Aker Clean Hydrogen
Annual Report 2021

Plain-text annual report

Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F Submission Data FileGeneral Information Form Type* 20-F Contact Name EDGAR Advantage Service Team Contact Phone 800-688-1933 Filer Accelerated Status* Large Accelerated Filer Filer File Number Filer CIK* 0001161611 (ALUMINUM CORP OF CHINA LTD) Filer CCC* ********** Filer is Shell Company* N Filer is Voluntary Filer* N Filer is Well Known Seasoned Issuer* Y Confirming Copy No Notify via Website only No Return Copy No SROS* NYSE Period* 12-31-2021 Emerging Growth Company No Elected not to use extended transition period No(End General Information) Document Information File Count* 54 Document Name 1* ach-20211231x20f.htm Document Type 1* 20-F Document Description 1 Form 20-F Document Name 2* ach-20211231xex8d1.htm Document Type 2* EX-8.1 Document Description 2 Exhibit 8.1 Document Name 3* ach-20211231xex12d1.htm Document Type 3* EX-12.1 Document Description 3 Exhibit 12.1 Document Name 4* ach-20211231xex12d2.htm Document Type 4* EX-12.2 Document Description 4 Exhibit 12.2 Document Name 5* ach-20211231xex13d1.htm Document Type 5* EX-13.1 Document Description 5 Exhibit 13.1 Document Name 6* ach-20211231xex13d2.htm Document Type 6* EX-13.2 Document Description 6 Exhibit 13.2 Document Name 7* ach-20211231xex96d1.htm Document Type 7* EX-96.1 Document Description 7 Exhibit 96.1 Document Name 8* ach-20211231_cal.xml Document Type 8* EX-101.CAL Document Description 8 XBRL TAXONOMY EXTENSION CALCULATION LINKBASE Document Name 9* ach-20211231_def.xml Document Type 9* EX-101.DEF Document Description 9 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE Document Name 10* ach-20211231_lab.xml Document Type 10* EX-101.LAB Document Description 10 XBRL TAXONOMY EXTENSION LABEL LINKBASE Document Name 11* ach-20211231_pre.xml Document Type 11* EX-101.PRE Document Description 11 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE Document Name 12* ach-20211231.xsd Document Type 12* EX-101.SCH Document Description 12 XBRL TAXONOMY EXTENSION SCHEMA(End Document Information) Notifications Notify via Website only No E-mail 1 hkcust@toppanmerrill.com(End Notifications)  Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 1 of 274 Table of ContentsAs filed with Securities and Exchange Commission on April 22, 2022UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 20-F☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934OR☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2021OR☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934OR☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company report _____________For the transition period from __________ to __________Commission file number 001-15264(Exact name of Registrant as specified in its charter)ALUMINUM CORPORATION OF CHINA LIMITED(Translation of Registrant’s name into English)People’s Republic of China(Jurisdiction of incorporation or organization)No. 62 North Xizhimen Street, Haidian District, BeijingPeople’s Republic of China (100082)(Address of principal executive offices)Zhu RunzhouNo. 62 North Xizhimen Street, Haidian District, BeijingPeople’s Republic of China (100082)(86) 10 8229 8322ir@chalco.com.cn(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)Securities registered or to be registered pursuant to Section 12(b) of the Act.Title of each class Trading Symbol Name of each exchange on which registeredAmerican Depositary Shares*ACHNew 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.Securities registered or to be registered pursuant to Section 12(g) of the Act.None(Title of Class)Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.None(Title of Class) Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 2 of 274 Table of ContentsIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.As of December 31, 2021:Domestic shares, par value RMB1.00 per share13,078,706,983H Shares, par value RMB1.00 per share3,943,965,968Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No ☐If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes☐ No þNote – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under thoseSections.Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,”“accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.Large accelerated filer þAccelerated filer ☐Non-accelerated filer ☐Emerging growth company ☐If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting underSection 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes þ No ☐Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board þOther ☐If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.Item 17 ☐ Item 18 ☐If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No þ(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to thedistribution of securities under a plan confirmed by a court.Yes ☐ No ☐ Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 3 of 274 Table of ContentsiTABLE OF CONTENTSFORWARD-LOOKING STATEMENTSiiCERTAIN TERMS AND CONVENTIONSiiiPART I1Item 1.Identity of Directors, Senior Management and Advisors1Item 2.Offer Statistics and Expected Timetable1Item 3.Key Information1Item 4.Information on the Company20Item 4A.Unresolved Staff Comments67Item 5.Operating and Financial Review and Prospects67Item 6.Directors, Senior Management and Employees94Item 7.Major Shareholders and Related Party Transactions106Item 8.Financial Information119Item 9.The Offer and Listing120Item 10.Additional Information120Item 11.Quantitative and Qualitative Disclosures about Market Risk133Item 12.Description of Securities Other Than Equity Securities136PART II137Item 13.Defaults, Dividend Arrearages and Delinquencies137Item 14.Material Modifications to the Rights of Security Holders and Use of Proceeds137Item 15.Controls and Procedures137Item 16A.Audit Committee Financial Expert138Item 16B.Code of Ethics138Item 16C.Principal Accountant Fees and Services139Item 16D.Exemptions from the Listing Standards for Audit Committees139Item 16E.Purchase of Equity Securities by the Issuer and Affiliated Purchasers139Item 16F.Change in Registrant’s Certifying Accountant139Item 16G.Corporate Governance140Item 16H.Mine Safety Disclosure140Item 16I.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections140PART III140Item 17.Financial Statements140Item 18.Financial Statements141Item 19.Exhibits141 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 4 of 274 Table of ContentsiiForward-Looking StatementsCertain information contained in this annual report, which does not relate to historical information, may be deemed to constitute forward-looking statements. The words orphrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “believe” or similar expressions are intended to identify “forward-lookingstatements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements aresubject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected. You should not placeundue reliance on any such forward-looking statements, which speak only as of the date made. These forward-looking statements include, without limitation, statements relating to:●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 developments;●production, consumption and demand forecasts of bauxite, coal, alumina and primary aluminum;●expansion, consolidation or other trends in the primary aluminum industry;●estimates of proven and probable reserves and measured, indicated and inferred resources with respect to our bauxite and coal mines;●the effectiveness of our cost-saving measures;●future expansion, investment and acquisition plans and capital expenditures;●the severity, duration and spread of the COVID-19 pandemic, as well as the direct and indirect impacts of COVID-19 pandemic (as well as the efforts to contain it) onour operations and financial performance, the industry we are in, our suppliers and customers, the PRC economy and global economy;●competition;●changes in legislation, regulations and policies;●the impact of the Holding Foreign Companies Accountable Act and any rules or regulations adopted by U.S. regulators to implement such legislation, including but notlimited to the Interim Final Rule and the Final Rule with respect to the Holding Foreign Companies Accountable Act adopted by the SEC;●the impact of the ongoing Russia-Ukraine conflict and the economic sanctions imposed on Russia, and their impact on the global economy;●our research and development plans; and●our dividend policy. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 5 of 274 Table of ContentsiiiThese statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and futuredevelopments, as well as other factors we believe are appropriate in particular circumstances. However, whether actual results and developments will meet our expectations andpredictions 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 thesection headed “Item 3. Key Information - D. Risk Factors.”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 ordevelopments 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.Certain Terms and Conventions“Chalco,” “the Company,” “the Group,” “our Company,” “our Group,” “we,” “our” and “us” refer to Aluminum Corporation of China Limited and its subsidiaries and,where appropriate, to its predecessors;“A Share(s)” and “domestic share(s)” refer to our domestic ordinary share(s), with a par value of RMB1.00 each, which are listed on the Shanghai Stock Exchange;“ADR(s)” refers to the American Depositary Receipt(s);“ADS(s)” refers to the American Depositary Share(s);“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;“Baotou Aluminum” refers to Baotou Aluminum Co., Ltd., our wholly-owned subsidiary established under the PRC law;“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 combinedapplication of the Bayer process and the sintering process to extract alumina from bauxite;“Board” refers to our board of directors;“Boffa Project” refers to the project to develop and operate a bauxite mine located in Boffa, Guinea, in accordance with a mining convention entered into by Chalco HongKong, Chalco Guinea Company S.A. and the Guinean government on June 8, 2018;“CBEX” refers to China Beijing Equity Exchange, an approved equity exchange for the transfer of state-owned assets;“Chinalco Assets” refers to Chinalco Assets Operation and Management Co., Ltd., a wholly-owned subsidiary of Chinalco;“Chalco Energy” refers to Chalco Energy Co., Ltd., our wholly-owned subsidiary established under the PRC law;“Chalco Hong Kong” refers to Chalco Hong Kong Ltd., our wholly-owned subsidiary established under Hong Kong Law;“Chalco Logistics” refers to Chalco Aluminum Logistics Corporation Group Co., Ltd., our wholly-owned subsidiary established under the PRC law;“Chalco Materials” refers to Chalco Materials Co., Ltd., our wholly-owned subsidiary established under the PRC law; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 6 of 274 Table of Contentsiv“Chalco Mining” refers to Chalco Mining Co., Ltd., our wholly-owned subsidiary 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., our wholly-owned subsidiary established under the PRC law;“Chalco Shanghai” refers to Chalco Shanghai Company Limited, our wholly-owned subsidiary established under the PRC law;“Chalco Southwest Aluminum” refers to Chalco Southwest Aluminum Company Limited, our subsidiary until June 2013 when we disposed of 60% of its equity interest toChinalco;“Chalco Southwest Aluminum Cold Rolling” refers to Chalco Southwest Aluminum Cold Rolling Company Limited, our wholly-owned subsidiary until June 2013 whenwe disposed of its entire equity interest to Chinalco;“Chalco Trading” refers to China Aluminum International Trading Co., Ltd., our wholly-owned subsidiary established under the PRC law;“Chalco Trading Group” refers to China Aluminum International Trading Group 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, Lvliang City of Shanxi Province withproduction capacity of 800,000 tonnes of metallurgical grade alumina per year;“China” and the “PRC” refer to the People’s Republic of China, excluding, for purposes of this annual report only, Hong Kong Special Administrative Region, MacaoSpecial Administrative Region and Taiwan;“China Copper” refers to China Copper Co., Ltd., a wholly-owned subsidiary of Chinalco;“China United Assets Appraisal” refers to China United Assets Appraisal Group Co., Ltd., a PRC qualified valuer;“Chinalco” refers to our controlling shareholder, Aluminum Corporation of China and its subsidiaries (other than Chalco and its subsidiaries) and, where appropriate, to itspredecessors;“Chinalco Finance” refers to Chinalco Finance Co., Ltd.;“CSRC” refers to China Securities Regulatory Commission;“cut-off grade” refers to the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes ofestablishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in undergroundmining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be aprocessing facility). “Exchange Act” refers to the U.S. Securities Exchange Act of 1934, as amended;“Euro” 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; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 7 of 274 Table of Contentsv“GNF” refers to Guinea franc, the lawful currency of the Republic of Guinea;“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 andshareholders;“Guizhou Huajin” refers to Guizhou Huajin Aluminum Co., Ltd., 60% of the equity interest of which is owned by us;“Guizhou Huaren” refers to Guizhou Huaren New Material Co., Ltd., 40% of the equity interest of which is owned by us;“Guangxi Huasheng” refers to Guangxi Huasheng New Material Co., Ltd., 51% of the equity interest of which is owned by us;“H Share(s)” refers to overseas listed foreign share(s) with a par value of 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;“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;“Inner Mongolia Huayun” refers to Inner Mongolia Huayun New Materials Co., Ltd., 50% of the equity interest of which is owned by Baotou Aluminum;“IRS” refers to Internal Revenue Service of the United States federal government;“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., our wholly-owned subsidiary since January 2019, which was previously our wholly-owned branch, Lanzhoubranch;“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;“Logistics Zhongzhou” refers to China Aluminum Logistics Group Zhongzhou Co., Ltd., our indirect subsidiary;“MIIT” refers to Ministry of Industry and Information Technology of the PRC; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 8 of 274 Table of Contentsvi“MOF” refers to Ministry of Finance of the PRC;“MW” refers to megawatt, a unit of electrical power;“Nanchu” refers to ENanchu (http://www.enanchu.com/), a nonferrous metal-related portal site in PRC;“NDRC” refers to China National Development and Reform Commission;“Ningxia Energy” refers to China Aluminum Ningxia Energy Group Co., Ltd., formerly known as Ningxia Electric Power Group Co., Ltd., before we acquired 70.82% ofits 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 ofChinalco;“NYSE” and “New York Stock Exchange” refer 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;“PBOC” refers to People’s Bank of China;“Qingdao Light Metal” refers to Chalco Qingdao Light Metal Company Limited, our wholly-owned subsidiary until June 2013 when we disposed of its entire equityinterest to Chinalco. In December 2017, we acquired 100% of the equity interest in Qingdao Light Metal through Chalco Shandong at a consideration of RMB300.4 million to furtherour prospective strategic layout on secondary aluminum;“qualified person” refers to an individual who is a mineral industry professional with at least five years of relevant experience in the type of mineralization and type ofdeposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and an eligible member or licensee in good standing of arecognized professional organization at the time the technical report is prepared. “refining” refers to the chemical process used to produce alumina from bauxite;“RMB” and “Renminbi” refer to the lawful currency of the PRC;“SAT” refers to State Administration of Taxation of the PRC;“SAFE” refers to State Administration of Foreign Exchange of the PRC;“SASAC” refers to State-owned Assets Supervision and Administration Commission of the State Council of China;“SEC” refers to the U.S. Securities and Exchange Commission;“Securities Act” refers to the U.S. Securities Act of 1933, as amended;“Shandong Huayu” refers to Shandong Huayu Alloy Material Co., Ltd., 55% 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., a wholly-owned subsidiary established under the PRC law.“Shanxi Huayu” refers to Shanxi Huayu Energy Investment Co., Ltd., a wholly-owned subsidiary established under the PRC law.“Shanxi New Material” or “Shanxi Huaze” refers to Chalco Shanxi New Material Co., Ltd., formerly known as Shanxi Huaze Aluminum and Power Co., Limited, 85.98%of the equity interest of which is owned by us; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 9 of 274 Table of Contentsvii“Shanxi Other Mines” refers to the nine mines to which we entrusted another party to conduct mining activities, including Changjialing mine, Guxian mine, Loufan mine,Nanpo mine, Xishan mine, Yangjiashan mine, Niucaogou mine, Xiwupu mine and Jiaokou Xisongzhuang mine in Shanxi Province;“Shanxi Zhongrun” refers to Shanxi China Huarun Co., Ltd., 40% of the equity interest of which is owned by us;“SHFE” refers to the Shanghai Futures Exchange;“sintering process” refers to a refining process employed to extract alumina from bauxite by mixing ground bauxite with supplemental materials and burning the mixture ina 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” and “U.S. dollars” refer to the lawful currency of the United States;“Xinghua Technology” refers to Chinalco Shanxi Jiaokou Xinghua Technology Ltd., 66% of the equity interest of which is owned by us;“Yangtze” refers to the Shanghai Changjiang Nonferrous Metals Spot Market;“Yixin Aluminum” refers to Heqing Yixin Aluminum Co., Ltd., an indirect subsidiary of Chinalco;“Yunnan Aluminum” refers to Yunnan Aluminum Co., Ltd., an indirect subsidiary of Chinalco;“Yunnan SASAC” refers to the State-owned Assets Supervision and Administration Commission of Yunnan Provincial People’s Government;“Zhangze Electric Power” refers to Shanxi Zhangze Electric Power Co., Ltd., which owns 14.02% of equity interest in Shanxi New Material;“Zhengzhou Institute” refers to Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd., our wholly-owned subsidiary, which primarily provides research anddevelopment services;“Zhongzhou Aluminum” refers to Chalco Zhongzhou Aluminum Co., Ltd., our wholly-owned subsidiary established under the PRC law;“Zhongzhou Aluminum Plant” refers to Henan Zhongzhou Aluminum Plant Co., Ltd., a wholly-owned subsidiary of Chinalco;“Zhongzhou Logistics” refers to Henan Zhongzhou Logistics Co., Ltd., which had been a wholly-owned subsidiary of Chinalco and was dissolved in September 2020;“Zunyi Alumina” refers to Chalco Zunyi Alumina Co., Ltd., which was merged into Zunyi Aluminum in June 2018; and“Zunyi Aluminum” refers to Zunyi Aluminum Co., Ltd., 67.45% 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 RMB6.3726 to US$1.00, the exchange rate as setforth in the H.10 statistical release of the Federal Reserve Board for December 30, 2021. We make no representation that any Renminbi or U.S. dollar amounts could have been, orcould be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all.Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 10 of 274 Table of Contents1PART IItem 1.Identity of Directors, Senior Management and AdvisorsNot applicable.Item 2.Offer Statistics and Expected TimetableNot applicable.Item 3.Key InformationA.Selected Financial DataReserved.B.Capitalization and IndebtednessNot applicable.C.Reasons for the Offer and Use of ProceedsNot applicable.D.Risk FactorsOur business and financial condition and results of operations are subject to various changing business, competitive, economic, political and social conditions in China andworldwide. 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 materiallyfrom 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 significant reduction in demand couldmaterially 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. Adverse development in economicand market conditions, such as a significant economic downturn or a downturn in the commodity sector or the financial markets, could have a material adverse effect on our business,financial condition, results of operations and the price of our ordinary shares or ADSs. Development of the relevant industries is subject to various factors, including but not limited tomarket fluctuations of prices of commodities, general political or economic conditions, technology development, government regulations and investment plans and changes indomestic and global production capacity, many of which are beyond our control. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 11 of 274 Table of Contents2We are unable to predict cycles of the global and domestic economies. Concerns over inflation, energy costs, geopolitical issues, trade tensions, the availability and cost ofcredit, unemployment, consumer confidence, declining asset values, capital market volatility and liquidity issues have created difficult operating conditions for us in the past and maycontinue to do so in the future. For example, since 2018, there were continuing trade tensions between the U.S. and China, resulting in increased tariffs and escalating tensionsbetween the two countries. On January 15, 2020, the two parties signed the China-U.S. phase-one economic and trade agreement. Since then, the PRC government and the U.S.government have granted tariff exemptions on certain goods. However, it is still unclear when future phase negotiations between the two countries will begin and whether there willbe further trade agreements following such negotiations. It is also unclear if future disputes will occur or the two countries will be able to negotiate the issues to restore a mutuallybeneficial economic and trade cooperation. Future actions or escalations by either the U.S. government or the PRC government could have a material adverse effect on the businessenvironment in general, global, Chinese and/or U.S. economic conditions and the stability of global, Chinese and/or U.S. financial markets, which in turn, may adversely affect ourbusiness, financial condition and results of operations. In addition, on November 12, 2020, the President of the United States signed Executive Order 13959 (as subsequently amendedon January 13, 2021 and June 3, 2021, the “Executive Order”), which prohibits certain transactions in securities of certain entities listed in the annex to the Executive Order (each, a“Restricted Entity”). Currently, neither we nor Chinalco are on the list of Restricted Entities. However, if the Executive Order is further amended, or the Office of Foreign AssetsControl of the U.S. Department of Treasury exercised its power pursuant to the Executive Order, to include us or Chinalco as a Restricted Entity in the future, U.S. persons as definedunder the Executive Order may be prohibited from purchasing our securities. As a result, the value and liquidity of our ADSs may be materially and adversely affected, which maylead to significant volatility in our ADS trading price. Furthermore, the PRC government has, from time to time, adjusted its monetary, fiscal and other policies and measures tomanage the rate of growth of the economy or the overheating and overcapacity in certain industries or markets. In addition, the global outbreak of COVID-19 and the efforts tocontain it have negatively impacted the global economy and financial markets. For further details of the impact of outbreak of COVID-19 on the general economy, please refer to “–Our business may be materially and adversely affected by the COVID-19 pandemic.”The global economy began to recover from the COVID-19-induced recession in 2021 and the commodities market had an unparalleled growth. Due to the recovery ofdemand for aluminum globally, in 2021, the average spot price of alumina on the Australian FOB increased by 21.8% to US$331 per tonne and the average international cash price forprimary aluminum on the LME increased by 45.5% to US$2,480 per tonne. During the same period, the average spot price of alumina in the domestic market increased to RMB2,798per tonne, representing an increase of 19.7% compared to 2020. Although the overall trend of the industries we are in was upward in 2021, there is no assurance that there will not beany further and significant fluctuations, which may materially and adversely affect our business, financial condition and results of operations. Recently, the Russia-Ukraine militaryconflict has caused, and continues to intensify, significant geopolitical tensions in Europe and across the world. The resulting economic sanctions imposed by the United States, theEuropean Union, the UK and other countries may continue to significantly impact supply chains, lead to market disruptions including significant volatility in commodities’ prices, andbring heightened near-term uncertainty to the global financial system. Escalation of the Russia-Ukraine conflict could lead to other additional impacts which may adversely affect ourbusiness, such as disruption of international trade flows, extreme market pricing volatility, with particular impact on the energy sector, industrial supply chains, shipping, andregulatory and contractual uncertainty, and increased geopolitical tensions around the world. These factors could disrupt the global markets in ways that are difficult to predict andestimate in advance as to their potential impact on our business, financial position, or operational results.As a result of the foregoing, the global and domestic economic conditions 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 decisionsand 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.Volatility in the prices of alumina, primary aluminum, other non-ferrous metal and other commodities may adversely affect our business, financial condition and resultsof operations.The prices of the products we produce and trade, including alumina, primary aluminum, other non-ferrous metal and coal products, have experienced significant fluctuationhistorically and are expected to continually fluctuate in response to general economic conditions, supply and demand, the level of inventories, interruption caused by unforeseeninternational or domestic events such as global outbreak of COVID-19, uncertainty of or changes in domestic or foreign laws or policies and many other factors, which are beyond ourcontrol. