and on April 14, 2011, respectively, ceased. Pursuant to the new issue plan approved by our Board on March 8, 2012, we planned to issue up to 1.25 billion A Shares, with a nominal value of RMB1.00 each, by way of private placement for expected proceeds not exceeding RMB8 billion. We intended to issue the A Shares to no more than ten specific target subscribers within six months of obtaining the approval of the CSRC. The issue price of A Shares to be offered shall be not less than 90% of the average trading price of our A Shares in twenty trading days immediately preceding the pricing determination date. We intended to apply proceeds from this private placement to finance Chalco Xing County Alumina Project, Chalco Zhongzhou Ore-dressing Bayer Process expansion construction project and to supplement working capital. The issue plan was approved by the SASAC on April 5, 2012 and by our shareholders at the extraordinary general meeting, A Share class meeting and H Share class meeting held on May 4, 2012. On August 24, 2012, our Board resolved to adjust the issue plan by proposing, among others, to increase the number of A Shares to be issued to up to 1.45 billion A Shares. The adjusted issue plan was approved by the SASAC and our shareholders at an extraordinary general meeting, A Share class meeting and the H Share class meeting on October 12, 2012 and by the CSRC on December 7, 2012. On March 14, 2013, we obtained the approval from the CSRC on our proposed private placement of A Shares under such adjusted issue plan, with effective period of six months after the approval date. However, the CSRC temporarily retrieved its approval in July 2013 due to its on-going investigation of the sponsor of our proposed private placement of A Shares. The period of authorization to the Board relating to the adjusted issue plan was extended by our shareholders at the 2013 annual general meeting, A Share class meeting held on June 27, 2014 and H Share class meeting held on June 27, 2014, with an effective period of 12 months after the approval date. On January 4, 2015, we submitted the "Report regarding the resumption of the approval of non-public offering of shares of Aluminum Corporation of China Limited" to CSRC. On April 24, 2015, we received the Approval in Relation to the Non-public Issuance of Shares by Aluminum Corporation of China Limited issued by CSRC, pursuant to which we were approved to issue no more than 1,450,000,000 new shares. We completed the non-public issuance of A shares on June 15, 2015 and issued an additional 1,379,310,344 A Shares pursuant to the specific mandate as approved at the annual general meeting of the Company on June 27, 2014. On June 15, 2015, we completed the non-public issuance of 1,379,310,344 A shares. Upon completion, the total number of Shares of the Company were increased from 13,524,487,892 to 14,903,798,236.Proposed Issuance of H SharesOn June 28, 2016, our shareholders at the 2015 annual general meeting passed a special resolution, which is valid until the earliest of (i) the conclusion of our next general meeting, (ii) the expiration of 12 months following the date of passage, or (iii) the date on which the authority set out in this resolution is revoked or varied by a special resolution at a general meeting. The resolution authorizes us to issue up to 20% of the total nominal value of H Shares in issue as of the resolution date. Our Board is authorized to determine the use of the proceeds. The proposed issuance is subject to all the necessary approval by the CSRC and/or other relevant PRC government authorities.Senior Perpetual Capital Securities OfferingIn October 2013, we completed the issuance of US$350 million in aggregate principal amount of 6.625% senior perpetual capital securities (the "Securities") through Chalco Hong Kong Investment Company Limited (the "Issuer"), our wholly-owned subsidiary, which was exempted from, and not subject to, registration under the Securities Act. The Securities are guaranteed by seven of our subsidiaries including Chalco Hong Kong. The Securities also have the benefit of a keepwell deed dated October 29, 2013 entered into by the Issuer, the Company, Chalco Hong Kong and the trustee and a deed of equity interest purchase undertaking dated on October 29, 2013 entered into by the Company and the trustee, both deeds being executed in favor of the trustee. The Securities were listed on the Hong Kong Stock Exchange on October 30, 2013. The net proceeds from the issue of the Securities has been on-lent to the Company or any of its subsidiaries for general corporate use.32In April 2014, we completed the issuance of US$400 million in aggregate principal amount of 6.25% senior perpetual capital securities (the "Securities") through Chalco Hong Kong Investment Company Limited (the "Issuer"), our wholly-owned subsidiary, which was exempted from, and not subject to, registration under the Securities Act. The Securities are guaranteed by seven of our subsidiaries including Chalco Hong Kong. The Securities also have the benefit of a keepwell deed entered into by the Issuer, the Company, Chalco Hong Kong and the trustee and a deed of equity interest purchase undertaking entered into by the Company and the trustee, both deeds being executed in favor of the trustee. The Securities were listed on the Hong Kong Stock Exchange on April 22, 2014. The net proceeds from the issue of the Securities have been on-lent to the Company or any of its subsidiaries for general corporate use. We intend to redeem US$400 million in aggregate principal amount of 6.25% senior perpetual capital securities on April 29, 2017 at the principal amount together with any distribution accrued thereon.On October 27, 2015, our Company issued RMB2,000 million perpetual medium-term notes at an initial distribution rate of 5.50% (the "2015 Perpetual Medium-term Notes"). The proceeds from the issuance will be used for repayments of interest-bearing loans and borrowings. Coupon payments of 5.50% per annum on the 2015 Perpetual Medium-term Notes are paid annually in arrears from October 29, 2015 and may be deferred at the discretion of our Company. The 2015 Perpetual Medium-term Notes have no fixed maturity and are callable only at the Group's option on October 29, 2020 or any coupon distribution date after October 29, 2020 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. While any coupon distribution payments are unpaid or deferred, the headquarters of the Company cannot declare or pay dividends to shareholders or decrease the share capital, or make material fixed asset investments of the headquarters of the Company.On November 7, 2016, Chalco Hong Kong Investment Company Limited, a subsidiary of the Company, successfully issued US$500 million senior perpetual securities (the "Securities") at a rate of 4.25%. The Securities are guaranteed by one of our subsidiaries, Chalco Hong Kong. The Securities also have the benefit of a keepwell deed entered into by the Issuer, the Company, Chalco Hong Kong and the trustee. The Securities were listed on the Hong Kong Stock Exchange on November 7, 2016. The net proceeds from the issue of the Securities were on-lent to the Company or any of its subsidiaries for general corporate use.B.BUSINESS OVERVIEWOur Principal ProductsWe are a leading enterprise in the non-ferrous metal industry in China. In terms of comprehensive scale, we ranked among the top enterprises in the global aluminum industry. We have benefited from the strong growth of the PRC aluminum market, one of the world's fastest growing major aluminum markets. We refine bauxite into alumina, which is then smelted into primary aluminum. In addition to alumina and primary aluminum, we also produce and sell a relatively small amount of chemical alumina products (alumina hydrate and alumina-based industrial chemical products), carbon products (carbon anodes and cathodes) and gallium. We are also engaged in the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products and raw and ancillary materials in bulk both manufactured by us and sourced from external suppliers domestically and abroad. In addition, we are engaged in coal mining and power generation. The remainder of our revenues were derived from research and development activities and other products and services. Accordingly, we organize and manage our operations in five business segments: alumina segment, primary aluminum segment, trading segment, energy segment and corporate and other operating segment. After elimination of inter-segment sales, revenues attributable to our alumina segment, primary aluminum segment, energy segment, trading segment and corporate and other operating segment accounted for approximately 6.5%, 20.5%, 3.0%, 69.7% and 0.3%, respectively, of our total revenues in 2016.Our alumina segment includes the mining and purchasing of bauxite and other raw materials, and production and sale of alumina as well as alumina-related products, such as alumina hydrate, alumina-based chemical products and gallium. Alumina accounted for approximately 89% of our total production volume for this segment in 2016. Chemical alumina products are used in the production of chemical, pharmaceutical, ceramic and construction materials. In the process of refining bauxite into alumina, we also produce gallium as a by-product. Gallium is a rare, high value metal with applications in the electronics and telecommunication industries.33Our primary aluminum segment includes the procurement of alumina, other raw materials, supplemental materials and electrical power, the production and sale of primary aluminum and aluminum-related products, such as carbon products, aluminum alloy products and other electrolytic aluminum products. Our principal primary aluminum products are ingots, molten aluminum and aluminum alloys, which accounted for approximately 19%, 52% and 29%, respectively, of our total production volume of primary aluminum in 2016. Our standard 20 kilogram remelt ingots are used for general aluminum fabrication in the construction, electricity, electronics, transportation, packaging, machinery and durable goods industries. We internally produce substantially all the carbon products used at our smelters and sell our remaining carbon products to external customers.Our trading segment is mainly engaged in the trading of alumina, primary aluminum, other non-ferrous metal products, and crude fuels such as coal products, as well as supplemental materials to our internal manufacturing plants and external customers. We established our trading business under Chalco Trading as a separate segment in July 2010 as a result of our operational structural.Our energy segment includes coal mining and power generation, including conventional coal-fire power generation and renewable energy generation such as wind power and photovoltaic power. We established our energy segment in January 2013 as a result of our acquisition of Ningxia Energy in line with our development strategy to partially offset our future energy costs and secure a portion of the coal we consume in our operations. In 2016, we supplied the majority of the electricity we generated for our own production use, supplied a portion of the coal output to our own electric power plant and sold the remaining portion to external customers, including power generation enterprises and cement plants.Our corporate and other operating segment mainly includes corporate and other aluminum-related research, development, and other activities of the Group.Our Production CapacityAs of December 31, 2016, our annual alumina production capacity and primary aluminum production capacity was approximately 16.3 million tonnes and 3.8 million tonnes, respectively. The following table sets forth the production capacity of each of our principal plants by business segment as of the indicated date: As of December 31, 2016PlantAluminaPrimary Aluminum (in thousand tonnes)(1)Guangxi branch2,210-Chalco Zhongzhou3,050-Qinghai branch-400Shanxi branch2,600-Guizhou branch-360Henan branch2,410-Chalco Shandong2,27055Zunyi Alumina1,000-Chongqing branch800-Shanxi Huaze-424Lanzhou branch-410Shanxi Huasheng-220Fushun Aluminum-110Zunyi Aluminum-260Shandong Huayu-200Gansu Hualu-230Baotou Aluminum-550Zhengzhou Institute20.0-Liancheng branch-538Guizhou Huajin1,600-Xinghua Technology(2)350-Total16,3103,757    (1)Production capacity is calculated based on designed capacity, which accounts for various assumptions including downtime for ordinary maintenance and repairs, the ore grade of bauxite feedstock and subsequent capacity modifications.  (2)We acquired a 66% equity interests in Xinghua Technology in December 2016.34In 2016, we produced approximately 12.0 million tonnes of alumina and 3.0 million tonnes of primary aluminum. Our production of alumina and primary aluminum represented approximately 20.0% and 9.1%, respectively, of the total output of alumina and primary aluminum in China in 2016.The following table sets forth a breakdown of our production volume by product segment for the periods indicated:  Year Ended December 31, Production Volume by Product 2014  2015  2016   (in thousand tonnes, except Gallium) Alumina segment      Alumina  12,024.0   13,296.4   12,027.0 Chemical alumina products  1,822.3   1,959.1   2,478.9 Gallium (in tonnes)  81.2   121.4   71 Primary aluminum segment            Primary aluminum(1)  3,381.6   3,307.6   2,953.2 Carbon  1,877.4   1,786.6   1,680.4   (1)Including ingots, molten aluminum and aluminum alloys. Production ProcessAluminaAlumina is refined from bauxite, an aluminum-bearing ore, through a chemical refining process. The refining process applied is determined by the mineral composition of the bauxite used in production. Our refineries may employ the Bayer process, the Bayer-sintering series process, the Bayer-sintering combined process or the ore-dressing Bayer process. Most of the bauxite reserves in China contain diasporic bauxite, which contains high alumina content but relatively high silica content, resulting in bauxite reserves with low alumina-to-silica ratio. The Bayer process cannot efficiently refine diasporic bauxite that has not undergone processing to increase its alumina-to-silica ratio. The Bayer-sintering process and the Bayer-sintering combined process are suitable for refining low alumina-to-silica ratio bauxite. We have developed and improved these processes to increase our refining yield. When we refine alumina using the Bayer process, we produce gallium as a by-product, which undergoes further processing before sale. In addition, we also produce some chemical alumina products (alumina hydrate and alumina-based industrial chemical products).Primary AluminumWe smelt alumina into primary aluminum through electrolytic reduction. The electrolytic process takes place in a reduction cell, or pot, a steel shell lined with carbon cathodes and refractory materials. Powerful electric currents are passed through the pot to produce molten aluminum. The molten aluminum is transferred to holding furnaces and then poured directly into molds to produce foundry ingots, or further refined to form fabricating ingots, which may be used directly in the aluminum fabrication process. The primary aluminum we produce is in the form of ingots, molten aluminum and aluminum alloys.35All of our primary aluminum smelters use pre-bake anode reduction pot-lines. In the pre-bake reduction process, the anodes are pre-formed in a separate facility where pollutants can be contained. The cells themselves are enclosed with removable panels so that the waste gas produced during the process can be extracted using large exhaust fans. Our waste gas is treated and purified to reduce dust and fluoride emissions to acceptable levels set by state environmental protection agencies.Production FacilitiesAluminaWe currently operate nine alumina refineries and one research institute with a total designed annual production capacity of approximately 16.31 million tonnes as of December 31, 2016. One of our refineries is integrated with primary aluminum smelters. In 2016, we produced approximately 12.0 million tonnes of alumina, approximately 2.5 million tonnes of chemical alumina products and approximately 71 tonnes of gallium. The overall utilization rate for our refineries was 85% as of December 31, 2016. In 2016, we supplied approximately 6.15 million tonnes, or 44% of our total production of alumina to our own smelters and sold the remaining alumina to other domestic smelters. All of the chemical alumina products that we produced in 2016 were sold by alumina refineries directly to external customers or internally to Chalco Trading for subsequent external trading.The following table sets forth the annual production capacity, output of alumina and chemical alumina products, utilization rate of and production process applied in each of our alumina refineries and our Zhengzhou Institute:  As of December 31, 2016  For the Year Ended December 31, 2016  Annual Production Capacity(1)  Utilization Rate(2)  Alumina Production Output  Chemical Alumina Products Output Production Process  (in thousand tonnes, except percentages)Shanxi branch  2,600   100%  1,736.8   74.7 Bayer-sinteringHenan branch  2,410   50%  1,130.4   137.7 Bayer-sinteringChalco Shandong  2,270   100%  1,630.4   1,610.8 Sintering and BayerChalco Zhongzhou  3,050   85%  2,138.4   491.5 Sintering and BayerGuangxi branch  2,210   100%  2,519.4   118.1 BayerZunyi Alumina  1,000   100%  1,103.0   2.9 BayerChongqing branch  800   -   -   - Bayer-sinteringZhengzhou Institute(3)  20   -   -   34.7 BayerGuizhou Huajin  1,600   100%  1,448.4   - BayerXinghua Technology(4)  350   100%  320.2   8.6 BayerTotal  16,310   85%  12,027.0   2,478.9    (1)Production capacity is calculated based on designed capacity, which accounts for various assumptions including downtime for ordinary maintenance and repairs, the ore grade of bauxite feedstock and subsequent capacity modifications.  (2)Capacity utilization rate is calculated by dividing our utilized production capacity as of the date indicated by our total designed annual production capacity.  (3)The chemical alumina products produced at our Zhengzhou Institute are sold commercially and such sales are included in our total revenues.  (4)We acquired 66% equity interests in Xinghua Technology in December 2016.      36Primary AluminumWe operate 12 primary aluminum smelters in China. Our smelters had an aggregate annual production capacity of approximately 3.8 million tonnes as of December 31, 2016.In 2016, we produced approximately 3.0 million tonnes of primary aluminum and the average utilization rate for our smelters was 87% as of December 31, 2016. The following table sets forth the annual production capacity, aluminum output, utilization rate and smelting equipment used in each of our aluminum smelters:  As of December 31, 2016  For the Year Ended December 31, 2016Plant Annual Production Capacity(1)  Utilization Rate(2)  Aluminum Output(3) Smelting Equipment  (in thousand tonnes, except percentages)Baotou Aluminum  550   99%  573.1 200Ka, 240Ka and 400Ka pre-bakeFushun Aluminum(4)  110   -   - 200KaGansu Hualu(5)  230   -   8.2 160Ka and 210Ka pre-bakeGuizhou branch  360   82%  298.2 160Ka and 230Ka pre-bakeLanzhou branch  410   99%  399.6 200Ka and 350Ka pre-bakeQinghai branch  400   99%  407.3 180Ka and 200Ka pre-bakeShandong Huayu  200   98%  217.0 240Ka pre-bakeChalco Shandong(6)  55   -   - 200Ka pre-bakeShanxi Huasheng  220   97%  224.2 300Ka pre-bakeShanxi Huaze  424   99%  324.8 300Ka pre-bakeZunyi Aluminum  260   99%  102.2 200Ka and 400Ka pre-bakeLiancheng branch  538   99%  398.6 200Ka and 500Ka pre-bakeTotal  3,757.0   87%  2,953.2    (1)Production capacity takes into account designed capacity, downtime for ordinary maintenance and repairs and subsequent capacity modifications.  (2)Capacity utilization rate is calculated by dividing our utilized production capacity as of the date indicated by our total designed annual production capacity.  (3)Includes ingots, molten aluminum and aluminum alloys.  (4)We suspended the operations of primary aluminum production facilities in Fushun Aluminum since 2015.  (5)We suspended the operations of primary aluminum production facilities in Gansu Hualu since 2015. In 2016 Gansu Hualu produced 8,200 tonnes of alloy.  (6)We suspended the operations of primary aluminum production facilities in Chalco Shandong since June 2013.       Raw MaterialsAluminaBauxite is the principal raw material in alumina production. Most of the bauxite in China is monohydrate, consisting mainly of Aluminosilicate compounds. Bauxite deposits have been discovered across a broad area of central China and are especially abundant in the southern and northern parts of central China. The largest bauxite deposit in China lies in the Shanxi Province.Rock Formation and Mineralization. Except for our Guangxi Pingguo mine which is an accumulation deposit due to original erosion, the bauxite deposits of our mines in China usually have similar stratigraphic sequences. Primary bauxite deposit, as a type of sedimentary boehmite (Al2O3.H2O) the Carboniferous or Permian age, is contained in clay rock, limestone or coal seams. A zonary red shale is usually located at the bottom of the bauxite and the red seam distributes over the irregular "karst-type" erosion face on the top of Ordovician limestone. Aluminum deposits in northern China are usually covered with a very thick Quaternary weathering.37The thickness and quality of deposits vary with our mine locations. Quality is usually consistent in smooth sections but changes sharply in karst "billabong" terrain. The level of hardness of minerals also varies. A sequence that includes a seam of hard bauxite of fine quality in the middle and soft bauxite of inferior quality on the bottom and top seams is common in deposits.Generally, deposits are horizontal or with an obliquity of 0 to 8 degrees, but there are also steep deposits at an angle of 75 degrees, such as in our Guizhou No. 2 mine. Most of the original mineralization is not influenced by folds and faults, and some fractures of a low obliquity and folds emerge in certain deposits, which is evident in the Guizhou No. 2 mine area where the underground mining method must be used due to the obliquity of its bauxite body reaching 70 degrees with the influence of folds and several meters of dislocation arising from partial faults.Economic Significance. Our bauxite deposits in China are divided into three groups. They are primarily distinguished by drill hole spacing and the composition of the deposit, which can encompass rock formations such as intercalated clays, bauxite, footwall iron clay or Ordovician limestone. Bauxite deposit groups vary in the thickness and mineral quality of its reserves.We use the Chinese bauxite deposit estimation method, which is calculated using cut-off grades and thickness to outline continuous areas within the limits defined by samples of marginal grade. We utilize actual limiting sample points that are joined to create a polygonal outline, and grades are then calculated using a length weighted arithmetic average. We believe that the Chinese bauxite deposit estimation method of test boring, inspection pit, trial trench, density, tonnage analysis and calculation applied to the geological work of bauxite in China is an appropriate method to analyze these types of deposits.Supply. To support the growth of our alumina production, we continuously seek opportunities to streamline and optimize our bauxite procurement. Except for Chalco Shandong, all of our refineries are located in the four provinces where over 90% of China's potentially mineable bauxite has been found. We generally source our bauxite from mines close to our refineries to control transportation costs. Historically, we have procured our bauxite supply principally from three sources:  •our own bauxite mining operations;    •jointly-operated mines; and    •other suppliers, which principally include small independent mines in China and, to a lesser extent, international suppliers. On average, our refineries consumed approximately 2.14 tonnes of bauxite to produce one tonne of alumina in 2016. Our mines supplied approximately 13.6 million tonnes of bauxite to our refineries in 2016. We purchase bauxite from a number of suppliers and do not depend on any supplier for our bauxite requirements. In 2016, bauxite secured from other suppliers accounted for approximately 53% of our total bauxite supply, primarily because our demand for bauxite exceeded the production of our mines.The following table sets forth the volumes and percentages of bauxite supplied by our mines and other suppliers for the periods indicated:  Year Ended December 31,   2014  2015  2016   BauxiteSupply  Percentageof BauxiteSupply  BauxiteSupply  Percentageof BauxiteSupply  BauxiteSupply  Percentageof BauxiteSupply                  %     %    %                (in thousand tonnes, except percentages)              Own mines  17,542.6   55.4   17,930.2   55.4   13,603.5   47                          Other suppliers  14,105.4   44.6   14,452.0   44.6   15,384.3   53                          Total  31,648.0   100.0   32,382.2   100.0   28,987.8   100  38Own Mines. As of December 31, 2016, we owned and operated 18 mines in China that had approximately 286.6 million tonnes of aggregate bauxite reserves and we continue to explore new bauxite reserves to replenish our reserves. We also own and operate a bauxite mine in Laos through Lao Service Mining, in which we held 60% of the equity interest. We also hold the requisite mining permit or exploration permit for two bauxite mines and are in the process of applying for mining right for PT VISITAMA in West Kalimantan, Indonesia through our 96.28% owned subsidiary, PT Nusapati Prima. Our bauxite deposits in Indonesia are lateritic gibbsite and were formed by weathering and leaching of aluminum-rich silicate rock in tropical climates. We used low temperature Bayer process to refine alumina from our bauxite deposits in Indonesia, which results in relatively low energy consumption and high dissolution rate, before our bauxite mining in Indonesia was suspended since September 2014.For the three years ended December 31, 2014, 2015 and 2016, we extracted approximately 17.3 million tonnes, 17.9 million tonnes and 14.5 million tonnes, respectively, of bauxite from our mines. The decrease of production of bauxite from 2015 to 2016 was primarily due to production adjustments adopted by our Shanxi branch, whilst other mines remained or slight increased their production volumes in 2016. In addition,following the disposal of the 50% of equity interests in Shanxi Huaxing in 2015, it is no longer a subsidiary of the Company and therefore we did not consolidate its production volumes into our accounts.Our reported bauxite reserves for our mines in China do not exceed the quantities that we estimate could be extracted economically if future prices were at similar levels to average historical prices for bauxite or aluminum for the years ended December 31, 2014, 2015 and 2016, or the three year historical contracted prices for such commodities. However, we do not use the three year historical bauxite or aluminum price to determine bauxite reserves, nor did we utilize any currency conversion factors or pricing related mechanisms. Instead, the primary criteria are the specifications required by our aluminum refineries, as well as certain modifying factors that are dependent on reserve quality.The following table sets forth information for our mines as of December 31, 2016: Mine(1)LocationNature ofownership(1)MiningmethodPermitRenewal(2)PresentCondition/Current Stateof ExplorationBauxiteProduction(in thousandtonnes)              Pingguo mineGuangxi Zhuang    Autonomous    Region, China100% owned and    operated by    ChalcoOpen pitOctober 2030 -    April 2036Fully developed and    operational5,949Guizhou mine(3)Guizhou Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundMarch 2019 -    December 2038Fully developed and    operational1,468Zunyi mineGuizhou Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundAugust 2017 -    October 2026Partly developed    and operational344Xiaoyi mineShanxi Province,    China100% owned and    operated by    ChalcoOpen pitAugust 2017 -    May 2035Fully developed and    operational1,180Shanxi Other MinesShanxi Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundApril 2017(4) -   July 2035Fully developed and    operational1,430Mianchi mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundDecember 2016(4)-    October 2031    Partly developed    and operational 453 39 Luoyang mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundDecember 2015(4)    October 2031Partly developed    and operational989Xiaoguan mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundMay 2017 -    October 2031Fully developed and    operational346Gongyi mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundAugust 2017- April   2029Fully developed and    operational611Dengfeng mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundJuly 2016(4) - July    2019Partly developed    and operational305Xinmi mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundJuly 2017 - July    2020Fully developed and    operational8Sanmenxia mineHenan Province,    China100% owned and    operated by    ChalcoUndergroundApril 2017(4) - October    2026Fully developed and    operational42Xuchang mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundFebruary 2017(4) -    August 2024Partly developed and    operational75Jiaozuo mineHenan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundSeptember 2018 -    October 2024Partly developed and    operational 432Pingdingshan mine(5)Henan Province,    China100% owned and    operated by    ChalcoOpen    pit/undergroundJune 2017    October 2024Partly developed and    operational453Yangquan mineShanxi Province,    China100% owned and    operated by    ChalcoOpen pitSeptember 2031 -   May 2036Fully developed and    operational408Nanchuan mineChongqingMunicipality, China100% owned and    operated by    ChalcoUndergroundMay 2017 -    November 2026Suspended production-PT ALUSENTOSAWest Kalimantan,    IndonesiaOwned and operated    by PT    Nusapati Prima,    a 96.28%    subsidiary of    ChalcoOpen pitDecember 2027Suspended    production-PT KALMINWest Kalimantan,    IndonesiaOwned and operated    by PT    Nusapati Prima,    a 96.28%    subsidiary of    ChalcoOpen pitDecember 2027Suspended    production-PT VISITAMAWest Kalimantan,    IndonesiaOwned and operated    by PT    Nusapati Prima,    a 96.28%    subsidiary of    ChalcoOpen pitDecember 2015In the process of acquiring mining right-Laos bauxite mineAttapeu Province    and Sekong    Province, LaosOwned and operated    by Lao Service Mining Co., Ltd., a 60%    subsidiary of    ChalcoOpen pitJune 2017Exploration completed-  (1)Excluding Huaxing mine as it is no longer a subsidiary of ours.  (2)All conditions to retain our properties or leases have been fulfilled as of December 31, 2016. Each mine may be covered by one or more mining permits or exploration permits and the range of permit renewal dates is set forth above.  (3)Including both Guizhou No. 1 mine and Guizhou No. 2 mine.  (4)We are in the process of renewing these permits.  (5)Including Ruzhou mine.           We are required to obtain mining rights permits to conduct mining activities. Under PRC laws and regulations, a mining enterprise must prepare and submit exploration reports for a mine to the local government to obtain a mining rights permit for a mine. A mining right owner is also permitted to lease the mining right through a lease arrangement. The mining rights permit is subject to renewal on a regular basis. 