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 12 of 274 Table of Contents3We price our alumina and primary aluminum products by reference to international and domestic market prices, and domestic supply and demand, each of which mayfluctuate beyond our control. We may not be able to effectively respond to a sudden fluctuation in alumina or primary aluminum prices. For example, due to the recovery of demandfor aluminum globally, in 2021, the average spot price of alumina on the Australian FOB increased by 21.8% to US$331 per tonne and the average international cash price for primaryaluminum on the LME increased by 45.5% to US$2,480 per tonne. During the same period, the average spot price of alumina in the domestic market increased to RMB2,798 pertonne, representing an increase of 19.7% compared to 2020, and the average spot prices of primary aluminum at SHFE increased by 34.2% to RMB18,953 per tonne. In 2021, theaverage external selling prices for our self-produced alumina and primary aluminum, regardless whether the sales were recognized in our trading segment, were RMB2,785 per tonneand RMB19,099 per tonne, respectively, representing an increase by 13.4% and 34.8%, respectively, as compared to the prices in 2020. Nevertheless, the prices of alumina andprimary aluminum may decline due to, among other things, decrease in market demand of those products and any slowdown of economic growth in China. Because our prices areaffected by a variety of factors, most of which are beyond our control, we may not be able to respond promptly to the fluctuation in alumina or primary aluminum prices ininternational market or domestic market. There is no assurance that there will not be any further and significant fluctuations in prices of our key products, including alumina andprimary aluminum, which may materially and adversely affect our business, financial condition and results of operations. In addition, since our profit margin for trading non-ferrousmetal 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 marketsto 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, significantfluctuations 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 marketprice in the future periods, we may need to make additional provisions for our inventories’ value, which may have a material and adverse effect on our profit level and other financialperformance. See Note 13 to our audited consolidated financial statements for information about our inventories. As a result, any significant fluctuation in market prices for thesecommodities could materially and adversely affect our business, financial condition and results of operations.Our business requires substantial capital expenditures that we may not always be able to obtain at reasonable costs and on acceptable terms.Our plans to upgrade and expand our production capacity will require substantial capital expenditures. For the years ended December 31, 2019, 2020 and 2021, our totalcapital expenditures were approximately RMB11.8 billion, RMB4.6 billion and RMB4.7 billion, respectively. We expect our estimated capital expenditures in 2022 to be a total ofapproximately RMB6.8 billion. See “Item 4. Information on the Company – D. Property, Plants and Equipment – Our Expansion” and “Item 5. Operating and Financial Review andProspects – B. Liquidity and Capital Resources – Capital Expenditures and Capital Commitments” for details of our expansion and capital expenditures. We may also need additionalfunding for debt servicing, working capital, other investments, potential acquisitions and joint ventures and other corporate requirements.We may need to seek external financing, such as bank and other loans as well as bond offerings, to satisfy our capital needs if cash generated from our operations isinsufficient 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 onacceptable terms is subject to a variety of factors, such as our credit ratings, financial market conditions and our past or projected financial performance. Although we have beenprofitable in recent years, we cannot guarantee that we will not incur losses in the future, in which case the rating agencies may downgrade our credit ratings. In addition, if financialmarkets experience significant volatility and disruption, it may result in a decrease in the availability of liquidity and credit for borrowers and increase in interest rate or otherfinancing cost. Failure to obtain sufficient funding at reasonable costs and on acceptable terms for our development plans could delay, reduce the scope of, or eliminate futureactivities or growth initiatives and adversely affect our business and prospects. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 13 of 274 Table of Contents4Our business may be materially and adversely affected by the COVID-19 pandemic.Since the end of 2019, COVID-19, a disease caused by a novel strain of coronavirus, has spread in China and globally, and the World Health Organization declared theCOVID-19 outbreak a pandemic in March 2020. The COVID-19 pandemic has led the governments and other authorities around the world, including China, to impose measuresintended to control its spread, including quarantines, restrictions on travel and public gatherings, temporary closure of certain businesses and facilities. While still continuing, theCOVID-19 pandemic, as well as efforts to contain it, has caused significant economic and financial disruptions around the world, including disruption on manufacturing operations,logistics and global supply chains and significant volatility and disruption of financial markets. We have taken measures to control and manage the impact of COVID-19, includingmeasures to protect health and safety of our employees, maintain ventilation system and promote vaccinations among all employees. However, if the virus, in particular the Delta andOmicron variants thereof, further spreads worldwide, including China or other jurisdictions in which we, our suppliers or customers operate or have property or projects, or furthercontrol measures are adopted and continue to stay in place in these or other regions, we may face further disruptions on our normal operation, sales, project construction, supply chainand transportation channel, labor shortage and other limitations on our business activities due to restrictions on our employees’ ability to travel, infection of management andemployees, suspension or closure of facilities, additional costs arising from precautionary infection control and hygienic measures, and other impacts, which could be material andadverse to our business, financial condition and results of operations. For example, China has recently experienced upticks in cases that have prompted selective restrictions inaffected regions such as Shanghai.In addition, the market prices of primary aluminum and alumina have been volatile since the COVID-19 outbreak. Although, because of the recovery of the downstreambusiness activities in China and globally, the market prices of primary aluminum and alumina have increased in 2021, there is no assurance that the demand for primary aluminum andalumina will not be weakened by the COVID-19 pandemic any more, and any volatility or decreases of the market prices of primary aluminum and alumina may result in reduction ofour revenue and profit, increase of our inventory amount and other material and adverse impacts on our financial condition and results of operations.If the global public health crisis caused by COVID-19 pandemic continues, it may have an adverse impact on the global and China’s economies, which may, among otherthings, exacerbate turbulence in commodity market, discourage or disrupt investment and production, increase total inventories of primary aluminum or other products in the industry,bring more uncertainty to the consumption of aluminum-made products and the prices of primary aluminum and alumina, and cause other adverse impacts on the industry we are in.An economic downturn including financial market disruption, or a market perception that this situation may occur or develop, may also cause increase of financing costs, or reduceavailable sources of financing for operation or expansion. In addition, significant financial market volatility and uncertainty may adversely affect the market prices of our ordinaryshares and ADSs. Credit risks of customers and suppliers and other counterparty risks may also increase. These factors may materially and adversely affect our business, financialcondition and results of operations. We may also experience negative effects from other future health epidemics or outbreaks beyond our control. These events are impossible toforecast and difficult to prevent. Any of these events could have a material adverse effect on our results of operations and financial condition.Our operations consume substantial amounts of electricity, and our profitability may decline if electricity costs rise or if our electricity supplies are interrupted.Our operations consume substantial amounts of electricity. Although we generally expect to meet the electricity consumption requirements for our alumina refineries andprimary aluminum smelters from a combination of internal and external sources, our results of operations may be materially and adversely affected by any significant increase inelectricity costs or interruptions in electricity supply.Cost of electricity is the principal production cost in our primary aluminum operations. Our average electricity cost per kWh (including tax) of our primary aluminumsmelters increased by 27% from 2020 to 2021. There is no assurance that the electricity costs will not further increase in the future. For instance, in 2021, the PRC government issuedcertain policies related to electricity pricing that could increase our electricity cost. See “Item 4. Information on the Company – B. Business Overview – Regulatory Overview –Electricity Supply and Price” for further details. If we are unable to pass on increases in energy costs to our customers, our operating margin, financial condition and results ofoperations could be materially and adversely affected. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 14 of 274 Table of Contents5With the implementation of the policy of “carbon dioxide peaking and carbon neutrality,” a series of policies have been introduced to control both the total amount andintensity of energy consumption and restrict the energy-intensive and high-emission industries, resulting in drastic market fluctuations and a sharp increase in production costs. Aseries of stringent measures such as electricity consumption restriction and production restriction and restriction on approval of projects have been adopted in various regions,resulting in large-scale production reduction in the industry, which led to a shortage of supply and aggravated the uncertainty of new or resumed production capacity in the second halfof 2021. We cannot assure you that our production capacity will not be further affected by such policies, the occurrence of which could have a material adverse impact on ourbusiness, financial condition and results of operations.In addition, interruptions in the supply of electricity can result in costly production shutdowns, increased costs associated with restarting production and the waste ofproduction in progress. A sudden loss of electricity, if prolonged, can cause damage to or the destruction of production equipment and facilities. In such an event, we may need toexpend significant capital and resources to repair or replace the affected production equipment to restore our production capacity. In the past, various regions across Chinaexperienced shortages and disruptions in electricity supply, especially during peak demand summer season or under severe weather conditions. For instance, certain subsidiaries of ourCompany were affected by electricity shortage due to electricity consumption restriction in the second and third quarters of 2021 and the suspended production volume reached amaximum of 3% of our total production capacity in October and November 2021. We cannot assure you that our operations will not suffer from shortages or disruptions in electricitysupply, the occurrence of which could have a material 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 risesignificantly.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. Ifwe 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 ourproduction output or suspend our alumina refining operations, which could materially and adversely affect our financial condition and results of operations. Although we haveacquired 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. Our average purchase price per unittonne of thermal coal increased by approximately 52.4% in 2021 from the level in 2020. See “Item 5. Operating and Financial Review and Prospects – A. Operating Results –Overview – Factors Affecting Our Results of Operations – Manufacturing Costs.” There is no assurance that the coal prices will not further increase or fluctuate. If we are unable topass on increases or otherwise significant fluctuations in coal prices to our customers or offset price increases through productivity improvements, our operating margin, financialcondition and results of operations could be adversely affected.Our business and industry may be affected by the development of alternative energy sources and climate change.Our operations consume substantial amounts of coal, the combustion of which generates significant greenhouse gas and other pollutants, and negatively contributes toclimate change. A number of governments or governmental bodies have introduced or are contemplating legislative and regulatory changes in response to the potential impacts ofclimate change. These regulatory mechanisms may impact our operations directly or indirectly through our customers or supply chain. For example, the deepening of supply-sidestructural reform and the policy of “carbon dioxide peaking and carbon neutrality” have urged the industry in which we operate to optimize the energy consumption structure, reduceenergy consumption, and develop deep-processing products with high added values. We may have to increase our capital expenditures in order to comply with such revised or newlegislation or regulations, and changes to our profit or loss may occur due to increased or decreased demand for our products and indirectly due to 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. Although revenues attributable to our energy segment accounted for only approximately 2.8% of our total revenuesin 2021 (after elimination of inter-segment sales), we might still be affected by any change on the PRC thermal power industry, which have relied on coal as main source of fuel. ThePRC thermal power industry may be affected by the development of alternative energy sources, climate change and global environmental factors. In particular, pursuant to theenvironmental protection goal set in China’s 14th Five-Year Plan, the PRC government plans to continue to encourage the development of new energy sources from 2021 to 2025. Assuch, 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 todevelop and prove suitable for wide commercial application in the PRC and overseas, demand for conventional energy sources, such as coal, could be reduced. Such reduction indemand for coal could have a material adverse effect on the coal mining industry and, consequently, negatively affect our business, results of operations and financial condition. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 15 of 274 Table of Contents6We may not be able to continue competing successfully in the markets in which we operate.In 2021, we supplied approximately 43.8% of our total production of alumina to our own smelters and sold substantially all of the remaining self-produced alumina and all ofour self-produced primary aluminum to our domestic customers. Our alumina (with chemical alumina products included) and primary aluminum production representedapproximately 23.6% and 10.1%, respectively, of total domestic production in China in 2021. We face competition from both domestic and international alumina and primaryaluminum producers. Our principal competitors are major domestic refineries and smelters. These producers compete with our alumina and primary aluminum operations on the basisof product 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 onimports of primary aluminum and alumina into China. See “Item 4. Information on the Company – B. Business Overview – Competition” for further details.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 resultsof 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 maintainour 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 have overseas projects from time to time. For example, in 2020, we completed the construction of the Boffa Project, a project for the construction and development of abauxite mine located in Boffa, Guinea. Although the Boffa Project has been completed and put into production, due to uncertainties involved in the overseas projects, we cannotassure you that all of our overseas expansion or investments will be successful or that we will not suffer foreign exchange losses in connection with our overseas investment.In addition, operations in the overseas markets may also expose us to a number of risks including expropriation and nationalization of our assets in foreign countries, civilunrest, acts of terrorism, war, or other armed conflict; shortages of construction equipment and materials; severe weather conditions; social security, public health and safety, laborsand construction safety and similar issues; epidemic diseases and infectious diseases; 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 thatmay result in the deprivation of contractual rights; lack of a well-developed legal system that makes it difficult to enforce our contractual rights; uncertainties in laws and policies; andgovernmental activities that may result in the inability to obtain or retain licenses required for operations. For example, in September 2021, President of Guinea was captured by thecountry’s armed forces in a coup. While our Boffa Project has not been materially impacted as of the date of this annual report, we cannot assure you that it will not be adverselyaffected given the fluid situation in Guinea.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 andexternal suppliers. See “Item 4. Information on the Company – B. Business Overview – Raw Materials – Alumina – Supply.” The extents to which we procure bauxite from each ofthese 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 Indonesia Government on the exportation of unprocessed bauxite and nickel, sinceJanuary 2014, we have not been able to import bauxite from Indonesia for the use of our alumina refineries in China, and our operation of bauxite mining in Indonesia has beensuspended since September 2014. See “Item 4. Information on the Company – B. Business Overview – Our Mines” for more details of our bauxite mines in Indonesia. If we exhaustour stockpiles or our procurement of bauxite from external suppliers is interrupted for any reasons, and cannot find an alternative source of bauxite at competitive prices, our financialcondition, 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 ofkey raw materials at competitive prices, our financial condition and results of operations could be materially and adversely affected. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 16 of 274 Table of Contents7Any transportation interruption or any material increase in our transportation costs could have a material adverse effect on our business, financial condition and resultsof 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 andprimary aluminum products are mainly transported by rail and trucks. There is no assurance that we can always enjoy sufficient transportation capacity or we will not experiencetransportation interruption in the future. Furthermore, natural disasters, severe weather conditions and outbreak of epidemic diseases and infectious diseases may cause interruption tothe transportation system, which could in turn affect the transportation of our products. Please refer to “– Our business may be materially and adversely affected by the COVID-19pandemic” for further details of the impact of COVID-19 pandemic on the transportation system. In addition, any changes in fuel prices or fuel supply may be unpredictable andbeyond 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 operationand 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.Estimates of mineral reserves and mineral resources are uncertain and the volume and grade of minerals actually extracted may vary from our estimates.Our estimates of mineral reserves and mineral resources have been prepared in accordance with the disclosure requirements of Subpart 1300 of U.S. Securities and ExchangeCommission Regulation S-K (“Regulation S-K 1300”). Compliance with Regulation S-K 1300 may be subject to varying interpretations in some cases due to their lack of specificity,which could result in continuing uncertainty regarding compliance matters and substantial costs associated with compliance.There are numerous uncertainties inherent in mineral estimates. Such estimates are, to a large extent, based on assumed prices for the commodities we produce, primarilybauxite and coal, and interpretations of geologic data obtained from drill holes and other exploration techniques, which may not necessarily be indicative of future results. Our mineralestimates are based on the latest available geological and geotechnical studies. We conduct ongoing studies of our mining properties to optimize economic values and to manage risk.Valid estimates made at a given time may significantly change when new information becomes available.Estimates of mineral reserves, or the cost at which we anticipate the mineral reserves will be recovered, are based on assumptions, such as prices of alumina, aluminum andcoal and other economic inputs. Changes to such assumptions may require revisions to reserve estimates which could affect our asset carrying values and may also negatively impactour future financial condition and results. We revise our mine plans and estimates of recoverable proven and probable mineral reserves as required in accordance with the latestavailable studies. Until mineral reserves are actually mined and processed, the quantity of minerals and grades must be considered as an estimate only.Additionally, the term “mineral resources” does not indicate recoverable proven and probable mineral reserves as defined by Regulation S-K 1300. Estimates of mineralresources are subject to further exploration and evaluation of development and operating costs, grades, recoveries and other material factors, and, therefore, are subject to considerableuncertainty. Certain mineral resources may not meet the threshold for mineral reserve modifying factors, such as engineering, legal and/or economic feasibility, that would allow forthe conversion to mineral reserves. Accordingly, no assurance can be given that the estimated mineral resources not included in mineral reserves will become recoverable proven andprobable mineral reserves.The estimation of mineral resources and reserves is a subjective process that is partially dependent upon the judgment of the qualified person preparing such estimates. Theprocess relies on the quantity and quality of available data and is based on knowledge, mining experience, statistical analysis of drilling results and industry practices. If the marketprices for the commodities we produce decline from assumed levels, if production costs increase or recovery rates decrease, or if applicable laws and regulations are adverselychanged, we can offer no assurance that the mineral reserves can be mined or processed profitably. If we determine that certain of our estimated recoverable proven and probablemineral reserves have become uneconomic, this may ultimately lead to a reduction in our aggregate reported mineral reserves, which could have a material adverse effect on ourbusiness, financial condition and results of operations. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 17 of 274 Table of Contents8Our previous adjustments of our business segments and historical results may not be indicative of our future prospects.In 2013, we entered into a new business segment, the energy segment, through acquisition of Ningxia Energy. In the past few years, we have streamlined our existingbusiness to focus on the productions of alumina and primary aluminum. For instance, in December 2018, we acquired 50% equity interests in Shanxi Huaxing through the ShanghaiUnited Assets and Equity Exchange at a price of approximately RMB2,665.2 million from Baotou Transportation Investment Group Co., Ltd. Upon completion of the acquisition,Shanxi Huaxing became a wholly-owned subsidiary of the Company. The acquisition is conducted for purposes of enhancing our profitability and is in line with our strategic layout ofalumina and aluminum business, as the increase of our shareholding in Shanxi Huaxing, an alumina plant, is expected to enhance the synergy with our primary aluminum productionin Shanxi, where we have newly added production capacity of primary aluminum.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. Moreover, we cannotassure you that the benefit of entering into a new business segment or streamlining our existing business will be fully realized as expected or at all.While our revenue increased by 45.0% from RMB185,990.6 million in 2020 to RMB269,748.2 million in 2021, primarily due to the year-on-year increase in the prices ofalumina and electrolytic aluminum, the financial performance was driven by a wide range of factors, many of which are out of our control or may not be sustainable or indicative offuture growth or performance, such as the prices of our products and raw materials. As a result, our historical results may not be indicative of our future prospects and results ofoperations.Our failure to successfully manage our business expansion, including our expansion into new areas of business, would have a material adverse effect on our results ofoperations and prospects.We have made investments in business expansion in line with our development strategy through organic growth, acquisitions and joint ventures. In addition, we may, fromtime to time and when we deem appropriate, expand into new industries which we believe have synergies with our existing operations.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 ofproduction and mining facilities as required under the relevant laws of PRC and foreign jurisdictions;●maintain adequate control on our business expansion to prevent, among other things, project delays or cost overruns;●accumulate expertise and experience in managing the new businesses;●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 reportingprocesses. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 18 of 274 Table of Contents9Any significant difficulty in meeting the foregoing or similar requirements could delay or otherwise constrain our ability to implement our expansion plans, or result infailure 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 operationalefficiency, reduce marginal manufacturing costs or otherwise strengthen our market position. Failure to obtain the intended economic benefits from the business expansion couldadversely 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, obtain favorable deal terms in any acquisition, secure applicablegovernmental approvals for any proposed investments, accurately estimate the mineral resources and reserves of these acquisition targets or obtain the necessary funding to completesuch acquisitions on commercially acceptable terms or at all. Acquisitions may result in the incurrence and inheritance of debts and other liabilities, assumption of potential legalliabilities 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, financialcondition 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 thestrategic purpose of any acquisition, the desired level of operational integration or our investment return target.Our joint ventures and strategic investments may not be successful.We may from time to time enter into joint ventures or make strategic investments to grow our business and operations. For example, we have participated in joint venturesand strategic investments in coal mining, in line with our development strategy to diversify our product offering and partially offset our future energy costs. In addition, we have actedas joint venture partner or strategic investor in certain projects which engage in primary aluminum and aluminum alloy manufacturing to diversify our product offering, strategicallyposition ourselves along the industrial chain and facilitate our enterprise transformation and upgrade. If our joint ventures, strategic investments or other investments experiencefluctuation in performance or incur losses, our business, financial condition and results of operations may be adversely affected. For further details of certain of our joint ventures andstrategic investments, please see “Item 4. Information on the Company – A. History and Development of the Company” and “Item 4. Information on the Company – D. Property,Plants and Equipment – Our Expansion.”In addition, our joint ventures and subsidiaries which operate coal mines have been facing increasing uncertainties. While the coal price rose rapidly in the first three quartersof 2021 due to short supply, it then declined to a reasonable range in November 2021 due to the policy adjustment and increase of coal supply. If coal price further decreases in thefuture, the business, financial condition and results of operations of these joint ventures which operate coal mines may be adversely affected. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 19 of 274 Table of Contents10Failure 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 remolding of some of our alumina and primary aluminumproduction facilities. If we are able to maintain satisfactory facility utilization rates and increase our production output, this increase in our production capacity would enable us toreduce 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 orconstructed production facilities may increase our marginal production costs and prevent us from realizing the intended economic benefits of our expansion.Since 2013, we have implemented flexible production arrangements from time to time for certain alumina and primary aluminum production facilities in response toprevailing market conditions and government policies. Although we did not implement flexible production arrangements in 2021, we cannot assure you that we will not do so in thefuture. We may also increase our external purchases of alumina and primary aluminum for trading purposes to capitalize on fluctuating market prices and to enhance resourceplanning to achieve cost savings in our production. The increase in our external purchases will reduce our utilization of certain production facilities, but may not result in aproportionate decrease in fixed costs such as leases and depreciation of plant, property and equipment.If we fail to maintain optimal utilization rates and spread fixed costs over a high volume of output units, our gross and operating margins may be adversely affected.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. Impairment loss needs to be recognized to the extent that the carryingamount exceeds the recoverable amount. In 2019, 2020 and 2021, we recorded impairment loss of property, plant and equipment of RMB259.4 million, RMB416.8 million andRMB2,328.1 million, respectively. In addition, we made net credit impairment of receivables of RMB171.0 million, RMB979.2 million and RMB1,384.9 million in 2019, 2020 and2021. We cannot guarantee that we will not incur any impairment loss or our impairment loss will not increase in the future due to various reasons including, but not limited to,strategic decisions made in response to changes in economic and competitive conditions, the impact of the economic environment on our customer base and material adverse changesin our relationship with significant customers. If we record significant impairment charges, our 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 andcompliance 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 andrehabilitate the environmental and social impact that our mining operations have had on local communities and the environment. Remediation, rehabilitation, closure and removal ofour facilities will incur various costs and are subject to various risks. The key costs and risks for mine closures include, among others, (i) long-term management of permanentengineered structures and acid rock drainage; (ii) closure in accordance with local or international environmental standards; (iii) orderly retrenchment of employees and third-partycontractors; and (iv) orderly transfer of the site, its associated permanent structures and community development infrastructure and programs to new owners. There is no assurancethat 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 legal or administrativeactions, damages to reputation, or even suspension and cancellation of mining permits, the occurrence of which would cause a material adverse effect on our business, financialcondition and results of operations. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 20 of 274 Table of Contents11Failure to discover new reserves or resources, maintain or enhance existing reserves or resources, develop new mining operations or expand our current miningoperations could negatively affect our business, financial condition and results of operations.Mining exploration is unpredictable in nature. The success of any mining exploration program depends on various factors, many of which are beyond our control. Due to theunpredictable and speculative nature of the mining industry, there is no assurance that any exploration program that we are currently undertaking or may undertake in the future willresult 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 maydiffer 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 notlimited 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 ofan 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 processingfacilities; (iii) the availability and cost of labor, utilities, auxiliary materials and other supplies and the accessibility of transportation and other infrastructure; and (iv) the availabilityof 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 existingmining 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 indebtedness could adversely affect our business, financial condition and results of operations.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 31,2021, we had approximately RMB24,506.1 million in outstanding short-term bonds and short-term bank borrowings (including the current portion of long-term bank and otherborrowings) and RMB64,095.9 million in outstanding long- and medium-term bonds and long-term bank and other borrowings (excluding the current portion of these borrowings).On March 22, 2022, subject to approval at our 2021 annual general meeting that is expected to be held in 2022, our Board approved to authorize the issuance of debt financinginstruments and bonds in the PRC (including various issued domestic bonds) and overseas bonds with an aggregate outstanding balance of all bonds not exceeding RMB50 billion,the term of which authorizations will commence on the date of approval at our 2021 annual general meeting and close upon the conclusion of our 2022 annual general meeting.Although we have been managing our debt and assets with the goal of maintaining our debt at an appropriate level, there is no assurance that such efforts would be successful or thelevel of our debt will be further decreased. Please see Note 19 and Note 44 to our audited consolidated financial statements for more detailed information about our borrowings andrecent issuance of bonds and notes in 2022. 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 beunable to obtain extensions for any such debt or credit facilities before they mature. Please see “Item 5 – Operating and Financial Review and Prospects – B. Liquidityand 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 governmentapprovals to seek additional financing; and●putting pressure on our ADS price due to concerns of our ability to repay our debt. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 21 of 274 Table of Contents12Our 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. In2021, we carried out capital preservation and appreciation businesses by using daily reserve fund for investments such as structural deposits. However, we cannot assure you that suchcapital preservation and appreciation businesses will be successful or profitable, or our business in general will generate sufficient cash flows from operations, to satisfy ourobligations 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 orrestructure 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 ADSholders. 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 andacquisitive 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 covenants that restrict our ability to take certain corporate actions and pay dividends.We issue perpetual securities from time to time to meet our capital expenditure and working capital requirements. Please refer to “Item 4. Information on the Company – A.History and Development of the Company – Senior Perpetual Capital Securities Offering” for further details.In November 2019 and December 2020, we issued RMB1,500 million perpetual medium-term notes with an initial distribution rate at 4.20% (the “2019 Perpetual Medium-term Notes”) and RMB1,000 million perpetual medium-term notes with an initial distribution rate at 4.45% (the “2020 Perpetual Medium-term Notes”), respectively, in China.Pursuant to the terms of the 2019 Perpetual Medium-term Notes and the 2020 Perpetual Medium-term Notes, while any coupon distribution payments are unpaid or deferred, ourCompany cannot declare or pay dividends to shareholders or decrease the share capital, or make material fixed asset investments. Therefore, our ability to pay dividends in respect ofour ordinary shares and the ADSs may be limited under certain circumstances.In addition, if these perpetual securities are categorized as debt due to changes of accounting standard or other reasons, or if we choose to redeem these perpetual securities,our total equity may be reduced, which may be adverse to our financial condition or the price of our ordinary shares or ADSs.The interests of our controlling shareholder who exerts significant influence over us may conflict with ours.As of December 31, 2021, our largest shareholder, Chinalco, directly owned 29.67% of our issued share capital and indirectly owned an additional 2.49% of our issued sharecapital 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 thatare 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 wedeclare and distribute. Any increase in our dividend payout would reduce funds otherwise available for reinvestment in our businesses and thus may adversely affect our futureprospects and financial condition.In addition, we enter into transactions with related parties, including Chinalco and its subsidiaries and associates, which provide a range of services to us, includingengineering and construction services, social services, land and property leasing as well as the supply of raw and supplemental materials. See “Item 7. Major Shareholders and RelatedParty Transactions – B. Related Party Transactions” for detailed information. It would be difficult to find an alternative source for some services that we receive from Chinalco. Ourcost of operations may increase if Chinalco, its subsidiaries and associates are unable to continue providing such services to us.In January 2019, Yunnan SASAC transferred its 51% equity interest in Yunnan Metallurgical Group Co., Ltd. to China Copper, a wholly-owned subsidiary of Chinalco, withno consideration. As Yunnan Aluminum, an affiliated company of Yunnan Metallurgical Group Co., Ltd., competes with us in the business segments of alumina and primaryaluminum, Chinalco, as the indirect controlling shareholder of Yunnan Aluminum and our direct controlling shareholder, issued a letter of undertakings on non-competition to us,according to which Chinalco undertook to start in 2019 planning the integration of the businesses in which Yunnan Aluminum and we compete with each other, and address suchbusiness competition within five years. For further details, please see “Item 4. Information on the Company – A. History and Development of the Company.” While we intend toclosely monitor Chinalco’s planning and implementation of such business integration and make timely public disclosure about significant progress made, due to the uncertaintiesinvolved in such business integration, however, we cannot assure you that business competition between Yunnan Aluminum and us would be addressed without undue delays or at all,or the plan of such business integration or the implementation thereof would be viewed by you or other investors as most favorable to us or our shareholders. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 22 of 274 Table of Contents13We 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 primary aluminum smelters, we aresubject 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 andother resources to establish efficient compliance and monitoring systems. The liabilities, costs, obligations and requirements associated with these laws and regulations may thereforebe 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 mayeven result in substantial penalties or fines, suspension or revocation of our relevant licenses or permits, termination of government contracts or suspension of our operations. Forexample, relevant supervision authorities released a public notification of the dust, noise, relocation and other issues of Baotou Aluminum in 2020. In response to this notification, theCompany and Baotou Aluminum attached great importance to the issues involved, analyzed the issues, and communicated with local governments and local residents proactively. Asof the end of 2020, a majority of the issues involved have been rectified, dust and noise pollution have been effectively controlled, and the relocation of residents has been progressingsmoothly under the organization of the local government. In 2021, Baotou Aluminum completed the project of “transformation from shipment by truck to shipment by rail,”established relevant facilities to reduce the dust and noise and engaged expert to analyze status of environmental governance and protection. However, as the environmental protectionstandards and requirements may be further enhanced, we cannot assure you that the similar events would not occur in the future, if such incidents were to occur, it could impact ouroperating results, financial condition and reputation, all of which could adversely affect our profitability and ability to retain existing customers and 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 significantadditional costs if relevant laws and regulations change or enforcement of existing laws and regulations becomes more rigorous. For instance, in April 2020, the Law on Preventionand Control of Environmental Pollution Caused by Solid Waste was amended to impose stricter liabilities on enterprises that produce solid waste. The National Catalogue ofHazardous Wastes was also amended and the new version became effective on January 1, 2021, which detailed and reclassified some hazardous wastes. As we generate solid wasteduring our production process, we may incur higher costs to comply with the requirements under the amended law. Since 2017, the PRC government has carried out regulations andcomprehensive campaigns to control air pollution in response to the poor air quality in autumn and winter in Beijing, Tianjin, Hebei and their surrounding areas and the Fenhe andWeihe plain, pursuant to which we may reduce output of our relevant plants from time to time. Further, our overseas expansion projects are subject to foreign environmental laws andregulations. Failure to comply with environmental laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including the assessment ofmonetary penalties, the imposition of remedial requirements and the issuance of orders enjoining future operations, all of which may materially and adversely affect our businessoperations.We are subject to administrative policies and orders relating to China’s energy-saving and emission reduction requirements 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. The MIIT issued theStandard Conditions for Aluminum Industry on July 18, 2013 and updated it on February 28, 2020, which set forth various standards for existing enterprises, including but not limitedto standards for environmental protection, energy consumption, and utilization of resources. We cannot assure you that the relevant government authorities will not issue morestringent 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 facilityupgrading or suspended before full compliance with these standards or rules. The occurrence of any of the foregoing could have an adverse effect on our business, results ofoperations and financial condition.We are subject to accidents and natural disasters that may adversely affect our performance.We may experience accidents and natural disasters in the course of our operations, which may cause significant property damage and personal injuries. Significant accidentsand natural disasters may cause interruptions to our operations or result in property or environmental damage, increase in operating expenses or loss of revenues. The occurrence ofaccidents, 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 resultof major accidents or natural disasters may have a material adverse effect on our results of operations. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 23 of 274 Table of Contents14We have not obtained valid titles or land use rights to certain properties or land parcels that we occupy.We have not obtained valid ownership certificates to certain properties that we occupy. These properties are used primarily for production plants and daily operationsmanagement. As of December 31, 2021, the book value of our properties with defective titles is RMB6,609.2 million, which represents approximately 3.4% of our total asset value. Inaddition, we had not obtained land use rights to certain land parcels, which we use primarily for our production plants. As of December 31, 2021, the book value of these land parcelsis RMB734.4 million, representing approximately 0.4% of our total asset value. We have applied to the appropriate authorities to obtain the relevant ownership certificates. We cannotgive 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 landparcels.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 andexplosive materials, and we are therefore subject to risks associated with these activities, including, among others, geological catastrophes, toxic gas and liquid leakages, equipmentfailures, industrial accidents, fire, explosions and underground water leakages. Although we conduct geological assessments on mining conditions and adapt our mining plans to themining 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 coaloutput 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 ofoperations. Additionally, we are exposed to operational risks associated with industrial or engineering activities, such as maintenance problems or equipment failures. These risks andhazards 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 theseconsequences, 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 orsafety incident could result in substantial uninsured costs and the diversion of our resources, which could materially and adversely affect our business operations and financialcondition.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 productliability 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, financialcondition and results of operations.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 ouroperations. 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 ouraccounts, 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 oftensubject to lengthy and expensive litigation or arbitration proceedings, and claims against us may also result in freeze of or restrictions on our bank deposits or other assets during suchlengthy legal proceedings. Charges associated with claims brought against us and write-downs associated with claims brought by us could have a material adverse impact on ourbusiness, financial condition, results of operations and cash flow. Moreover, legal proceedings resulting in judgments or findings against us may harm our reputation and damage ourprospects for future contract or business awards. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 24 of 274 Table of Contents15We 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, suchas 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 incertain 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 respectivecontracts with us, and the deterioration of any customers’ credit or payment conditions may result in those customers defaulting on their contractual obligations, which couldmaterially and adversely affect our business, financial condition and results of operations. In addition, disputes with governmental entities and other public organizations couldpotentially lead to contract termination if these remain unresolved or it may take a considerably longer period of time to resolve the disputes with counterparties in the private sector,and payments from these entities and organizations may be delayed as a result.We face risks related to our derivative instruments.From time to time, we may utilize derivative instruments to minimize our exposure to fluctuations in the price of primary aluminum and other products. We primarily usefutures contracts and option contracts traded on the SHFE and LME to hedge against fluctuations in the price of primary aluminum. All of our future contracts and option contractsare held for hedging purpose. As of December 31, 2021, the fair value of the outstanding futures and option contracts recognized in financial assets and financial liabilities amountedto nil and RMB69 million, respectively. In the process of hedging with futures and options, we cannot assure you that we will not incur any loss, which may have an adverse effect onour financial condition and results of operations.We may face challenges to our intellectual property rights which could adversely affect our reputation, business and financial position.We own important intellectual property, including patents and trademarks. Our intellectual property plays an important role in maintaining our competitive position in anumber of the markets that we serve. Our competitors may develop technologies that are similar or superior to our proprietary technologies or design around the patents we own orlicense. Developments or assertions by or against us relating to intellectual property rights, and any inability to protect or enforce these rights, could adversely affect our business andcompetitive position.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 affectour 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, fromtime to time, we cooperate 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. Wemay 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 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 ourexecutives 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 thefuture 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 equivalentqualifications at any time, the management and growth of our business could be adversely affected.Competition 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 adequatelyskilled 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 thesupply 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 continuousbasis, our business operations could be adversely affected and our future growth and expansions may be inhibited. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 25 of 274 Table of Contents16We may not be able to detect and prevent fraud or other misconduct committed by our employees, representatives, agents, customers, affiliates or other third parties.We may be exposed to fraud or other misconduct committed by our employees, representatives, agents, customers, affiliates or other third parties that could subject us tolitigation, financial losses and sanctions imposed by governmental authorities, as well as adversely affect our reputation, business, financial condition, results of operations and ADStrading prices. Such misconduct may include, among others:●hiding unauthorized or unsuccessful activities, resulting in unknown and unmanaged risks or losses;●intentionally concealing material facts, or failing to adequately perform necessary due diligence or risk analysis procedures designed to identify potential risks;●improperly using or disclosing confidential information;●engaging in improper activities or activities that might be subject to penalties, fines or sanctions;●misappropriation of funds;●conducting transactions that exceed authorized limits;●engaging in misrepresentation or fraudulent, deceptive or otherwise improper or illegal 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,detect or prevent all incidents of non-compliance or suspicious transactions in a timely manner, if at all. In addition, we do not have control over the activities conducted on their ownby those of our customers, affiliates or other third parties.There is no assurance that fraud or other misconduct by our employees, representatives, agents, customers, affiliates or other third parties will not occur in the future. If suchfraud or other misconduct does occur and to the extent that our employees, representatives, agents, customers, affiliates or other third parties are penalized for any of their non-compliance activities or are otherwise subject to any sanctions laws of foreign jurisdictions, it may cause negative publicity of us as a result, and could have a material adverse effecton our business, financial condition, results of operations and our ADS trading prices.Cyber attacks and security breaches may threaten the integrity of our intellectual property and other sensitive information and disrupt our business operations, whichcould adversely affect our reputation, business and financial position.We face global cybersecurity threats, which may range from uncoordinated individual attempts to sophisticated and targeted measures directed at us. Cyber attacks andsecurity breaches may include, but are not limited to, attempts to access information, computer viruses, denial of service and other electronic security breaches. Cyber attacks andsecurity breaches may cause equipment failures, loss of information and limited access to systems. For manufacturing companies, cyber attacks and security breaches may result inthe theft of sensitive data, including valuable technical and marketing information, disruptions to operations and breakdown of industrial control system. The economic costs to us toeliminate or alleviate cyber attacks and security breaches could be significant and may be difficult to estimate or calculate because the loss may differ based on the identity and motiveof the programmer or hacker, which are often difficult to identify. Further, the perpetrators of cyber attacks and security breaches are not restricted to specific groups or persons. Theseattacks may be committed by company employees or external actors operating in any geography, including jurisdictions where law enforcement measures to address such attacks areunavailable or ineffective, and may even be launched by or at the behest of nation states. In addition, new and amended PRC regulatory requirements regarding network security andinformation protection have been adopted in recent years to further strengthen the regulation in those areas. In 2021, both Data Security Law and Personal Information Protection Lawwere promulgated and became effective. We may be required to devote significant resources to establishing and maintaining our compliance with such new or amended legislation orregulations. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 26 of 274 Table of Contents17Although we have not experienced any material cybersecurity incidents in the past, we cannot assure you that we will not experience them in the future. Due to the evolvingnature of cybersecurity threats, the scope and impact of any future incident cannot be predicted. While we devote significant resources to security measures to safeguard our systemsand mitigate potential risks, such as deploying network protection devices and performing regular security assessment, there is no assurance that such actions will be sufficient toprevent cyber attacks or security breaches that manipulate or improperly use our systems or networks, compromise confidential or otherwise protected information, destroy or corruptdata, or otherwise disrupt our operations. The occurrence of such events could negatively impact our reputation and our competitive position and could result in litigation with thirdparties, regulatory action, loss of business, potential liability and increased remediation costs, any of which could have an adverse effect on our financial condition and results ofoperations.We are subject to risks normally associated with cross-border transactions, and our export products may become subject to anti-dumping or countervailing dutyproceedings.During the past few years, we generated marginal revenue from exports of certain chemical alumina products and aluminum fabrication products and also from time to timefrom exports of certain non-ferrous metals and minerals products to foreign jurisdictions. In 2021, we only engaged in the export of certain chemical alumina products and aluminumfabrication products to foreign countries including, among others, South Korea, Japan and countries in Southeast Asia and revenue generated from such export accounted forapproximately 4.8% of our total revenues in 2021. Such foreign jurisdictions and other countries may take restrictive measures, including, among others, imposition of tariffs, anti-dumping duties and other non-tariff barriers, to protect their own markets. The sales of our product in overseas markets may be adversely affected by increases in or new impositionsof 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 ortariffs on our sales in these markets could adversely affect the exports to these regions in the future. For example, since 2018, the U.S. government has imposed tariffs and other tradebarriers on products imported from China, which elicited retaliatory tariff increases by the PRC government on the U.S. products. Since October 1, 2018, the U.S. government hadimposed a 10% tariff on various aluminum products imported from China, including chemical alumina products. Starting from May 2019, this tariff rate was increased to 25%. In2021, we exported approximately 24,000 tonnes of chemical alumina products to the United States, the revenue generated from which represented approximately 0.04% of our totalrevenues in 2021. Other than exports of chemical alumina products, we did not have any other exports to the United States in 2021. There is no assurance that such export volume ofchemical alumina products will not further decrease in the future. In addition, such trade frictions and tariffs involved may decrease China’s aluminum export to the United States andother countries and reduce global aluminum consumption, which could in turn have a material adverse effect on the demand of our products as well as our business, financialcondition and results of operations. On January 15, 2020, the PRC government and the U.S. government entered into the U.S.-China Phase One trade deal agreement. Since then, thePRC government and the U.S. government have granted tariff exemptions on certain goods. However, it is not yet clear what further actions the U.S. government and the PRCgovernment may take. There is no assurance that a broader trade agreement would be successfully negotiated between the U.S. and China, or no additional tariffs or other tradebarriers would be imposed. If there is any escalation in trade frictions, we cannot assure you whether such development would not have a material adverse effect on the businessenvironment in general, global economic conditions and the stability of global financial markets. Any of these factors affected by the developments in trade barriers could in turn havea material adverse effect on our business, financial condition and results of operations.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 willalso be exposed to the risk of changes in social, legal, political and economic conditions in the foreign jurisdictions. 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.Our operations are affected by a number of risks relating to conducting business in the PRC.As most 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 PRC government continues to shape the structure and development of the aluminum industry through industry guidelines for energy conservation, safety,environmental protection and quality. The central and local PRC government will give more support to entities that meet the standards in such industry guidelines. If thePRC government changes its current industry guidelines or the interpretation of those industry guidelines, we may face pressure on profit margins and constraints on ourability to expand our business operations. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 27 of 274 Table of Contents18●Although the PRC has been one of the world’s fastest-growing economies in terms of GDP growth in the past 30 years, the global financial crisis that unfolded in 2008,coupled with the ongoing structural adjustment of the PRC economy in the past few years, has led to a marked slowdown in the economic growth of the PRC. Forexample, the GDP growth rate of the PRC decreased from 11.4% in 2007 to 6.1% in 2019. Furthermore, the outbreak and global spread of the COVID-19 in 2020 and2021 has adversely affected global and China’s economy and financial market in general. As a result, the compound annual GDP growth rate of China was 5.1% in 2020and 2021. Please refer to “– Our business may be materially and adversely affected by the COVID-19 pandemic” for further details of the impact of the outbreak ofCOVID-19. A slowdown or decline in the PRC economy could reduce business activities and demand for our products. In addition, the PRC government exercisescontrol over China’s economic growth through the allocation of resources, control of payments of obligations denominated in foreign currencies and monetary and taxpolicies. Some of these measures benefit the overall economy of China, but may have a materially adverse impact on us.●We are subject to reviews and inspections by various governmental authorities and regulatory agencies. These reviews and inspections could cover a broad range ofaspects in relation to our business and operations, including financial reporting, tax reporting, internal control and compliance with applicable laws, rules andregulations. We cannot predict the impact of any findings of these reviews and inspections to be carried out by governmental authorities and regulatory agencies in thefuture, and we cannot assure you that the outcome of any such reviews and inspections would not have a material adverse effect on our business, financial condition,results of operations and prospects.●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 demandwith reference to a basket of currencies. Since then the exchange rate between the U.S. dollar and Renminbi has fluctuated and become increasingly unpredictablefollowing the global financial crisis in 2008. In April 2012, the PRC government took a milestone step in turning the Renminbi into a global currency by doubling thesize of its trading band against the U.S. dollar to 1%, pushing through a crucial reform that further liberalizes its financial markets. The PBOC further allows theRenminbi trading band against the U.S. dollar to rise or fall 2% from a mid-point every day, effective on March 17, 2014, compared with its previous 1% limit. InAugust 2015, the PBOC announced that the daily central parity quotes the market-makers reported to the China Foreign Exchange Trade System operated by the PBOCbefore the market opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, andprice movement of major currencies, effective on August 11, 2015. In recent years, the Renminbi has fluctuated against the U.S. dollar, at times significantly. It isdifficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future. Anyappreciation or depreciation of the Renminbi will affect the value of our U.S. dollar-denominated borrowings and overseas investments, the prices of our export salesdenominated in foreign currencies and the Renminbi equivalent value of our trade and notes receivable denominated in foreign currencies, which may affect ourfinancial condition and results of operations. Our financial condition and operating performance may also be affected by changes in the value of currencies other thanRenminbi in which our earnings and obligations are denominated.●There might be uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. The Chinese legal system is a civil law system based onwritten statutes. Unlike common law systems, it is a system in which decided legal cases may be cited for reference but have limited precedential value. Over the pastdecades, the PRC government has promulgated a comprehensive system of laws, rules and regulations governing economic matters. However, because these laws, rulesand regulations are relatively new, and because of the relatively limited volume of published cases and their non-binding nature, and because the laws, rules andregulations often give the relevant administrative and court authorities certain discretion in how to interpret and enforce them, uncertainties regarding the interpretationand enforcement of these laws, rules and regulations may adversely affect our operations.You may experience difficulties in effecting service of legal process and enforcing judgments against us and our management, and the ability of U.S. authorities to bringactions in the PRC may also be limited.Most of our assets and our subsidiaries are located in the PRC. In addition, most of our directors and officers reside within the PRC, and most of the assets of our directorsand officers are located within the PRC. As a result, it may not be possible to effect service of process within the United States or elsewhere outside the PRC upon most of ourdirectors or officers, including with respect to matters arising under applicable laws and regulations. Moreover, the PRC does not have treaties providing for the reciprocal recognitionand enforcement of judgments of courts with the United States, the United Kingdom or most other Western countries, and Hong Kong has no arrangement for the reciprocalenforcement of judgments with the United States. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 28 of 274 Table of Contents19As a result, recognition and enforcement in the PRC or Hong Kong of judgments of a court in the United States and any of the other jurisdictions mentioned above in relationto any matter not subject to a binding arbitration provision may be difficult or impossible. Even if you sue successfully in a U.S. court or any of the other jurisdictions mentionedabove, you may not be able to collect on such judgment against us or our directors and officers. In addition, the SEC, the U.S. Department of Justice and other U.S. authorities mayalso have difficulties in bringing and enforcing actions against us or our directors or officers in the PRC. Furthermore, class action lawsuits, which are available in the United Statesfor investors to seek remedies, are generally uncommon in the PRC.The audit reports included in this annual report are prepared by auditors who are not inspected by the Public Company Accounting Oversight Board and, as such, youare 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 beregistered with the U.S. Public Company Accounting Oversight Board (United States) (the “PCAOB”) and are required by the laws of the United States to undergo regular inspectionsby 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 iscurrently 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 toour 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 Chinaincluding that performed by our auditors. As a result, investors are deprived of the full benefits of PCAOB inspections. The inability of the PCAOB to conduct inspections of auditorsin China makes it more difficult to evaluate the effectiveness of our independent registered public accounting firm’s audit procedures or quality control procedures as compared toauditors outside of China that are subject to the PCAOB inspections, which could cause our investors and potential investors to lose confidence in our audit procedures and reportedfinancial information and the quality of our financial statements.Our ADSs will be delisted under the Holding Foreign Companies Accountable Act if the PCAOB is unable to inspect auditors who are located in China. In addition,legislative and regulatory developments related to U.S.-listed China-based companies due to lack of PCAOB inspection and other developments may have a materialadverse impact on our listing and trading in the United States and the trading prices of our ADSs. The potential delisting of our ADSs, or the threat of their beingdelisted, may materially and adversely affect the value of your investment.As part of continued regulatory focus in the United States on access to audit and other information currently protected by foreign law, in particular the PRC’s law, onDecember 18, 2020, the United States enacted the Holding Foreign Companies Accountable Act, or the HFCA Act. The HFCA Act includes requirements for the SEC to identifyissuers whose audit reports are prepared by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in theauditor’s local jurisdiction. The HFCA Act also requires public companies on this SEC list to certify that they are not owned or controlled by a foreign government and make certainadditional disclosure in their SEC filings that cover a “non-inspection” year after the HFCA Act becomes effective. In addition, if the auditor of a U.S.