40Furthermore, the mining right owner is required to obtain land use rights on the land in order to operate the mines. We lease the land use rights relating to our mines in China from Chinalco pursuant to a land use rights lease agreement that became effective upon our formation. Chinalco's land use rights relating to over 90% of our mining properties in China are for 50-year terms beginning on July 1, 2001. The remaining land use rights relating to other mines in China are for shorter terms, some as short as one year. All of our land use rights lease agreements end on the expiry date of the mining rights or the end of the working life of the mine, whichever is earlier. Both the land use rights and land use rights lease agreements are renewable.For our mines in Indonesia and Laos, neither proven nor probable reserves have been established as of the date of this annual report. The following table sets forth certain estimated details of the reserves for our mines in China as of December 31, 2016:Mine(1) Reserves (2)(3)(million tonnes)  Al2O3   S1O2  Ratio ofAverage A/S(4)                       Pingguo mine  57.15   53.69   4.86   11.04 Guizhou No. 1 mine  1.26   65.07   11.36   5.73 Guizhou No. 2 mine  52.38   64.39   8.7   7.4 Zunyi mine  7.03   58.98   10.39   5.68 Xiaoyi mine  23.92   62.5   13.43   4.65 Shanxi Other Mines  16.68   63.43   11.63   5.45 Mianchi mine  3.12   62.85   12.3   5.11 Luoyang mine  3.21   60.67   9.82   6.18 Xiaoguan mine  25.99   63.53   15.06   4.22 Gongyi mine  2.44   64.11   14.02   4.57 Dengfeng mine  1.6   62.67   12.65   4.95 Xinmi mine  2.26   66.58   11.04   6.03 Sanmenxia mine  47.18   63.34   12.74   4.97 Xuchang mine  1.44   62.52   10.01   6.24 Jiaozuo mine  1.27   58.76   14.95   3.93 Pingdingshan mine  2.04   61.57   13.03   4.73 Yangquan mine  8.51   58.80   13.54   4.34 Nanchuan mine  29.09   60.60   13.84   4.38                  Total (average) reserves  286.57   61.04   10.67   5.72                  By reserve type                    Proven reserve  86.41   60.84   10.26   5.93     Probable reserve  200.16   61.13   10.85   5.63                  Total (average) reserves  286.57   61.04   10.67   5.72   (1)Excluding Huaxing mine as it is no longer a subsidiary of ours.  (2)Our reserves take into consideration mining dilution and loss factors, which generally vary from 5% to 10% and are based on the planned mining method and selected drill data for each site.  (3)Our metallurgical recovery factors are calculated in accordance with the relevant PRC mining standards and vary from mine to mine.  (4)Refers to the ratio of average grade of Al2O3 to the average grade of SiO2 of the reserves.        We have been in compliance with the National Mining Safety Law and related rules and regulations in China. We closely supervise and routinely inspect mining conditions with continual implementation of safety measures and procedures at our own bauxite mines and safety training for our mining personnel. In 2016, we extracted approximately 14.5 million tonnes of bauxite from our mines and did not experience any mining accidents that involved serious work injuries or death.Other Suppliers. In addition to our mines, we also source bauxite from other suppliers. The majority of other suppliers are small independent mines. Small independent mines are not affiliated with us and generally have annual bauxite production capacities not exceeding 200,000 tonnes. These mines have been an important source of bauxite for our operations. We purchase bauxite directly from small independent mines or through local distributors that procure bauxite from these mines. In addition, we also secure a portion of bauxite overseas. Bauxite secured from other suppliers accounted for 53% of our total bauxite supply in 2016. Bauxite Procurement. The corporate management department at our headquarters is responsible for the oversight and coordination of our supply of bauxite. To determine how our bauxite requirement will be allocated among our principal sources each year, we first estimate our total bauxite needs for the year. Based on market conditions, production costs and other factors, we determine the amount of bauxite that we wish to source from our mines, and the remaining requirements from other suppliers.41Alumina-to-Silica Ratio. The production method for alumina refining is determined by the mineral composition of the bauxite, in particular, its alumina-to-silica ratio. Most of the bauxite reserves in China are diasporic with low alumina-to-silica ratios. Based on our current technology, an efficient application of the Bayer process requires bauxite with an alumina-to-silica ratio of 10:1 or higher, while the Bayer-sintering process can refine bauxite with an alumina-to-silica ratio as low as 4:1. In 2016, the average alumina-to-silica ratio of the proven and probable reserves of our mines ranges from approximately 3.93:1 to 11.04:1.Prices. There is neither governmental regulation on bauxite prices nor an official trading market for bauxite in China. We negotiate bauxite prices with our suppliers based on ore quality, mining costs, market conditions, transportation costs and various governmental taxes or levies, including a resource tax imposed by local governments. Our total bauxite cost is currently influenced by the following factors:  •the cost of our mining operations;    •the market conditions relating to purchases from small independent mines; and    •the market conditions relating to purchases from overseas. The average purchase price of bauxite per tonne from our other suppliers in 2014, 2015 and 2016 was approximately RMB412, RMB383 and RMB328 respectively. The average cost of bauxite per tonne from our mines in 2014, 2015 and 2016 was approximately RMB246.9, RMB251.6 and RMB219.0, respectively.We purchase a substantial amount of bauxite to satisfy our alumina production needs. Additionally, to fully utilize the bauxite from our mines, we refine all bauxite that meets the minimum technical requirements for our production of alumina. We also purchase higher grade ore from other suppliers and blend the ore of various grades to meet the technical requirements for our alumina production. This practice allows for flexibility and the inclusion of lower grade bauxite to optimize the use of bauxite deposits available to us. We do not use our historical average purchase prices or any other historical index to estimate our bauxite reserves.The following table sets forth our capital expenditures for our bauxite mines for the periods indicated:  Year Ended December 31,   2014  2015  2016   (RMB in thousands) Capital Expenditures      Infrastructure construction  1,116,770.3   950,980.6   478,024.6 Facility upgrade  372,256.8   62,910.9   35,222.9              Total  1,489,027.1   1,013,891.5   513,247.5  42Primary AluminumAn average of approximately 1.91 tonnes of alumina and 13,496 kWh of electricity was required to produce one tonne of primary aluminum ingots in 2016.Alumina and electricity, the two principal components of costs in the smelting process, accounted for approximately 39% and 37%, respectively, of our unit primary aluminum production costs in 2016. Apart from alumina and electricity, we also require carbon anodes, carbon cathodes, fluoride salt and cryolite for our smelting operations.Alumina is the main raw material used in the production of primary aluminum. Our primary aluminum plants that do not have integrated alumina refining operations onsite obtain alumina internally from our alumina refineries located elsewhere or externally on the market.Supplemental Materials, Electricity and FuelThe procurement department at our headquarters coordinates and manages our supply chain for all our major raw materials in conjunction with the procurement center at each production facility, which manages the logistics and inventory of raw materials locally. We are able to purchase diesel, the main fuel used by our mining and manufacturing equipment, from the public markets, and we source our water from local rivers, lakes or underground sources.AluminaElectricity, coal, alkali (caustic soda or soda ash) and natural gas are the principal materials and energy used in our alumina production. Electricity is one of the principal cost components in our refining process. We generate electricity at a number of refineries and purchase our remaining electric power requirements from regional power grids at government-mandated rates or directly from power generation enterprises. Most of our power supply agreements are one to three year renewable agreements. Power prices in China can vary, sometimes substantially, from one region to another, based on demand and power production costs in the region. Power costs for our various alumina refineries vary accordingly.Large quantities of coal are used as a reducing agent and fuel to produce steam and gas in the alumina refining process. As of the date of this annual report, we held minority interests in a number of coal mining enterprises, including Shanxi Jiexiu, Qinghai Energy, Xuehugou Coal Industry Co., Ltd., Datong Coal Group Huasheng Wanjie Coal Co., Ltd., Dongdong Coal, Chalco Liupanshui, Huozhou Coal Group Xingshengyuan Coal Co., Ltd., and Guizhou Yuneng. We hold 70% of the equity interest in Gansu Huayang, which holds mining rights for coal deposits in the Luochuan mining area, Gansu Province. We have also acquired the mining rights for coal deposits in the Laodonghe mining area, Guizhou Province. In addition, we have acquired 70.82% of the equity interest in the Ningxia Energy, which holds mining rights for coal deposits in Ningxia Autonomous Region.All of the coal mining enterprises in which we directly or indirectly have minority equity interests are currently in the extraction or trial production stage, except:  •Chalco Liupanshui, a joint venture company in which we hold a 49% equity interest;    •Huozhou Coal Group Xingshengyuan Coal Co., Ltd., an associate company in which Shanxi Huasheng holds 43.03% of the equity interest;    •Guizhou Yuneng, an associate company in which we hold 25% of the equity interest; and 43Guizhou Yuneng is under development. The production of Huozhou Coal Group Xingshengyuan Coal Co., Ltd. and one of the mines owned by Chalco Liupanshui is currently suspended due to production technology renovation. See "- B. Property, Plants and Equipment" for details of coal mines that we operate. By investing in coal mining enterprises and acquiring mining rights for coal deposits, we plan to partially offset our future energy costs, and secure a portion of the coal we consume in our operations.Alkali is used as a supplemental material in alumina refining. The Bayer-sintering process and the Bayer-sintering combined process require soda ash while caustic soda is used in the Bayer process. Our alumina refineries use natural gas and coal gas as fuel to refine alumina. There is no governmental regulation of the prices of coal, alkali or fuel. We purchase these raw materials from external suppliers under negotiated supply contracts, which we believe are competitively priced. We have not experienced difficulty in obtaining these materials in sufficient quantity and at acceptable prices.Primary AluminumSmelting primary aluminum requires a substantial and continuous supply of electricity. The availability and price of electricity are key factors in our primary aluminum production. Though the electricity prices were in a general downward trend in recent years as a result of the reform of the PRC electricity system, electricity costs may fluctuate from time to time due to cyclical demand and government policies to regulate key industries. See "Item 5. Operating and Financial Review and Prospects - A. Operating Results - Overview - Factors Affecting Our Results of Operations - Manufacturing Costs."We generate electricity at four of our smelters and purchase our remaining electric power requirements directly from power generation enterprises. As of December 31, 2016, eight of our smelters have entered into direct purchase agreements with power generation enterprises. Direct purchase transactions are normally organized by the local government and the direct purchase agreements are entered into annually. The average electricity cost (including tax) of our smelters was approximately RMB0.29/kWh in 2016, which decreased by 16% compared to 2015, primarily due to the decreased purchasing cost as a result of the national reform of electricity industry.Carbon anodes and cathodes are key raw materials in the smelting process. Each of our smelters is able to produce carbon products necessary for its operations other than carbon cathodes. Guizhou branch is able to produce carbon cathodes.Sales and MarketingWe coordinate substantially all of our sales and marketing activities for our self-produced alumina products and some of our sales and marketing activities for our self-produced primary aluminum products through Chalco Trading. Our subsidiaries and branches sell some of our self-produced primary aluminum products directly to external customers. Our alumina refineries sell our self-produced chemical alumina products directly to external customers or indirectly through Chalco Trading for subsequent external trading. For all of our self-produced products that are sold either through Chalco Trading for subsequent external sale or directly to external customers, our subsidiaries and branches play an important role in providing after-sale services and strengthening our presence in the marketplace. Since late 2009, we also have been engaged substantially in the trading of non-ferrous metal products including alumina, primary aluminum, copper, zinc and lead as well as coal products that we source from third- party suppliers through Chalco Trading.AluminaWe sell our self-produced alumina to customers primarily through Chalco Trading, giving priority to customers with whom we have long-standing relationships and who have established a strong credit history, after reserving sufficient alumina for our forecasted primary aluminum production. In 2016, we supplied approximately 6.15 million tonnes of alumina produced at our refineries to our smelters, which represented approximately 44% of our total alumina production, and sold the remainder to our customers. In addition, we also procure and sell outsourced alumina under long- term agreements or on the spot market through Chalco Trading. We sold approximately 2.7 million tonnes of outsourced alumina in 2016.44The sales prices of alumina that our alumina refineries sell internally to Chalco Trading are determined based on our budgeted sale prices, spot market prices and the prices of primary aluminum on SHFE.Chalco Trading coordinates the external sales of our alumina products. Chalco Trading sells our self-produced alumina and alumina sourced from third-party suppliers to smelters throughout China. All of our major customers in the past three years have been domestic smelters. We primarily sourced alumina from third-party suppliers on the spot market, and we are normally required to pay the full price of the outsourced alumina before each delivery.We sell most of our self-produced alumina and a portion of the outsourced alumina under long-term sales agreements with terms ranging from one year to three years. Our long-term sales agreement for alumina normally sets forth the quantity of alumina to be sold by us in each year or month, the price determination mechanism and payment method. Our customers are normally required to pay for their procurement before each delivery. As a result, the spot price of alumina and fluctuations of primary aluminum prices on the SHFE affect the alumina prices at which we sell.Chalco Trading sells the rest of our self-produced and outsourced alumina products on the spot market. We set the price for the external sales of alumina products after taking into account the following factors: •international and domestic supply-demand situation;    •CIF Chinese ports prices for alumina imports into China and other relevant import expenses;    •international and domestic transportation costs; and    •our short-term and mid-term projections for alumina prices; We sell the rest of the outsourced alumina on the spot market at prices determined through negotiations with our customers, taking into consideration factors including our procurement prices and the prevailing market conditions.Primary AluminumOur primary aluminum smelting subsidiaries and branches sell a portion of our primary aluminum output directly to external customers. They also sell a portion of our primary aluminum output internally to Chalco Trading at prices based on the spot prices of primary aluminum on Yangtze or Nanchu. Chalco Trading then coordinates the external sales of primary aluminum. Chalco Trading sells our self-produced primary aluminum products to external customers through the following three channels: •Contract sales. Most of our primary aluminum sales are made pursuant to contracts entered into directly with our long-standing customers. The terms for our sales contracts for primary aluminum are typically one year. We price our primary aluminum products based on the SHFE prices and spot market prices for primary aluminum.    •Sales on the SHFE. As part of our effort to manage market risk, we sell a portion of our primary aluminum products on the SHFE through futures contracts with terms ranging from one month to twelve months to hedge against declines in primary aluminum prices.    •Sales on the spot market. We also sell our primary aluminum products on the spot market at the selling prices with reference to various factors, such as market spot prices and transportation costs. In addition, we also procure and sell outsourced primary aluminum on the spot market or through short-term futures and options transactions. We sold approximately 2.62 million tonnes of outsourced primary aluminum in 2016.45To improve the efficiency of our distribution, we divide our China market into the following regions: •southern China (including Guangdong and Fujian Provinces);    •eastern China (including Jiangsu and Zhejiang Provinces and Shanghai Municipality);    •southwestern China (including Sichuan Province and Chongqing Municipality);    •the Beijing-Tianjin-Tanggu area; and    •central China. We sell substantially all of our self-produced and outsourced primary aluminum to domestic customers. We expect China to remain our key market for primary aluminum for the foreseeable future. Customers of our primary aluminum products principally consist of aluminum fabricators and distributors that resell our primary aluminum products to aluminum fabricators or other purchasers.We establish pricing guidelines for Chalco Trading to conduct external domestic sales of our self-produced primary aluminum products, taking into account three main factors: the primary aluminum spot prices and futures price on the SHFE; spot prices in the regions of eastern China and southern China; our production costs and expected profit margins; and supply and demand. We determine our sales prices of the outsourced primary aluminum through negotiations with our customers, taking into consideration factors including our procurement prices and the prevailing market conditions. Each of our smelters is normally responsible for the sale of products to the customers from neighbouring markets, negotiating the pricing and delivery terms based on market conditions, for contract to be entered into. In general, we satisfy each purchase order with products from our nearest smelter to minimize transportation costs.Chemical alumina products and GalliumChemical alumina products and gallium are derived from our alumina production. We adjust our production of these products based on market demand. Our alumina refineries sell our chemical alumina products directly to external customers or indirectly to external customers through Chalco Trading for subsequent external trading.We sell most of our chemical alumina products and gallium in China. Prices for our chemical alumina products and gallium are determined through negotiations with our customers, taking into consideration the market conditions. Our total sales of gallium in 2014, 2015 and 2016 amounted to approximately RMB140.9 million, RMB27.99 million and RMB108 million, respectively.CoalNingxia Energy sells a portion of its self-produced coal directly to external customers through short-term contracts at prices determined through negotiations with our customers, taking into consideration factors including our procurement prices and prevailing market conditions. Ningxia Energy consumes the rest of its self-produced coal at its own electric power plant.In addition, we also procure and sell outsourced coal under long-term agreements or on the spot market through Chalco Trading. We sold approximately 6.0 million tonnes of outsourced coal in 2016.Trading of Outsourced Non-ferrous Metal Products and Other MaterialsSince late 2009, we have been actively engaged in the trading of alumina and primary aluminum sourced from third-party suppliers. Please see "- Alumina" and "- Primary Aluminum" for more details. Through Chalco Trading, we also sell other non-ferrous metal products such as copper, zinc and lead as well as coal products that we procure from our third-party suppliers to external customers on the spot market or under long-term sales agreements. Please see "- Coal." In 2016, we sold approximately 1.6 million tonnes of outsourced copper, zinc and lead.  In addition, we also sell outsourced raw and ancillary materials in bulk to customers such as steel manufacturers and copper processing companies on the spot market.46Chalco Trading has a team with trading expertise to conduct research on the markets of non-ferrous metal products and other materials. From time to time, we may enter into futures and options transactions to hedge against price fluctuations in the non-ferrous metal product market.DeliveryWe rely on rail shipping and trucks for the delivery of products within China. Our alumina is transported by rail or trucks, and transportation costs are generally borne by our customers and excluded from our sales prices. For long-distance deliveries, we maintain spur lines connecting our plants to the national railway routes. The price of rail shipping on the PRC national railway system is fixed by the government.Most of our primary aluminum products are transported by rail, and our coal products are transported both by trucks and by rail.Principal FacilitiesOur principal facilities include 23 principal production plants and our Zhengzhou Institute. Set forth below is a description of our principal production plants.Guangxi BranchOur Guangxi branch commenced operations in 1994 and is located in Guangxi Zhuang Autonomous Region in southwestern China, an area rich in bauxite reserves. Our Guangxi branch obtains bauxite delivered via highway from our Pingguo mine, one of our wholly-owned mines, located less than 17 kilometers from our Guangxi branch.Our Pingguo mine contains large, easily exploitable bauxite reserves with high alumina-to-silica ratios. Our Guangxi branch is our only principal refinery that exclusively uses the Bayer process. With technology and production equipment imported from Europe, the Guangxi refinery features a high level of automation and energy efficiency. Since its inception, we have continually increased the designed production capacity at this branch by removing production bottlenecks and investing in capacity expansions. Guangxi branch had an annual alumina production capacity of approximately 2,210,000 tonnes as of December 31, 2016. In 2016, our Guangxi branch produced approximately 2,519,000 tonnes of alumina, along with approximately 118,140 tonnes of chemical alumina products. In 2014, we abandoned primary aluminum production facilities of our Guangxi branch.Guizhou BranchOur Guizhou branch commenced its smelting operations in 1966 and was subsequently expanded to include alumina refining operations in 1978. Our Guizhou branch uses 160Ka and 230Ka pre-bake reduction pot-lines in its primary aluminum production. Guizhou Smelter has undergone technological innovations and overhauls since its inception. As of December 31, 2016, our Guizhou branch had an annual primary aluminum production capacity of approximately 360,000 tonnes. In 2016, our Guizhou branch produced approximately 298,200 tonnes of primary aluminum.Our Guizhou branch also contains a modern carbon production facility, which produces carbon cathodes and carbon anodes.Henan Branch47Our Henan branch commenced its alumina refining operation in 1966 and primary aluminum smelting operation in 1967 in Henan Province, a province rich in bauxite reserves. Bauxite is delivered to our Henan branch via railway and highway from our following mines: Xiaoguan mine, Gongyi mine and Dengfeng mine located in Zhengzhou, Luoyang mine in Luoyang, Mianchi mine in Mianchi, Xuchang mine in Zhengzhou, Sanmenxia mine in Sanmenxia and Jiaozuo mine in Jiaozuo. Our Henan branch was the first refinery in China to develop the Bayer-sintering combined process. We also have an alumina production line that uses the ore-dressing Bayer process, which we developed to refine low alumina-to- silica ratio bauxite. Since its inception, our Henan branch's production facilities have undergone substantial technological upgrades, based on equipment imported from Germany and Denmark. The refinery has also benefited from its access to high alumina-to-silica ratio bauxite from certain of our mines and through purchases on the market. Our Henan branch had an annual alumina production capacity of approximately 2,410,000 tonnes as of December 31, 2016. In 2016, our Henan branch produced approximately 1,130,370 tonnes of alumina and 137,690 tonnes of chemical alumina products.Chalco ShandongChalco Shandong was incorporated as one of our subsidiaries in the PRC in 2015. The predecessor of Chalco Shandong was our Shandong Branch, which commenced operations in 1954, Chalco Shandong has the capacity to produce alumina, primary aluminum, and chemical alumina products. Bauxite is delivered to Chalco Shandong via railway and highway from the Yangquan mine in Yangquan, Shanxi Province. Its alumina refinery was China's first production facility for alumina. It produces its alumina through the Bayer-sintering process and the Bayer process. Chalco Shandong purchases some bauxite from overseas and the rest from small third-party mines in Henan and Shanxi Provinces. Chalco Shandong had an annual alumina production capacity of approximately 2,270,000 tonnes as of December 31, 2016. It produced approximately 1,630,380 tonnes of alumina in 2016.In addition, Chalco Shandong produces substantial amounts of Chemical alumina products and produced approximately 1,610,810 tonnes of chemical alumina products in 2016. It is the largest and most technologically advanced production facility for chemical alumina products in China with the ability to produce the widest variety of these products.As of December 31, 2016, Chalco Shandong's annual primary aluminum production capacity was approximately 55,000 tonnes, however, it did not produce any primary aluminum in 2016.Qinghai BranchLocated in Qinghai Province, our Qinghai branch is a stand-alone primary aluminum production facility. This branch commenced operations in 1987 and is one of the most technologically advanced primary aluminum smelters in China. It operates 180Ka and 200Ka automated pre-bake anode reduction pot-lines that were developed domestically. It benefits from relatively low electricity costs in Qinghai Province due to the hydroelectric power stations in the region. The Qinghai branch sources alumina from our Shanxi, Shandong, Henan branches and Chalco Zhongzhou, but incurs higher transportation costs for both raw materials and its primary aluminum products than our other branches.Our Qinghai branch had an annual primary aluminum production capacity of approximately 400,000 tonnes as of December 31, 2016. It produced approximately 407,300 tonnes of primary aluminum in 2016.Shanxi BranchOur Shanxi branch commenced operations in 1987 and is located in Shanxi Province, a province rich in bauxite deposits. Bauxite is transported to our Shanxi branch via railway and highway from our Xiaoyi mine in Shanxi Province. Our Shanxi branch is a stand-alone alumina plant. Shanxi branch had an annual alumina production capacity of approximately 2,600,000 tonnes as of December 31, 2016. It produced approximately 1,736,840 tonnes of alumina and 74,710 tonnes of chemical alumina products in 2016.Our Shanxi branch's production facilities are primarily imported. Shanxi branch relies on bauxite from our mines as well as external suppliers. It is in the proximity of large coal mines and substantial water resources.48Chalco ZhongzhouLocated in Henan Province, Chalco Zhongzhou is a stand-alone alumina plant, located near abundant bauxite, coal and water supplies. Chalco Zhongzhou was incorporated as one of our subsidiaries in the PRC in 2015. The predecessor of Chalco Zhongzhou was our Zhongzhou Branch. It commenced operations in 1993 and is equipped with imported and self-developed technology and has undergone various improvements and upgrades, in particular to its Bayer-sintering process and Bayer process. Chalco Zhongzhou obtains bauxite supplies partly from extractions of our mines, and partly from external suppliers in Henan and Shanxi Provinces and overseas.We abandoned alumina production facilities with a production capacity for 30,000 tonnes in 2014. Chalco Zhongzhou had an annual alumina production capacity of approximately 3,050,000 tonnes as of December 31, 2016. Chalco Zhongzhou produced approximately 2,138,440 tonnes of alumina and approximately 491,460 tonnes of chemical alumina products in 2016.Zunyi AluminaZunyi Alumina is located in Zunyi, Guizhou Province. In April 2006, we entered into a joint venture agreement with Guizhou Wujiang Hydroelectric Co., Ltd., to establish a joint venture company, Zunyi Alumina. We held a 73.28% equity interest in Zunyi Alumina. Zunyi Alumina completed the construction of alumina production facilities and commenced operations in 2010. Zunyi Alumina had an annual alumina production capacity of approximately 1,000,000 tonnes as of December 31, 2016. Zunyi Alumina produced approximately 1,103,010 tonnes of alumina and 2,890 tonnes of chemical alumina products in 2016.Chongqing BranchOur Chongqing branch is located in Chongqing. Chongqing branch completed the construction of alumina production facilities in 2010 and its annual alumina production capacity was approximately 800,000 tonnes as of December 31, 2016. Chongqing branch did not produce any alumina or chemical alumina products in 2016. we have suspended production in Chongqing Branch since July 2014 due to the relatively significant decrease in the price of alumina as compared with the price of alumina during the construction period, large negative variation of mineral resources and the high costs of natural gas and other energy.Guizhou HuajinEstablished in July 2014 and located in Qingzhen, Guizhou Province, Guizhou Huajin specializes in producing alumina products. Guizhou Huajin had an annual alumina production capacity of approximately 1,600,000 tonnes as of December 31, 2016. Guizhou Huajin produced approximately 1,448,360 tonnes of alumina products in 2016.Lanzhou BranchLocated in Lanzhou city in Gansu Province, our Lanzhou branch is a stand-alone primary aluminum plant. It was part of Lanzhou Aluminum before July 2007 and was acquired by us through share exchange in April 2007. In July 2007, Lanzhou Aluminum was divided into two entities: our Lanzhou branch and Northwest Aluminum. Our Lanzhou branch owns a primary aluminum smelting plant with a designed annual primary aluminum production capacity of approximately 410,000 tonnes as of December 31, 2016. It produced approximately 399,600 tonnes of primary aluminum in 2016.Shanxi HuazeShanxi Huaze is situated in Shanxi Province. In March 2003, we established the joint venture company, Shanxi Huaze, with Zhangze Electric Power to commence the construction of a primary aluminum production facility. Shanxi Huaze's designed annual production capacity of primary aluminum was approximately 424,000 tonnes as of December 31, 2016 and it produced approximately 324,800 tonnes of primary aluminum in 2016. We currently hold a 60% equity interest in Shanxi Huaze.49Shanxi HuashengShanxi Huasheng is situated in Shanxi Province. In December 2005, we entered into a joint venture agreement with Shanxi Guan Lv Company Limited to establish a joint venture company, Shanxi Huasheng. Shanxi Huasheng commenced operations in March 2006 and had a designed annual production capacity for primary aluminum of approximately 220,000 tonnes as of December 31, 2016. In 2016, Shanxi Huasheng produced approximately 224,200 tonnes of primary aluminum. We currently hold 51% equity interest in Shanxi Huasheng.Zunyi AluminumZunyi Aluminum is situated in Guizhou Province. We currently hold 62.1% equity interest in Zunyi Aluminum. Zunyi Aluminum's annual primary aluminum production capacity was approximately 260,000 tonnes as of December 31, 2016.  