-listed company is not subject toPCAOB inspections for three consecutive “non-inspection” years after the law becomes effective, the SEC is required to prohibit the securities of these issuers from being traded on aU.S. national securities exchange, such as the New York Stock Exchange, on OTC markets in the United States or through any other method within the SEC’s jurisdiction to regulate.On September 22, 2021, the PCAOB adopted a final rule implementing the HFCA Act, which provides a framework for the PCAOB to determine, as contemplated under theHFCA Act, whether the PCAOB is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction because of a position taken by oneor more authorities in that jurisdiction. Final rules implementing certain requirements of the HFCA Act, or the Final Rules, were adopted by the SEC on December 2, 2021 andgenerally became effective on January 10, 2022. The Final Rules implement the submission and disclosure requirements in the HFCA Act, which apply to registrants the SECidentifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the PCAOB is unable toinspect or investigate, or Commission-Identified Issuers. The Final Rules require Commission-Identified Issuers to submit documentation to the SEC establishing that, if true, it is notowned or controlled by a governmental entity in the public accounting firm’s foreign jurisdiction. The Final Rules also require that a Commission-Identified Issuer that is a “foreignissuer” provide certain additional disclosures in its annual reports. Specifically, Item 16I (Disclosure Regarding Foreign Jurisdictions that Prevent Inspections) has been added inForm 20-F, which requires disclosure in a foreign issuer’s annual report regarding the audit arrangements of, and governmental influence on, such foreign issuer. Further, the FinalRules established procedures the SEC will follow to identify issuers and to impose trading prohibitions on the securities of certain Commission-Identified Issuers, as required by theHFCA Act. On December 16, 2021, the PCAOB issued the HFCA Act Determination Report, according to which our auditor is subject to the determination that the PCAOB is unableto inspect or investigate it completely. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 29 of 274 Table of Contents20Under the Final Rules, the SEC will identify Commission-Identified Issuers for fiscal years beginning after December 18, 2020. As of the date of this annual report, the SEChas named six PRC-based issuers on its “conclusive list of issuers identified under the HFCA Act,” indicating that those companies are now Commission-Identified Issuers subject tothe delisting provisions if they remain on the list for three consecutive years. In addition, the SEC has named 17 PRC-based issuers on its “provisional list of issuers identified underthe HFCA Act.” Issuers provisionally identified have 15 business days to submit evidence to dispute being provisionally identified as a Commission-Identified Issuer. We anticipatebeing added to the list shortly after the filing of this annual report on Form 20-F for the fiscal year ended December 31, 2021. A Commission-Identified Issuer will be required tocomply with the submission and disclosure requirements in the annual report for each year in which it was identified. When we are identified as a Commission-Identified Issuer basedon this annual report, we will be required to comply with the submission or disclosure requirements in our annual report filing covering the fiscal year ending December 31, 2022.Under the HFCA Act and the Final Rules, our securities will be prohibited from trading on the NYSE and in over-the-counter markets after we are identified as a Commission-Identified Issuer for three consecutive years, and this ultimately would result in our ADSs being delisted from the NYSE and prohibited from over-the-counter trading after we file ourannual report for the fiscal year ending December 31, 2023 in 2024.Furthermore, on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, which, if enacted, would amend the HFCA Act andrequire the SEC to prohibit an issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead ofthree years (the “Accelerating Amendments”). On February 4, 2022, the U.S. House of Representatives passed the America Creating Opportunities for Manufacturing, Pre-Eminencein Technology and Economic Strength Act, or America COMPETES Act, which includes the exactly same Accelerating Amendments. The America COMPETES Act howeverincludes a broader range of legislation not related to the HFCA Act in response to the U.S. Innovation and Competition Act passed by the Senate in 2021. On March 28, the U.S.Senate voted on an amended version that substituted America COMPETES Act with the text of the U.S. Innovation and Competition Act, which does not include the AcceleratingAmendments. The U.S. House of Representatives and Senate will need to align the legislation and pass their amended bill before the President can sign it into law. It is unclear whenthe U.S. Senate and House of Representatives will resolve the differences in the U.S. Innovation and Competition Act and the America COMPETES Act bills, or whether the final billagreed by the U.S. Senate and House of Representatives will include the Accelerating Amendments. In the case that the bill containing the Accelerating Amendments becomes thelaw, our ADSs would be delisted from the NYSE and prohibited from over-the-counter trading in the U.S. after we file our annual report for the fiscal year ending December 31, 2022in 2023.We understand that there have been dialogues among the CSRC, the SEC and the PCAOB regarding the inspection of PCAOB-registered accounting firms in China.Furthermore, on April 2, 2022, PRC government issued the “Provisions on Strengthening Confidentiality and Archives Administration in Overseas Issuance and Listing of Securitiesby Domestic Enterprises (Draft for Comment)”, which deleted the old requirement that “on-site inspections should be mainly conducted by PRC regulatory authorities, or rely on theinspection results of PRC regulatory authorities”, but still required, among others, that inspection and evidence collection should be conducted by way of cross-border regulatorycooperation. There can be no assurance that PRC regulatory authorities will reach a regulatory cooperation agreement with the SEC and the PCAOB, or our auditor or we will be ableto comply with requirements imposed by the U.S. regulators.The delisting of our ADSs would substantially impair your ability to sell or purchase our ADSs when you wish to do so, and the risk and uncertainty associated with delistingwould have a negative impact on the price of our ADSs. Also, such a delisting would adversely affect our ability to raise capital on terms acceptable to us, or at all, which would havea material adverse impact on our business, financial condition, and prospects. Holders of our ADSs may convert the ADSs into our H shares listed on the Hong Kong Stock Exchangebut will incur costs in order to do so. See “Item 12. Description of Securities Other than Equity Securities” for further information. The value and liquidity of our ADSs may thereforebe materially and adversely affected.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 ofChina 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 8322. Our website address is www.chalco.com.cn. The information on our website does not constitute a part of this annual report. Our U.S.public filings are available at the website maintained by the SEC at www.sec.gov, which contains reports, proxies and information statements, and other information regarding issuersthat file electronically with the SEC. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 30 of 274 Table of Contents21Pursuant to a reorganization agreement entered into among Chinalco, Guangxi Investment and Guizhou Development in 2001, substantially all of Chinalco’s alumina andprimary 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 bauxitemining operations and associated mining rights from Chinalco in a separate mining rights agreement.Our A Shares have been listed on the Shanghai Stock Exchange since April 2007. Our H Shares and our ADSs, currently each representing 25 H Shares, have been listed onthe Hong Kong Stock Exchange and New York Stock Exchange, respectively, since December 2001.We are a vertically integrated aluminum producer with operations in bauxite and coal mining, alumina refining and primary aluminum smelting. We also produce ancillaryproducts and services derived from or related to our aluminum operations. In addition, we are engaged in trading and logistics of alumina, primary aluminum, other non-ferrous metalproducts, coal products and raw and ancillary materials in bulk domestically and internationally. Since 2013, we have expanded our operations into power generation. See “– B.Business Overview” for more details.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 assetscurrently include six subsidiaries mainly engaged in bauxite mining; two integrated alumina and primary aluminum production plants; nine stand-alone alumina refineries; eightstand-alone primary aluminum smelters; one stand-alone secondary aluminum producer; four stand-alone carbon production plants; one integrated power generation company withcoal mining operations and one institute providing research and development services. All of our principal alumina and primary aluminum production facilities are operated inaccordance with ISO14001 standards.For the details of our principal capital expenditures for the previous three years ended December 31, 2021 and those planned for 2022, see “Item 5. Operating and FinancialReview and Prospects – B. Liquidity and Capital Resources – Capital Expenditures and Capital Commitments.” We currently do not have any significant divestiture in progress.Private 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 andJanuary 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 ofRMB1.00 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 subscriberswithin 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 20trading days immediately preceding the pricing determination date. We intended to apply proceeds from this private placement to finance Chalco Xing County Alumina Project,Zhongzhou branch Ore-dressing Bayer Process expansion construction project and to supplement working capital. The issue plan was approved by the SASAC on April 5, 2012 andby 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 adjustthe 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 andour 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 March14, 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 theapproval date. However, the CSRC temporarily retrieved its approval in July 2013 due to its ongoing investigation of the sponsor of our proposed private placement of A Shares. Theperiod 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 theresumption of the approval of non-public offering of shares of Aluminum Corporation of China Limited” to the CSRC. On April 24, 2015, we received the Approval in Relation to theNon-public Issuance of Shares by Aluminum Corporation of China Limited issued by the CSRC, pursuant to which we were approved to issue no more than 1,450,000,000 newshares. 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 theannual general meeting of the Company on June 27, 2014. Upon completion, the total number of A Shares of the Company was increased from 13,524,487,892 to 14,903,798,236.Please refer to “– Subscription of Equity Interest of Certain Subsidiaries and Subsequent Issuance of Additional A Shares” for further changes of our issuance of A Shares. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 31 of 274 Table of Contents22Disposal 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 AluminumFabrication 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 ofAluminum Fabrication Interests for a consideration of RMB3,242.2 million. Such consideration was the initial bidding price, which was determined with reference to the appraisedvalue of the Aluminum Fabrication Interests. Pursuant to the Aluminum Fabrication Interests Transfer Agreement, Chinalco agreed to pay the consideration in cash in twoinstallments, 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 setby 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. Chinalco paid the considerationin full by June 2014.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 loanswe 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 determinedbased 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 fiveequal 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. Thetransfer was approved at the 2012 annual general meeting held on June 27, 2013 and we completed the transfer on June 27, 2013. The payment was fully settled by Chinalco inaccordance with the agreement.In 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 NorthwestAluminum for RMB1,659.6 million. Such consideration was determined based on negotiations between the parties, with reference to the appraised net asset value of NorthwestAluminum. 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 lastinstallment, 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 generalmeeting held on June 27, 2013 and we completed the disposal on June 27, 2013. The payment was fully settled by Northwest Aluminum Fabrication Plant in accordance with theagreement.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 ourGuizhou 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 assetvalue 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 ofRMB885.8 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 approvedat the 2012 annual general meeting held on June 27, 2013 and we completed the disposal on June 27, 2013. The payment was fully settled by Guizhou Aluminum Plant in accordancewith 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 industrialdistrict to a commercial district based on the local urban plan, which would significantly increase Guizhou branch’s environmental compliance costs. We built a new alumina refinery,Guizhou Huajin, 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 ofalumina in 2015. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 32 of 274 Table of Contents23Senior 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 “2013 Senior PerpetualSecurities”) through Chalco Hong Kong Investment Company Limited (the “Bond Issuer”), our wholly-owned subsidiary, which was exempted from, and not subject to, registrationunder the Securities Act. The 2013 Senior Perpetual Securities are guaranteed by Chalco Hong Kong and its certain subsidiaries. The 2013 Senior Perpetual Securities also have thebenefit 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 undertakingdated on October 29, 2013 entered into by the Company and the trustee, both deeds being executed in favor of the trustee. The 2013 Senior Perpetual Securities were listed on theHong Kong Stock Exchange on October 30, 2013. The net proceeds from the issue of the 2013 Senior Perpetual Securities after deduction of issuance costs are RMB2,122.6 millionand have been on-lent to the Company or any of its subsidiaries for general corporate use. Coupon payments of 6.625% per annum on the 2013 Senior Perpetual Securities are paidsemi-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 couponpayment date, we have, or the Bond Issuer or Chalco Hong Kong has, declared or paid a discretionary dividend, distribution or other discretionary payment on or in respect of, orhave/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 haveno 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.We redeemed the 2013 Senior Perpetual Securities in October 2018.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-termNotes”). The proceeds from the issuance were RMB2,000 million and were used for repayments of interest-bearing loans and borrowings. Coupon payments of 5.50% per annum onthe 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-termNotes 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 withany accrued, unpaid or deferred coupon distribution payments. We repaid the principal amounts together with any accrued, unpaid or deferred coupon distribution payments of the2015 Perpetual Medium-term Notes on October 29, 2020.On October 31, 2016, the Bond Issuer issued US$500 million senior perpetual securities (the “2016 Senior Perpetual Securities”) at a rate of 4.25%. The 2016 SeniorPerpetual Securities are guaranteed by one of our subsidiaries, Chalco Hong Kong. The 2016 Senior Perpetual Securities also have the benefit of a keepwell deed entered into by theBond Issuer, the Company, Chalco Hong Kong and the trustee. The 2016 Senior Perpetual Securities were listed on the Hong Kong Stock Exchange on November 7, 2016. The netproceeds from the issue of the 2016 Senior Perpetual Securities were approximately RMB3,374 million and were on-lent to the Company or any of its subsidiaries for generalcorporate 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 our discretion. The first coupon payment date was April 29, 2017. The 2016 Senior Perpetual Securities have no fixed maturity date and are callable onlyat our option on or after November 7, 2021 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. We repaid the principal amountstogether with any accrued, unpaid or deferred coupon distribution payments of the 2016 Senior Perpetual Securities on November 7, 2021.On October 19, 2018, we issued RMB2,000 million perpetual medium-term notes with an initial distribution rate at 5.10% (the “2018 Perpetual Medium-term Notes”). Theproceeds from the issuance were RMB2,000 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 5.10% per annum onthe 2018 Perpetual Medium-term Notes are made annually in arrears from October 19, 2018 and may be deferred at our discretion. The 2018 Perpetual Medium-term Notes have nofixed maturity date and are callable only at our option on October 23, 2021 or any coupon distribution date after October 23, 2021 at their principal amounts together with anyaccrued, unpaid or deferred coupon distribution payments. We repaid the principal amounts together with any accrued, unpaid or deferred coupon distribution payments of the 2018Perpetual Medium-term Notes on October 23, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 33 of 274 Table of Contents24On November 19, 2019, we issued RMB1,500 million perpetual medium-term notes with an initial distribution rate at 4.20% (the “2019 Perpetual Medium-term Notes”).The proceeds from the issuance were RMB1,499 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 4.20% per annumon the 2019 Perpetual Medium-term Notes have been made annually in arrears from November 19, 2019 and may be deferred at our discretion. The 2019 Perpetual Medium-termNotes have no fixed maturity date and are callable only at our option on November 20, 2022 or any coupon distribution date after November 20, 2022 at their principal amountstogether 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 initialspread of 1.31 per cent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every five years after November 20, 2022. While any coupon distribution payments areunpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital, or make material fixed asset investments.On December 2, 2020, the Company issued RMB1,000 million perpetual medium-term notes with an initial distribution rate at 4.45% (the “2020 Perpetual Medium-termNotes”). The proceeds from the issuance of the 2020 Perpetual Medium-term Notes were RMB1,000 million. The proceeds were used for the repayment of interest-bearing loans andborrowings. Coupon payments of 4.45% per annum on the 2020 Perpetual Medium-term Notes have been made annually in arrears from December 2, 2020 and may be deferred at thediscretion of the Company. The 2020 Perpetual Medium-term Notes have no fixed maturity date and are callable only at our option on December 3, 2022 or any coupon distributiondate after December 3, 2022 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to apercentage per annum equal to the sum of (a) the initial spread of 1.42 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every two years after December 3,2022. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital, or make materialfixed asset investments.Transfer of Equity Interest in Shanxi HuaxingThe Chalco Xing County Alumina Project, which was carried out by Shanxi Huaxing, commenced construction in May 2011 and undertook full operation in 2014. Aftercompletion 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 theprivate 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 jointinvestment and cooperation to develop a new model of integrated coal, electricity and aluminum operations. In December 2015, we entered into an equity transfer agreement withShenzhen 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 UnitedAssets and Equity Exchange at a price of RMB2,351 million (the “2015 Equity Transfer Agreement”). The price was determined based on the appraisal value provided by anindependent qualified appraisal company. According to the 2015 Equity Transfer Agreement, 30% of the consideration amounting to RMB705 million has been received by us inDecember 2015. In December 2016, Shenzhen CR Yuanta Asset Management Co., Ltd. transferred the 50% of equity interest in Shanxi Huaxing to Baotou Transportation InvestmentGroup Co., Ltd. As agreed among Shenzhen CR Yuanta Asset Management Co., Ltd., Baotou Transportation Investment Group Co., Ltd. and the Company, Baotou TransportationInvestment 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 2015 Equity Transfer Agreement and settle the outstanding consideration in full together with interest accrued thereon from January 1, 2017 to the dateof payment before March 31, 2017. The payment was fully settled by Baotou Transportation Investment Group Co., Ltd. in March 2017.In December 2018, we entered into an equity transfer agreement with Baotou Transportation Investment Group Co., Ltd., pursuant to which we agreed to acquire 50% equityinterest in Shanxi Huaxing through the Shanghai United Assets and Equity Exchange at a price of approximately RMB2,665.2 million, which we paid in full in December 2018. Uponcompletion of the acquisition, Shanxi Huaxing became a wholly-owned subsidiary of the Company. The acquisition is conducted for the purpose of enhancing our profitability and isin line with our strategic layout of alumina and aluminum business, as the increase of our shareholding in Shanxi Huaxing, an alumina plant, is expected to enhance the synergy withour primary aluminum production in Shanxi, where we have newly added production capacity of primary aluminum. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 34 of 274 Table of Contents25Transfer 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 ShenzhenStock 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 forpotential 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 ShenzhenStock 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 theShenzhen 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 ofthe 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 ofJiaozuo 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 theShanghai Stock Exchange centralized bidding trading system, representing approximately 1.39% of the total share capital of Jiaozuo Wanfang. The average price of reduction wasapproximately 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 sharecapital. 