In 2016, it produced approximately 102,200 tonnes of primary aluminum.Fushun AluminumFushun Aluminum is situated in Liaoning Province, and is a stand-alone primary aluminum plant. In March 2006, we entered into a share transfer agreement with Liaoning Fushun Aluminum Plant to acquire 100% of the equity interests in Fushun Aluminum for a consideration of RMB500 million. Fushun Aluminum's primary business is the production of primary aluminum and carbon products. Fushun Aluminum had an annual primary aluminum production capacity of approximately 110,000 tonnes as of December 31, 2016. Fushun Aluminum did not produce any primary aluminum in 2016. We have suspended production in Fushun Aluminum since October 2015 due to the relatively significant decrease in the price of primary aluminum and high costs of electricity.Shandong HuayuShandong Huayu is situated in Shandong Province and is a stand-alone primary aluminum plant. We currently hold 55% equity interest in Shandong Huayu. Shandong Huayu had an annual primary aluminum production capacity of approximately 200,000 tonnes as of December 31, 2016. Shandong Huayu also has supporting facilities and coal-fired generators. In 2016, Shandong Huayu produced approximately 217,000 tonnes of primary aluminum.Gansu HualuGansu Hualu is situated in Gansu Province, and is a stand-alone primary aluminum plant. In August 2006, we entered into a share transfer agreement with Baiyin Nonferrous Metal (Group) Co., Ltd. ("Baiyin Nonferrous") and Baiyin Ibis Aluminum Co., Ltd. ("Baiyin Ibis"). Baiyin Nonferrous contributed 127,000 tonnes of primary aluminum smelting and supporting facilities owned by Baiyin Ibis as capital contribution and holds a 49% equity interest in Gansu Hualu. We hold a 51% equity interest in Gansu Hualu. Gansu Hualu had an annual primary aluminum production capacity of approximately 230,000 tonnes as of December 31, 2016. Since November 2015, the production of primary aluminum has been suspended. In 2016, it produced approximately 8,200 tonnes of alloy.Baotou AluminumBaotou Aluminum is located in the Inner Mongolia Autonomous Region, and is a stand-alone primary aluminum plant. On December 28, 2007, through A Shares issuance and exchange for Baotou Aluminum shares, we acquired 100% of the equity interest of Baotou Aluminum. Baotou Aluminum had an annual primary aluminum production capacity of approximately 550,000 tonnes as of December 31, 2016. In 2016, it produced approximately 573,100 tonnes of primary aluminum.50Liancheng branchOur Liancheng branch is located in Gansu Province. In late May, 2008, we acquired 100% of the equity interest in Liancheng Longxing Aluminum Company Limited from Chinalco on the China Beijing Equity Exchange and subsequently turned it into our Liancheng branch which specializes in producing primary aluminum. Our Liancheng branch had an annual primary aluminum production capacity of approximately 538,000 tonnes as of December 31, 2016. It produced approximately 398,600 tonnes of primary aluminum in 2016.Longmen AluminumLocated in Shanxi Province, Longmen Aluminum was established in 1991. We hold a 55% equity interests in Longmen Aluminum. It specializes in producing primary aluminum. We have ceased the operation of our obsolete primary aluminum production facilities at Longmen Aluminum since March 2012.Chalco NanhaiEstablished in June 2007 and located in Foshan, Chalco Nanhai specializes in aluminum fabrication. Chalco Nanhai commenced its commercial operation in 2011 and had an annual aluminum fabrication production capacity of approximately 110,000 tonnes as of December 31, 2015. Since 2015, we suspended production and have not produced any aluminum fabrication products at Chalco Nanhai.Ningxia EnergyWe acquired a 70.82% equity interest in Ningxia Energy in January 2013. Please see "- A. History and Development of the Company - Significant Acquisitions H also and Joint Ventures." Ningxia Energy was established in June 2003. It is an integrated power generation company with total installed capacity of 2861 MW. It also operates coal mines located in the Ningxia Autonomous Region. Its principal business includes conventional coal-fire power generation and renewable energy generation. In 2016, Ningxia Energy produced approximately 8.2 million tonnes of coal and approximately 8.6 billion kWh of electricity.Zhengzhou InstituteThe Zhengzhou Institute, located in Zhengzhou, Henan Province, was incorporated as our subsidiaries in 2015. Its predecessor was established in August 1965 and has served as the center for our research and development efforts. The Zhengzhou Institute specializes in the research and development of technologies for alumina smelting, alumina refining and the development of new products of chemical alumina. Zhengzhou Institute is the only institute in China dedicated to light metals research and has played a key role in bringing about technological innovations in China's aluminum industry. The Zhengzhou Institute was approved by the Ministry of Science and Technology of the PRC in 2003 to establish the National Research Center of Aluminum Refinery Technologies and Engineering. In 2014, our Zhengzhou Institute abandoned its primary aluminum production facilities. As of December 31, 2016, the Zhengzhou Institute had a limited production capacity for chemical alumina products, which it uses in connection with its research and development efforts.Xinghua TechnologyWe acquired a 66% equity interest in Xinghua Technology in December 2016. Located at Shanxi Province, Xinghua Technology is an alumina plant with an annual alumina production capacity of approximately 350,000 tonnes as of December 31, 2016. It produced approximately 320,200 tonnes of alumina and approximately 8,550 tonnes of chemical alumina in 2016.51CompetitionCompetition from Domestic CompetitorsAluminaThe Group is a leading enterprise in non-ferrous metal industry in China. Although we face competition from other large domestic refineries, we have several advantages over such competitors, including: •we have access to a substantial and stable supply of bauxite;    •we are experienced in alumina production and our production technologies are specifically adapted to the particular chemical composition of bauxite found in China;    •we have strong capabilities in technology research and hold certain proprietary technologies and patents; and    •we have a substantial workforce that has extensive experience in production and management. In addition, in order to improve the efficiency and competitiveness of the Chinese alumina industry as well as to protect the environment, MIIT published "Standard Conditions for Aluminum Industry" (the "Standard Conditions") in July 2013, which established a high entry barrier for new alumina producers in China and imposed stringent requirement for existing alumina companies.Primary AluminumWe derived all of our primary aluminum revenues from domestic sales in 2016. Our competitors include other domestic and international primary aluminum producers that conduct sales in China. In 2016, our primary aluminum production represented approximately 9.1% of total domestic production in China.We are a leading enterprise in non-ferrous metal industry in China. Currently, 19 primary aluminum producers in China (including Chalco) have annual production capacity of 500,000 tonnes or more, which collectively represent approximately 86% of the total primary aluminum production capacity in China. Among these 19 primary aluminum producers, 12 primary aluminum producers in China (including Chalco) have annual production capacities of one million tonnes or more, which represent approximately 75% of the total primary aluminum production capacity in China as of 2016. The PRC government encourages consolidation in the Chinese primary aluminum industry to create larger, more efficient producers that are better positioned to implement measures to reduce emissions. Moreover, according to the Standard Conditions and other administrative regulations, new aluminum projects for expanding production capacity must be approved by the relevant administrative departments and must have stable supply of alumina.Although we face competition from other large domestic smelters, we have several advantages over such competitors, including:  •Scale of production. With 12 primary aluminum smelters, we can achieve significant economies of scale. In addition, our scale of production enables us to achieve high production volumes to fill large customer orders and maintain a large customer base. Through our national distribution network, we are able to make timely deliveries to customers from our local warehouses.    •Technology. We believe we have more sophisticated and efficient technology than most of our domestic competitors. Our Liancheng and Lanzhou branches are among the most technologically advanced primary aluminum smelting facilities in China. In addition, our technological support and research and development capabilities are superior to other domestic smelters.    •Vertical integration. As a leading integrated alumina and primary aluminum producer in China, we are able to supply alumina internally to our primary aluminum plants. As a result, we save on transportation, warehousing and related costs. In addition, because we operate our own alumina refineries, we are able to assure a stable supply of alumina for our primary aluminum smelting operations. 52  •Quality. We have maintained and will continue to improve on the high quality standards for our primary aluminum which has satisfied national and industrial standards and customers' need.  The primary aluminum produced by most of our smelters satisfies the quality standards of the LME.Competition from International CompetitorsThe tariff rate for alumina and primary aluminum imports was eliminated on January 1, 2008 and August 1, 2007, respectively. In 2016, China imported approximately 3.03 million tonnes of alumina, representing approximately a 35% decrease from 2015. China had net import of approximately 180,900 tonnes of primary aluminum in 2016, which represented a 47.07% increase from 2015. We expect to continue to face competition from international suppliers of alumina and primary aluminum which are large international companies. Some competitors may also consider establishing joint venture companies with local producers in China to gain access to the resources in China and to lower transportation costs. However, we expect we will continue to benefit from certain PRC governmental policies that promote large domestic smelters.Research and DevelopmentOur research and development efforts over the years have facilitated the expansion of our production capacity and reduced our unit costs. We have successfully commercialized our previous research and development results in various technologies. In 2016, we completed 136 technological projects, including 89 independent research and development projects, 41 special key science and technology projects and six science and technology application projects. In addition, we filed a total of 109 patent applications in 2016.As of December 31, 2016, we owned 1,472 patents, which were primarily related to technologies and processes, equipment and new products. Once registered, a patent in China for an invention is valid for 20 years and for a utility model or a design, 10 years from the date of the patent application. As of December 31, 2016, we owned 25 trademarks, each of which had a term of 10 years.We do not regard any single patent, license, or trademark to be material to our sales and operations as a whole. We are neither involved in any material intellectual property disputes against us nor are we pursuing any legislation relating to intellectual property rights against any party.Environmental ProtectionOur operations are subject to a wide variety of PRC national and local environmental laws and regulations, including those governing waste discharge, generation, treatment and disposal of hazardous materials, land reclamation, air and water emissions and mining matters. For example, the PRC government has set discharge standards for air and water emissions to air and water. To enforce these standards, national environmental protection authorities have imposed discharge fees that increase for each incremental amount of discharge up to the limit set by the regulation. The relevant PRC government agencies are authorized to order any operations that exceed discharge limits to take remediation measures, which are subject to the relevant agency's approval, or order the closure of any operations that fail to comply with applicable regulations.The pollutants discharged from our alumina refining process include red mud, waste water and gas emissions and particulates. Our primary aluminum production process generates fluorides, pitch fume and particulates. It is illegal to release these pollutants untreated and the discharge of these pollutants when treated must comply with national and local discharge limits.Each of our alumina refineries, primary aluminum smelters and other production plants has its own waste treatment facilities onsite or has developed other methods to dispose of industrial waste in compliance with applicable environmental laws and regulations. We were granted ISO14001 accreditations issued by China Quality Certification Center and the International Certification Network in 2004. In 2016, we passed the annual review and these accreditations were renewed.53We have increased our energy-efficiency by implementing new production techniques and technologies, upgrading our production facilities, optimizing our production process and enhancing our logistics and operations management. Through these efficiency initiatives, we estimate that we conserved the energy equivalent of 727,000 tonnes of standard coal in 2016. We have incorporated clean technology and processes into our operations with a view to promoting the concept of "zero emission" plants. Since 2009, we have achieved our target of zero industrial waste water emission.Our total expenditures for maintaining compliance with environmental laws and regulations were RMB520.2 million, RMB627.3 million and RMB657.5 million for 2014, 2015 and 2016, respectively. In 2016, we did not have any major environmental pollution incidents.InsuranceWe maintain insurance coverage for our fixed assets such as plant, machinery, equipment, office facilities and transportation vehicles against accidents or natural disasters such as typhoons, hurricanes, floods, landslides and lightning strikes. However, there are certain types of losses, such as losses from war, acts of terrorism and nuclear radiation, for which we cannot obtain insurance at a reasonable cost or at all.We are covered under the work-related injury insurance required by the relevant local government labor departments, and we have procured additional business accidental insurance for our employees. More extensive insurance is either unavailable in China or would impose a cost on our operations that would reduce our competitiveness.Our insurance premiums were RMB33.4 million, RMB33.2 million and RMB35.8 million in 2014, 2015 and 2016, respectively.SeasonalityOur business is not subject to seasonality.Cyber SecurityWith respect to our internal internet policies on cyber-security, we have established an information safety management system and issued internal regulations on cyber-security, internal hardware and data safety systems and we are gradually implementing measures relating to the office environment information safety management, information system access control, protection from any malicious software, and internal review and audit of information safety risks, in order to prevent loss of information due to cyber-security incidents, network outages or hardware incidents. In 2016, we did not experience any material cyber-security incidents or related losses.Regulatory OverviewProducers of alumina and primary aluminum are subject to national industrial policies and relevant laws and regulations in areas of environmental protection, import and export, land use, foreign investment regulation and taxation. We are also subject to regulations relating to activities such as mining.We are principally subject to governmental supervision and regulation by four agencies of the PRC government: •the NDRC, which sets and implements the major policies concerning China's economic and social development, approves investments exceeding certain amounts, coordinates and improves the reform of the economic system;    •the Ministry of Land and Resources of China, which has the authority to grant land use rights and mining right permits;    •the MIIT, which formulates industrial policies and investment guidelines for all industries including the aluminium industry; and    •the CSRC, the securities regulatory commission of China. 54 The following is a brief summary of the principal laws, regulations, policies and administrative directives to which we are subject.Requirements for Capital InvestmentsAny capital markets financing activities by an enterprise or company incorporated in the PRC such as those to finance capital projects, are subject to approval by the CSRC and/or other relevant authorities in China, regardless of whether the funds are raised in China or on the international capital markets. An issuer incorporated in the PRC must obtain prior approval from the CSRC for issuance of equity securities or equity-linked securities. Offering of corporate bonds in the PRC is also subject to supervision of the CSRC. Offering of bonds by a PRC-incorporated company outside the PRC shall be filed with NDRC. For all overseas financing activities by an enterprise or company incorporated in the PRC, the issuer must register with and obtain prior approval from the administrative authorities of foreign exchange. Foreign investment in the exploring and mining of alumina and primary aluminum is permitted by the PRC government.Standard Conditions for Aluminum IndustryThe Standard Conditions provides that bauxite mining, alumina and primary aluminum projects must comply with the state industry policies and overall plans on the development of aluminum industry, land use, urban planning and designation of functional zones. Aluminum smelting enterprises must be appropriately distributed across the relevant regions according to certain conditions including availability of resources, energy and environment. Pursuant to the Standard Conditions, aluminum smelting enterprises located in regions lacking competitive production elements should be gradually moved to more competitive region, and the amount of newly increased production capacity shall be strictly controlled to prevent excessive capacity caused by over-investing. The Standard Conditions further sets standards for production scale and major external conditions for newly established bauxite mining, alumina, electrolytic aluminum and recycled aluminum projects. The MIIT promulgated on April 4, 2014, January 4, 2015 and February 14, 2016, respectively, the first, the second and the third lists of enterprises that meet the Standard Conditions for the aluminum industry. Most of our production branches and subsidiaries have met the Standard Conditions and are included on these lists.PricingThe PRC government does not impose any limitations with respect to the pricing of alumina, primary aluminum and related products. Thus, alumina and primary aluminum producers are free to set prices for their products. All the raw materials, supplemental materials and other supplies that we purchase are based on market prices. Freight transportation on the national railway system is subject to government mandated pricing.Electricity Supply and PriceThe State Electricity Regulatory Commission of China is responsible for the supervision and administration of the power industry in China. The NDRC and local governments regulate electricity pricing.The Electric Power Law of China and related rules and regulations govern construction, generation, supply and consumption of electric power. Currently, China's state-owned power companies, through their respective local subsidiaries, operate all the regional power grids in China from which we obtain a part of our electricity requirements. In October 2007, Chinese government issued "Notice on Further Solutions of the Difference in Electricity Rates", according to which the preferential electricity prices originally enjoyed by Chinese primary aluminum enterprises have been gradually abolished. In December 2007, Chinese government issued "Notice of Eliminating Preferential Electricity Rate for High Energy Consuming Enterprises and Related Matters", which further eliminated the preferential electricity price arrangement enjoyed by Chinese primary aluminum enterprises. In December 2013, the NDRC and MIIT issued the "Circular on the Policies for Tiered Pricing of Electricity Used by Electrolytic Aluminum Enterprises" (the "Electricity Tiered Pricing Circular"), which became effective on January 1, 2014, to impose tiers of electricity prices on primary aluminum smelters. Specifically, if the alternating current consumed by any smelter is more than 13,700 kWh per tonne of molten aluminum but less than 13,800 kWh per tonne of molten aluminum, such smelter must pay additional RMB0.02 per kWh for the electricity used. If the alternating current consumed by any smelter is more than 13,800 kWh per tonne of molten aluminum, such smelter must pay additional RMB0.08 for per kWh for the electricity used.55Used by Electrolytic Aluminum Enterprises" (the "Electricity Tiered Pricing Circular"), which became effective on January 1, 2014, to impose tiers of electricity prices on primary aluminum smelters. Specifically, if the alternating current consumed by any smelter is more than 13,700 kWh per tonne of molten aluminum but less than 13,800 kWh per tonne of molten aluminum, such smelter must pay additional RMB0.02 per kWh for the electricity used. If the alternating current consumed by any smelter is more than 13,800 kWh per tonne of molten aluminum, such smelter must pay additional RMB0.08 for per kWh for the electricity used.In March 2015, new policies and reforms relating to electricity generation, retail, usage, and other related sectors were introduced. Under "Several Opinions of the CPC Central Committee and the State Council on Further Deepening the Reform of the Electric Power System", a series of reforms relating to electricity pricing, distribution and retail segments, electricity trading, distributed generation, and other aspects has been put forward. We expect that these electricity system reforms will bring about profound impacts on China's electricity market and aluminum industry.Regulations Concerning Imports and Exports of Alumina and Primary AluminumImport taxes on alumina and primary aluminum have been eliminated. The export tariff on certain primary aluminum products has been 15% since August 1, 2007.Environmental Protection Laws and RegulationsThe Ministry of Environmental Protection of China is responsible for supervision and administration of environmental protection in China. It formulates national environmental quality and discharge standards and monitors China's environmental system. Environmental protection bureaus at the county level or above are responsible for environmental protection within their respective jurisdictions.Environmental regulations require each enterprise to file an environmental impact report with the relevant environmental bureau for approval before undertaking the construction of a new production facility or any major expansion or renovation of an existing production facility. New facilities built pursuant to this approval are not permitted to operate until the relevant environmental bureau has performed an inspection and concluded that the facilities are in compliance with environmental standards.The Environmental Protection Law requires any facility that produces pollutants or other hazards to incorporate environmental protection measures in its operations and establish an environmental protection responsibility system. Such system includes adoption of effective measures to control and properly dispose of waste gases, waste water, waste residue, dust or other waste materials. Any entity that discharges pollution must register with the relevant environmental protection authority.Penalties for breaches of the Environmental Protection Law include warning, payment of damages and imposition of fines. Any entity undertaking a construction project that fails to install pollution prevention and control facilities in compliance with environmental standards for a construction project may be ordered to suspend production or operations or to cease operations and may be fined. Criminal liability may be imposed for a material violation of environmental laws and regulations that causes any significant loss of property or personal injuries or death.Mineral Resources Laws and RegulationsAll mineral resources in China are owned by the state under the current Mineral Resources Law. Exploration, exploitation and mining operations must comply with the relevant provisions of the Mineral Resources Law and are under the supervision of the Ministry of Land and Resources. Exploration and exploitation of mineral resources are also subject to examination and approval by the Ministry of Land and Resources or relevant local authorities. Upon approval, the relevant administrative authorities, which are responsible for supervision and inspection of mining exploitation in their jurisdiction, will issue an exploration permit or mining permit. The holders of mining rights are required to file with the relevant administrative authorities annually.56The PRC government permits mine operators of collectively owned mines to exploit mineral resources in designated areas and individuals to mine scattered mineral resources. Such mine operators and individuals are subject to government regulation. Mining activities by individuals are restricted. Individuals are not permitted to exploit mineral reserves allocated for exploitation by a mining enterprise or company, or specified minerals prescribed by the state for protective mining. Indiscriminate mining that damages mineral resources is prohibited.If mining activities result in damage to arable land, grassland or afforested area, the mining operator must take measures to return the land to an arable state within the prescribed time frame. Any entity or individual which fails to fulfil its remediation obligations may be fined and denied application for land use rights for new land by the relevant land and natural resources authorities.It is unlawful for an entity or individual to conduct mining operations in areas designated for other legal mining operators. A mining operator whose exploitation causes harm to others in terms of production or in terms of living standards is liable for compensation and is required to take necessary remedial measures. When a mine is closed, a mine closure report and information concerning the mining facilities, hidden dangers, remediation and environmental protection must be submitted for examination and approval in accordance with the relevant PRC law and regulations.Mineral products that have been illegally extracted and the related income derived from such activities may be confiscated and may result in fines, revocation of the mining permit and, in serious circumstances, criminal liability.Energy Conservation LawThe new Energy Conservation Law came into effect on April 1, 2008. It sets out the general principles for reducing energy waste and improving efficiency of energy consumption. It urges the adjustment of industry structure and replacement of high energy consumption projects with new energy or renewable energy resources. In March 2014, the MIIT issued a regulation, the "Opinion on Implementing Supervision of Industrial Energy Conservation", which lists the primary aluminum smelting as one of the high energy consumption operations that will be strictly monitored. In December 2014, the MIIT issued the Guidance for National Industrial Efficiency, which sets forth industrial efficiency standards for producers of major products in industries that involve high energy consumption, which included electrolytic aluminum and aluminum oxide products.Tax Laws and RegulationIn March 2007, the PRC government promulgated the Enterprise Income Tax Law which became effective from January 1, 2008. The Enterprise Income Tax Law imposes a single income tax rate of 25% on both domestic and foreign invested enterprises. Certain branches and subsidiaries of us were granted tax concessions including preferential tax rates of 15%. On December 6, 2007, PRC government promulgated the Enterprise Income Tax Law Implementation Rules which also became effective on January 1, 2008.C.ORGANIZATIONAL STRUCTUREBelow is a summary of our corporate structure and principal subsidiaries as of December 31, 2016:57CompanyPercentage ofownership interestattribution tothe CompanyPrincipal activities   Baotou Aluminum Co., Limited100%Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon productsChalco Hong Kong Ltd.(1)100%Overseas investments and alumina import and export activitiesChalco Zunyi Alumina Co., Ltd.73.28%Manufacture and distribution of aluminaChina Aluminum International Trading Co., Ltd.100%Import and export activitiesChalco Mining Co., Ltd.100%Manufacture, acquisition and distribution of bauxite mines, limestone ore, aluminum magnesium ore and related non-ferrous metal productsShandong Huayu Alloy Materials Co., Ltd.55%Manufacture and distribution of aluminum alloyChinalco Shanxi Jiaokou Xinghua Technology Ltd. (2)66%Manufacture and distribution of aluminaChinalco Shanghai Company Limited60%Trading and engineering project managementShanxi Huasheng Aluminum Co., Ltd.51%Manufacture and distribution of primary aluminum, aluminum alloy and carbon-related productsShanxi Huaze Aluminum and Power Co., Ltd.60%Manufacture and distribution of primary aluminum and anode carbon products and electricity generation and supplyZunyi Aluminum Co., Ltd.62.10%Manufacture and distribution of primary aluminum   Chalco Energy Co., Ltd.100%Thermoelectric supply and investment managementChalco Ningxia Energy Group Co., Ltd.70.82%Thermal power, wind power and solar power generation, coal mining, and power related equipment manufacturing   Guizhou Huajin Aluminum Co., Ltd.60%Manufacture and distribution of alumina   Chalco Zhengzhou Research Institute of    Non-ferrous Metal Co., Ltd.100%Research and development servicesChalco Shandong Co., Ltd.100%Manufacture and distribution of alumina   Chalco Zhongzhou Aluminum Co., Ltd.100%Manufacture and distribution of alumina.  China Aluminum Logistics Group    Corporation Co., Ltd. (3)100%Logistic transportation  (1)Chalco HongKong Ltd. is incorporated in Hong Kong. All other principal subsidiaries are incorporated in the PRC.  (2)We directly hold 33% shares and indirectly hold 33% shares, through Chalco Shandong Co., Ltd.  (3)We directly hold 81.87% shares and indirectly hold 18.13% shares, through China Aluminum International Trading Co., Ltd. of China Aluminum Logistics Group Corporation Co., Ltd.       58 D.PROPERTY, PLANTS AND EQUIPMENTMinesBauxite MinesThe following map sets forth details of the area surrounding Pingguo mine, our largest bauxite mine in China:The Guangxi Pingguo plant, located in the Guangxi Zhuang Autonomous Region, commenced operations in 1994. The surrounding infrastructure includes roadways and waterways.Modernization and Physical Condition, Equipment, Infrastructure and Other FacilitiesWe have modern facilities at our mines in China, which were designed by professional PRC mine design institutes and adhere to international standards. Our mines are either open pit or underground. Our mines generally have mining offices and transportation facilities that have access to local roads and highways. In addition, we utilize advanced heavy equipment such as bulldozers and scrapers.Source of Power and WaterAll of our mining facilities in China are connected to the local or regional electric power grids. In addition, our mining facilities are connected to reliable water sources, all of which were sufficient for the requirements of each individual mine.Our mines in Indonesia have access to local roads. Prior to suspension of productions, the two mines were powered by diesel fuel and are equipped with washing machines.Coal MinesWe acquired 70% of the equity interest in Gansu Huayang in March 2011, which holds exploration rights for certain coal deposits in Gansu Province, namely, Luochuan mine. The exploration permit will expire in October 2018. Luochuan mine is an underground mine. We have completed the exploration but have not commenced development of Luochuan mine. As of the date of this annual report, neither proven nor probable reserves have been established in accordance with United States Securities and Exchange Commission Industry Guide 7 ("Industry Guide 7").We acquired the mining rights for certain coal deposits Guizhou Province, namely Laodonghe mine, in January 2013 through Chalco Guizhou Mining Co., Ltd. We held 80.0% of the equity interest of Laodonghe mine. The mining permit will expire in December 2018. We have completed the exploration but have not commenced development of Laodonghe mine. Laodonghe mine is an underground mine. As of the date of this annual report, neither proven nor probable reserves have been established in accordance with Industry Guide 7.59We completed the acquisition of 70.82% of the equity interest in Ningxia Energy in January 2013, which holds mining rights or exploration rights for certain coal deposits in Ningxia Autonomous Region. The coal mines owned and operated by Ningxia Energy include Wangwa mine, Wangwa No.2 mine, Yindonggou mine and Yinxingyijing mine, all of which are underground thermal coal mines. The operations at these coal mines are powered by electricity from local power grids and are accessible by public roads. As of the date of this annual report, neither proven nor probable reserves have been established in accordance with Industry Guide 7.Wangwa mine and Wangwa No. 2 mine are currently in extraction stage. We primarily use comprehensive mechanized longwall mining method to extract coal from Wangwa mine and Wangwa No. 2 mine and we use advanced coal mining equipment including hydraulic roof supports and shearers. Yindonggou mine has completed construction for capacity expansion and technology upgrade and is currently in trial production. The mining permit of Yindonggou mine will expire in July 2036. Ningxia Energy holds 50% of the interest in Yinxingyijing mine with the joint owner not participating in the operation of such mine. Yinxingyijing mine is currently under development. The exploration permit of Yinxingyijing mine will expire in August 2018 and we are in the process of applying for mining permit.The following table sets forth detailed information on Wangwa mine and Wangwa No. 2 mine: Wangwa mine Wangwa No. 2 mine    Nature of OwnershipOwned and operated byNingxia Energy, a 70.82%subsidiary of Chalco Owned and operated byNingxia Energy, a 70.82%subsidiary of Chalco    Commencement of construction1984(1) 2007Commencement of extraction1990(1) 2010Permit renewalMay 2017 July 2017    Mining recovery rate (%)(2)78 81Depth of mine (meters underground)400 400Average thickness of main coal seam (meters)6-11 8-10    Calorific value (Kcal/kg)4,900-5,100 4,800-5,000Sulphur content (%)1.1 1.2Average ash content (%)14.2 15.3  (1)Wangwa mine is currently under construction for expansion, the original production capacity of which was 1.5 million tonnes.  (2)The mining recovery rate is the rate of the amount of coal recovered from a determined amount of reserves, which is calculated by dividing the actual volume of coal recovered in a year by the volume of reserves mined and consumed in the same year.   For the year ended December 31, 2016, Ningxia Energy incurred capital expenditures of approximately RMB457.9 million on infrastructure construction.LandChinalco leases to us 410 pieces or parcels of land, located in eight provinces, covering an aggregate area of approximately 50.33 million square meters for any purpose related to our operations and businesses. Currently, all leases for our properties are valid and have not expired. The leased land mainly consists of: •398 pieces of allocated land with an area of approximately 49.03 million square meters. Chinalco has obtained authorization from the relevant administrative authorities to manage and lease the land use rights for such land; and    •12 pieces of land with an area of approximately 1.3 million square meters. Chinalco has paid the land premiums and obtained land use rights certificates. The land is leased for the following terms: •allocated land: 50 years commencing from July 1, 2001 (except for land use rights of mines operated by us, whose leased terms shall end on the expiration date of the mining rights or at the end of the actual mine life, whichever is earlier);    •granted land: until expiration of the relevant land use right permits; and    •for both allocated or granted land: normal commercial terms that stipulate, among other conditions, the terms of use, monthly or annual rental amounts payable in RMB and a six-month notification provision for termination of any lease agreement. 60 BuildingsOur principal executive offices, which we lease from Chinalco, are located at No. 62 North Xizhimen Street, Haidian District, Beijing, People's Republic of China, 100082.Pursuant to the reorganization in connection with our initial public offering in 2001, Chinalco transferred to us, among other operating assets, ownership of the buildings and properties for the operation of our core businesses. Chinalco retained its remaining buildings and properties for its operations. The buildings transferred to us comprise 4,631 buildings with an aggregate gross area of approximately 4.2 million square meters. These buildings may be sold or transferred only with the consent of Chinalco and in accordance with applicable land transfer procedures. Chinalco has undertaken to provide its consent and the necessary assistance to affect land grant procedures to ensure that our buildings can be legally transferred or sold.We and Chinalco also lease to each other a number of other buildings and properties for ancillary uses, which comprise mainly buildings for offices, dormitory, canteen and storage purposes. As of the date of this annual report, we leased 171 buildings to Chinalco, with an aggregate gross area of approximately 207,033 square meters. Chinalco leases 88 buildings to us, with an aggregate gross area of approximately 160,754 square meters. On March 28, 2005, we entered into a tenancy agreement with China Aluminum Development Company Limited, a wholly-owned subsidiary of Chinalco, for leasing the office premises at 12th to 16th floors and 18th to 31st floors of No. 62 North Xizhimen Street, Haidian District, Beijing, PRC with an aggregate gross floor area of 30,160.81 square meters for a term of three years. On October 15, 2008, our tenancy agreement with China Aluminum Development Company Limited expired, and we renewed the tenancy agreement to extend it for another three years commencing on October 16, 2008, pursuant to which, the aggregated gross floor area we leased under such tenancy agreement was increased to 30,188.0 square meters. On October 10, 2010, we entered into a supplemental tenancy agreement with China Aluminum Development Company Limited, pursuant to which, the aggregate gross floor area we lease under the tenancy agreement was reduced to 26,036.3 square meters. On October 15, 2011, we renewed the tenancy agreement to extend it for another two years, pursuant to which, the aggregate gross floor area we lease under the tenancy agreement was further reduced to 23,551 square meters. On March 26, 2013, we renewed the tenancy agreement with its term to be expired on December 31, 2015. In March 2016, we renewed the tenancy agreement with its term to be expired on December 31, 2017, with an aggregate gross area of approximately 22,285 square meters.For environmental issues in relation to the utilization of our assets, please refer to "- Environmental Protection."Our ExpansionOur expansion projects in 2016 primarily include: •The mining project of Zhongzhou for the bauxite at Duancun-Leigou: Investment in project construction amounted to RMB1,358 million, and by the end of 2016, an aggregate of RMB1,079 million of capital expenditure had been incurred. In November 2016, the project was ready for mining operation and commenced trial production, creating an additional production capacity of 1,600,000 tonnes of bauxite per annum. 61  •The underground mining project of 0-24 line in Guizhou Maochang Mine: Investment in project construction is expected to amount to RMB787 million, and by the end of 2016, an aggregate of RMB714 million of capital expenditure had been incurred. The project was completed and commenced trial production in June 2016, creating an additional production capacity of 1,200,000 tonnes of bauxite per annum.    •Capacity expansion and technology upgrade of Wangwa mine: The project is planned to have a total annual capacity of 6.0 million tonnes. We expect to invest a total amount of approximately RMB3.1 billion in this project.    •The 500,000-tonne aluminum alloy product structure adjustment, upgrade and technical innovation project of Inner Mongolia Huayun: Investment in project construction amounted to RMB5,911 million, and by the end of 2016, an aggregate of RMB2,200 million of capital expenditure had been incurred. The first batch of electrolytic cells from the project is expected to be put into production in August 2017, which will bring an additional production capacity of 500,000 tonnes per annum.  ITEM 4A.          UNRESOLVED STAFF COMMENTSNone.ITEM 5.              OPERATING AND FINANCIAL REVIEW AND PROSPECTSThe following discussion and analysis should be read in conjunction with our audited consolidated financial statements and selected historical financial data, in each case together with the accompanying notes included elsewhere in this annual report. This section contains certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements are not guarantees of our future performance or results and our actual results could materially differ from those disclosed in the forward-looking statements. In evaluating our business, you should carefully consider the information provided in "Item 3. Key Information - D. Risk Factors."A.OPERATING RESULTSOverviewWe are a leading enterprise in the non-ferrous metal industry in China. We are engaged principally in alumina refining, primary aluminum smelting, and trading of non-ferrous metal products, coal products and other products. In addition, we are engaged in coal mining and power generation. The remainder of our revenues were derived from research and development activities and other products and services. We organize and manage our operations according to the following key segments: •Our alumina segment, which consists of the mining and purchasing of bauxite and other raw materials, and production and sale of alumina as well as alumina-related products, such as alumina hydrate, alumina-based chemical products and gallium. Alumina accounted for approximately 89% of the total production volume for this segment in 2016. Chemical alumina products are used in the production of chemical, pharmaceutical, ceramic and construction materials. In the process of refining bauxite into alumina, we also produce gallium as a by-product. Gallium is a rare, high-value metal with applications in the electronics and telecommunication industries.    •Our primary aluminum segment, which consists of the procurement of alumina, other raw materials, supplemental materials and electrical power, the production and sale of primary aluminum and aluminum-related products, such as carbon products, aluminum alloy products and other electrolytic aluminum products. Our principal primary aluminum products are ingots, molten aluminum and aluminum alloys which accounted for approximately 19%, 52% and 29%, respectively, of our total production volume of primary aluminum in 2016. Our standard 20 kilogram remelt ingots are used for general aluminum fabrication in the construction, electricity, electronics, transportation, packaging, machinery and durable goods industries. We internally produce substantially all the carbon products used at our smelters and sell our remaining carbon products to external customers. 62 •Our trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, and crude fuels such as coal products, as well as supplemental materials, and providing logistics and transport services to our internal manufacturing plants and external customers in the PRC. We established our trading business as a separate segment in July 2010 as a result of the implementation of our operational structural exercise.    •Our energy segment, which consists of coal mining and power generation, including conventional coal-fire power generation and renewable energy generation such as wind power and photovoltaic power. We established our energy segment in January 2013 as a result of our acquisition of Ningxia Energy in line with our development strategy to partially offset our future energy costs and secure a portion of the coal we consume in our operations. In 2016, we supplied the majority of the electricity we generated for our own production use, supplied a portion of the coal output to our own electric power plant and sold the remaining portion to external customers, including power generation enterprises and cement plants.    •Our corporate and other operating segment, which consists of corporate and other aluminum-related research, development, and other activities of the Group. We used to be engaged in aluminum fabrication operations, where we processed primary aluminum for the production and sales of various aluminum fabrication products. As approved at our 2012 annual general meeting held on June 27, 2013, we disposed of substantially all of our aluminum fabrication operations to Chinalco. As a result, we ceased to have our aluminum fabrication business as a separate segment in June 2013.Critical Accounting PoliciesWe prepare our consolidated financial statements in accordance with IFRSs as issued by the IASB, which requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas in our financial reporting involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3 to our consolidated financial statements. We have established procedures and processes to facilitate the making of such judgments in the preparation of our consolidated financial statements. Management has used the best information available but actual performance may differ from our management's estimates and future changes in key variables could change future reported amounts in our consolidated financial statements.Property, Plant and Equipment-recoverable amountProperty, plant and equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to us and the cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognized. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.63We calculate depreciation on property, plant and equipment using the straight-line method to allocate their costs over their estimated useful lives down to their residual values, as follows: Buildings8-45 years    Machinery3-30 years    Transportation facilities6-10 years    Office and other equipment3-10 yearsWe reviewed and adjusted the assets' depreciation method, residual values and useful lives, if appropriate, at the end of each reporting period. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset and are recognized within "other gains, net" in profit or loss.Construction in progress ("CIP") represents buildings under construction, and plant and equipment pending for installation, and is stated at cost less accumulated impairment losses. Cost comprises construction expenditures, other expenditures necessary for the purpose of preparing the CIP for its intended use and those borrowing costs incurred before the assets are ready for their intended use that are eligible for capitalization. CIP is transferred to property, plant and equipment when the CIP is ready for its intended use.Intangible assets - goodwillGoodwill arises on the acquisition of subsidiaries, associates and joint ventures and represents the excess of the consideration transferred over the fair value of the share of the net identifiable assets of the acquiree at the date of acquisition.For the purposes of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognized immediately as an expense and is not subsequently reversed.Intangible assets - mining rights and mineral exploration rightsOur mineral exploration rights and mining rights relate to coal, bauxite and other mines. (i)Recognition     Mineral exploration rights and mining rights are initially recorded at the cost which includes the acquisition consideration, qualifying exploration and other direct costs. The mineral exploration rights are stated at cost less any impairment, and the mining rights are stated at cost less any amortization and impairment.    (ii)Reclassification     Mineral exploration rights are converted to mining rights when technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Mineral exploration rights are subject to amortization when the mineral exploration rights are converted to mining rights and commercial production has commenced. 64  We assess the stage of each mine under construction to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. We consider various relevant criteria, such as completion of a reasonable period of testing of the mine and equipment, ability to produce in saleable form (within specifications) and ability to sustain ongoing production to assess when a mine is substantially complete and ready for its intended use.    (iii)Amortization     Amortization of bauxite and other mining rights (except for coal mining rights) is provided on a straight-line basis according to the shorter of the expiration date of the mining certificate and the mineable period of natural resources. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years.     Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards in the Solid Mineral Resource/Reserve Classification of the PRC (GB/T17766-1999) of the mine concerned.    (iv)Impairment     An impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed their recoverable amounts. To the extent that this occurs, the excess is fully provided as impairment loss.Non-current assets and disposal groups held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through a sales transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets or disposal groups and its sale must be highly probable. All assets and liabilities of a subsidiary classified as a disposal group are reclassified as held for sale regardless of whether the Group retains a non-controlling interest in its former subsidiary after the sale.Non-current assets and disposal groups (other than financial assets) classified as held for sale are measured at the lower of their carrying amounts and fair values less costs to sell. Property, plant and equipment and intangible assets classified as held for sale are not depreciated or amortized.Estimated impairment of trade and other receivables and inventoriesA provision for impairment of trade and other receivables is established when there is objective evidence that we will not be able to collect all amounts due according to the original repayment terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or delinquency in payments are considered as indicators that a trade receivable is impaired. The amount of provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to trade and other receivables are discounted if the effect of discounting is material. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the consolidated statement of comprehensive income. When a trade and other receivable is uncollectible, it is written-off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written-off are recognized as income in profit or loss. The impairment is subject to our management's assessment as of the end of the reporting period, and hence, the provision amount is subject to uncertainty.65Our management tests whether inventories suffered any impairment based on estimates of the net realizable value of the inventories. For different types of inventories, it requires the exercise of accounting estimates on selling price, costs of conversion, selling expenses and related tax expense to calculate their net realizable value. For inventories held for executed sales contracts, our management estimates the net realizable value based on the contractual price; for other inventories, our management estimates the realizable future price based on the actual prices during the period from the balance sheet date to the date these financial statements were approved for issuance by our Board, taking into account the nature and balance of inventories and future estimated price trends. For raw materials and work-in-progress, our management has established a model in estimating the net realized value at which the inventories can be realized in the normal course of business after considering our manufacturing cycles, production capacity and forecasts, estimated future conversion costs and selling prices. The management also takes into account the price or cost fluctuations and other related matters occurring after the end of the reporting period which reflect conditions that existed as of the end of the reporting period.It is reasonably possible that if there is a significant change in circumstances including our business and the external environment, outcomes within the next financial year may be significantly affected.Coal reserve estimates and units-of-production amortization for coal mining rightsExternal qualified valuation professionals evaluate "economically recoverable reserves" based on reserves estimated by external qualified exploration engineers in accordance with the PRC standards. Engineering estimates of our coal reserves are inherently imprecise and represent only approximate amounts because of the subjective judgments involved in developing such information. Economically recoverable reserve estimates are updated on a regular basis and have taken into account recent production and technical information about each mine.Income TaxWe estimate our income tax provision and deferred income taxation in accordance with the prevailing tax rules and regulations, taking into account any special approvals obtained from relevant tax authorities and any preferential tax treatment to which we are entitled in each location or jurisdiction in which we operate. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. We recognize liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred income tax provisions in the period in which such determination is made.Deferred tax assets are recognized for unused tax losses and other temporary differences, such as provision for impairment of receivables, inventories and property, plant and equipment and accruals of expenses not yet deductible for tax purposes, to the extent that it is probable that taxable profit will be available against which the losses can be utilized or other temporary difference could be recovered. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. The carrying value of our deferred tax assets as of December 31, 2016 was RMB1,687 million, compared with approximately RMB2,279 million as of December 31, 2015, without taking into consideration the offsetting of the balances within the same tax jurisdiction. The amount of unrecognized tax losses as of December 31, 2016, was RMB21,957 million, compared with approximately RMB22,328 million as of December 31, 2015.An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except to the extent that both of the following conditions are satisfied: (a) the parent, investor or joint venturer is able to control the timing of the reversal of the temporary difference; and (b) it is probable that the temporary difference will not reverse in the foreseeable future. We believe that the taxable temporary differences associated with investments in subsidiaries, associates and joint ventures satisfy the above criteria and, therefore, relevant deferred tax liabilities was recognized as disclosed in Note 11 to our consolidated financial statements.66We believe we have recorded adequate current tax provision and deferred income taxes based on the prevailing tax rules and regulations and our current best estimates and assumptions. In the event that future tax rules and regulations or related circumstances change, adjustments to current and deferred income taxation may be necessary, which would impact our results or financial position.Revenue recognitionWe recognize revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to us and specific criteria have been met for each of our activities (see descriptions below). (i)Sales of goods     Revenue from the sales of goods is recognized when we have already transferred the significant risks and rewards of ownership of the goods to the buyers, we have retained neither continuing managerial involvement nor control over the goods, it is probable that the economic benefits related to the transaction will flow into us, and the revenue and related costs incurred can be measured reliably.     If we are acting solely as an agent, amounts billed to customers are offset against the relevant costs, and the related revenue is reported on a net basis.    (ii)Rendering of services     We provide machinery processing, transportation and packaging services and other services to third- party customers. These services are recognized in the period when the related services are provided. Investment in joint ventures and associates - recoverable amountIn accordance with the Group's accounting policy, each investment in joint ventures and associates is evaluated in every reporting period to determine whether there are any indications of impairment. If any such indication exists, an estimate of the recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of the investment in a joint venture and an associate is measured at the higher of fair value less costs of disposal and value in use.Fair value is determined as the amount that would be obtained from the sale of the investment in an arm's length transaction between knowledgeable and willing parties.Value in use is also generally determined as the present value of the estimated future cash flows of those expected to arise from the continued use of the asset in its present form and its eventual disposal. Present values are determined using a risk-adjusted pre-tax discount rate appropriate to the risks inherent in the asset. Future cash flow estimates are based on expected production and sales volumes, commodity prices (considering current and historical prices, price trends and related factors) and operating costs. This policy requires management to make these estimates and assumptions which are subject to risk and uncertainty; hence there is a possibility that changes in circumstances will alter these projections, which may impact on the recoverable amounts of the investments. In such circumstances, some or all of the carrying value of the investments may be impaired and the impairment would be charged against profit or loss.New IFRSs PronouncementsFor a detailed discussion of new accounting pronouncements, please see Note 2 to our audited consolidated financial statements.67Factors Affecting Our Results of OperationsWe believe that the following factors which impact our various revenue and expense items (as described below) have had, and will continue to have, a significant effect on the development of our business, financial position and results of operation.Economic Condition of China and the WorldAs the major aluminum product market is globalized, the demand for and prices of our products are highly correlated with the general economic condition of China and the world and the performance of the major aluminum and related product markets. In recent years, China's economy continued to experience growth despite the negative effects of the global financial crisis beginning in the second half of 2008 and economic recession in 2009, as well as general market volatility and changing macroeconomic conditions. However, the growth of China's economy has shown signs of slowing down since 2014, with GDP growth of 6.9% from 2014 to 2015 and 6.7% from 2015 to 2016,  as compared to 7.5% from 2013 to 2014.The global output of alumina in 2016 increased approximately 0.3% from 2015 to approximately 121.2 million tonnes. The global alumina consumption in 2016 increased approximately 3.7% from 2015 to approximately 122.2 million tonnes. In 2016, the domestic output of alumina products increased approximately 2.6% from 2015 to approximately 60.2 million tonnes and the domestic consumption for alumina increased approximately 4.2% from 2015 to approximately 64.4  million tonnes.The global output of primary aluminum in 2016 increased approximately 2.9% from 2015 to approximately 58.9 million tonnes. The global consumption of primary aluminum in 2016 increased approximately 3.0% from 2015 to approximately 59.6 million tonnes. In 2016, the domestic output of primary aluminum increased approximately 4.8% from 2015 to approximately 32.5 million tonnes and the domestic consumption of primary aluminum increased approximately 6.7% from 2015 to approximately 32.7 million tonnes.For the year ended December 31, 2016, we had cost of sales of RMB133,508.5 million, compared with cost of sales of RMB120,982.8 million for the year ended December 31, 2015.Mix and Pricing of Our ProductsWe are engaged principally in alumina refining, primary aluminum smelting and sales of these products and trading of non-ferrous metal products and other products. In addition, we are engaged in coal mining and power generation. We sell most of our self-produced products through Chalco Trading, taking into account the spot market prices and SHFE prices. In 2016, revenues generated from alumina, primary aluminum, trading and energy segments (after elimination of inter-segment sales) accounted for 6.5%, 20.5%, 69.7% and 3.0%, respectively, of our consolidated total revenues after elimination of inter-segment sales. We apply different policies to price different products. For information on our pricing of different products, please see the section headed "Item 4. Information of the Company - B. Business Overview - Sales and Marketing."The sales prices of alumina that our alumina refineries sell internally to Chalco Trading are determined based on our budgeted sale prices, spot market prices and the prices of primary aluminum on SHFE. Chalco Trading coordinates the external sales of our alumina products. The alumina prices in both domestic and international market have shown a general increase trend in 2016 as a result of the effect of the significant improvement of the demand and supply in the global aluminum market. In 2016, the spot price of alumina in the international market reached a high of approximately US$350.5 per tonne and bottomed out at approximately US$197 per tonne, and the average spot price of alumina in the international market was approximately US$254 per tonne, representing a decrease of 15.3% from 2015. The spot price of alumina in the domestic market reached a high of RMB3,080 per tonne and bottomed out at RMB1,525 per tonne, and the average spot price of alumina in the domestic market was approximately RMB2,070 per tonne, representing a decrease of 11.7% from 2015. Our average selling price of alumina decreased by 15% from RMB2,391 per tonne in 2015 to RMB2,016 per tonne in 2016.68Like most primary aluminum producers in China, we price our primary aluminum products by reference to the SHFE prices and spot market prices. Fluctuations in the SHFE spot prices have a significant effect on our operating results. In 2016, three month aluminum futures prices reached a high of USD1,794.5 per tonne and a low of USD1,449 per tonne on LME; and a high of RMB14,850 per tonne and a low of RMB10,405 per tonne on SHFE. The gradual increase of aluminum prices in global and domestic markets was primarily attributable to the improvement of supply and demand in global aluminum market. In terms of international market, the international price of aluminum faced an upward trend with fluctuations. Favorable global manufacturing conditions has supported a stable consumption of aluminum. Meanwhile, with limited restarted and newly added aluminum production capacity, the international aluminum market was short of supply resulting in an increasing shortage gap. Especially in the fourth quarter in 2016 as a result of the serious tightness in supply in China, and massive capital inflow, the prices for aluminum soared, with three- month aluminum futures prices at LME breaking through USD1,700 per tonne and reaching a high of USD1,794.5 per tonne in November. In terms of the domestic market, impacted by flexible production arrangements by a number of aluminum producers in China, the growth in aluminum production dropped to its lowest level in the decade. As such, China aluminum market was in short of supply, which caused the general increase in aluminum price in 2016. After the spring festival of 2016, benefiting from the China's favorable supply and demand situation, domestic future aluminum price rapidly bounced back. After September, as a result of increased costs of railway transportation and utilization of railway transportation approaching its maximum capacity, the volume of aluminum delivered for consumption areas continued to drop, which resulted in a tightness of supply in spot aluminum market. In 2016, aluminum price in the domestic market were increasing on a continuous basis beyond the market expectation, even though average prices were still lower than 2015. The average three- month aluminum futures prices at SHFE decreased by 1.6% from RMB12,300 per tonne in 2015 to RMB12,101 per tonne in 2016. Our average selling price of primary aluminum increased by 2% from RMB12,205 per tonne in 2015 to RMB12,496 per tonne in 2016.Price Volatility of Non-ferrous Metal and Coal Products.Since late 2009, as a result of the implementation of our operational structural adjustment, we have been engaged substantially in the trading of outsourced non-ferrous metal products to increase our profit. In 2012, we began to engage in the trading of significant amounts of outsourced coal products to diversify our product portfolio. Although the profit margin of sales of outsourced products is typically lower than that of our self-produced products, we generated substantial revenues and profit from the trading of outsourced products in 2016 due to our significant trading volumes. Our revenue generated from external sales of products purchased from external sources in 2016 was approximately RMB82,146.5 million, representing approximately 81.8% of total revenue from external sales in our trading segment. From time to time, we may enter into futures and option transactions in addition to the simple buy-low-sell-high trading model to hedge against price fluctuations in the non-ferrous metal and coal products market. However, short-term price volatility of these products remains a key factor affecting our operation result, as we need to make the correct prediction concerning the price trends of these products on the markets to ensure substantial revenues through large trading volume. If the market price trend does not match our prediction, we may be forced to sell trading products at low prices or to purchase trading products at high prices, which may adversely affect gross margins and profitability.Manufacturing CostsOur cost of revenues consists primarily of the costs of raw materials, overhead cost and electric power cost which is our principal energy cost. Our principal raw material is bauxite. For the years ended December 31, 2014, 2015 and 2016, bauxite supplied by our mines accounted for 55.4%, 55.4%and 47%, respectively, of our total bauxite used in the production of alumina. The unit cost of bauxite produced by us is generally lower than the unit cost of bauxite procured from external suppliers. In 2016, as a result of decreases in power and raw material consumption per production unit and decreases in raw materials, fuel and electricity prices during the manufacturing process, our average cost of alumina per tonne decreased by approximately 12% from that in 2015.69Given our high proportion of fixed costs, we must generate sufficient sales to absorb our fixed costs to maintain or increase our operating margins. Our acquisitions and production expansion in recent years have significantly increased our costs that are relatively fixed in nature, such as leases and depreciation of property, plant and equipment and employee benefit expenses. If we are able to maintain satisfactory facility utilization rates and productivity, our production capacity expansion will enable us to reduce our unit costs through economies of scale and recover associated increased costs through higher output. In 2016, we continued to focus on lowering production costs and increasing production efficiency through reducing raw material consumption by improving technology and internal management.Primary aluminum is one of our major aluminum products and is produced by smelting operations. Smelting operations require a substantial and continuous supply of electricity. Electricity cost is the most significant component of our primary aluminum production cost and accounted for approximately 37% of our unit production cost for primary aluminum in 2016. The availability and price of electricity are key considerations in our primary aluminum operations. Interruptions of electricity supply can result in lengthy production shutdowns, increased costs associated with restarting production and waste of production in progress, and prolonged interruptions can cause damage to, or the destruction of, production equipment and facilities. Our average annual electricity price per kilowatt-hour decreased by 18.8% from 2014 to 2015 and decreased by 16% from 2015 to 2016.Availability and Costs of FinancingWe require a significant amount of capital to fund our operations. For example, we need substantial amounts of funds for expanding our operations, purchasing and maintaining equipment and procuring commodities. We have in the past funded our capital expenditures primarily with bank loans and the issuance of medium-term notes and bonds and long-term bonds. The availability of financing is subject to various factors, including our credit history and PRC Government's policy on credit markets. Over the years, we have maintained good relationships with the commercial banks in China, which enables us to access bank financing at relatively low costs. In recent years, the PRC government had tightened its monetary policies to control inflation, including increasing interest rates on bank loans and deposits and tightening the money supply. The PRC government has loosened its monetary policy and lowered interest rates on bank loans since the end of 2014. However, any change towards stricter lending policies in the future may, among other things, affect our ability to obtain financing and may in turn adversely affect our operating results.Our finance costs decreased by 16% from 2015 to 2016, primarily due to a decrease in size and interest rate of interest-bearing debts. If we are unable to secure sufficient external funding when required, we may not be able to fund our working capital requirements and necessary capital expenditures, which could adversely affect our business, financial performance and prospects.In addition, our borrowing costs and access to debt financing depend significantly on our credit ratings. These ratings, including long-term corporate credit ratings and financing bond credit ratings, are assigned by rating agencies, which may lower or withdraw their ratings. Any change in our credit ratings or average interest rate could have negative implications, which may increase our finance costs and affect our financial results.Regulatory EnvironmentThe central and local governments in the PRC continues to exercise a substantial degree of control and influence over the aluminum and other non-ferrous metal products industry in China and shape the structure and development of the industry through the imposition of industry policies governing major project approvals and safety, environmental and quality regulations. If the PRC government changes its current policies or the interpretation of those policies that are currently beneficial to us, we may face pressure on profit margins and significant constraints on our ability to expand our business operations.70Selected Statement of Operation ItemsRevenueOur revenue is primarily generated from sales of alumina, primary aluminum, other non-ferrous metal products and coal products. In addition, we are engaged in coal mining and power generation. The remainder of our revenues were derived from research and development activities and other products and services. In 2010, we established our trading business as a new business segment.Cost of SalesOur cost of sales consists primarily of the purchase of inventories in relation to trading activities, the cost of the raw materials and consumables used, the electric power cost which is our principal energy cost, the fixed cost and employee benefit expenses. For the years ended December 31, 2014, 2015 and 2016, our cost of sales was RMB141,438.2 million, RMB120,982.8 million and RMB 133,508.5 million, respectively, and accounted for 99.6%, 98.0% and 92.7% of the total consolidated revenues for those periods.Operating ExpensesSelling and Distribution Expenses. Our selling and distribution expenses consist primarily of transportation and loading expenses, packaging expense and, to a lesser extent, port expenses, employee benefit expenses for employees in selling and distribution department, warehouse and other storage fees, depreciation of non-production property, plant and equipment, sales commissions and other handling fees, marketing and advertising expenses, among others. Selling and distribution expenses accounted for 14.1%, 41.4% and 36.6% of our total operating expenses for the years ended December 31, 2014, 2015 and 2016, respectively.General and Administrative Expenses. Our general and administrative expenses consist primarily of early retirement benefit expenses, employee benefit expenses for directors and officers and employees in administrative department and, to a lesser extent, taxes other than income tax expenses, impairment of intangible assets, depreciation of non-production property, plant and equipment, provision for impairment of receivables, termination benefit expenses, operating lease rental expenses, travelling and entertainment, legal and other professional fees, amortization of land use rights and leasehold land, utilities and office supplies, insurance expense, pollutants discharge fees, repairs and maintenance expenses, auditors' remuneration, amortization of intangible assets, and others. General and administrative expenses accounted for 38.5%, 54.5% and 59.4% of our total operating expenses for the years ended December 31, 2014, 2015 and 2016, respectively. Employee benefit expenses, including salaries and bonus, housing fund, staff welfare and other expenses, employment expense in relation to early retirement schemes, termination benefit and retirement benefit cost-defined contribution schemes, comprise a significant component of our general and administrative expenses, accounting for 53.4%, 43.4% and 51.0% of our total general and administrative expenses for the years ended December 31, 2014, 2015 and 2016, respectively.Research and Development Expenses. Our research and development expenses accounted for 2.3%, 3.9% and 3.0% of our total operating expenses for the years ended December 31, 2014, 2015 and 2016, respectively.Impairment loss on property, plant and equipment. Our impairment loss on property, plant and equipment accounted for 45.1%, 0.2% and 1.0% of our total operating expenses for the years ended December 31, 2014, 2015 and 2016, respectively.Other IncomeOther income consists primarily of research subsidies, grants on energy saving, environment protection projects and industrial development support from the government.71Other Gains, netOur other net gains in 2016 were RMB166.6 million, which consisted primarily of gains on disposal of equity interest, property, plant and equipment and land use rights and gains on financial products, partially offset by losses on future, forward and option contracts.Finance IncomeOur finance income consists primarily of interest income. For the year ended December 31, 2016, our finance income was RMB815.7 million, and accounted for 0.6% of the total consolidated revenues.Finance CostsOur financing costs consist primarily of interest expense on our borrowings, which we have incurred mainly to fund our capital expenditures. Interest rates on loans related to capital expenditures and working capital set by banks generally follow guidelines issued by the People's Bank of China. The People's Bank of China regulates the interest rates for commercial loans charged by state-owned banks from time to time as part of the PRC government's efforts to regulate the PRC economy. In 2016, we incurred interest expense (net of capitalized interest) of RMB4,740.2 million on our borrowings.Share of Profits and Losses of Joint VenturesOur share of profits and losses of joint ventures is the profit attributable to us from our joint ventures, based on our equity interests in such joint ventures. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.Share of Profits and Losses of AssociatesOur share of profits and losses of associates is the profit attributable to us from our associates, based on our equity interests in such associates. An associate is an entity over which we have significant influence but not control.Consolidated Results of OperationsThe following table sets forth certain income and expense items as a percentage of our revenues from our consolidated statements of comprehensive income for the periods indicated:  Year Ended December 31,   2014  2015  2016   RMB  (%)  RMB  (%)  RMB  US$  (%)   (in millions, except percentage)                Revenue  142,059.7   100.0   123,475.4   100.0   144,065.5   20,749.7   100.0 Cost of Sales  (141,438.2)  (99.6)  (120,982.8)  (98.0)  (133,508.5)  (19,229.2)  (92.7)                             Gross Profit  621.5   0.4   2,492.6   2.0   10,557.0   1,520.5   7.3 Selling and distribution expenses  (1,766.7)  (1.2)  (1,784.1)  (1.4)  (2,065.5)  (297.5)  (1.4)General and administrative expenses  (4,843.4)  (3.4)  (2,346.6)  (1.9)  (3,348.3)  (482.3)  (2.3)Research and development expenses  (293.8)  (0.2)  (168.8)  (0.1)  (168.9)  (24.3)  (0.1)Impairment loss on property, plant and equipment  (5,679.5)  (4.0)  (10.0)  <0.1   (57.1)  (8.2)  <0.1 Other income  824.0   0.6   1,771.0   1.4   745.2   107.3   0.4 Other gains, net  356.9   0.2   5,023.6   4.1   166.7   24.0   0.1                              Operating (loss)/profit  (10,781.0)  (7.6)  4,977.7   4.1   5,829.1   839.5   4.0 Finance Income  1,047.6   0.7   812.4   0.6   815.6   117.5   0.7 Finance cost  (6,733.8)  (4.7)  (5,961.0)  (4.8)  (5,004.7)  (720.8)  (3.5)Share of profits and losses  of joint ventures  89.5   0.1   23.2   <0.1   (95.5)  (13.8)  (0.1) Share of profits and losses of associates  350.6   0.2   284.6   0.2   115.1   16.6   0.1                              (Loss)/profit before income tax  (16,027.1)  (11.3)  136.9   0.1   1,659.6   239.0   1.2 Income tax (expense)/benefit  (1,074.9)  (0.7)  230.1   0.2   (404.1)  (58.2)  (0.3)                             (Loss)/Profit for the year  (17,102.0)  (12.0)  367.0   0.3   1,255.5   180.8   0.9 72No customer individually accounted for more than 10% of our total sales for the year ended December 31, 2016. Sales to Chinalco and its subsidiaries, joint ventures, associates and other related parties accounted for approximately 7.7%, 11.6% and 9.1% of consolidated revenues for the years ended December 31, 2014, 2015 and 2016, respectively. For information on related party transactions, see "Item 7 - Major Shareholders and Related Party Transactions - B. Related Party Transactions" and Note 36 to our audited consolidated financial statements.Year Ended December 31, 2016 Compared with Year Ended December 31, 2015RevenueOur revenue increased by 16.7% from RMB123,475.4 million for the year ended December 31, 2015, to RMB144,065.5 million for the year ended December 31, 2016, primarily due to the increase of trading volume during the year.Cost of SalesOur cost of sales increased by 10.4% from RMB120,982.8 million for the year ended December 31, 2015, to RMB133,508.5 million for the year ended December 31, 2016, primarily due to the increase of trading volume during the year.Selling and Distribution ExpensesOur selling and distribution expenses amounting RMB2,065.5 million for the year ended December 31, 2016, slightly increased from RMB1,784.1 million for the year ended December 31, 2015.General and Administrative ExpensesOur general and administrative expenses increased by 42.7% from RMB2,346.6 million for the year ended December 31, 2015, to RMB3,348.3 million for the year ended December 31, 2016, primarily attributable to costs incurred for the reposition of certain redundant personnel for the purpose of enhancing productivity.73Research and Development ExpensesOur research and development expenses remain relatively stable around RMB168.9 million from 2015 to 2016.Other IncomeOther income decreased from RMB1,771.0 million in the year ended December 31, 2015 to RMB745.2 million for the year ended December 31, 2016, primarily due to changing of the way that the government provided support for our Group.Other Gains, NetOur net other gains decreased from RMB5,023.6 million for the year ended December 31, 2015 to RMB166.7 million for the year ended December 31, 2016, primarily due to relatively more gains generated from disposal of property, plant and equipment and land use rights and equity interests in Jiaozuo Wanfang and Shanxi Huaxing in 2015.Finance IncomeOur finance income slightly increased from RMB812.4 million for the year ended December 31, 2015 to RMB815.6 million for the year ended December 31, 2016.Finance CostsOur finance costs decreased by 16.0% from RMB5,961.0 million for the year ended December 31, 2015 to RMB5,004.7 million for the year ended December 31, 2016, primarily due to decline in lending rates and adjustment to the size of interest-bearing liabilities.Share of Profits and Losses of Joint VenturesWe incurred a loss of RMB95.5 million in our share of profits and losses of joint venture for the year ended December 31, 2016, whereas we had a profit of RMB23.2 million in our share of profits and losses of joint venture for the year ended December 31, 2015. This was primarily attributable to decrease in the profits of our joint ventures.Share of Profits and Losses of AssociatesOur share of profits and losses of associates decreased by 59.6% from RMB284.6 million for the year ended December 31, 2015 to RMB115.1 million for the year ended December 31, 2016, primarily attributable to the decrease in the profit of our associates.Income TaxOur income tax benefit was RMB230.1 million for the year ended December 31, 2015, whereas we had income tax expense of RMB404.1 million for the year ended December 31, 2016. This was mainly attributable to more income taxes recognized as a result of increase in profit for the year 2016.Results of OperationsAs a result of the foregoing, our net profit increased from RMB367.0 million for the year ended December 31, 2015 to  RMB1,255.5 million for the year ended December 31, 2016.74Year Ended December 31, 2015 Compared with Year Ended December 31, 2014RevenueOur revenue decreased by 13.1% from RMB142,059.7 million for the year ended December 31, 2014, to RMB123,475.4 million, primarily due to the decrease in selling price and sales volume during the year. Our average selling price of alumina decreased by 4.28% from RMB2,498 per tonne in 2014 to RMB2,391 per tonne in 2015. Our average selling price of primary aluminum decreased by 9.9% from RMB13,546 per tonne in 2014 to RMB12,205 per tonne in 2015.Cost of SalesOur cost of sales decreased by 14.5% from RMB141,438.2 million for the year ended December 31, 2014, to RMB120,982.8 million for the year ended December 31, 2015, primarily due to the decrease in production cost and sales volume of our principal products. In 2015, due to decreases in power and raw material consumption per production unit and decreases in raw materials, fuel and electricity prices, our average cost of alumina per tonne decreased by approximately 11.9% from that in 2014. Our production cost of primary aluminum decreased by 8.4% from 2014 to 2015, primarily due to decreases in the prices of raw materials, fuel and electricity, and decreases in power and raw material consumption per production unit. In particular, our average annual electricity price decreased by 18.8% from 2014 to 2015.Selling and Distribution ExpensesOur selling and distribution expenses amounted to RMB1,784.1 million for the year ended December 31, 2015, slightly increased from RMB1,766.7 million for the year ended December 31, 2014.General and Administrative ExpensesOur general and administrative expenses decreased by 51.6% from RMB4,843.4 million for the year ended December 31, 2014, to RMB2,346.6 million for the year ended December 31, 2015, primarily attributable to further control of various expenses taken in 2015, and the costs of approximately RMB1,536.3 million relating to the provision for termination and early retirement benefits in respect of the early retirement of employees and those with termination of labor relationship through negotiation made by the Group in 2014.Research and Development ExpensesOur research and development expenses decreased by 42.5% from RMB293.8 million for the year ended December 31, 2014 to RMB168.8 million for the year ended December 31, 2015, primarily because we included the expenses on research and development of the 600kA-grade electrolytic aluminum technology in the research and development expenses in 2014, while we did not include such expenses in the research and development expenses in 2015.Impairment Loss on Property, Plant and EquipmentOur impairment loss on property, plant and equipment decreased from RMB5,679.5 million for the year ended December 31, 2014, to RMB10.0 million for the year ended December 31, 2015, primarily due to provisions of substantial impairment for certain property, plant and equipment of our Company in 2014 that resulted from general market factors beyond our control, such as the continuous decrease of aluminum prices and poor market conditions in the photovoltaic and silicon industries that we participate in, while we did not make such provisions in 2015.Other IncomeOther income increased from RMB824.0 million in the year ended December 31, 2014, to RMB1,771.0 million for the year ended December 31, 2015, primarily due to the increase of subsidies we received from the government for supporting the development of enterprises and implementation of environmental protection projects.75Other Gains, NetOur net other gains increased from RMB356.9 million for the year ended December 31, 2014, to RMB5,023.6 million, primarily due to the capital operation, introduction of strategic investors and revitalization of stock assets carried out by us in 2015.Finance IncomeOur finance income decreased by 22.5% from RMB1,047.6 million for the year ended December 31, 2014, to RMB812.4 million for the year ended December 31, 2015, primarily attributable to a decrease in interest income of receivables from disposal of subsidiaries, businesses and assets in 2013 due to a decrease in interest rate and size of the receivables.Finance CostsOur finance costs decreased by 11.5% from RMB6,733.8 million for the year ended December 31, 2014, to RMB5,961.0 million for the year ended December 31, 2015, primarily due to a decrease in interest rate and size of interest-bearing debts.Share of Profits and Losses of Joint VenturesOur share of profits and losses of joint ventures decreased by 74.1% from RMB89.5 million for the year ended December 31, 2014, to RMB23.2 million for the year ended December 31, 2015, primarily attributable to decrease in the profits of our joint ventures due to general market conditions.Share of Profits and Losses of AssociatesOur share of profits and losses of associates decreased by 18.8% from RMB350.6 million for the year ended December 31, 2014, to RMB284.6 million for the year ended December 31, 2015, primarily attributable to the decrease of our shareholding in Jiaozuo Wanfang resulting in the loss of control and a decrease in the profits of our associates due to general market conditions.Income TaxOur income tax expense was RMB1,074.9 million for the year ended December 31, 2014, whereas we had income tax benefit of RMB230.1 million for the year ended December 31, 2015. This was mainly attributable to the fact that deferred tax assets from accumulated losses and deductible temporary differences were written down during 2014.Results of OperationsAs a result of the foregoing, we had net loss of RMB17,102.0 million for the year ended December 31, 2014, whereas we had net profit of RMB367.0 million for the year ended December 31, 2015.Discussion of Segment OperationsWe account for our operations on a segmental basis; that is, separately preparing the accounting for our alumina, primary aluminum, trading, energy and corporate and other operating segments. Unless otherwise indicated, also included in these segments are other revenues derived from activities such as supplying electricity, gas, heat and water to our affiliates, selling scrap and other materials and providing services including transportation and research and development to third parties. For additional information relating to our business segments and segment presentation, see Note 4 to our consolidated financial statements.The following table sets forth a breakdown of our revenues by segment and the contribution of external sales and inter-segment sales for the periods indicated:76  Before Elimination of Inter-segment Sales   Year Ended December 31,   2014  2015  2016  2016  2016  2016   RMB  RMB  RMB  US$  %  %   (in millions, except percentage)              Revenue            Alumina:            External sales  5,913.5   6,661.2   9,355.5   1,347.5   5.1   6.5 Inter-segment sales  24,852.3   26,643.8   20,449.4   2,945.3   11.1                              Total  30,765.8   33,305.0   29,804.9   4,292.8   16.2                              Primary aluminum:                        External sales  30,390.4   28,111.8   29,482.3   4,246.3   16.1   20.5 Inter-segment sales  10,260.1   8,861.4   4,981.9   717.5   2.7                              Total  40,650.5   36,973.2   34,464.2   4,963.8   18.8                              Trading                        External sales  100,346.2   84,222.2   100,439.4   14,466.3   54.7   69.7 Inter-segment sales  9,761.8   9,908.9   13,906.5   2,003.0   7.6                              Total  110,108.0   94,131.1   114,345.9   16,469.3   62.3                              Energy                        External sales  5,094.2   4,192.8   4,382.3   631.2   2.4   3.0 Inter-segment sales  148.1   98.1   137.5   19.8   0.1                              Total  5,242.3   4,290.9   4,519.8   651.0   2.5                              Corporate and others                        External sales  315.4   287.4   406.0   58.5   0.2   0.3 Inter-segment sales  32.6   15.0   98.4   14.2   0.1                              Total  348.0   302.4   504.4   72.7   0.3                              Total Revenues before inter-segment eliminations  187,114.6   169,002.6   183,639.2   26,449.5   100.0     Eliminations of inter-segment sales  (45,054.9)  (45,527.2)  (39,573.7)  (5,699.8)  (21.6)                             Consolidated total revenues   142,059.7   123,475.4   144,065.5   20,749.7   78.4   100.0 The following table sets forth segment results before income tax by segment for the periods indicated:77  Year Ended December 31,   2014  2015  2016  2016   RMB  RMB  RMB  US$   (in millions)          Alumina:        Revenues  30,765.8   33,305.0   29,804.8   4,292.8 Cost and expenses(1)  (36,795.4)  (31,394.4)  (28,860.3)  (4,156.8)                 Segment results(2)  (6,029.6)  1,910.6   944.5   136.0                  Primary aluminum:                Revenues  40,650.5   36,973.2   34,464.2   4,963.9 Cost and expenses(1)  (47,017.0)  (38,360.1)  (32,280.4)  (4,649.4)                 Segment results(2)  (6,366.5)  (1,386.9)  2,183.8   314.5 Trading:                Revenues  110,108.0   94,131.1   114,345.9   16,469.2 Cost and expenses(1)  (109,449.3)  (95,365.7)  (113,536.8)  (16,352.7)                 Segment results(2)  658.7   (1,234.6)  809.1   116.5                  Energy:                Revenues  5,242.3   4,290.9   4,519.8   651.0 Cost and expenses(1)  (6,978.7)  (4,365.1)  (4,486.4)  (646.2)                 Segment results(2)  (1,736.4)  (74.2)  33.4   4.8                  Corporate and others                Revenues  348.0   302.4   504.4   72.6 Cost and expenses(1)  (2,625.5)  431.4   (2,497.6)  (359.7)                 Segment results(2)  (2,277.5)  733.8   (1,993.2)  (287.1)                 Elimination(3)  (275.8)  188.2   (318.0)  (45.7)                 Total (loss)/profit before income tax  (16,027.1)  136.9   1,659.6   239.0    (1)Consist of cost of sales, operating expenses, other income, other gains, finance income, finance costs and others attributable to each segment.  (2)Segment results refer to profit/(loss) before income tax.  (3)Elimination refers to the aggregate inter-segment eliminations of segment results of each segment.       Year Ended December 31, 2016, Compared with Year Ended December 31, 2015Alumina SegmentRevenues. Total revenue generated by the alumina segment decreased by 10.5% from RMB33,305.0 million for the year ended December 31, 2015, to RMB29,804.8 million for the year ended December 31, 2016, primarily due to a decrease in average selling price of alumina.Revenue from external sales of the alumina segment increased by 40.2% from RMB6,661.2 million for the year ended December 31, 2015, to RMB9,355.5 million for the year ended December 31, 2016, primarily due to the increase in the external sales volume of alumina.Revenue from inter-segment sales of the alumina segment decreased from RMB26,643.8 million for the year ended December 31, 2015, to RMB20,449.4 million for the year ended December 31, 2016.Cost and expenses. The total cost and expenses for our alumina segment decreased from RMB31,394.4 million for the year ended December 31, 2015, to RMB28,860.3 million for the year ended December 31, 2016, primarily due to a decrease in the prices of materials and energy and improvement in energy efficiency during the manufacturing process.78Segment results. The segment profit for our alumina segment decreased from RMB1,910.6 million for the year ended December 31, 2015 to RMB944.5 million for the year ended December 31, 2016, primarily due to gains from remeasurement of remaining equity interest in Shanxi Huaxing recognized in 2015 and a decrease of approximately 15% in the price of alumina, partially offset by the decrease of approximate12% in cost.Primary Aluminum SegmentRevenues. Total revenue generated by the primary aluminum segment decreased from RMB36,973.2 million for the year ended December 31, 2015, to RMB34,464.2 million for the year ended December 31, 2016, primarily due to decreases in the sales volume of our primary aluminum products. Revenue from external sales of the primary aluminum segment increased from RMB28,111.8 million for the year ended December 31, 2015, to RMB29,482.3 million for the year ended December 31, 2016, primarily due to increase in the average external selling price in our primary aluminum products. Revenue from inter-segment sales of primary aluminum segment decreased from RMB8,861.4 million for the year ended December 31, 2015, to RMB4,981.9 million for the year ended December 31, 2016.Cost and expenses. The total cost and expenses for our primary aluminum segment decreased from RMB38,360.1 million for the year ended December 31, 2015, to RMB32,280.4 million for the year ended December 31, 2016, primarily due to the decreases in prices of raw materials and electricity and sales volume of our primary aluminum products.Segment results. Segment loss for our primary aluminum segment was RMB1,386.9 million for the year ended December 31, 2015 whereas we had a segment profit of RMB2,183.8 million for our primary aluminum segment for the year ended December 31, 2016. This was mainly attributable to a year-on-year decrease of approximately 17% in the costs of primary aluminum products.Trading SegmentRevenues. Total revenue generated by the trading segment increased RMB94,131.1 million for the year ended December 31, 2015 to RMB114,345.9 million for the year ended December 31, 2016,  primarily due to increase in trading volume.Revenue from external sales of the trading segment increased from RMB84,222.2 million for the year ended December 31, 2015 to RMB100,439.4 million for the year ended December 31, 2016, primarily due to increase in trading volume.Revenue from internal sales of the trading segment increased from RMB9,908.9 million for the year ended December 31, 2015 to RMB13,906.5 million for the year ended December 31, 2016.Cost and expenses. The total cost and expenses for our trading segment increased from RMB95,365.7 million for the year ended December 31, 2015 to RMB113,536.8 million for the year ended December 31, 2016, primarily due to increase in trading volume.Segment results. We incurred segment loss for our trading segment of RMB1,234.6 million for the year ended December 31, 2015 whereas we had a segment profit of RMB809.1 million for the year ended December 31, 2016. This was mainly attributable to the increase in selling prices of the products and timely destocking.79Energy SegmentRevenues. Total revenue generated by the energy segment slightly increased from RMB4,290.9 million for the year ended December 31, 2015 to RMB4,519.8 million for the year ended December 31, 2016.Revenue from external sales of the energy segment slightly increased from RMB4,192.8 million for the year ended December 31, 2015 to RMB4,382.3 million for the year ended December 31, 2016.Revenue from internal sales of the energy segment increased from RMB98.1 million for the year ended December 31, 2015 to RMB137.5 million for the year ended December 31, 2016.Cost and expenses. The total cost and expenses for our energy segment slightly increased from RMB4,365.1 million for the year ended December 31, 2015 to RMB4,486.4 million for the year ended December 31, 2016.Segment results. We incurred a segment loss of RMB74.2 million for the year ended December 31, 2015, whereas we had a segment profit of RMB33.4 million for the year ended December 31, 2016. This was mainly attributable to gains on disposal of environmental protection business.Corporate and other operating segmentRevenues. Revenue from the corporate and other operating segment increased from RMB302.4 million for the year ended December 31, 2015 to RMB504.4 million for the year ended December 31, 2016.Segment results. We had segment profit of RMB733.8 million for the year ended December 31, 2015 whereas we incurred a segment loss of RMB1,993.2 million for the year ended December 31, 2016. This was mainly attributable to gains from capital operation in 2015, while it did not occur in 2016.Year Ended December 31, 2015, Compared with Year Ended December 31, 2014Alumina SegmentRevenues. Total revenue generated by the alumina segment increased from RMB30,765.8 million for the year ended December 31, 2014, to RMB33,305.0 million for the year ended December 31, 2015, primarily due to increases in the sales volume of our alumina products, resulting from general market conditions.Revenue from external sales of the alumina segment increased from RMB5,913.5 million for the year ended December 31, 2014, to RMB6,661.2 million for the year ended December 31, 2015, primarily due to the increase in the sales volume of alumina.Revenue from inter-segment sales of the alumina segment increased from RMB24,852.3 million for the year ended December 31, 2014, to RMB26,643.8 million for the year ended December 31, 2015.Cost and expenses. The total cost and expenses for our alumina segment decreased from RMB36,795.4 million for the year ended December 31, 2014, to RMB31,394.4 million for the year ended December 31, 2015, primarily due to a decrease in the prices of materials and energy and improvement in energy efficiency during the manufacturing process.Segment results. Segment loss for our alumina segment was RMB6,029.6 million for the year ended December 31, 2014, whereas we had segment profit of RMB1,910.6 million for the year ended December 31, 2015. This was mainly attributable to the investment profit from our disposal of Shanxi Huaxing in 2015, which was recognized at its fair value after revaluation, and our control of various expenses resulting in a general decrease of our operating costs in 2015. Meanwhile the segment results of our alumina segment in 2014 was influenced by the provision of substantial impairment for certain long-term assets of the segment, provision of termination and early retirement benefits expenses in respect of the early retired employees and those with termination of labor relationship through negotiation.80Primary Aluminum SegmentRevenues. Total revenue generated by the primary aluminum segment decreased from RMB40,650.5 million for the year ended December 31, 2014, to RMB36,973.2 million for the year ended December 31, 2015, primarily due to decreases in the sales volume and the average selling price of our primary aluminum products.Revenue from external sales of the primary aluminum segment decreased from RMB30,390.4 million for the year ended December 31, 2014, to RMB28,111.8 million for the year ended December 31, 2015, primarily due to decreases in the sales volume and average selling price of our primary aluminum products.Revenue from inter-segment sales of primary aluminum segment decreased by 13.6% from RMB10,260.1 million for the year ended December 31, 2014, to RMB8,861.4 million for the year ended December 31, 2015, primarily due to the decrease in the selling price and sales volume.Cost and expenses. The total cost and expenses for our primary aluminum segment decreased by 18.4% from RMB47,017.0 million for the year ended December 31, 2014, to RMB38,360.1 million for the year ended December 31, 2015, primarily due to the decreases in prices of raw materials and electricity and sales volume of our primary aluminum products.Segment results. Segment loss for our primary aluminum segment decreased by 78.2% from RMB6,366.5 million for the year ended December 31, 2014, to RMB1,386.9 million for the year ended December 31, 2015. This was mainly attributable to the net profit from disposal of non-current assets in 2015 and the government subsidies. Meanwhile the segment results of our primary aluminum segment in 2014 was influenced by the provision of substantial impairment for certain long-term assets of the segment, provision of termination and early retirement benefits costs in respect of the early retired employees and those with termination of labor relationship through negotiation.Trading SegmentRevenues. Total revenue generated by the trading segment decreased by 14.5% from RMB110,108.0 million for the year ended December 31, 2014, to RMB94,131.1 million for the year ended December 31, 2015, primarily due to a decrease in volumes and the average selling price of major aluminum products sold through our trading segment.Revenue from external sales of the trading segment decreased by 16.1% from RMB100,346.2 million for the year ended December 31, 2014, to RMB84,222.2 million for the year ended December 31, 2015. Revenue from external sales of trading segment for the year ended December 31, 2015 included RMB23,294.8 million of external sales of products produced by us and sold through the trading segment and RMB60,927.4 million of external sales of commodities purchased from external sources including alumina, primary aluminum, carbon products, aluminum fabrication products, coal products and non-ferrous metal products.Revenue from internal sales of the trading segment slightly increased from RMB9,761.8 million for the year ended December 31, 2014, to RMB9,908.9 million for the year ended December 31, 2015.Cost and expenses. The total cost and expenses for our trading segment decreased by 12.9% from RMB109,449.3 million for the year ended December 31, 2014, to RMB95,365.7 million for the year ended December 31, 2015, primarily due to the decrease in volumes and the average selling price of major aluminum procured and sold through our trading segment.Segment results. Segment profit for our trading segment was RMB658.7 million for the year ended December 31, 2014, whereas we incurred segment loss for our trading segment of RMB1,234.6 million for the year ended December 31, 2015. This was mainly attributable to the decrease in the selling price of the products and provision of impairment of inventory made accordingly.81Energy SegmentRevenues. Total revenue generated by the energy segment decreased from RMB5,242.3 million for the year ended December 31, 2014, to RMB4,290.9 million for the year ended December 31, 2015, primarily due to the general decrease in coal price and power production.Revenue from external sales of the energy segment decreased from RMB5,094.2 million for the year ended December 31, 2014, to RMB4,192.8 million for the year ended December 31, 2015.Revenue from internal sales of the energy segment decreased from RMB148.1 million for the year ended December 31, 2014, to RMB98.1 million for the year ended December 31, 2015.Cost and expenses. The total cost and expenses for our energy segment decreased from RMB6,978.7 million for the year ended December 31, 2014, to RMB4,365.1 million for the year ended December 31, 2015.Segment results. Segment loss was decreased from RMB1,736.4 million for the year ended December 31, 2014, to RMB74.2 million for the year ended December 31, 2015. This was mainly attributable to the provision of substantial impairment loss for assets of silicon and photovoltaic industry subsidiaries in 2014.Corporate and other operating segmentRevenues. Revenue from the corporate and other operating segment decreased by 13.3% from RMB348.0 million for the year ended December 31, 2014, to RMB302.4 million for the year ended December 31, 2015.Segment results. We had segment loss for the corporate and other operating segment of RMB2,277.5 million for the year ended December 31, 2014, whereas we had segment profit of RMB733.8 million for the year ended December 31, 2015. This was mainly attributable to the investment profits for disposal of Shanxi Huaxing and Jiaozuo Wanfang in 2015.B.LIQUIDITY AND CAPITAL RESOURCESHistorically, our primary sources of funding have been cash generated from operating activities, prepayments and deposits from customers, bank and other loans and proceeds from equity or notes and bonds offerings. Our primary uses of funds have been working capital for production, capital expenditures and repayments of short-term, medium-term and long-term borrowings.As of December 31, 2016, our current assets amounted to RMB66,426.2 million, representing a slight increase of 3.0% from RMB64,462.4 million as of December 31, 2015. As of December 31, 2016, our trade and notes receivable amounted to RMB7,327.2 million, representing a increase of 42.5% from RMB5,143.5 million as of December 31, 2015. As of December 31, 2016, our restricted cash and time deposits and cash and cash equivalents balance amounted to RMB25,895.5 million, representing an increase of 14.8% from RMB22,557.4 million as of December 31, 2015, primarily due to an increase in cash and cash equivalents.As of December 31, 2016, our current liabilities amounted to RMB82,944.6 million, representing an increase of 1.4% from RMB81,807.3 million as of December 31, 2015.As of December 31, 2016, our net current liabilities amounted to RMB16,518.4 million, representing a decrease of 4.8% from RMB17,344.9 million as of December 31, 2015. As of December 31, 2016, our current ratio (current assets/current liabilities) was 0.80, compared with 0.79 as of December 31, 2015. Our quick ratio ((current assets - inventories - prepayments)/current liabilities) was 0.55 as of December 31, 2016, compared with 0.49 as of December 31, 2015.We have considered our available sources of funds as follows:82 •Our expected net cash inflows from operating activities in 2016;    •As of December 31, 2016, we had total banking facilities of approximately RMB134,235 million, of which RMB61,980 million had been utilized and unutilized banking facilities amounted to RMB72,255 million as of December 31, 2016, among which, banking facilities of approximately RMB67,510 million will be subject to renewal during the next 12 months from January 1, 2017. We are confident that all banking facilities could be renewed upon their expiration based on our past experience with banks and our good credit standing; and    •Other available sources of financing from banks and other financial institutions based on our good credit history. We believe that we have adequate resources to continue in operational existence for the foreseeable future not less than 12 months from the date these financial statements were approved. The Board therefore continues to adopt the going concern basis in preparing these financial statements.Cash Flows and Working CapitalThe following table sets forth a condensed summary of our statement of cash flows for the periods indicated:  Year Ended December 31,   2014  2015  2016  2016   RMB  RMB  RMB  US$   (in millions) Net cash flows generated fromoperating activities  13,782.3   7,297.0   11,518.7   1,659.0 Net cash flows (used in)/generated from investing activities  (5,139.7)  2,393.1   (4,997.2)  (719.7)Net cash flows used in financing activities  (3,813.3)  (5,425.6)  (3,661.2)  (527.3)Net increase in cash andand cash equivalents  4,829.3   4,264.5   2,860.3   412.0 Net Cash Flows Generated from Operating ActivitiesFor the year ended December 31, 2016, we had cash inflows before changes in working capital but after adjustment for non-cash items and non-operating cash outflows of RMB13,162.8 million and net cash generated from operating activities of RMB11,518.7 million. The adjustment consisted primarily of non-cash and non-operating activities items such as realized and unrealized loss on futures, option and forward contracts of RMB1,135.7 million, finance cost of RMB5,004.7 million, gain on disposal of the Environmental Protection Business of RMB571.3 million and depreciation of property, plant and equipment of RMB6,560.8 million and outflows of RMB1,589.2 million for changes in working capital and outflows of income tax of RMB54.9 million. The outflows from changes in working capital consisted primarily of (i) an increase in trade and notes receivables of RMB3,664.7 million and (ii) a decrease in trade and notes payable of RMB3,447.6 million, and partially offset by (i) a decrease in inventories of RMB2,437.3 million and (ii) a decrease in other current assets of RMB3,460.2 million.For the year ended December 31, 2015, we had cash inflows before changes in working capital but after adjustment for non-cash items and non-operating cash outflows of RMB7,378.3 million and net cash generated from operating activities of RMB7,297.0 million. The adjustment consisted primarily of non-cash and non-operating activities items such as finance cost of RMB5,961.0 million, gains on disposal of Shanxi Huaxing of RMB2,588.1 million, gains on disposal of Jiaozuo Wanfang of RMB832.3 million, gains on disposal aluminum production buildings and properties of Guizhou Branch of RMB1,364.8 million, gains on disposals of land use right of Gansu Hualu of RMB375.0 million, gains on disposal Hong Kong property of RMB209.7 million, impairment loss of property, plant and equipment of RMB10.0 million and depreciation of property, plant and equipment of RMB6,931.7 million and inflows of RMB196.1 million for changes in working capital and outflows of income tax of RMB277.3 million. The inflows from changes in working capital consisted primarily of (i) a decrease in inventories of RMB1,793.8 million and (ii) an increase in other payables and accrued liabilities of RMB1,045.8 million, partially offset by an increase in other current assets of RMB815.2 million.83For the year ended December 31, 2014, we had cash inflows before changes in working capital but after adjustment for non-cash items and non-operating cash outflows of RMB2,889.8 million and net cash generated from operating activities of RMB13,782.3 million. The adjustment consisted primarily of non-cash and non-operating activities items such as finance cost of RMB6,733.9 million, impairment loss of property, plant and equipment of 5,679.5 million and depreciation of property, plant and equipment of RMB7,020.5 million and inflows of RMB11,190.7 million for changes in working capital and outflows of income tax of RMB308.7 million. The inflows from changes in working capital consisted primarily of (i) an increase in trade and notes payables of RMB3,236.2 million, (ii) a decrease in other current assets of RMB3,158.1 million and (iii) an increase in other payables and accrued liabilities of RMB2,745.7 million, partially offset by an increase in restricted cash of RMB647.8 million.Net Cash Flows Used in /Generated From Investing ActivitiesThe net cash flows used in investing activities of RMB4,997.2 million for the year ended December 31, 2016, whereas we had net cash flows generated from investing activities of RMB2,393.1 million for the year ended December 31, 2015. This was mainly attributable to a cash consideration paid for business combinations under common control this year and a cash inflows generated from disposal of equity interests in Shanxi Huaxing Alumina Co., Ltd.(山西華興鋁業有限公司) and Jiaozuo Wanfang and redemption of principal-protected financial products from banks in the same period last year. In 2014, the net cash flows used in investing activities amounted to RMB5,139.7 million.Net Cash Flows Used in Financing ActivitiesThe net cash flows used in financing activities were RMB3,661.2 million for the year ended December 31, 2016, representing a decrease of net cash outflows of RMB1,764.4 million from the net outflows of RMB5,425.6 million for the year ended December 31, 2015, mainly attributable to decrease in cash outflow for repayments of short-term and long-term loans. Our net cash used in financing activities for the year ended December 31, 2016, consisted primarily of repayments of short-term and long-term loans of RMB48,318.4 million, repayments of short-term bonds and medium-term notes of RMB13,500.0 million and interest payments of RMB5,028.3 million, partially offset by drawdown of short-term and long-term loans of RMB44,497.4 million.The net cash flows used in financing activities were RMB5,425.6 million for the year ended December 31, 2015, representing a increase of net cash outflows of RMB1,612.3 million from the net outflows of RMB3,813.3 million for the year ended December 31, 2014, mainly attributable to an increase in cash outflows for repayment of short-term bonds and medium-term notes. Our net cash used in financing activities for the year ended December 31, 2015, consisted primarily of repayments of short-term and long-term loans of RMB59,196.8 million, repayments of short-term bonds and medium-term notes of RMB32,000.0 million and interest payments of RMB6,052.8 million, partially offset by drawdown of short-term and long-term loans of RMB55,810.3 million, issuance of A shares of RMB7,897.5 million, and issuance of senior perpetual securities of RMB2,000.0 million.Loans and BorrowingsDuring the past years, we engaged in debt financing to fund our operations and business expansion. As of December 31, 2015 and 2016, our gearing ratio (net debts/total capital attributable to owners of the parent as defined in Note 37.3 to our audited consolidated financial statements) was approximately 74%.84  As of December 31,   2015  2016  2016   RMB  RMB  US$   (in millions) Short-term loans and borrowings      Short-term bank and other loans  35,064.3   32,154.8   4,631.3 Short-term bonds  6,663.7   8,020.0   1,155.1 Gold leasing arrangements      2,990.6   430.7 Current portion of finance lease payable  1,531.6   2,008.7   289.3 Current portion of medium-term notes  6,896.2   8,393.1   1,208.9 Current portion of long-term bank and other loans  4,605.5   4,725.2   680.6 Sub-total  54,761.3   58,292.4   8,395.9 Long-term loans and borrowings            Finance lease payable  6,710.5   6,692.3   964.0 Long-term bank and other loans  32,611.8   31,700.3   4,565.8 Medium-term notes and bonds and  27,711.9   24,057.1   3,464.9          long-term bonds            Less:Current portion of medium-term notes  (6,896.2)  (8,393.1)  (1,208.9)Current portion of long-term bank and other         loans  (4.605.5)  (4.725.2)  (680.6)Current portion of finance lease payable  (1,531.6)  (2,008.7)  (289.3)Sub-total  54,000.9   47,322.7   6,815.9 Total borrowings  108,762.2   105,615.1   15,211.8              Less: Bank balances and cash  (20,756.2)  (23,808.0)  (3,429.1)             Net  88,006.0   81,807.1   11,782.7 Bank and Other LoansThe weighted average annual interest rate of short-term bank and other loans for the year end December 31, 2016, was 4.44%. Our short-term bank and other loans will mature within one year.The weighted average annual interest rate of long-term bank and other loans for the years ended December 31, 2016, was 5.08%. The following table sets forth the aggregate maturities of our outstanding long-term bank and other loans as of December 31, 2016:  As of December 31, 2016   RMB  US$   (in millions) Within 1 year  4,725.2   680.7 Between 1 and 2 years  8,000.7   1,152.3 Between 2 and 5 years  10,275.9   1,480.0 Over 5years  8,698.5   1,252.8 Total  31,700.3   4,565.8  As of December 31, 2016, we had secured loans of RMB15,125 million (including long-term and short-term loans). As of December 31, 2016, long-term loans and borrowings amounting to RMB9,889 million (current portion of RMB933 million and non-current portion of RMB8,956 million) were secured by the contractual right to charge users for electricity generated and no short-term loans and borrowings were secured by letters of credit.As of December 31, 2016, we had foreign currency denominated loans with a principal amount of RMB23 million in Japanese Yen and RMB1,572 million in U.S. dollars.Notes and BondsThe following table sets forth the face value, maturity, effective interest rate and outstanding amount of our outstanding long-term bonds and medium- term notes as of December 31, 2016:85 Face value/maturityEffectiveinterest rateDecember 31,2016  (RMB in thousands) 2007 long-term bonds2,000,000/20174.64%1,998,833 2011 medium-term notes4,900,000/20166.03%- 2015 medium-term notes3,000,000/20185.53%2,989,992 2015 medium-term notes1,500,000/20185.01%1,492,351 2012 Ningxia Energy medium-term bonds400,000/20176.06%400,000 2012 medium-term bonds3,000,000/20175.77%2,996,618 2013 medium-term bonds3,000,000/20185.99%2,993,272 2013 medium-term bonds2,000,000/20165.99%- 2014 medium-term bonds3,000,000/20177.35%2,997,622 2015 medium-term bonds3,000,000/20186.11%2,996,615 2015 medium-term bonds2,000,000/20186.08%1,993,474 2016 private placement notes3,215,000/20195.12%3,198,337 Total  24,057,114  The following table sets forth face value, maturity, effective interest rate and outstanding amount of our outstanding short-term bonds as of December 31, 2016: Face value /maturityEffectiveinterest rateDecember 31,2016  (RMB in thousands) 2016 short-term bonds1,500,000/20174.30%1,535,140 2016 short-term bonds3,000,000/20174.13%3,047,026 2016 short-term bonds3,000,000/20173.95%3,037,849 2016 short-term bonds400,000/20174.13%400,000 Total  8,020,015  Senior Perpetual Capital SecuritiesOn October 22, 2013, Chalco Hong Kong Investment Company Limited (the "Issuer") issued US$350 million senior perpetual securities (the "2013 Senior Perpetual Securities") at initial interest rate of 6.625%. The proceeds from issuance of the 2013 Securities after deduction of issuance costs is RMB2,122.6 million, and has been on-lent to us and any of our subsidiaries for general corporate use. Coupon payments of 6.625% per annum on the 2013 Senior Perpetual Securities are paid semi-annually in arrears from October 29, 2013, and may be deferred at our discretion unless, during the six-month period ending on the day before the relevant scheduled coupon payment date, we have, or the Issuer or Chalco Hong Kong has, declared or paid a discretionary dividend, distribution or other discretionary payment on or in respect of, or have/has at its discretion repurchased, redeemed or otherwise acquired, any securities of lower or equal rank, subject to certain exceptions. The 2013 Senior Perpetual Securities have no fixed maturity and are callable only at our option on or after October 29, 2018, at their principal amounts together with any accrued, unpaid or deferred coupon interest payments. After October 29, 2018, the coupon rate will be reset every five calendar years to a rate of interest of expressed as a percentage per annum equal to the sum of (a) the initial spread of 5.312 per cent, (b) the U.S. Treasury Rate, and (c) a margin of 5.00 per cent per annum. While any coupon interest payments are unpaid or deferred, we, Chalco Hong Kong, and the Issuer shall not, subject to certain exceptions, declare or pay any discretionary dividends or make distributions or similar discretionary payments in respect of, or at its discretion repurchase, redeem or otherwise acquire for any consideration any securities of lower or equal rank.On April 10, 2014, the Issuer issued US$400 million senior perpetual securities at an initial interest rate of 6.25% ("2014 Senior Perpetual Securities"). The proceeds from issuance of 2014 Senior Perpetual Securities after deduction of issuance costs is RMB2,461.8 million. The proceeds will be on-lent to us and any of our subsidiaries for general corporate use. Coupon payments of 6.25% per annum on the 2014 Senior Perpetual Securities are paid semi-annually on April 29 and October 29 in arrears from April 17, 2014, and may be deferred at the discretion of the Group. The first coupon payment date was April 29, 2014. The 2014 Senior Perpetual Securities have no fixed maturity and are callable only at our option on or after April 17, 2017 at their principal amounts together with any accrued, unpaid or deferred coupon interest payments. After April 17, 2017, the coupon rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 5.423 per cent, (b) the U. S. Treasury Rate, and (c) a margin of 5.00 per cent, per annum. While any coupon interest payments are unpaid or deferred, we, the subsidiary guarantors and the Issuer cannot declare or pay dividends or make distributions or similar discretionary payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank. We intend to redeem US$400 million in aggregate principal amount of 6.25% senior perpetual capital securities on April 29, 2017 at  the principal amount together with any distribution accrued thereon.86On October 27, 2015, we issued RMB2,000 million perpetual medium-term notes at an initial distribution rate of 5.50% (the "2015 Perpetual Medium-term Notes"). The proceeds from issuance of the 2015 Perpetual Medium-term Notes is RMB2,000 million. The proceeds will be used for repayments of interest-bearing loans and borrowings. Coupon payments of 5.50% per annum on the 2015 Perpetual Medium-term Notes are paid annually in arrears from October 29, 2015, and may be deferred at our discretion. The 2015 Perpetual Medium-term Notes have no fixed maturity and are callable only at our option on October 29, 2020 or any coupon distribution date after October 29, 2020 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 2.61 per cent, (b) the China Treasury Rate, and (c) a margin of 300 Bps every five years after October 29, 2020. While any coupon distribution payments are unpaid or deferred, the headquarters of the Company cannot declare or pay dividends to shareholders or decrease the share capital, or make material fixed asset investments of the headquarters of the Company.On