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 ShanghaiStock Exchange centralized bidding trading system, representing approximately 1.09% of the total share capital of Jiaozuo Wanfang. The average price of reduction wasapproximately 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 ReserveCenter, and Guizhou Aluminum Plant on November 13, 2015. As the land of Guizhou Aluminum Plant occupied by the primary aluminum plant of Guizhou branch shall betransferred to the respective land resources and reserve authorities, Guizhou branch sold the relevant assets, including buildings and structures located on the land occupied by theprimary 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 assetappraisal 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-firedgenerating units of five entities, namely Lanzhou branch, Baotou Aluminum, Shandong Huayu, Maliantai Power Station and Liupanshan Power Station of Ningxia Energy, by way ofpublic 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 SPCEnvironment 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 theabove environmental protection assets disposal was RMB1,754 million which was paid in two installments in June 2016 and December 2016, respectively.We decided to dispose the environmental protection assets to reduce our capital investments and generate cash flows. We have been complying with the relevant standards ofenvironmental protection through professional services rendered by specialized environmental protection companies.Development of Gold Leasing FinancingOn May 30, 2016, the Board resolved to develop gold leasing business to financing working capital. From 2016 to 2019, we have entered into several agreements with Bankof Communications Co., Ltd., China Everbright Bank and Agriculture Bank of China to finance working capital via gold leasing. We repaid the remaining gold leasing financing anddid not enter into any new gold leasing agreement in 2020 and 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 35 of 274 Table of Contents26Establishment of Industry Investment FundOn May 23, 2017, the Company, Bank of Communications International Trust Co., Ltd. (“BOCOMMTRUST”) and Chinalco Jianxin Investment Fund Management(Beijing) Company Limited (“Chinalco Jianxin”) entered into a partnership agreement in relation to the establishment of Beijing Chalco Bocom Size Industry Investment FundManagement Partnership (Limited Partnership) (the “Industry Fund”). On September 27, 2017, the Company, BOCOMMTRUST, Chinalco Jianxin and Bocommtrust AssetManagement Co., Ltd. (“Bocommtrust Asset”) entered into certain agreements with respect to Chinalco Jianxin’s withdrawal from and Bocommtrust Asset’s participation in theIndustry Fund. On the same day, the Company, BOCOMMTRUST and Bocommtrust Asset entered into a capital contribution agreement and a new partnership agreement in relationto the Industry Fund. Pursuant to these agreements, the general partner of the Industry Fund changed from Chinalco Jianxin to Bocommtrust Asset while Chinalco Jianxin remained asthe manager of the Industry Fund.The Industry Fund provided funding for the construction of our major projects, replenish our working capital and support our structural adjustment, transformation andupgrade. As of December 31, 2021, the Industry Fund had exited all its investment and thereafter had been closed down and liquidated.Merger and Reorganization of Shanxi Branch and Shanxi HuazeOn August 8, 2017, we entered into a reorganization agreement with Zhangze Electric Power, pursuant to which we contributed certain assets related to alumina productionof our Shanxi branch, with an appraised net value of RMB3,425.7 million equaling the appraised net value of the assets and liabilities of Shanxi branch, to Shanxi Huaze. The assetsinjected into Shanxi Huaze included, among others, inventories, buildings, structures, machinery and equipment. Upon completion of our asset contribution in 2017, our shareholdingin Shanxi Huaze increased from 60% to 85.98% and Shanxi Huaze was renamed to Shanxi New Material.Subscription of Equity Interest of Certain Subsidiaries and Subsequent Issuance of Additional A Shares (“Asset Restructuring”)On December 4, 2017, we entered into certain investment and debt conversion agreements (the “Initial Agreements”) with Huarong Ruitong Equity Investment ManagementCo., Ltd. (“Huarong Ruitong”), China Life Insurance Company Limited (“China Life”), Shenzhen Zhaoping Chalco Investment Center LLP (“Zhaoping Investment”), China PacificLife Insurance Co., Ltd. (“CPIC Life”), China Cinda Asset Management Co., Ltd. (“China Cinda”), BOC Financial Asset Investment Co., Ltd. (“BOC Financial”), ICBC FinancialAsset Investment Co., Ltd. (“ICBC Financial”) and ABC Financial Asset Investment Company Limited (“ABC Financial”) (collectively, the “Restructuring Investors”). Pursuant tothe Initial Agreements, Huarong Ruitong, China Life, Zhaoping Investment, CPIC Life, BOC Financial, ICBC Financial and ABC Financial have agreed to make cash contributionsto our wholly-owned subsidiaries, Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and Chalco Mining (collectively, the “Target Subsidiaries”), while the principal ofloans owed by Chalco Mining to Huarong Ruitong, Zhaoping Investment, China Cinda and BOC Financial prior to signing of the Initial Agreements would be treated as capitalcontribution to Chalco Mining and converted into equity interest in Chalco Mining held by Huarong Ruitong, Zhaoping Investment, China Cinda and BOC Financial. TheRestructuring Investors have agreed to acquire 30.80%, 36.90%, 25.67% and 81.14% of equity interest of Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and ChalcoMining, respectively, with an aggregate capital contribution of approximately RMB12.6 billion. Under the Initial Agreements, we have also agreed to acquire equity interest held bythe Restructuring Investors in the Target Subsidiaries with consideration in the form of our A Shares to be issued to the Restructuring Investors. On December 20, 2017, the InitialAgreements and the transactions contemplated thereunder were approved at our 2017 second extraordinary general meeting. In December 2017, the capital contribution to the TargetSubsidiaries by the Restructuring Investors was completed in accordance with the terms of the Initial Agreements. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 36 of 274 Table of Contents27Subsequently, on January 31, 2018, we entered into equity acquisition agreements (the “Further Agreements”) with the Restructuring Investors. Pursuant to the FurtherAgreements, we have agreed to acquire all the equity interest held by the Restructuring Investors in the Target Subsidiaries with consideration in the form of A Shares of the Companyto be issued to the Restructuring Investors (the “Proposed Issuance”). The number of A Shares in issue pursuant to the Proposed Issuance would equal the appraised value of equityinterest held by Restructuring Investors in Target Subsidiaries as of December 31, 2017 determined by China United Assets Appraisal divided by the issue price. The aforementionedappraised value might be subject to further adjustment by competent PRC authorities upon filing of the valuation report by China United Assets Appraisal. The issue price has beenset at RMB6.00 per A Share with reference to 90% of the average trading price of our A Shares during the last 60 trading days prior to January 31, 2018 (i.e., the last 60 trading daysprior to the suspension of trading of our A Shares) in accordance with rules and regulations of the PRC applicable to transaction of this kind. The appraised value, subject to furtheradjustment, was RMB12.7 billion and therefore we would issue to the Restructuring Investors approximately 2.1 billion A Shares in aggregate, representing approximately 14.2% ofthe total issued share capital of the Company as of January 31, 2018 and approximately 12.4% of the enlarged total issued share capital of the Company upon completion of theProposed Issuance. On July 30, 2018, we entered supplemental equity acquisition agreements with the Restructuring Investors, amending, among others, the final consideration of theproposed acquisition and the number of the consideration shares to be issued from approximately RMB12,703.7 million and approximately 2,117,280,800 to approximatelyRMB12,713.2 million and 2,118,874,715, respectively. The Proposed Issuance was approved by our shareholders, the SASAC and the CSRC in 2018. In February 2019, all equityinterests of Target Subsidiaries held by the Restructuring Investors were transferred to us, which resulted in us holding 100% equity interests of all Target Subsidiaries. On February25, 2019, we issued an aggregate of 2,118,874,715 A Shares to the Restructuring Investors and our total share capital increased from 14,903,798,236 shares to 17,022,672,951 shares.The shares issued to the Restructuring Investors could be traded on the Shanghai Stock Exchange since February 26, 2020 after the expiry of the 12-month lock-up period.Cash contributions received from the Restructuring Investors have been used by us for the repayment of loans. The Asset Restructuring has helped to reduce the gearingratios of these subsidiaries and us as a whole.Boffa ProjectOn June 8, 2018, Chalco Hong Kong and Chalco Guinea Company S.A., a wholly-owned subsidiary of Chalco Hong Kong, entered into a mining convention (the “MiningConvention”) with the Guinean government, pursuant to which Chalco Hong Kong agreed to provide investment funds while the Guinean government agreed to provide mininglicenses and rights to transport mining products for the development and operation of the Boffa Project, a project for the construction and development of a bauxite mine located inBoffa, Guinea.Based on our preliminary research and analysis and after taking into account various factors, including but not limited to (i) the bauxite reserve and the minable quantity inthe mining area of the Boffa Project; (ii) the advancement and effectiveness of the existing development technologies; (iii) labor costs, transportation expenses and other developmentcosts and other factors, the total investment of the Boffa Project is estimated to be approximately US$706 million, subject to adjustment pursuant to the actual needs, which will bemainly allocated in the construction of mines, ports and lightering system and is expected to be funded through capital investment together with shareholders’ loans or bank loans.According to our preliminary design plan, the total investment for the construction of mines is estimated to be approximately RMB3,088 million. The Boffa Project was completedand put into operation in April 2020. As of December 31, 2021, an aggregate of RMB2,821 million of capital expenditure had been incurred for the Boffa Project.In accordance with the Mining Convention, a mining company (the “Mining Company”) and a port company (the “Port Company”) are established to act as the mainoperating bodies for mines construction and ports construction, respectively. In accordance with the Mining Convention, we own 85% and 95% equity interests in the MiningCompany and the Port Company, respectively, while the Guinean government and its wholly-owned companies collectively own 15% and 5% equity interests in the Mining Companyand the Port Company, respectively. Pursuant to the Mining Convention, Chalco Hong Kong shall grant the Guinean government and/or its wholly-owned companies an option toobtain additional equity interests in the Mining Company and grant Societe Guineenne de Patrimoine Minier, a company wholly-owned by the Guinean government, an option toobtain additional equity interests in the Port Company (together, the “Options”). If the Options are exercised in full, our equity interests in the Mining Company and Ports Companywill reduce to 65% and 90%, respectively. As of December 31, 2021, the Options had not been exercised. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 37 of 274 Table of Contents28With a large reserve of resources, we believe the Boffa Project would provide sustainable bauxite resources for our alumina production and its high ore grades would helpreduce alkali and energy consumption in our alumina production. In addition, as the mines are close to port, we are able to consolidate inland waterway transportation and maritimetransportation, which benefits long-term development of the project and effectively controls investment risks at the early stage.The Boffa Project commenced construction in September 2018 with an expected annual bauxite output capacity of 12 million tonnes. The project was completed and put intooperation in April 2020. From then through the end of 2021, we extracted approximately 20.4 million tonnes of bauxite from the Boffa mine. The annual bauxite output capacity isexpected to increase to 15 million tonnes in 2022.Merger and Reorganization of Zunyi Alumina and Zunyi AluminumOn June 21, 2018, in order to streamline our production chains, enhance synergistic effects and control operating costs, we entered into a contribution agreement with othershareholders of Zunyi Aluminum, pursuant to which we contributed all assets in Zunyi Alumina to Zunyi Aluminum. The appraised net value of Zunyi Alumina, equaling theappraised net value of its assets and liabilities, was RMB2,311 million. Upon completion of the merger, our shareholding in Zunyi Aluminum increased from 62.1% to 67.445%.Controlling Shareholder’s Shareholding Increase in the CompanyOn June 24, 2018, Chinalco notified us of its plan to increase its shareholding in us via the trading system of the Shanghai Stock Exchange in an amount of not less thanRMB400 million and not more than RMB1 billion in 12 months. Chinalco would, based on its reasonable judgment on our share price as well as the fluctuations of our share pricesand the overall trend in the capital market, gradually implement the plan on increase in shareholding to the extent not exceeding 2% of our total share capital. The purpose of suchincreases in shareholding is to boost confidence of investors, protect the interests of minority shareholders and stabilize the capital market based on Chinalco’s confidence in thefuture development of the company and the recognition of our value.For the period from June 25, 2018 to June 24, 2019, as the result of the aforesaid plan, Chinalco increased its shareholding in us by 160,512,964 A shares (representingapproximately 0.94% of our total issued share capital as of June 24, 2019) in the amount of RMB608 million on a cumulative basis via the trading system of the Shanghai StockExchange. In addition, during the same period of time, Chinalco also, through its subsidiaries, had increased its shareholding in us by 115,276,000 H shares (representingapproximately 0.68% of our total issued share capital as of June 24, 2019) in the amount of HK$365 million on a cumulative basis via the trading system of the Hong Kong StockExchange.Acquisition of Carbon Assets and Equity InterestsOn August 30, 2018, our Group and the affiliates of Chinalco Assets entered into a series of assets transfer agreements and equity transfer agreements for the acquisition ofcertain carbon assets and equity interests from the affiliates of Chinalco Assets, including: (i) the assets of the carbon plant under Shandong Aluminum Industry Co., Ltd; (ii) theassets of the carbon plant under Pingguo Aluminum Company Limited; (iii) 49% equity interests of Baotou Sendu Carbon Company Limited; and (iv) 57.69% and 19.96% equityinterests of Chibi Great Wall Carbon Products Company Limited from two separate shareholders. Upon completion of the acquisition, we expect this acquisition would help usconsummate our industrial chain, ensure our steady production, and improve our competitiveness and anti-risk capabilities, as carbon products are one of major raw materials forproduction of primary aluminum. As of December 2018, we had paid the total consideration of RMB735.6 million in full and the acquisition had been completed. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 38 of 274 Table of Contents29Transfer Between China Copper and Yunnan SASACOn November 13, 2018, China Copper, a wholly-owned subsidiary of our controlling shareholder, entered into a transfer agreement with Yunnan SASAC, pursuant to whichYunnan SASAC shall transfer its 51% equity interest in Yunnan Metallurgical Group Co., Ltd. to China Copper with no consideration. The transfer was approved by the SASAC onDecember 19, 2018, by the State Administration for Market Regulation on December 20, 2018 and by the CSRC on December 29, 2018. Chinalco completed the transfer on January8, 2019. As Yunnan Aluminum, an affiliated company of Yunnan Metallurgical Group Co., Ltd., competes with us in the business segments of alumina and primary aluminum, onJanuary 2, 2019, Chinalco, as the indirect controlling shareholder of Yunnan Aluminum and our direct controlling shareholder, issued a letter of undertakings on non-competition to usin order to address business competition and safeguard the legitimate interests of the Company and our minority shareholders. According to the letter of undertakings, Chinalcoundertook to start in 2019 planning the integration of the businesses in which Yunnan Aluminum and we compete with each other, and address business competition between YunnanAluminum and us within five years.Transfer of Primary Aluminum Capacity Quota of Shanxi HuashengOn May 28, 2019, Shanxi Huasheng and Yixin Aluminum entered into a transfer agreement, pursuant to which Shanxi Huasheng agreed to sell to Yixin Aluminum theprimary aluminum capacity quota of 190,000 tonnes at a total transfer consideration of RMB950 million and a transfer price of RMB5,000 per tonne. With the adjusted number ofannual capacity quota finally determined by relevant PRC authority, we completed the transfer of the primary aluminum capacity quota of 170,000 tonnes to Yixin Aluminum with thetotal transfer consideration of RMB850 million in June 2019. We expect this transfer would help to reverse Shanxi Huasheng’s losses, achieve its transformation and upgrading, andoptimize our industrial layout and asset structure.Proposed Issuance of H SharesOn June 29, 2021, our shareholders at the 2020 annual general meeting passed a special resolution, which will remain valid until the earliest of (i) the conclusion of our nextannual general meeting, (ii) the expiration of 12 months following the date of passing the resolution, or (iii) the date on which the authority set out in this resolution is revoked orvaried by a special resolution at a general meeting. The resolution authorizes us to issue additional H Shares up to 20% of the number of H Shares in issue as of the resolution date.Our Board has been 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 PRCgovernment authorities.Our Gallium AssetsOn August 27, 2019, we entered into a capital contribution agreement with China Rare Metals and Rare Earths Company Ltd., a subsidiary of Chinalco, pursuant to whichwe agreed to make a capital contribution of RMB352,848,100 to China Rare Metals and Rare Earths Company Ltd. with our gallium assets. Upon completion of the transaction inAugust 2019, the shareholding proportion we held in China Rare Metals and Rare Earths Company Ltd. increased from 14.62% to 23.94%. In September 2021, we repurchased thegallium assets from three branches of China Rare Metals and Rare Earths Company Ltd for a cash consideration of RMB395,624,218.12.Capital Contribution to Yixin AluminumOn December 10, 2019, we entered into a capital contribution agreement with Yixin Aluminum and its shareholders, pursuant to which we agreed to make a capitalcontribution of RMB850 million in cash to Yixin Aluminum, which we paid in full in December 2019. Upon completion of the transaction, we held 38.90% equity interests of YixinAluminum. We expect this capital contribution to facilitate us in participating in the green development layout on the integration of hydropower and aluminum in Yunnan Provinceand obtaining competitive assets for our principal business. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 39 of 274 Table of Contents30Subscription for A Shares of Yunnan AluminumOn December 19, 2019, we entered into a shares subscription agreement with Yunnan Aluminum, pursuant to which we agreed to subscribe through non-public offering for314,050,688 A shares of Yunnan Aluminum at a price of RMB4.10 per share with the total subscription amount of RMB1,287,607,820.80. The subscription price of RMB4.10 per Ashare was determined through bidding and based on the minimum issuance price of the non-public offering by Yunnan Aluminum, which represented 90% of the average trading priceof the shares in the 20 trading days prior to the first day of the issuance period, namely December 13, 2019. We paid the consideration in full and 314,050,688 A shares of YunnanAluminum were registered under our name in December 2019, representing approximately 10.04% of the total share capital of Yunnan Aluminum. Pursuant to the shares subscriptionagreement, we shall not transfer the subscribed A shares thereto within 36 months from the listing date. We expect our subscription for A shares of Yunnan Aluminum will helpresolve business competitions between Yunnan Aluminum and us and is in line with our development strategies and in our interests as a whole.On December 23, 2020 and March 16, 2021, we entered into a conditional shares subscription agreement and a supplemental agreement with Yunnan Aluminum,respectively, pursuant to which we agreed to subscribe for A shares of Yunnan Aluminum to be issued through non-public offering with the total subscription amount ranging fromRMB200 million to RMB320 million. On December 2, 2021, we entered into a supplemental agreement with Yunnan Aluminum, pursuant to which we agreed to subscribe for36,240,090 A shares of Yunnan Aluminum at a price of RMB8.83 per share with a total subscription amount of RMB319,999,994.70 and the subscription price per share is finallydetermined based on the results of enquiry. Upon completion of this subscription in December 2021, Yunnan Aluminum did not become a subsidiary of the Company.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 aluminumindustry. We have benefited from the development of the PRC aluminum market, the world’s largest aluminum market. We refine bauxite into alumina, which is then smelted intoprimary aluminum. In addition to alumina and primary aluminum, we also produce and sell chemical alumina products (alumina hydrate and alumina-based industrial chemicalproducts) and carbon products (carbon anodes and cathodes). We are also engaged in the trading and logistics of alumina, primary aluminum, other non-ferrous metal products, coalproducts and raw and ancillary materials in bulk manufactured by us or sourced from external suppliers domestically and abroad. In addition, we are engaged in coal mining andpower generation. The remainder of our revenues was derived from research and development activities and other products and services. Accordingly, we organize and manage ouroperations in five business segments: alumina segment, primary aluminum segment, trading segment, energy segment and corporate and other operating segment. After elimination ofinter-segment sales, revenues attributable to our alumina segment, primary aluminum segment, trading segment, energy segment, and corporate and other operating segmentaccounted for approximately 6.9%, 23.7%, 66.4%, 2.8% and 0.1%, respectively, of our total revenues in 2021.Our alumina segment includes the mining and purchasing of bauxite and other raw materials, and production and sale of alumina as well as chemical alumina. Aluminaaccounted for approximately 93.1% of our total production volume for this segment in 2021. Chemical alumina products are used in the production of chemical, pharmaceutical,ceramic and construction materials. In the process of refining bauxite into alumina, we produce gallium as a by-product, which is a rare, high value metal with applications in theelectronics and telecommunication industries.Our primary aluminum segment includes the procurement of alumina, other raw materials, supplemental materials and electrical power, the production and sale of primaryaluminum and aluminum-related products, such as carbon products, aluminum alloy products , renewable aluminum and other aluminum products. Our principal primary aluminumproducts are ingots, molten aluminum and aluminum alloys, which accounted for approximately 18.6%, 44.1% and 37.3%, respectively, of our total production volume of primaryaluminum in 2021. Our standard 20 kilogram remelt ingots are used for general aluminum fabrication in the construction, electricity, electronics, transportation, packaging, machineryand durable goods industries. We internally produce substantially all the carbon products used at our smelters and sell our remaining carbon products to external customers. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 40 of 274 Table of Contents31Our trading segment is mainly engaged in the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, and crude fuels suchas coal products, as well as supplemental materials and logistics and transport services to our internal manufacturing plants and external customers. We established our tradingbusiness under Chalco Trading as a separate segment in July 2010 as a result of our operational structural adjustment. Since 2014, we have established Chalco Materials, ChalcoLogistics and Chalco Trading Group to continuously promote and deepen development of our trading business, jointly constituting our trading segment. Established in 2018, ChalcoTrading Group has undertaken the businesses that used to be operated by Chalco Trading.Our energy segment includes the research and development, production and operation of energy products, including coal mining and conventional coal-fire power generationas well as renewable energy generation such as wind power and solar power. We are also engaged in new energy equipment production. We established our energy segment in January2013 as a result of our acquisition of Ningxia Energy in line with our development strategy to partially offset our future energy costs. In 2021, we supplied the majority of theelectricity 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.Ningxia Energy supplied the electricity it generated mainly to the state grid in China.Our corporate and other operating segment mainly includes corporate and other aluminum-related research, development, and our other activities.Our Production CapacityAs of December 31, 2021, our annual alumina production capacity and primary aluminum production capacity was approximately 20.86 million tonnes and 4.46 milliontonnes, 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, 2021PlantAlumina Primary Aluminum (in thousand tonnes)(1)Guangxi branch 2,210 —Zhongzhou Aluminum 3,050 —Qinghai branch — 420Guangxi Huasheng 2,000 —Chalco Mining 2,410 —Chalco Shandong 2,270 —Shanxi New Material 2,600 424Chongqing branch 800 —Lanzhou Aluminum — 450Zunyi Aluminum 1,000 375Shandong Huayu — 65Baotou Aluminum(2) — 1,340Zhengzhou Institute 20 —Liancheng branch — 550Guizhou Huajin 1,600 —Xinghua Technology 900 —Shanxi Huaxing 2,000 —Guizhou Huaren — 400Shanxi Zhongrun — 432Total 20,860 4,456(1)Production capacity is calculated based on designed capacity, which takes into account various assumptions including downtime for ordinary maintenance and repairs, the oregrade of bauxite feedstock and subsequent capacity modifications.(2)Including the primary aluminum production capacity of Inner Mongolia Huayun, a subsidiary of Baotou Aluminum.In 2021, we produced approximately 16.23 million tonnes of alumina (excluding chemical alumina products), 4.12 million tonnes of chemical alumina products and 3.86million tonnes of primary aluminum. Our production of alumina (with chemical alumina products included) and primary aluminum represented approximately 23.6% and 10.1%,respectively, of the total output of alumina (with chemical alumina products included) and primary aluminum in China in 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 41 of 274 Table of Contents32The 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 2019 2020 2021 (in thousand tonnes, except Gallium)Alumina segmentAlumina 13,803 14,526 16,229Chemical alumina products 3,802 3,942 4,123Gallium (in tonnes)(1) 98 95 137Primary aluminum segment Primary aluminum(2) 3,788 3,695 3,863Carbon 1,472 1,840 2,055(1)As we repurchased our gallium assets in 2021 after disposal through capital contribution in 2019, we present the production volume as if we never disposed of our galliumassets. See “– A. History and Development of the Company – Our Gallium Assets” for details.(2)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 ofthe 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 Bayerprocess. 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 lowalumina-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-sinteringprocess 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 ourrefining yield. 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 carboncathodes and refractory materials. Powerful electric currents are passed through the pot to produce molten aluminum. The molten aluminum is transferred to holding furnaces andthen 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 primaryaluminum we produce is in the form of ingots, molten aluminum and aluminum alloys.All 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 wherepollutants 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. Ourwaste gas is treated and purified to reduce dust and fluoride emissions to acceptable levels set by state environmental protection agencies.Production FacilitiesAluminaWe currently operate 11 alumina refineries and one research institute with a total designed annual production capacity of approximately 20.86 million tonnes as of December31, 2021. Two of our refineries are integrated with primary aluminum smelters. In 2021, we produced approximately 16.23 million tonnes of alumina and approximately 4.12 milliontonnes of chemical alumina products. The overall utilization rate for our refineries was 86% as of December 31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 42 of 274 Table of Contents33The following table sets forth the annual production capacity, output of alumina and chemical alumina products, utilization rate and production process applied in each of ouralumina refineries and our Zhengzhou Institute:As of December 31, 2021For the Year Ended December 31, 2021ChemicalAnnualAluminaAluminaProductionUtilizationProductionProducts Capacity(1) Rate(2) Output Output Production Process(in thousand tonnes, except percentages)Shanxi New Material 2,600 62% 1,570 70 Bayer-sinteringChalco Mining 2,410 74% 1,363 36 Bayer-sinteringChalco Shandong 2,270 100% 1,615 2,666 Sintering and BayerZhongzhou Aluminum 3,050 84% 2,027 1,054 Sintering and BayerGuangxi branch 2,210 100% 2,288 185 BayerZunyi Aluminum 1,000 100% 1,043 10 BayerChongqing branch(3) 800 0% — — Bayer-sinteringZhengzhou Institute(4) 20 0% — 27 BayerGuizhou Huajin 1,600 100% 1,631 — BayerXinghua Technology 900 100% 962 15 BayerShanxi Huaxing 2,000 100% 1,591 — BayerGuangxi Huasheng 2,000 100% 2,140 60 BayerTotal 20,860 86% 16,229 4,123 (1)Production capacity is calculated based on designed capacity, which takes into account various assumptions including downtime for ordinary maintenance and repairs, the oregrade 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)Since 2018, we have leased the alumina production facilities of our Chongqing branch to a third party.(4)The chemical alumina products produced at our Zhengzhou Institute are sold commercially and such sales are included in our total revenues.Primary AluminumWe operate nine primary aluminum smelters in China. Our smelters had an aggregate annual production capacity of approximately 4.46 million tonnes as of December 31,2021.In 2021, we produced approximately 3.86 million tonnes of primary aluminum and the average utilization rate for our smelters was 86% as of December 31, 2021. Thefollowing 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, 2021For the Year Ended December 31, 2021AnnualProductionUtilizationAluminumPlant Capacity(1)Rate(2)Output(3)Smelting Equipment(in thousand tonnes, except percentages)Baotou Aluminum(4) 1,340 99% 1,276 200Ka, 240Ka, 400Ka and 500Ka pre-bakeLanzhou Aluminum 450 99% 415 200Ka and 350Ka pre-bakeQinghai branch 420 99% 404 180Ka and 210Ka pre-bakeShandong Huayu(5) 65 0% — 240Ka pre-bakeShanxi New Material 424 84% 298 300Ka pre-bakeZunyi Aluminum 375 92% 398 200Ka and 400Ka pre-bakeLiancheng branch 550 28% 151 200Ka and 500Ka pre-bakeGuizhou Huaren 400 92% 437 500KaShanxi Zhongrun 432 100% 484 500KaTotal 4,456 86% 3,863 (1)Production capacity takes into account designed capacity, downtime for ordinary maintenance and repairs and subsequent capacity modifications. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 43 of 274 Table of Contents34(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)Including the primary aluminum production facilities at Inner Mongolia Huayun, a subsidiary of Baotou Aluminum.(5)Shandong Huayu halted its primary aluminum production since 2019. See “- Principal Facilities – Shandong Huayu” for details.Raw MaterialsAluminaBauxite is the principal raw material in alumina production. Most of the bauxite in China is monohydrate, consisting mainly of aluminosilicate compounds. Bauxite depositshave 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 inthe 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 inChina usually have similar stratigraphic sequences. Primary bauxite deposit, as a type of sedimentary boehmite (Al2O3.H2O) of the Carboniferous or Permian age, is contained in clayrock, 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 ofOrdovician limestone. Aluminum deposits in northern China are usually covered with a very thick Quaternary weathering.The 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 levelof 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 iscommon 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 mine. Most of theoriginal 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 mine area. Inmost of the Guizhou mine area, the underground mining method must be used due to the obliquity of its bauxite body reaching 70 degrees with the influence of folds and severalmeters 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 thedeposit, which can encompass rock formations such as intercalated clays, bauxite, footwall iron clay or Ordovician limestone. Bauxite deposit groups vary in the thickness andmineral 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 bysamples 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 arithmeticaverage. We believe that the Chinese bauxite deposit estimation method of test boring, inspection pit, trial trench, density, tonnage analysis and calculation applied to the geologicalwork 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 ChalcoShandong, 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 domestic bauxitefrom 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, which include the mining operations of the Boffa mine in Guinea since 2020;●jointly-operated mines; and●other suppliers, which principally include small independent mines in China and international suppliers.On average, our refineries consumed approximately 2.4 tonnes of bauxite to produce one tonne of alumina in 2021. Our mines supplied approximately 28.1 million tonnes ofbauxite to our refineries in 2021. We purchase bauxite from a number of suppliers and do not depend on any supplier for our bauxite requirements. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 44 of 274 Table of Contents35The following table sets forth the volumes and percentages of bauxite supplied by our own mines and other suppliers for the periods indicated:Year Ended December 31,201920202021PercentagePercentagePercentageBauxiteof BauxiteBauxiteof BauxiteBauxiteof Bauxite Supply Supply Supply Supply Supply Supply % % %(in thousand tonnes, except percentages)Own mines(1) 14,791.2 (2) 37.6 20,498.3 46.4 28,140.0 63.5Other suppliers 24,499.9 62.4 23,723.2 53.6 16,204.3 36.5Total 39,291.1 100.0 44,221.5 100.0 44,344.3 100.0(1)Including the bauxite supplied by the Boffa mine in Guinea since 2020.(2)In 2019, bauxite supplied by our own mines exceeded the bauxite output from our own mines because we supplied certain inventory of bauxite extracted prior to 2019.Own Mines. As of December 31, 2021, we owned and operated 14 mines in China that had approximately 173.01 million tonnes of aggregate bauxite reserves. In addition,we own Boffa mine in Guinea, which had approximately 111.69 million tonnes of total bauxite reserves as of December 31, 2021. In 2019, 2020 and 2021, we extractedapproximately 14.4 million tonnes, 17.2 million tonnes and 16.0 million tonnes, respectively, of bauxite from our domestic mines. In addition, in 2020 and 2021, we extractedapproximately 8.1 million tonnes and 12.3 million tonnes of bauxite from the Boffa mine, respectively. We continue to explore new bauxite reserves to replenish our reserves. Pleaserefer to “– Our Mines” for further details of our own bauxite mines.Other Suppliers. In addition to our mines, we also source bauxite from other suppliers. The majority of other domestic suppliers are small independent mines. Smallindependent 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 ofbauxite 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 securea portion of bauxite overseas. In 2021, bauxite secured from other suppliers accounted for approximately 36.5% of our total bauxite supply, primarily because our demand for bauxiteexceeded the production of our mines.Bauxite Procurement. The production and quality management department at our headquarters is responsible for the oversight and coordination of our supply of bauxite ingeneral. The sales and marketing department is responsible for management and coordination of procurement of imported bauxite. To determine how our bauxite requirement will beallocated 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 determinethe amount of bauxite that we wish to source from our mines, and the remaining requirements from other suppliers.Alumina-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. Mostof the bauxite reserves in China are diasporic with low alumina-to-silica ratios. Based on our current technology and economic considerations, an efficient application of the Bayerprocess requires bauxite with an alumina-to-silica ratio of 4.5:1 or higher, while the Bayer-sintering process can refine bauxite with an alumina-to-silica ratio as low as 4:1. In 2021,the average alumina-to-silica ratio of the proven and probable reserves of our mines ranges from approximately 3.73:1 to 34.16:1.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 onore quality, mining costs, market conditions, transportation costs and various governmental taxes or levies, including a resource tax imposed by local governments. Our total bauxitecost 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. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 45 of 274 Table of Contents36The average purchase price of bauxite per tonne from our other suppliers in 2021 decreased by approximately 6.2% to RMB386.83 compared to 2020, primarily because (i)with higher bargaining power due to less reliance on external bauxite suppliers, we were able to procure bauxite from external suppliers with a lower price in 2021, and (ii) theinternational freight decreased in 2021, in each case compared to that in 2020. The average cost of bauxite per tonne from our own mines is mainly related to the cost of our bauxitemining operations and transportation costs. In 2021, the average cost of bauxite per tonne from our own mines increased by approximately 6.3% to RMB299.03 compared to 2020,mainly due to increase of the cost of our bauxite mining operations.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 thatmeets 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 thetechnical 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.Primary AluminumAn average of approximately 1.91 tonnes of alumina and 13,361 kWh of electricity was required to produce one tonne of primary aluminum ingots in 2021.Alumina and electricity, the two principal components of costs in the smelting process, accounted for approximately 40% and 37%, respectively, of our unit primaryaluminum production costs in 2021. 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 onsiteobtain alumina internally from our alumina refineries located elsewhere or externally on the market.Our MinesOverview of Our Mining Properties and OperationsAs of December 31, 2021 and up to the date of this annual report, our mining operations are primarily related to bauxite mines and also cover certain coal mines.Bauxite MinesAs of December 31, 2021, we owned and operated 14 bauxite mines in China and one bauxite mine in Guinea. In accordance with the requirements of Regulation S-K 1300,we consider our Boffa mine in Guinea as the sole mining property that is material to our business. Please refer to “– D. Property, Plants and Equipment – Boffa Mine” for more detailsof Boffa mine and refer to Exhibit 96.1 for the technical report summary that has been prepared for Boffa mine in accordance with Regulation S-K 1300 and Item 601(b)(96) ofRegulation S-K, or the Technical Report Summary. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 46 of 274 Table of Contents37The following map shows the locations of our 14 bauxite mines in China.Bauxite Mines in China Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 47 of 274 Table of Contents38The following table sets forth information for our bauxite mines as of December 31, 2021 and the annual production for the three years ended December 31, 2021:Bauxite ProductionAmount ofMining Permit(1)Exploration Permit(1)(in Thousand tonnes)ownershipMiningExplorationProcessingintersests andMiningpermitAreapermitAreaplants andMineLocationOperatormethodrenewal(km2)renewal(km2)Stage201920202021facilities (2)Pingguo mine Guangxi ZhuangAutonomousRegion, China 100% owned andoperated by Chalco(Guangxi branch) Open pit March 2024 –April 2036 229.70 November2021(3) –January2022 82.05 Partiallyproduction andpartiallyexploration 5,988 5,806 5,531 Washing andcrushing systemGuizhou mine(4) GuizhouProvince, China 100% owned andoperated by Chalco(Guizhou branch) Open pit/underground October 2024 –December 2038 34.93 N/A N/A Production 1,921 2,000 1,962 CrushingsystemZunyi mine GuizhouProvince, China Owned andoperated by ZunyiAluminum, a67.45% subsidiaryof Chalco Open pit/underground July2026 –May 2031 17.28 December 2020– June 2026 6.25 Partiallyproduction andpartiallyexploration 904 1,003 1,004 CrushingsystemNanchuan mine ChongqingMunicipality,China 100% owned andoperated by Chalco(Chongqingbranch) Underground December 2022– November2026 10.25 N/A N/A Productionsuspended 0 0 0 CrushingsystemXuping mine(5) Henan Province,China 100% owned andoperated by Chalco(ZhongzhouAluminum) Open pit/underground May 2019 –September2031 34.63 N/A N/A Production 172 277 168 CrushingsystemSanmenxia mine Henan Province,China 100% owned andoperated by Chalco(ZhongzhouAluminum) Underground May 2025 –February 2035 13.03 N/A N/A Production 445 507 170 CrushingsystemJiaozuo mine Henan Province,China 100% owned andoperated by Chalco(ZhongzhouAluminum) Open pit/underground September2018 – October2024 17.07 N/A N/A Production 111 388 335 CrushingsystemZhengzhou area business department(5) Henan Province,China 100% owned andoperated by Chalco(Chalco Mining) Open pit/underground June 2021–October 2031 58.98 N/A N/A Production 601 853 922 CrushingsystemLuoyang area business department(5) Henan Province,China 100% owned andoperated by Chalco(Chalco Mining) Open pit/underground June 2022 –October 2031 7.30 July 2017 –March 2027 29.59 Partiallyproduction andpartiallyexploration 379 753 741 CrushingsystemSanmenxia area business department(5) Henan Province,China 100% owned andoperated by Chalco(Chalco Mining) Open pit/underground December 2020– October 2031 14.53 February 2021 –February 2026 5.51 Partiallyproduction andpartiallyexploration 375 400 337 CrushingsystemXiaoyi mine Shanxi Province,China 100% owned andoperated by Chalco(Shanxi NewMaterial(6)) Open pit June 2018 –September2031 24.67 N/A N/A Production 843 499 999 CrushingsystemShanxi Other Mines Shanxi Province,China 100% owned andoperated by Chalco(Shanxi NewMaterial(6)) Open pit/underground September2017 – July2035 41.64 July 2013-January 2023 21.07 Partiallyproduction andpartiallyexploration 560 1,523 1,135 CrushingsystemYangquan mine Shanxi Province,China 100% owned andoperated by Chalco(Chalco Shandong) Open pit September2031 – May2036 5.78 N/A N/A Production 133 426 429 CrushingsystemHuaxing mine Shanxi Province,China 100% owned andoperated by Chalco(Shanxi Huaxing) Underground September2020(3) –August 2022 17.44 November 2021– December2022 13.49 Partiallyproduction andpartiallyexploration 2,018 2,768 2,278 CrushingsystemBoffa mine(7) Boffa, Guinea Owned andoperated by ChalcoGuinea CompanyS.A., an 85%subsidiary ofChalco Open pit July 2018 –July 2033 1,248.16 N/A N/A Production 0 8,062 12,303 Variousfacilities (7)Total 1,775.40 157.96 14,441 25,265 28,314  Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 48 of 274 Table of Contents39(1)All conditions to retain our properties or leases have been fulfilled as of December 31, 2021. Each mine may be covered by one or more mining permits and/or explorationpermits and the range of permit renewal dates is set forth above.(2)We have modern facilities at our bauxite mines in China, which were designed by professional PRC mine design institutes and adhere to international standards. Our bauxitemines are either open pit or underground. Our bauxite 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. All of our mining facilities in China are connected to the local or regional electric power grids. Our miningfacilities are also connected to reliable water sources, all of which were sufficient for the requirements of each individual mine. For details of the processing plants and otheravailable facilities for these mines, see “– Principal Facilities.”(3)We are in the process of renewing these permits.(4)Including both Guizhou No. 1 mine and Guizhou No. 2 mine throughout this annual report.(5)To enhance our mine management system and improve management efficiency and coordination, in 2020, Mianchi mine was renamed as Sanmenxia area business department;Luoyang mine was renamed as Luoyang area business department; Xiaoguan mine, Gongyi mine, Dengfeng mine and Xinmi mine were integrated as Zhengzhou area businessdepartment; and Xuchang mine and Pingdingshan mine were integrated as Xuping mine. These new names are used throughout this annual report.(6)As disclosed in “– C. Organizational Structure,” Chalco does not own 100% ownership interests of Shanxi New Material. Nevertheless, Chalco holds the permits for 100%interests of Xiaoyi mine and Shanxi Other Mines while Shanxi New Material is the operator of these mines.(7)For details of our sole individually material mining property, Boffa mine, please refer to “– D. Property, Plants and Equipment – Boffa Mine.”For the years ended December 31, 2019, 2020 and 2021, we extracted approximately 14.4 million tonnes, 17.2 million tonnes and 16.0 million tonnes, respectively, ofbauxite from our domestic mines. In addition, in 2020 and 2021, we extracted approximately 8.1 million tonnes and 12.3 million tonnes of bauxite from the Boffa mine, respectively.The decrease in the volume of bauxite extracted from our domestic mines in 2021 was primarily because (i) some of the mine resources depleted and the replacements failed to meetthe previous output in a timely manner, (ii) safety and environmental protection control standards improved in some regions where certain mines were located, (iii) we proactivelyreduced the production of a small number of mines with low-grade ore. The increase in the volume of bauxite extracted from Boffa mine in 2021 was primarily because our Boffamine entered into normal operation stage for the full year of 2021.We hold the requisite mining permit for three bauxite mines (i.e. PT ALUSENTOSA, PT KALMIN and 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 tropicalclimates. We have suspended our bauxite mining in Indonesia since September 2014 due to restraints on export of bauxite imposed by the Indonesian government. Since 2017, theIndonesian government has issued, and amended from time to time, relevant rules pursuant to which export of bauxite may be allowed upon satisfaction of certain requirements. Wehave been actively exploring the possibility of meeting these requirements. However, Indonesia plans to stop the exports of bauxite in 2022. We do not expect to engage inexploration, development or production of bauxite on PT ALUSENTOSA, PT KALMIN or PT VISITAMA mines in the near future. Our mines in Indonesia have access to localroads. The mineral resources and mineral reserves of PT ALUSENTOSA, PT KALMIN and PT VISITAMA are also not available.We are required to obtain mining rights permits to conduct mining activities. Under PRC laws and regulations, a mining enterprise must prepare and submit explorationreports 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.Furthermore, 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 Chinafrom 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 inChina 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 landuse 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 rightslease agreements are renewable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 49 of 274 Table of Contents40The following table sets forth our capital expenditures for our bauxite mines for the periods indicated:Year Ended December 31, 2019 2020 2021 (RMB in thousands)Capital Expenditures Infrastructure construction 1,314,802.9 831,375.0 (1) 279,536.0 (1)Facility upgrade 6,079.8 — (2) —Total 1,320,882.7 831,375.0 279,536.0(1)The decreases in capital expenditures on infrastructure construction in 2020 and 2021 were primarily attributable to the completion of construction of the Boffa Project in April2020. See “– A. History and Development of the Company – Boffa Project” for more details.