October 31, 2016, Chalco Hong Kong Investment Company Limited, a subsidiary of the Company, successfully issued US$500 million senior perpetual securities (the "2016 Senior Perpetual Securities") at a rate of 4.25% at the Hong Kong Stock Exchange. The proceeds were on-lent to the Company and any of its subsidiaries for general corporate use. Coupon payments of 4.25% per annum on the 2016 Senior Perpetual Securities have been made semi-annually on April 29 and October 29 in arrears from November 7, 2016 and may be deferred at the discretion of the Group. The first coupon payment date will be on April 29, 2017. The 2016 Senior Perpetual Securities have no fixed maturity date and are callable only at the Group's option on or after November 7, 2021 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. After November 7, 2021, the coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 2.931 per cent, (b) the U. S. Treasury Rate, and (c) a margin of 5.00 per cent per annum. While any coupon distribution payments are unpaid or deferred, the Group, the wholly-owned subsidiaries of Chalco Hong Kong as guarantors, and the Issuer cannot declare or pay dividends or make distributions or similar discretionary payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank.Restriction on Cash DividendsOur PRC subsidiaries are required to set aside a certain amount of their retained profits each year, if any, to fund certain statutory reserves and these reserves may not be distributed as cash dividends. In addition, when our subsidiaries incur debts on their own behalf, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us. Our directors are of the view that we will continue to be able to meet our borrowing payment obligations as they fall due from cash generated from our operating activities.Capital Expenditures and Capital CommitmentsThe following table sets forth our capital expenditures for the years ended 2014, 2015 and 2016, and the capital expenditures of each segment as a percentage of our total capital expenditures for the periods indicated:  Year Ended December 31   2014  2015  2016   RMB  %  RMB  %  RMB  %   (in millions, except percentage)              Alumina  3,664.4   42.2   5,527.9   53.3   2,784.9   31.9 Primary aluminum  2,323.1   26.8   1,997.2   19.3   4,121.9   47.1 Trading  119.0   1.4   17.5   0.2   81.6   0.9 Energy  2,373.9   27.4   2,411.6   23.2   1,609.9   18.5 Corporate and others  195.5   2.2   412.6   4.0   143.9   1.6                          Total  8,675.9   100.0   10,366.8   100.0   8,742.2   100.0  In 2016, we spent approximately RMB8,742 million of our capital expenditures (excluding equity interest investments) primarily in construction of mining areas, capacity expansion and technology upgrading, energy saving and consumption reduction, environmental governance, resources acquisition and technological research and development.87Our capital expansion plan for 2017 requires a total of approximately RMB15.0 billion in capital expenditures for infrastructure and technology upgrading.As of December 31, 2016, our Group's contractual but not provided capital commitment to fixed assets investment amounted to RMB7,594.8 million.As of December 31, 2016, our commitment under operating leases amounted to RMB15,536.9 million, of which the amount payable within one year was RMB515.3 million, the amount payable from one to five years was RMB1,925.6 million and the amount payable after five years was RMB13,096.0 million.As of December 31, 2016, our commitments to make capital contribution to our associates and joint ventures amounted to RMB1,018.6 million, comprised of the capital contributions of RMB370.0 million to Chalco Mineral Resources Co., Ltd., RMB320.0 million to Huaneng Ningxia Energy Co., Ltd., RMB96.9 million to Ningxia Yinxing Power Co., Ltd., RMB167.7 million to Guangxi Hualei New Material Co., Ltd., RMB14.1 million to Shanxi Regional Electric Power Dingbian Energy Co., Ltd., RMB21.9 million to Guangxi Huazhong Cement Co., Ltd, and RMB28.0 million to Shanxi Chalco Taiyue New Materials Co., Ltd., respectively.We expect to use primarily operating cash flow in meeting such commitments with the shortfall to be satisfied by proceeds of bank loans, short-term and long-term bonds and medium-term notes.C.RESEARCH AND DEVELOPMENTOur department of science and technology management coordinates the research and development efforts undertaken at our Zhengzhou Institute and technology centers at our plants. The Zhengzhou Institute, the only organization in China dedicated to aluminum smelting research, is responsible for the research and development of technologies for our operations. The technology centers at our plants focus on providing engineering solutions and applying our developed technologies. Each of the plants also conducts operational testing and pilot experimentation relating to various research and development topics. Although we collaborate with universities and other research institutions in China on some of our projects, we generally do not outsource our research and development.Our total expenditure for research and development was approximately RMB293.8 million, RMB168.8 million and RMB168.9 million for, 2014 and 2015 and 2016, respectively.D.TREND INFORMATIONOther than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period from January 1, 2016, to December 31, 2016, that are reasonably likely to have a material adverse effect on our revenue, profitability, liquidity or capital resources, or that caused the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.E.OFF-BALANCE-SHEET ARRANGEMENTSThere are no off-balance sheet arrangements material to investors that have or are reasonably likely to have a current or future effect on our financial condition, our changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.F.TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONSThe following table summarizes our contractual obligations and commercial commitments for the periods indicated as of December 31, 2016:88  Payment due by period   Total  Within 1 year  1 to 2 years  2 to 5 years  Thereafter   (RMB in millions)            Finance lease payable, including current portion  7,217.3   2,253.7   2,068.3   2,895.3   - Long-term bank and other loans, including current portion  31,700.3   4,725.2   8,000.7   10,275.9   8,698.5 Long-term bonds  2,000.0   2,000.0   -   -   - Medium-term notes and bonds, including current portion  22,115.0   6,400.0   12,500.0   3,215.0   - Short-term bonds  7,900.0   7,900.0   -   -   - Gold leasing arrangement  3,000.0   3,000.0   -   -   - Short-term bank and other loans  32,154.8   32,154.8   -   -   - Interest payables for borrowings  10,653.4   6,045.3   1,701.5   2,436.1   470.5 Financial liabilities at fair value through profit or loss  3.6   3.6   -   -   - Financial liabilities included in other payables and accrued liabilities, excluding accrued interest  8,495.7   8,495.7   -   -   - Financial liabilities included in other non-current liabilities  953.5   -   218.2   330.0   405.3 Trade and notes payables  11,285.3   11,285.3   -   -   -                      Subtotal  137,478.9   84,263.6   24,488.7   19,152.3   9,574.3 Capital commitments  7,594.8   N/A   N/A   N/A   N/A Commitments for capital contribution  1,018.6   N/A   N/A   N/A   N/A Commitments under operating lease  15,536.9   515.3   508.1   1,417.5   13,096.0 Total  24,150.3                 G.Safe HarborSee "Forward-Looking Statements" at the beginning of this annual report.ITEM 6.               DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEESA.DIRECTORS AND SENIOR MANAGEMENTDirectorsThe fifth session of our Board currently consists of nine directors, including three executive directors, three non-executive directors and three independent non-executive directors. In accordance with our Articles of Association, our affairs are managed by our Board. The business address of each of our directors is No. 62 North Xizhimen Street, Hai Dian District, Beijing, People's Republic of China, 100082.We follow our home country practice in relation to the composition of our Board in reliance on the exemption provided under Section 303A.00 of the NYSE Corporate Governance Rules available to foreign private issuers. Our home country practice does not require a majority of directors of a listed company to be independent directors. As such, the majority of our directors are not independent within the meaning of NYSE Corporate Governance Rules.The table and discussion below set forth information concerning our directors who served on our Board during the year ended December 31, 2016, and up to date of this Annual Report.89NameAgePositions with the Company   Executive Directors(1)  Ge Honglin(2)60Executive Director and Chairman of the Board (resigned)Ao Hong55Executive Director and PresidentLiu Xiangmin(3)54Executive Director and Senior Vice President (resigned)Lu Dongliang(4)43Executive Director and Senior Vice PresidentJiang Yinggang53Executive Director and Vice PresidentNon-executive Directors  Yu Dehui(5)57Non-executive Director and Chairman of the BoardLiu Caiming54Non-executive DirectorWang Jun51Non-executive DirectorIndependent Non-executive Directors  Chen Lijie62Independent DirectorHu Shihai62Independent DirectorLie-A-Cheong Tai Chong, David57Independent Director       (1)Mr. Ge Honglin resigned from the positions of executive director and Chairman of the Board on February 16, 2016. As of the date of this annual report, we had three executive directors.  (2)Due to other work commitment, Mr. Ge Honglin resigned from the positions of executive director and chairman of the Company, with effect from February 16, 2016. On February 16, 2016, Mr. Ao Hong was elected by more than half of the directors of the Company to perform the duties of the Chairman of the Board (including but not limited to convening and presiding over meetings of the Board, presiding over the general meetings and executing relevant documents, etc.) during the period after the resignation of Mr. Ge until the new Chairman of the Board was elected by the Company in April 2016.  (3)Due to other work commitment, Mr. Liu Xiangmin resigned from his position as a senior vice president of the Company on May 9, 2016; due to the expiry of the fifth session of the Board of the Company, Mr. Liu Xiangmin resigned from his position as an executive director of the Company on June 28, 2016; Mr. Liu Xiangmin was elected as a Supervisor of the sixth session of the Supervisory Committee at the 2015 annual general meeting held on June 28, 2016, and was elected as the Chairman of the sixth session of the Supervisory Committee at the first meeting of the sixth session of the Supervisory Committee of the Company on the same day.  (4)The appointment of Mr. Lu Dongliang as the senior vice president of the Company was approved at the 33rd meeting of the fifth session of the Board held on May 9, 2016; Mr. Lu Dongliang was elected as an executive director of the sixth session of the Board of the Company at the 2015 annual general meeting held on June 28, 2016.  (5)Mr. Yu Dehui was elected as a non-executive director of the fifth session of the Board of the Company at the first extraordinary general meeting held on April 8, 2016; on the same day, Mr. Yu Dehui was elected as the Chairman of the fifth session of the Board of the Company at the 31st meeting of the fifth session of the Board of the Company. On June 28, 2016, Mr. Yu Dehui was re-elected as a non-executive director and the Chairman of the sixth session of the Board of the Company at the 2015 annual general meeting and the first meeting of the sixth session of the Board.Executive Directors Ao Hong, aged 55, currently serves as an executive director and the President of our Company. Mr. Ao graduated from Central South University with a doctoral degree in management science and engineering. He is a professor-grade senior engineer with over 30 years of work experience in enterprises of the non-ferrous metals industry. He successively served as the deputy dean of Beijing General Research Institute for Non-ferrous Metals and was concurrently the chairman of GRINM Semiconductor Materials Co., Ltd., the chairman of Guorui Electronics Co., Ltd., the chairman of Guowei Silver Anticorrosive Materials Company in Hong Kong and a deputy general manager of Chinalco. During this period, he also successively served as the chairman of the supervisory committee of the Company, the dean of Chinalco Research Institute of Science and Technology and the chairman of China Rare Earth Co., Ltd. Mr. Ao has been serving as the President of the Company since November 20, 2015, and as an executive director of the Company since December 29, 2015.Lu Dongliang, aged 43, is currently an executive director and a senior vice president of the Company. Mr. Lu graduated from North China University of Technology majoring in accounting. He holds a bachelor's degree in economics and is an accountant. Mr. Lu has more than 20 years of work experience in financial management and in the non-ferrous metals industry. He successively served as the cadre in the audit department of China Non-ferrous Metals Industry Corporation, the officer-in-charge of the capital division of the finance department of China Copper Lead& Zinc Group Corporation, the head of the accounting division and the capital division of the finance department of Chinalco, the deputy manager and manager of the treasure management division of the finance department, the manager of the general management office, the deputy general manager and general manager of the finance department of the Company, the chief financial officer of Chalco Gansu Aluminum Electricity Co., Ltd., the assistant to the president of the Company and the general manager of Lanzhou Branch of the Company, and the executive director and president of Chalco Gansu Aluminum Electricity Co., Ltd.90Jiang Yinggang, aged 53, is currently an executive director and a vice president of the Company. Graduating from Central South University of Mining and Metallurgy majoring in the metallurgy of nonferrous metals, Mr. Jiang holds a master degree in metallurgy engineering of non-ferrous metals and is a professor-grade senior engineer. Mr. Jiang has long been engaged in production operation and corporate management of production enterprises and has extensive and professional experience. He formerly served as deputy head and then head of the Corporate Management Department of Qinghai Aluminum Plant; head of Qinghai Aluminum Smelter, deputy manager and manager of Qinghai Aluminum Company Limited, and general manager of the Qinghai branch of the Company.Non-Executive DirectorsYu Dehui, aged 57, has been serving as the Chairman of our Board and as a non-executive director on our Board since April 8, 2016. He graduated from Ecole des Hautes Etudes en Sciences Sociales (EHESS) and School of Economics of Paris University Nanterre, majoring in development economics, with a doctoral degree in economics, and he has been a professor. Mr. Yu has extensive experience in various areas such as energy, non-ferrous metals, economics and management. He successively served as the general director for technology of SPEIC, the general director of the department of science, technology and standards of the State Environmental Protection Administration. He also served as a deputy mayor of Baotou City, a vice governor of the government of the Inner Mongolia Autonomous Region, a vice president of China Power Investment Corporation, and a vice president of State Power Investment Corporation. Mr. Yu currently also serves as the president, and a director of the board, of Chinalco.Liu Caiming, aged 54, serves as a non-executive director on our Board. He graduated from Fudan University majoring in political economics and obtained a doctoral degree in Economics. He is a senior accountant and engaged in the financial and accounting industry for more than 30 years. Mr. Liu has extensive experience in corporate management and financial management. He had subsequently 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 Nonferrous Construction Group Limited, director and deputy general manager of China Non-ferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., and deputy general manager of China Nonferrous Metal Mining and Construction (Group) Co., Ltd. Mr. Liu has also acted as titular deputy head of Department of Finance of Yunnan Province, director of SASAC of Yunnan Provincial People's Government and assistant to the governor of Yunnan Province and director of SASAC Yunnan. From January 2007 to February 2011, Mr. Liu acted as deputy general manager of Chinalco, during which time he acted as chairman of Yunnan Copper Industry (Group) Co., Ltd., and president of China Copper Co., Ltd. He acted as our senior vice president and chief financial officer since February 23, 2011 and as our executive director since May 31, 2011. Mr. Liu resigned as our executive director, chief financial officer and senior vice president and was re-designated as non-executive Director on March 8, 2013. He resigned as our non-executive director on March 18, 2014 and was re-appointed as non-executive director on our Board on February 26, 2015.Wang Jun, aged 51, has been serving as a non-executive director on our Board since June 27, 2013. Mr. Wang graduated from Huazhong Institute of Engineering with a degree of industrial and civil construction. He has extensive experience in financial and corporate management. Mr. Wang formerly served as engineer in the engineering department of Babcock & Wilcox Beijing Company Ltd., deputy manager of the real estate development department of China Yanxing Company, senior deputy manager of the equity management department, senior manager of the business management department, senior manager, deputy general manager and general manager of the custody and settlement department in China Cinda Asset Management Co., Ltd. and general manager of the equity management department of China Cinda Asset Management Co. Ltd. Mr. Wang currently serves as the business director of China Cinda Asset Management Co., Ltd.91Independent Non-Executive DirectorsChen Lijie, aged 62, has been serving as an independent non-executive director since February 26, 2015. Ms. Chen graduated from Renmin University of China Law School and obtained a doctoral degree in Laws. Ms. Chen Lijie has more than 30 years of experience in law. She successively acted as director and deputy director of Commercial Affairs of the Office of Legislative Affairs of the State Council, deputy director of Department of Policies and Laws of the National Economic and Trade Commission, patrol officer of Bureau of Policies, Laws and Regulations of SASAC and chief legal consultant of China Mobile Communications Corporation.Hu Shihai, aged 62, has been serving as an independent non-executive director since June 25, 2015. Mr. Hu graduated from Shanghai Jiao Tong University majoring in thermal energy engineering. He is a professor-level senior engineer with more than 40 years of working experience in the power industry. Mr. Hu has extensive experience in corporate management and technical management and successively served as the supervisor, director and deputy head of the Huaneng Shanghai Shidongkou No. 2 Power Plant, deputy director of the preparatory office of the Shanghai Waigaoqiao No. 2 Power Plant, manager of the production department and assistant to the general manager of Huaneng Power International, Inc. and assistant to the general manager and director of the safety production department, and chief engineer of China Huaneng Group.Lie-A-Cheong Tai Chong, David, aged 57, has been serving as an independent non-executive director since December 29, 2015. He is honored with the Silver Bauhinia Star (SBS), Officier de l'Ordre National du Merite and Justice of Peace. Mr. Lie is the executive chairman of Newpower International (Holdings) Co., Ltd. and China Concept Consulting Ltd. He was selected as a member of the National Committee of the 8th, 9th, 10th and 11th Chinese People's Political Consultative Conference since 1993. From 2007 to 2013, he acted as a panel convener cum member of the Financial Reporting Review Panel of Hong Kong Special Administrative Region ("HKSAR"). Mr. Lie is currently the honorary consul of the Hashemite Kingdom of Jordan in the HKSAR, the chairman of the Hong Kong-Taiwan Economic and Cultural Cooperation and Promotion Council, the chairman of the Hong Kong-Taiwan Business Co-operation Committee, a member of the Commission on Strategic Development of the HKSAR, a standing committee member of the China Overseas Friendship Association, and a member of the Hong Kong General Chamber of Commerce (HKGCC). Currently, Mr. Lie is also an independent non-executive director of Herald Holdings Limited, a listed company in Hong Kong.SupervisorsOur supervisors are elected to represent our employees and shareholders and serve a term of three years or until the election of their respective successors, whichever is earlier. Our supervisors currently comprise Mr. Liu Xiangmin, Mr. Wang Jun and Mr. Wu Zuoming.The table and discussion below set forth certain information concerning our supervisors who served on our supervisory committee during the year ended December 31, 2016,and up to the date of this Annual Report.NameAgePositions with the Company   Zhao Zhao(1)55Chairman of Supervisory Committee (resigned)Liu Xiangmin(2)54Chairman of Supervisory CommitteeYuan Li(3)58Supervisor(resigned)Wang Jun46SupervisorWu Zuoming(4)50Supervisor  (1)Due to the expiry of the term for the fifth session of the Supervisory Committee of the Company, Mr. Zhao Zhao resigned from his position as the chairman of the supervisory committee on June 28, 2016.  (2)Due to other work commitments, Mr. Liu Xiangmin resigned from his position as a senior vice president of the Company on May 9, 2016; due to the expiry of the fifth session of the Board of the Company, Mr. Liu Xiangmin resigned from his position as an executive director of the Company on June 28, 2016; Mr. Liu Xiangmin was elected as a supervisor of the sixth session of the supervisory committee at the 2015 annual general meeting held on June 28, 2016, and was elected as the chairman of the sixth session of the supervisory committee at the first meeting of the sixth session of the supervisory committee of the Company on the same day.  (3)Due to the expiry of the term of the fifth session of the supervisory committee of the Company, Mr. Yuan Li resigned from the position as a supervisor on June 28, 2016.  (4)Mr. Wu Zuoming was elected as an employee supervisor of the sixth session of the supervisory committee at the employees' representatives meeting on June 28, 2016.           92Liu Xiangmin, aged 54, is currently the Chairman of the Supervisory Committee of the Company. Mr. Liu graduated from Central South University, majoring in non-ferrous metallurgy. He has a doctorate degree in engineering and is a professor-grade senior engineer. Mr. Liu has long engaged in non-ferrous metal metallurgy research and corporate management and has accumulated extensive and professional experience. He previously served as the deputy head and head of the Alumina branch of Zhongzhou Aluminum Plant, deputy head of Zhongzhou Aluminum Plant, general manager of Zhongzhou Branch of the Company as well as an executive director, vice president and a senior vice president of the Company.Wang Jun, aged 46, is currently a supervisor of Supervisory Committee of the Company. He obtained a master's degree in business administration from Tsinghua University. He is a senior accountant and has extensive experience in corporate financial accounting, fund management and auditing. Mr. Wang successively served as the deputy manager and manager of the treasure management division of the finance department of Chinalco, the general representative of the Peru office of Chinalco, a director and senior auditing manager of Minera Chinalco Perú S.A., the chief financial officer and the manager of the finance department of Chinalco Resources Corporation, the chief financial officer of China Aluminum International Engineering Co., Ltd., an executive director, the chief financial officer and the secretary to the board of directors of China Aluminum International Engineering Corporation Limited. Mr. Wang currently serves as the deputy chief accountant, general manager of the finance department and capital operating department of Chinalco. He is also a director of China Aluminum International Engineering Corporation Limited and a director and the president of Aluminum Corporation of China Overseas Holdings Limited.Wu Zuoming, aged 50, is currently a Supervisor of the Company, the deputy secretary of the Communist Party Committee, and deputy general manager and the chairman of the labor union of the Guangxi Branch of the Company. Mr. Wu holds an MBA degree from Renmin University of China. He is a senior engineer. Mr. Wu has extensive experience in human resource management. He successively acted as the deputy manager of the Personnel Division, Human Resource Department of China Aluminum Corporation; the person in charge of the Personnel Division, Human Resource Department for the Preparatory Team of Chinalco; the deputy manager of the Personnel Division (Training Division), Human Resource Department of Chinalco; the deputy manager of Assessment and Training Division, the manager of Employee Management Division and the manager of General Division of the Company; the senior manager of the Human Resource Department (Retired Cadres Department) and the manager of the General Division of Chinalco; and the deputy general manager and general manager of the Human Resource Department of the Company.Senior ManagementThe table and discussion below set forth certain information concerning other member of senior management during the year ended December 31, 2016, and up to the date of this Annual Report.NameAgePositions with the Company   Qiao Guiling(1)48Vice President (resigned)Xu Bo(2)52Vice President (in office) and Secretary to the Board (resigned))Zhang Zhankui (3)58Chief Financial Officer and Secretary to the BoardLeng Zhengxu(4)56Vice President   (1)Due to other work commitment, Ms. Qiao Guilin resigned from the position of vice president of the Company, with effect from February 16, 2016.  (2)Due to other work commitment, Mr. Xu Bo resigned from the positions of the Secretary to the Board, with effect from March 17, 2016. Mr. Xu Bo still serves as a vice president of the Company.  (3)The appointment of Mr. Zhang Zhankui as the Company Secretary (Secretary to the Board) was approved at the 29th meeting of the fifth session of the Board of the Company on March 17, 2016. Mr. Zhang Zhankui also serves as the Chief Financial Officer of the Company.  (4)The appointment of Mr. Leng Zhengxu as a vice president of the Company was approved at the sixth meeting of the sixth session of the Board of the Company on January 20, 2017.          93Xu Bo, aged 52, is currently a vice president of the Company. Mr. Xu graduated from North China University of Water Resources and Electric Power, majoring in hydraulic structure engineering, and obtained a master's degree in engineering. He also obtained a Ph.D. degree in economics from Renmin University of China. He is a senior engineer. Mr. Xu has extensive experience in mergers and acquisitions, capital operation, corporation management, and enjoys a high reputation in energy sectors such as coal and electric power. He formerly served as: deputy head of the hydro power and operations department and office manager of Power and Machinery Bureau; general manager and assistant to the head of the bureau in Steel Structure Department of China Huadian Power Station Equipment Engineering Group Corporation; deputy general manager of China Huadian Power Station Equipment Engineering Group Corporation, standing deputy general manager and general manager of China Huadian Engineering Co., Ltd.; deputy general manager of Huadian Coal Industry Group Company Limited; head of China Huadian Corporation Shaanxi Office; general manager of China Huadian Corporation Shaanxi Branch; executive director and general manager of Huadian Shaanxi Energy Company, the assistant to the president of the Company and executive director and general manager of Chalco Energy Co., Ltd., a vice president and Company Secretary (Secretary to the Board) of the Company.Zhang Zhankui, aged 58, is currently the Chief Financial Officer and Company Secretary (Secretary to the Board) of the Company. Mr. Zhang is a postgraduate in economic management and a senior accountant. He has extensive experience in corporate financial accounting, fund management and auditing. Mr. Zhang formerly served as: deputy head, the head of the Finance Division and then the head of the Audit Division of China General Design and Research Institute for Non-ferrous metallurgy; deputy general manager of Beijing Enfei Tech-industry Group; the head of the Accounting Division of the Finance Department and deputy head of the Finance Department of China Copper Lead & Zinc Group Corporation; officer-in-charge of the Company's assets and finance in the Listing Office of the Company; head of the Fund Management Division of the Finance Department of Company and manager of the General Division of the Finance Department of the Company as well as deputy head and head of the Finance Department of Chinalco; and a Supervisor of the Company.Leng Zhengxu, aged 56, is currently a vice president of the Company. Mr. Leng graduated from Guizhou Industrial College, majoring in non-ferrous metallurgy. He is a bachelor of engineering and a professor-level senior engineer. Mr. Leng has over 30 years of working experience in the non-ferrous metals industry and has extensive experiences in corporate management and production technology. He served as deputy director of the No.1workshop and deputy secretary of Chinese Communist Party of No.2 Aluminum Smelter of Guizhou Aluminum Plant, director of the No.2 workshop of No.3 Aluminum Smelter  of Guizhou Aluminum Plant, chief engineer of No. 1 Aluminum Smelter of Guizhou Aluminum Plant, chief engineer of Guizhou Aluminum Plant, deputy general manager of Guizhou Branch of Chinalco, general manager of the production department and general manager of corporate management department of the Company, general manager of Shanxi Branch of Chinalco, head of Shanxi Aluminum Plant, executive director of Shanxi Huaxing Alumina Co., Ltd., general manager of Guizhou Branch of Chinalco, head and deputy secretary of the Chinese Communist Party of Guizhou Aluminum Plant, chairman of Guizhou Huajin Alumina Co., Ltd., chairman of Zunyi Aluminum Co., Ltd., chairman of Chalco Zunyi Alumina Co., Ltd. and assistant to the president of the Company.94B.COMPENSATIONExecutive CompensationExecutive directors are entitled to a director's fee, performance bonuses and welfare benefits provided under the relevant PRC laws and regulations. Non-executive directors are entitled only to a director's fees. The aggregate amount of cash compensation paid by us to our directors in 2016 for services performed in connection with their respective capacities above was approximately RMB1.6 million. The aggregate amount of cash compensation paid by us to our senior management who are not members of our Board in 2016 was approximately RMB1.7 million, respectively. Our executive directors and supervisors who are employees also receive compensation in the form of housing allowances, other allowances and benefits and contributions to their pension plans. Directors receive fees for their services. None of the service contracts of our directors provide benefits to our directors upon their termination.Details of the emoluments paid to our directors and supervisors during the year ended December 31, 2016 are as follows:Name of Directors and Supervisors Fees  Salary  Bonus  Pension  Total                RMB('000)  RMB('000)  RMB('000)  RMB('000)  RMB('000)            Executive Directors          Ge Honglin (resigned)  -   -   -   -   - Ao Hong  -   -   -   -   - Lu Dongliang  -   -   -   -   - Liu Xiangmin (resigned)  -   -   -   -   - Jiang Yinggang  -   725   -   76   801                      Non-Executive Directors                    Yu Dehui  -   -   -   -   - Liu Caiming  -   -   -   -   - Wang Jun  150   -   -   -   150                      Independent Non-Executive Directors                    Lie-A-Cheong Tai Chong, David  204   -   -   -   204 Chen Lijie  204   -   -   -   204 Hu Shihai  204   -   -   -   204                         762   725   -   76   1,563                                           Supervisors                    Liu Xiangmin  -   -   -   -   - Wang Jun  -   -   -   -   - Yuan Li (resigned)  -   -   -  -   - Wu Zuoming  -   250   -   38   288 Zhao Zhao (resigned)  -       -   -   -                         -   250   -   38   288                                           Total 762   975   -   114   1,851 Senior Management Incentive SystemIn order to better provide incentives for our senior management and improve our shareholders' value, we adopted a special compensation system for our senior management designed to align our senior management's financial interests with our operating performance. Under this system, the senior management's compensation consists of the following components:  •basic salaries;    •performance bonuses;    •welfare benefits; and    •incentive bonuses. 95   C.BOARD PRACTICESBoard of DirectorsAll of our directors and supervisors serve a term of three years or until such later date as their successors are elected or appointed. Directors and supervisors may serve consecutive terms. Each of our directors and supervisors has entered into a service contract with us, none of which can be terminated by us within one year without payment of compensation (other than statutory compensation). There were no arrangements providing for benefits upon termination of directors, supervisors or other senior management personnel. One of the supervisors is an employee representative appointed by our employees and the rest are appointed by the shareholders. The following table sets forth the number of years our current directors have held their positions and the expiration of their current term.NameHeld Position SinceExpiration of Term   Ao HongJune 28, 2016June 30, 2019Lu DongliangJune 28, 2016June 30, 2019Jiang YinggangJune 28, 2016June 30, 2019   Yu DehuiJune 28, 2016June 30, 2019Liu CaimingJune 28, 2016June 30, 2019Wang JunJune 28, 2016June 30, 2019   Chen LijieJune 28, 2016June 30, 2019Hu ShihaiJune 28, 2016June 30, 2019Lie-A-Cheong Tai Chong, DavidJune 28, 2016June 30, 2019 Audit CommitteeAs at the date of this Annual Report, our audit committee consists of three independent non-executive directors, namely, Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai Chong, David. Mr. Lie-A-Cheong Tai Chong, David is the chairman of the audit committee.The primary duties of our audit committee as set out in the committee charter include proposing to engage or replace the auditor, supervising our internal audit and its implementation, being responsible for the communication between the internal audit and external audit, auditing our financial information and its disclosure, reviewing the Company's financial control, internal control and risk management systems, studying on our other relevant professional matters, and putting forward suggestions for the decisions of the Board for reference.Remuneration CommitteeAs at the date of this Annual Report, our remuneration committee consists of two independent non-executive directors, Mr. Hu Shihai, Mr. Lie-A-Cheong Tai Chong, David and a non-executive director, Mr. Liu Caiming. Mr. Hu Shihai is the chairman of the remuneration committee.The primary duties of our remuneration committee as set out in the committee charter include: preparing the remuneration management scheme and remuneration proposal for directors, employee-representative supervisors and senior management, and providing suggestions to the Board; preparing measures on performance evaluation of senior management, performance assessment procedures and relevant rewards and punishments, and providing suggestions to the Board; monitoring the implementation of the remuneration system of our Company; reviewing senior management's fulfilment of duties and conducting performance assessments; and other functions and authorities delegated by the Board. In 2016, the remuneration committee convened one meeting, to consider and approve remuneration standards for 2016 for our directors, supervisors and other senior management members.96We follow our home country practice in relation to the composition of our remuneration committee in reliance on the exemption provided under NYSE Corporate Governance Rule 303A.00 available to foreign private issuers. Our home country practice does not require us to establish a remuneration committee which must be composed entirely of independent directors.Nomination CommitteeAs at the date of this Annual Report, our nomination committee consists of one executive director, namely Mr. Ao Hong; one non-executive director, namely Mr. Yu Dehui, and three independent non-executive directors, namely Mr. Lie-A-Cheong Tai Chong, David., Mr. Hu Shihai and Ms. Chen Lijie. Mr. Ge Honglin served as the chairman of our nomination committee before he resigned as executive director on February 16, 2016. Mr. Yu Dehui is the chairman of the nomination committee.The primary duties of our nomination committee as set out in the committee charter include: studying the selection standards and procedures for directors, senior management and members of special committees under the Board and providing suggestions to the Board; reviewing the qualification of candidates for directors, senior management and members of special committees under the Board and providing advice on inspection and appointment; assessing the independence of independent non-executive directors; and other functions and authorities delegated by the Board.We follow our home country practice in relation to the composition of our nomination committee in reliance on the exemption provided under NYSE Corporate Governance Rule 303A.00 available to foreign private issuers. Our home country practice does not require us to establish a nomination committee which must be composed entirely of independent directors.Development and Planning CommitteeAs at the date of this Annual Report, our development and planning committee consists of two executive directors, namely Mr. Ao Hong and Mr. Jiang Yinggang, one non-executive director, namely Mr. Yu Dehui, and one independent non-executive director, namely Mr. Hu Shihai. Mr. Yu Dehui is the chairman of the development and planning committee. Mr. Ge Honglin served as the chairman of our development and planning committee before he resigned as executive director on February 16, 2016. In accordance with the committee charter, the committee reviews and assesses our strategic plans for development, fiscal budgeting, investment, business operations and investments returns.Occupational Health and Safety and Environmental CommitteeOur occupational health and safety and environmental committee consists of two executive directors, namely Mr. Lu Dongliang and Mr. Jiang Yinggang, and one non-executive director, namely Mr. Wang Jun, with Mr. Jiang Yinggang as the chairman. This committee considers our annual planning on health, environmental protection and safety, supervises our implementation of the planning on health, environmental protection and safety initiatives, makes inquiries into serious incidents and inspects and supervises the handling of such incidents and makes recommendations to the Board on major decisions on health, environmental protection and safety.Supervisory CommitteeDue to expiration of the term for the fifth session of the supervisory committee, Mr. Zhao Zhao resigned as chairman of the supervisory committee and Mr. Yuan Li resigned as a member of the supervisory committee on June 28, 2016. Our supervisory committee consists of three supervisors, namely Mr. Liu Xiangmin and Mr. Wang Jun as our shareholder representative supervisors, with Mr. Liu Xiangmin being the chairman of our supervisory committee, and Wu Zuoming as the employee representative supervisor. The term of all members of the supervisory committee of our Company will expire upon conclusion of the 2018 annual general meeting. Following are the primary duties of our supervisory committee: •inspection of implementation of resolutions of the general meetings;    •inspection of legal compliance of our operations; 97  •inspection of our financial activities;    •inspection of the utilization of proceeds raised by us;    •inspection of the acquisitions and disposals of our assets;    •inspection of our connected transactions; and    •review of self-assessment report on internal control.  D.EMPLOYEESAs of December 31, 2014, 2015 and 2016, we had 75,749, 70,368 and 65,755 employees, respectively. The number of our employees decreased from 2015 to 2016, which was mainly due to the termination of labor relationship through negotiation and retirement. The table below sets forth the number of our employees by function and location as of the periods indicated:  As of December 31,      2014  2015  2016                 Function (%)  (%)  (%) Alumina production  31,456   41.53   29,347   41.71   29,783   45.29 Primary aluminum production  28,010   36.98   26,224   37.27   22,473   34.18 Mining operation  3,106   4.1   2,885   4.1   2,696   4.1 Research and development  680   0.90   1,056   1.5   986   1.5 Sales and marketing  561   0.74   521   0.74   487   0.74 Energy  7,755   10.24   6,543   9.30   5792   8.81 Management and others(1)  4,181   5.51   3,792   5.38   3538   5.38                          Total  75,749   100.0   70,368   100.0   65,755   100.0    (1)Excluding our management personnel for alumina production, and primary aluminum production.   Location Employees  % of Total      Shandong  8,808   13.4 Chalco Shandong  7,011   10.67 Shandong Huayu  1,797   2.73 Henan  11,223   17.07 Henan branch  6,101   9.28 Chalco Zhongzhou  4,445   6.76 Zhengzhou Institute  677   1.03 Guizhou  7,341   11.16 Guizhou Huajin  791   1.2 Guizhou branch  4,661   7.09 Zunyi Aluminum  964   1.46 Zunyi Alumina  925   1.41 Guangxi  3,469   5.28 Guangxi branch  3,469   5.28 Shanxi  10,379   15.78 Shanxi branch  6,683   10.15 Shanxi Huasheng  1,676   2.55 Shanxi Huaze  1,611   2.45 Shanxi Huarun  44   0.07 Shanxi Xinghua Technology  365   0.56 Gansu  6,162   9.37 Lanzhou branch  2,552   3.88 Gansu Hualu  1,361   2.07 Liancheng branch  2,249   3.42 Liaoning  1,493   2.27 Fushun Aluminum  1,493   2.27 Qinghai  3,220   4.9 Qinghai branch  3,220   4.9 Chongqing  784   1.19 Chongqing branch  784   1.19 Inner Mongolia  5,554   8.45 Baotou Aluminum  5,554   8.45 Ningxia  5,792   8.81 Ningxia Energy  5,792   8.81 Shanghai  23   0.03 Chinalco Shanghai  23   0.03 Others (including employees of subsidiaries under construction)  1,235   1.88 Headquarters  272   0.41          Total  65,755   100.0  98We have workers' unions at the plant level that protect employees' rights and welfare benefits, organize educational programs, encourage employee participation in management decisions and mediate disputes between individual employees and us. All employees are union members. We have not experienced any strikes or other labor disturbances that have interfered with our operations and we believe that we maintain good relationships with our employees.The remuneration package of our employees includes salary, bonuses and allowances. Employees also receive welfare benefits including medical care, housing subsidies, childcare and education, retirement and other miscellaneous items.In accordance with applicable PRC regulations, we participate in pension contribution plans organized by provincial and municipal governments, under which each of our plants is required to contribute an amount equal to a specified percentage of its employees' salaries, bonuses and various allowances. The amount of contribution as a percentage of the employees' salary is, on average, approximately 20% depending in part on the location of the plant. We have made all required pension contributions up to December 31, 2016. Retirees who retired prior to the date of the reorganization will have their pensions paid out of the pension plans established by the PRC government. We provide to our employees various social welfare benefits through various institutions owned by Chinalco and its other affiliates or through third parties.E.SHARE OWNERSHIPAs of the date of this annual report, the following directors, supervisors or senior management own an interest in shares of our Company:NamePositionShare classNumber of shares% of respective share class     Zhao Zhaosupervisor (resigned)Domestic Shares5,100<0.1%Jiang Yinggangexecutive directorDomestic Shares10,000<0.1% ITEM 7.              MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONSA.MAJOR SHAREHOLDERSDirectorsWe are a joint stock limited company organized under the laws of the PRC. Our parent company, Chinalco, a state-owned enterprise, beneficially owns 35.77% of our outstanding ordinary Shares directly and indirectly through its controlled entities. Chinalco holds a significant portion of our domestic shares in the form of state legal person shares, which do not have voting rights different from our other shares. Chinalco has substantial influence over our management, policies and corporate actions and can exercise all rights as our controlling shareholder subject to the relevant laws, rules and regulations. Approximately 64.23% of our total outstanding ordinary Shares are held by public shareholders, of which 25.15% and 39.08% are owned by holders of H Shares and A Shares, respectively. The following table sets forth information regarding ownership of our issued and outstanding capital stock as of December 31, 2016. The table includes all persons who are known by us to own, either as beneficial owners or holders of record, five percent or more of any class of shares.99   As of December 31, 2016 Holders of A Shares and H Shares Number of shares(in millions)  % of respective share class(3)  % of issued total share capital(4) Chinalco(1)      A Shares  5,135.38(L)(2)   46.86(L)   34.46(L) H Shares  196.00(L)   4.97(L)   1.31(L)             JP Morgan Chase & Co.            H Shares  960.02(L)   24.34(L)   6.44(L)    17.92(S)(5)   0.45(S)   0.12(S)    855.02(P)(6)   21.67(P)   5.74(P) Templeton Asset Management Ltd.            H Shares  857.61(L)   21.74(L)   5.75(L)             BlackRock, Inc            H Shares  488.31(L)(7)   12.38(L)   3.28(L)    0.79(S)(7)   0.02(S)   0.01(S) The Goldman Sachs Group, Inc            H Shares  350.54(L)(8)   8.89(L)   2.35(L)    342.71(S)(8)   8.69(S)   2.30(S) BlackRock Global Funds            H Shares  238.55(L)   6.05(L)   1.60(L)   (1)Including 4,889,864,006 A shares directly held by Chinalco, and an aggregate interest of 245,518,049 A shares and 196,000,000 H shares held by various controlled subsidiaries of Chinalco, comprising 238,377,795 A shares held by Baotou Aluminum (Group) Co., Ltd., 7,140,254 A shares held by Shanxi Aluminum Plant and 196,000,000 H shares held by Aluminum Corporation of China Overseas Holdings Limited.  (2)The letter "L" denotes a long position.  (3)The total number of our A shares is 10,959,832,268 and the total number of our H shares is 3,943,965,968.  (4)The number of our total issued shares is 14,903,798,236 shares.  (5)The letter "S" denotes a short position.  (6)The letter "P" denotes a lending pool.  (7)These interests were held directly by various corporations controlled by BlackRock, Inc.. Among the aggregate interests in the short position in H shares, 202,000 H shares were held as derivatives.  (8)These interests were held directly by various corporations controlled by The Goldman Sachs Group, Inc.. Among the aggregate interests in the long position in H shares, 14,142,500 H shares were held as derivatives. Among the aggregate interests in the short position in H shares, 1,140,697 H shares were held as derivatives.  We are not aware of any arrangement that may at a subsequent date result in a change of control of Chalco.On April 24, 2007, we issued 1,236,731,739 A Shares by way of share exchange with the other shareholders of Shandong Aluminum and Lanzhou Aluminum, including a subsidiary of Chinalco, to acquire the existing issued shares not held by us. On the same date, China Orient Asset Management Corporation, a PRC state-owned financial enterprise, transferred all of its equity interest in us to Chinalco and ceased to be our shareholder. On December 28, 2007, we issued 637,880,000 A Shares to a subsidiary of Chinalco in exchange for 100% equity in Baotou Aluminum. In June 2015, the Company non-publicly issued an additional 1,379,310,344 A shares to qualified investors with an issue price of RMB5.8 per share.To the best of our knowledge, as of December 30, 2016, there were 6,396,313 ADSs  outstanding, and 69 registered ADSs holders.As an owner of at least 30% of our issued and outstanding shares, the parent company is deemed a controlling shareholder and therefore may not exercise its voting rights with respect to various matters related to our shares in a manner prejudicial to the interests of our other shareholders. See "Item 10. Additional Information - B. Memorandum and Articles of Association." In accordance with our Articles of Association, each share of our capital stock has one vote and the shares of the same class have the same rights. Other than the foregoing restrictions, the voting rights of our major holders of domestic and H Shares are identical to those of any other holders of the same class of shares. Holders of domestic shares and H Shares are deemed to be shareholders of different classes for some matters, which may affect their respective interests. Other than the foregoing, holders of H Shares and domestic shares are entitled to the same voting rights.B.RELATED PARTY TRANSACTIONSConnected Transactions under Hong Kong Listing RulesUnder the Listing Rules, transactions between connected persons and us, or connected transactions, generally must be reported to the Hong Kong Stock Exchange, announced to the public and/or approved by shareholders unless the foregoing requirements are waived by the Hong Kong Stock Exchange or exempted under the Listing Rules. Each year our independent non-executive directors must review our non-exempt continuing transactions and confirm that these transactions have been entered into: (i)in the ordinary and usual course of our business;    (ii)with the terms of the transaction being fair and reasonable  as far as our shareholders are concerned; 100 (iii)either on normal commercial terms or, if there are not sufficient comparable transactions to judge whether they are on normal commercial terms, on terms no less favorable to us than terms available to or from (as appropriate) independent third parties; and    (iv)in accordance with the relevant agreement governing them on terms that are fair and reasonable and in the interests of our shareholders as a whole.  Although the definition of connected transactions is not synonymous with the definition of related party transactions, the concepts are sufficiently similar that the description of our connected transactions would satisfy disclosure requirements under U.S. securities laws.The following table sets forth the details of our material connected transactions for the year ended December 31, 2016.Agreement Nature Term of the Agreement Transaction Amount in 2016 Annual Cap for 2016Continuing Connected Transactions      *(RMB in millions)*  *(RMB in millions)* Comprehensive Social and Logistics Services Agreement (Counterparty: Chinalco) Chinalco provides us with a broad range of social and logistics services including education and schooling, public transportation and property management. The original agreement was entered on November 5, 2001, and expired on December 31, 2012. Pursuant to the supplementary agreement entered into in 2012, the term was renewed  and expired on December 31, 2015. Pursuant to the supplementary agreement entered into in 2015, the term was renewed for three years from January 1 2016 to December 2018. 307 550General Agreement on Mutual Provision of Production Supplies and Ancillary Services (Counterparty: Chinalco) We purchase from Chinalco ancillary production supplies and services which include, among other things, various raw materials required in alumina and primary aluminum production, transportation and loading services and production supporting services. The original agreement was entered on into November 5, 2001, and expired on December 31, 2012. Pursuant to the supplementary agreement entered into in 2012, the term was renewed and entered on December 31, 2015. Pursuant to the supplementary agreement entered into in 2015, the term was renewed for three years from January 1 2016 to December 2018. 2,223 5,900Mineral Supply Agreement (Counterparty: Chinalco) Chinalco provides us with bauxite and limestone from several mines that it operates. Chinalco must not provide bauxite and limestone to bauxite and limestone requirements. The original agreement was entered on November 5, 2001, and expired on December 31, 2012. Pursuant to the supplementary agreement entered into in 2012, the term was renewed  and expired in December 31, 2015. Pursuant to the supplementary agreement entered into in 2015, the term was renewed for three years from January 1, 2016 to December 2018. 66 360Provision of Engineering, Construction and Supervisory Services Agreement (Counterparty: Chinalco) Chinalco provides us with certain engineering, construction and supervisory services at the state guidance price and, where there is no state guidance price, at market price. Such services are mainly provided by subsidiaries of Chinalco including China Aluminum International Engineering Corporation Limited. The original agreement was entered on November 5, 2001, and expired on December 31, 2012. Pursuant to the supplementary agreement entered into in 2012, the term was renewed  and expired on December 31, 2015. Pursuant to the supplementary agreement entered into in 2015, the term was renewed for three years from January 1, 2016 to December 2018. 1,525 6,500                                                101 Land Use Rights Leasing Agreement (Counterparty: Chinalco) Chinalco leases 470 parcels of land covering an aggregate area of approximately 61.2 million square meters and spanning across eight provinces in the PRC to us. The original agreement was entered on November 5, 2001, for a term of 50 years, expiring on June 30, 2051. 435 1,200Fixed Assets Leases Framework Contract (Counterparty: Chinalco) We have agreed with Chinalco to provide leases to each other regarding buildings, constructions, machinery, apparatus, transportation facilities as well as equipment, appliance or tools and other fixed assets owned by either party in relation to production and operation Pursuant to the agreement  entered into on April 28, 2015, the term is from January 1, 2016 to December 31, 2018, for a term of three years.  75 110Financial Services Agreement (Counterparty: Chinalco Finance) Chinalco Finance has agreed with Chinalco to provide us with deposit services, credit services and miscellaneous financial services. We have the right to choose the financial institution for financial services and the financial institution for deposit services and loan services as well as the amounts of loans and deposits with reference to our own needs. Chinalco Finance undertakes that the terms for the provision of financial services to us at any time would be no less favorable than those of the same type of financial services provided by Chinalco Finance to Chinalco and other subsidiaries of Chinalco or those of the same type of financial services that may be provided to us by other financial institutions. The original agreement expired on August 25, 2012, for a term of 1 year. Pursuant to the financial services agreement renewed on August 24, 2012, the term was extended and expired on August 25, 2015. Pursuant to the financial services agreement renewed on April 28, 2015, the term was renewed for a term of 3 years from August 26, 2015, and will expire on August 25, 2018. (a) 7,565 (c) 2 (other financial services fees ) (a) 8,000 (c) 50 (other financial services fees )Finance Lease Agreement (Counterparty Chinalco Finance Lease Co., Ltd.) Chinalco Lease provides finance lease services to the Group. The finance lease framework agreement was entered into between the Company and Chinalco Lease on August 27, 2015, with a term from August 27, 2015, to December 31, 2016. A new finance lease framework agreement was entered into between the Company and Chinalco Lease on November 13,2015, with a term of 3 years from January 1, 2016, to December 31, 2018. 1,730 10,000                                           102 General Agreement on Mutual Provision of Production Supplies And Ancillary Services (Counterparty: Chinalco) Supplies and ancillary services The original agreement was entered into on November 5, 2001, and expired on December 31, 2012. Pursuant to the supplementary agreement entered into in 2012, the term was renewed and expired on December 31, 2015. Pursuant to the supplementary agreement entered into in 2015, the term was renewed for three years from January 1, 2016 to December 2018. 10,938 14,100Fixed Assets Leases Framework Agreement ( Counterparty: Chinalco) We have agreed to provide leases to each other regarding buildings, constructions, machinery, apparatus, transportation facilities as well as equipment, appliance or tools and other fixed assets owned by either party in relation to production and operation Pursuant to the agreement  entered into on April 28, 2015, the term is from January 1, 2016 to December 31 2018, for a term of three years.  33 100Labor Services and EngineeringServices Agreement (Counterparty:Chinalco) Services provided by the Company to Chinalco: engineering design services, equipment repairs, logistics management services, etc. The original agreement expired in June 27, 2016. Pursuant to the supplementary agreement entered into in 2016, the term was renewed for three years from January 1, 2016 to December 2018. 97 300 All transactions with related parties are conducted at prices and terms mutually agreed by the parties involved, which are determined as follows:(a)Sales of materials and finished goods comprised sales of alumina, primary aluminum, copper and scrap materials. Transactions entered are covered by general agreements on mutual provision of production supplies and ancillary services. The pricing policy is summarized below:(1)The price prescribed by the PRC government ("State-prescribed price") is adopted;(2)If there is neither a state-prescribed price nor a state-guidance price, then the market price (being price charged to and from independent third parties) is adopted; and(3)If none of the above is available, then the adoption of a contractual price (being reasonable costs incurred in providing the relevant services plus not more than 5% of such costs is adopted).(b)Utility services, including electricity, gas, heat and water, are supplied at State-prescribed prices.(c)Engineering, project construction and supervisory services were provided for construction projects of the Group. The state-guidance price or prevailing market price (including the tender price where by way of tender) is adopted for pricing purposes.(d)The pricing policy for purchases of key and auxiliary materials (including bauxite, limestone, carbon, cement and coal) is the same as that set out in (i) above.(e)Social services and logistics services provided by Chinalco Group cover public security, fire services, education and training, school and hospital services, cultural and physical education, newspaper and magazines, broadcasting and printing as well as property management, environmental and hygiene, greenery, nurseries and kindergartens, sanatoriums, canteens and offices, public transport and retirement management and other services. Provisions of these services are covered by the Comprehensive Social and Logistics Services Agreement. The pricing policy is the same as that set out in (a) above. 103 (f)Pursuant to the Land Use Rights Lease Agreements entered into between Chinalco Group and us, operating leases for industrial or commercial land are charged at the market rent rate. The Group also entered into a building rental agreement with Chinalco Group and pays rent based on the market rate for its lease of buildings owned by Chinalco.(g)The pricing policy for product processing services is the same as that set out in (a) above.During the years ended December 31, 2014, 2015 and 2016, our significant transactions with other state-owned enterprises (excluding Chinalco and its subsidiaries) constituted a large portion of our sales of goods and purchases of raw materials, electricity, property, plant and equipment and services. In addition, substantially all restricted cash, time deposits, cash and cash equivalents and borrowings as of December 31, 2014, 2015 and 2016 and the relevant interest earned or paid during the year are transacted with banks and other financial institutions which are controlled by the PRC government.We provide the following additional information on material related party transactions during the periods indicated:(a)Significant related party transactions  For the year ended December 31   2014  2015  2016   (RMB in thousands) Sales of goods and services rendered:      Sales of materials and finished goods to:      Chinalco and its subsidiaries  7,056,140   10,997,417   10,370,836 Associates of Chinalco  170,338   703,628   688,308 Joint ventures of Chinalco  142   -   - Joint ventures  48,903   79,034   648,145 Associates  2,146,870   2,165,445   605,449    9,422,393   13,945,524   12,312,738 Provision of utility services to:            Chinalco and its subsidiaries  407,762   314,544   567,628 Associates of Chinalco  17,750   14,803   4,444 Joint Ventures  113   -   3,031 Associates  1,977   553   584    427,602   329,900   575,687 Provision of engineering, construction and supervisory services to:            Chinalco and its subsidiaries  988,782   46,328   96,527 Joint ventures  -   -   41,423    988,782   46,328   137,950              Provision of products processing services to:            Chinalco and its subsidiaries  3,169   -   -              Rental revenue of land use rights and buildings to:            Chinalco and its subsidiaries  32,887   34,281   33,231    Associates of Chinalco  -   249   -    32,887   34,530   33,231 104 Purchase of goods and services:            Purchases of engineering, construction and supervisory services from:            Chinalco and its subsidiaries  988,782   1,737,344   1,525,349              Purchases of key and auxiliary materials and finished goods from:            Chinalco and its subsidiaries  2,957,742   1,640,051   1,600,770 Associates of Chinalco  386,609   -   - Joint ventures  1,268,123   1,276,078   3,799,116 Associates  762,003   414,539   31,413    5,347,477   3,330,668   5.431,299  Provision of social services and logistics services by: |