(2)The decrease in capital expenditures on facility upgrade in 2020 was primarily because our technology transformation projects had been completed and we did not have any newtechnology transformation projects in 2020.Coal MinesAs of December 31, 2021, our non-wholly owned subsidiaries owned and operated five coal mines in China.We 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 inNingxia Autonomous Region. The coal mines directly owned and operated by Ningxia Energy include Wangwa mine, Wangwa No.2 mine and Yindonggou mine. In addition, NingxiaEnergy holds 50% of interest in Ningxia Yinxing Coal Industry Co., Ltd., which owns and operates Yinxingyijing mine. As the other 50% owner of in Yinxingyijing mine does notparticipate in its operation, Ningxia Energy is able to control its operation and consolidate its financial statements. Each of Wangwa mine, Wangwa No.2 mine, Yindonggou mine andYinxingyijing mine is an underground thermal coal mine in extraction stage. The operations at these coal mines are powered by electricity from local power grids and are accessibleby public roads. For the year ended December 31, 2021, Ningxia Energy incurred capital expenditures of approximately RMB360.4 million on infrastructure construction.We acquired 70% of the equity interest in Gansu Huayang in March 2011, which holds exploration rights for a portion of Luochuan mine in Gansu Province. We renewed theexploration permit in 2020, which will expire in October 2025. We are in the process of applying for the exploration permit for the rest of Luochuan mine. Luochuan mine is anunderground mine. We have completed the exploration but have not commenced development of Luochuan mine. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 50 of 274 Table of Contents41The following map shows the locations of five coal mines of our subsidiaries in China.Coal Mines in China Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 51 of 274 Table of Contents42The following table sets forth information for five coal mines owned and operated by our subsidiaries as of December 31, 2021 and the annual production for the three yearsended December 31, 2021: Coal Production (in thousand tonnes) Amount of Mining Permit/Processingownership andMiningExplorationplants andMine Location Operator method Permit Area (km2) Stage 2019 2020 2021 facilitiesWangwamine Ningxia Autonomous Region, China Owned and operated by Ningxia Energy, a 70.82% subsidiary of Chalco Mining well October 2021 – November 2046 23.97 Production 1,846.3 3,953.2 1,792.8 Coal preparation plant with capacity of 12 million tonnes/yWangwaNo.2 mine Ningxia Autonomous Region, China Owned and operated by Ningxia Energy, a 70.82% subsidiary of Chalco Mining well October 2021 – June 2031 8.72 Production 2,978.6 2,913.6 2,977.2 Coal preparation plant with capacity of 12 million tonnes/yYindonggoumine Ningxia Autonomous Region, China Owned and operated by Ningxia Energy, a 70.82% subsidiary of Chalco Mining well July 2016 – July 2036 2.79 Production 2,958.1 2,254.6 1,580.8 Coal preparation plant with capacity of 12 million tonnes/yYinxingyijingmine Ningxia Autonomous Region, China Owned and operated by Ningxia Yinxing Coal Industry Co., Ltd., 50% subsidiary of Ningxia Energy Mining well February 2018 – February 2048 60.42 Production 3,008.2 2,081.0 1,890.5 Coal preparation plant with capacity of four million tonnes/Luochuanmine Gansu Province, China Owned and operated by Gansu Huayang, a 70% subsidiary of Chalco Mining well October 2020 – October 2025 260.13 Exploration — — — N/ATotal 356.03 10,791.2 11,202.4 8,241.3In addition to the coal mines above, as of December 31, 2021, we held minority interests in certain other coal mines owned or operated by our joint ventures and associates,including Xuehugou Coal Industry Co., Ltd., Huasheng Wanjie Coal Co., Ltd., Guizhou Yuneng Mining Co., Ltd., Shanxi Jiexiu Xinyugou Coal Industry Co., Ltd., Qinghai ProvinceEnergy Development (Group) Co., Ltd., Shaanxi Chengcheng Dongdong Coal Co., Ltd., Guizhou Chalco Hengtaihe Mining Co., Ltd. (formerly known as Chalco LiupanshuiHengtaihe Mining Co., Ltd.) and Huozhou Coal Group Xingshengyuan Coal Co., Ltd. The coal mines owned or operated by these joint ventures and associates are individually andcollectively immaterial to our business operations and financial condition. The mineral resources and mineral reserves of these coal mines are not available.Our Mineral Resources and ReservesOur estimates of mineral resources and mineral reserves have been prepared in accordance with the disclosure requirements of Regulation S-K 1300. As a result of the SEC’srevised disclosure requirements for mining registrants, we replaced our previous estimate of reserves with estimates of mineral resources and mineral reserves in accordance withRegulation S-K 1300.With respect to our bauxite mines, we, through CINF Engineering Co., Ltd., engaged Mr. Shengfa Tu, a fellow of Australasian Institute of Mining and Metallurgy, as thequalified person as defined under Regulation S-K 1300. Mr. Tu is not our employee. He is an external consultant of CINF Engineering Co., Ltd., a wholly-owned subsidiary of ChinaAluminum International Engineering Corporation Limited, in which our controlling shareholder Chinalco owns 73.56% interests. The scientific and technical information concerningour mineral resources and mineral reserves of bauxite mines in this annual report has been reviewed and approved by Mr. Tu. In addition, with respect to Boffa mine, our soleindividually material mining property, Mr. Tu has prepared the Technical Report Summary in accordance with Regulation S-K 1300 and Item 601(b)(96) of Regulation S-K, filed asExhibit 96.1 to this annual report.With respect to our coal mines, we engaged Mr. Wen Chen, a member of Geological Society of China, as the qualified person as defined under Regulation S-K 1300. Mr.Chen is not our employee. He is employed by Ningxia Coal Mine Geological Bureau, which is a non-profitable organization not affiliated with us. The scientific and technicalinformation concerning our mineral resources and mineral reserves of coal mines in this annual report has been reviewed and approved by Mr. Chen.For discussion of risks associated with our estimates of mineral resources and mineral reserves, please refer to “Item 3. Key Information – D. Risk Factors – Estimates ofmineral reserves and mineral resources are uncertain and the volume and grade of minerals actually extracted may vary from our estimates.”As used in this annual report, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,”“proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with Regulation S-K 1300. In addition, all disclosure of mineral resources and reservesin this annual report is only for the portion of the resources or reserves attributable to Chalco’s interest in the mining properties. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 52 of 274 Table of Contents43Summary of Mineral ResourcesA “mineral resource” is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade, or quality and quantity that thereare reasonable prospects for eventual economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade,likely mining dimensions, location or continuity, that, with the assumed adjustifiable technical and economic conditions, is likely to, in whole or in part, become economicallyextractable. It is not merely an inventory of all mineralization drilled or sampled. A “measured mineral resource” is a resource for which the quantity and grade are estimated fromdetailed, closely spaced sampling, and geologic characterization that defines the size, shape, depth and mineral content to a high degree of confidence. An “indicated mineralresource” is a resource for which quantity and grade are estimated from information similar to that used for measured mineral resources where the samples are farther apart, and thegeological characterization is adequate. An “inferred mineral resource” is a resource for which quantity and grade are estimated from information similar to that used for measuredand indicated mineral resources, but with limited geological evidence and sampling. Inferred mineral resource grade and mineralization continuity have a lower degree of confidence.Accordingly, no assurance can be given that the estimated mineral resources not included in mineral reserves will become proven and probable mineral reserves. The measured,indicated, and inferred resource figures presented herein are estimates based on information available at the time of calculation and are exclusive of reserves.The following table sets forth certain estimated details of the measured, indicated and inferred resources, exclusive of mineral reserves, for our bauxite mines as of December31, 2021: Measured ResourcesIndicated ResourcesMeasured and Indicated ResourcesInferred ResourcesTonnageTonnageTonnageTonnage (in millionAl2O3SiO2(in millionAl2O3SiO2(in millionAl2O3SiO2(in millionAl2O3SiO2 Mine tonnes) (%)(%) A/S(1) tonnes) (%) (%) A/S(12) tonnes) (%) (%) A/S(12) tonnes) (%) (%) A/S(1)Pingguo mine 1.86 52.28 4.07 12.85 2.43 49.97 3.83 13.04 4.29 50.97 3.93 12.96 3.01 50.68 4.00 12.67Guizhou mine / / / / 0.37 66.20 9.74 6.80 0.37 66.20 9.74 6.80 69.75 65.80 7.72 8.52Zunyi mine 0.07 63.55 13.41 4.74 0.67 63.65 7.51 8.48 0.74 63.64 8.05 7.91 8.5 60.43 9.65 6.26Nanchuan mine / / / / 6.35 62.51 11.17 5.59 6.35 62.51 11.17 5.59 1.14 63.71 14.50 4.39Xuping mine / / / / 0.99 60.19 14.46 4.16 0.99 60.19 14.46 4.16 8.58 63.08 12.23 5.16Sanmenxia mine 0.80 66.59 9.90 6.72 4.70 65.42 11.27 5.81 5.51 65.59 11.07 5.93 9.51 68.03 9.50 7.16Jiaozuo mine 0.25 63.56 12.17 5.22 0.06 60.49 13.00 4.65 0.31 62.98 12.32 5.11 1.58 60.44 14.25 4.24Zhengzhou area business department 0.19 67.98 9.27 7.34 2.37 66.17 9.69 6.83 2.56 66.31 9.66 6.87 12.47 64.35 12.09 5.32Luoyang area business department 3.46 63.27 13.42 4.71 9.25 63.32 13.03 4.86 12.71 63.31 13.14 4.82 9.57 63.16 13.25 4.77Sanmenxia area business department 2.34 64.76 12.21 5.30 6.43 64.15 12.50 5.13 8.77 64.31 12.42 5.18 11.02 64.11 12.46 5.15Xiaoyi mine / / / / 0.79 64.72 12.39 5.22 0.79 64.72 12.39 5.22 5.99 64.00 12.82 4.99Shanxi Other Mines 1.47 65.72 12.15 5.41 4.74 65.12 12.27 5.31 6.22 65.26 12.24 5.33 24.37 64.99 12.38 5.25Yangquan mine / / / / 0.02 61.35 13.28 4.62 0.02 61.35 13.28 4.62 1.70 59.55 12.36 4.82Huaxing mine 7.81 61.40 7.45 8.24 30.03 61.02 6.87 8.88 37.84 61.10 6.99 8.74 21.77 61.69 7.06 8.73Boffa mine(2) 58.97 37.51 1.29 29.13 66.92 37.84 1.19 31.92 125.89 37.68 1.23 30.56 1,535.77 39.02 1.09 35.93Total 77.22 136.12 213.36 1,724.73(1)Refers to the ratio of average grade of Al2O3 to the average grade of SiO2 of the reserves.(2)Alumina for the Boffa mine is stated as available alumina (AAl2O3) and Silica is stated as reactive silica (RSiO2). For details of Boffa mine, please refer to “– D. Property, Plantsand Equipment – Boffa Mine.”(3)Estimation of mineral resources of our bauxite mines other than Boffa mine is based on the following per tonne price, which is the five-year average sales price of bauxite fromthe respective mines between 2017 and 2021: RMB300-320 for Pingguo mine, RMB300-350 for Guizhou mine, Zunyi mine and Nanchuan mine, RMB400-450 for Yangquanmine, RMB450-500 for Xuping mine, Sanmenxia mine, Jiaozuo mine, Sanmenxia area business department and Luoyang area business department, RMB500-550 for Zhengzhouarea business department, Xiaoyi mine, Shanxi Other Mines and Huaxing mine. Since each of these mines may contain multiple mining areas for which the qualified person usedslightly different prices when estimating the mineral resources of different areas, the prices above are stated as a range. The point of reference selected by the qualified person isthe point where bauxite is delivered to ore storage yard and available for use by alumina refineries. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 53 of 274 Table of Contents44The following table sets forth certain estimated details of the measured, indicated and inferred resources, exclusive of mineral reserves, for our four coal mines as ofDecember 31, 2021: Measured and Indicated Measured ResourcesIndicated ResourcesResourcesInferred Resources Heat Value Coal ash Heat Value Coal ash Heat Value Coal ash Heat Value Coal ash Mine(1) Tonnage (MJ/kg) (%) Tonnage (MJ/kg) (%) Tonnage (MJ/kg) (%) Tonnage (MJ/kg) (%) (in ten thousand tonnes)(in ten thousand tonnes)(in ten thousand tonnes)(in ten thousand tonnes)Wangwa mine 1,805.15 24.85 16.10% 921.57 24.85 16.10% 2,726.73 24.85 16.10% 7,001.05 24.85 16.10%Wangwa No.2 mine 2,128.46 26.11 12.98% 1,436.45 26.11 12.98% 3,564.91 26.11 12.98% 2,719.61 26.11 12.98%Yindonggou mine 462.04 24.50 18.52% 83.13 24.50 18.52% 545.18 24.50 18.52% 1,197.23 24.50 18.52%Yinxingyijing mine 1,572.89 28.00 12.50% 1,433.78 28.00 12.50% 3,006.67 28.00 12.50% 26,041.28 28.00 12.50%Total 5,968.54 3,874.93 9,843.49 36,959.17 (1)Measured, indicated and inferred resources for Luochuan mine are not available because it is still in exploration stage.(2)Estimation of mineral resources in this table is based on RMB478, RMB478, RMB522 and RMB582 per tonne of coal for Wangwa mine, Wangwa No.2 mine, Yindonggou mineand Yinxingyijing mine, respectively. Such prices are the respective average selling price of coal extracted from these mines during 2021. The point of reference selected by thequalified person is the point where raw coal mined from the coal mines can be saleable product after being washed by the supporting coal preparation plant.Summary of Mineral ReservesA “mineral reserve” is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis ofan economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowancesfor losses that may occur when the material is mined or extracted. The term “economically viable,” as used in the definition of reserve, means that the qualified person has analyticallydetermined that extraction of the mineral reserve is economically viable under reasonable investment and market assumptions.The term “proven reserves” means the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. Theterm “probable reserves” means reserves for which quantity and grade are computed from information similar to that used for proven reserves, but the sites for sampling are fartherapart or are otherwise less closely spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation.Our proven and probable reserves include bauxite or coal attributable to our ownership or economic interest.Proven and probable mineral reserves were determined from the application of relevant modifying factors to geological data, in order to establish an operational,economically viable mine plan. The proven and probable reserve figures presented herein are estimates based on information available at the time of calculation. No assurance can begiven that the indicated levels of recovery of bauxite or coal will be realized. Reserve estimates may require revision based on actual production. Market fluctuations in the price ofaluminum and coal, as well as increased production costs or reduced metallurgical recovery rates, could render certain proven and probable reserves containing higher costuneconomic to exploit and might result in a reduction of reserves. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 54 of 274 Table of Contents45The following table sets forth details of proven and probable reserves for our bauxite mines as of December31, 2021:Proven Mineral ReservesProbable Mineral ReservesTotal Mineral Reserves Tonnage Tonnage Tonnage (in millionAl2O3SiO2(in millionAl2O3SiO2(in millionAl2O3SiO2Minetonnes)(%)(%)A/S(1)tonnes)(%)(%)A/S(1)tonnes)(%)(%)A/S(1)Pingguo mine 17.50 52.14 4.56 11.45 29.02 51.95 5.44 9.56 46.52 52.02 5.11 10.19Guizhou mine 6.85 62.44 9.32 6.70 26.24 66.56 8.02 8.30 33.09 65.70 8.29 7.93Zunyi mine 1.97 58.73 10.27 5.72 3.27 62.10 9.91 6.27 5.24 60.84 10.04 6.06Nanchuan mine 1.52 57.23 16.08 3.56 16.30 58.62 15.63 3.75 17.82 58.50 15.67 3.73Xuping mine 0.11 65.21 13.32 4.89 3.24 64.24 12.60 5.10 3.36 64.28 12.62 5.09Sanmenxia mine 20.09 62.22 13.03 4.77 3.90 61.23 15.19 4.03 23.99 62.06 13.38 4.64Jiaozuo mine 0.25 63.56 12.17 5.22 0.06 60.49 13.00 4.65 0.31 62.98 12.32 5.11Zhengzhou area businessdepartment 5.12 64.23 13.83 4.65 5.80 64.09 12.68 5.05 10.92 64.15 13.22 4.85Luoyang area businessdepartment 1.80 62.93 14.10 4.46 0.93 62.57 14.71 4.25 2.73 62.80 14.31 4.39Sanmenxia area businessdepartment 0.14 63.54 13.88 4.58 4.37 61.87 15.18 4.07 4.51 61.92 15.14 4.09Xiaoyi mine 0.23 66.16 12.24 5.41 7.09 65.24 12.50 5.22 7.31 65.27 12.49 5.23Shanxi Other Mines 3.82 64.39 13.22 4.87 10.40 62.48 13.64 4.58 14.22 62.99 13.53 4.66Yangquan mine / / / / 1.02 58.36 13.94 4.19 1.02 58.36 13.94 4.19Huaxing mine 0.47 58.07 10.68 5.44 1.50 58.51 10.57 5.54 1.97 58.40 10.59 5.51Boffa mine(2) 49.45 41.71 1.07 39.13 62.24 41.74 1.35 31.03 111.69 41.73 1.22 34.16Total 109.32 175.38 284.70 (1)Refers to the ratio of average grade of Al2O3 to the average grade of SiO2 of the reserves.(2)Alumina for the Boffa mine is stated as available alumina (AAl2O3) and Silica is stated as reactive silica (RSiO2). For details of Boffa mine, please refer to “– D. Property, Plantsand Equipment – Boffa Mine.”(3)Estimation of mineral resources of our bauxite mines other than Boffa mine is based on the following per tonne price, which is the five-year average sales price of bauxite fromthe respective mines between 2017 and 2021: RMB300-320 for Pingguo mine, RMB300-350 for Guizhou mine, Zunyi mine and Nanchuan mine, RMB400-450 for Yangquanmine, RMB450-500 for Xuping mine, Sanmenxia mine, Jiaozuo mine, Sanmenxia area business department and Luoyang area business department, RMB500-550 for Zhengzhouarea business department, Xiaoyi mine, Shanxi Other Mines and Huaxing mine. Since each of these mines may contain multiple mining areas for which the qualified person usedslightly different prices when estimating the mineral resources of different areas, the prices above are stated as a range. The point of reference selected by the qualified person isthe point where bauxite is delivered to ore storage yard and available for use by alumina refineries.The following table sets forth details of proven and probable reserves for our four coal mines as of December 31, 2021:Proven Mineral ReservesProbable Mineral ReservesTotal Mineral Reserves Heat ValueCoal ashHeat ValueCoal ashHeat ValueCoal ash Tonnage (MJ/kg) (%) Tonnage (MJ/kg) (%) Tonnage (MJ/kg) (%)Mine(1) (in ten thousand tonnes) (in ten thousand tonnes) (in ten thousand tonnes)Wangwa mine 10,482.73 24.85 16.10% 6,381.03 24.85 16.10% 16,863.76 24.85 16.10%Wangwa No.2 mine 7,766.77 26.11 12.98% 432.75 26.11 12.98% 8,199.50 26.11 12.98%Yindonggou mine 2,618.23 24.50 18.52% 471.10 24.50 18.52% 3,089.33 24.50 18.52%Yinxingyijing mine 2,430.83 28.00 12.50% 2,215.85 28.00 12.50% 4,646.68 28.00 12.50%Total 23,298.56 9,500.73 32,799.27 (1)Proven and probable reserves for Luochuan mine are not available because it is still in the exploration stage. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 55 of 274 Table of Contents46(2)Estimation of mineral reserves in this table is based on RMB478, RMB478, RMB522 and RMB582 per tonne of coal for Wangwa mine, Wangwa No.2 mine, Yindonggou mineand Yinxingyijing mine, respectively. Such prices are the respective average selling price of coal extracted from these mines during 2021. The point of reference selected by thequalified person is the point where raw coal mined from the coal mines can be a saleable product after being washed by the supporting coal preparation plant.Internal Controls over the Mineral Reserves and Mineral Resources Estimation ProcessWe have internal controls over the mineral reserves and mineral resources estimation processes that are able to reach reasonable and reliable estimates aligned with industrypractice and reporting regulations, which includes (i) a quality control and quality assurance plan, and (ii) verification of analytical procedures.With respect to quality control and quality assurance, we engage third-party professional technical firms to conduct the mineral exploration and mineral resources estimation,the results of which are evaluated by internal and external experts. The conversion of mineral resources into mineral reserves is determined by third-party professional consultingfirms based on feasibility studies or pre-feasibility studies, or supported by mine production data. The estimates of mineral resources and mineral reserves by third-party professionalfirms will first be reviewed by Chalco’s internal experts, and then reviewed and confirmed by the qualified person to ensure the reliability of mineral reserves and mineral resourcesestimation results. The annual report and results of mineral reserve and resources estimation of coal mines are also filed with the Department of Natural Resources of the localgovernment.The verification of analytical procedures is entrusted to third-party qualified firms. The fundamental analysis of the samples is carried out by a certified laboratory. Duringthe analysis, standard samples were used for quality control. At the same time, duplicate samples were taken according to the ratio of 7% to 10% by such laboratory. In each batch ofanalysis samples, 3% to 5% of the samples are taken and sent to another certified laboratory for external inspection and analysis, and standard samples are also used for qualitycontrol during external inspection and analysis.These controls and other measures help to validate the reasonableness of the estimates of our mineral resources and mineral reserves. However, estimates could change dueto a number of factors, including future changes in permitting requirements, geological conditions, ongoing mine planning, macroeconomic and industry conditions, and regulatorydisclosure requirements. The industry risks to which estimates are subject include risks related to metal prices, metallurgical performance and geological modeling. Please refer to“Item 3. Key Information – D. Risk Factors – Estimates of mineral reserves and mineral resources are uncertain and the volume and grade of minerals actually extracted may varyfrom our estimates” for a discussion of risks inherent in our estimates of mineral resources and mineral reserves.Mine Safety DisclosureWe have been in compliance with the PRC National Mining Safety Law and related rules and regulations in China. We closely supervise and routinely inspect miningconditions with continual implementation of safety measures and procedures at our own bauxite mines and safety trainings for our mining personnel. For our Boffa mine, we strictlyabide by the mining convention with the Guinean government and Guinean laws and regulations relating to mining. We continuously screen, identify and control safety hazards andregularly organize safety trainings for our personnel. In 2021, we extracted approximately 16.0 million tonnes of bauxite from our domestic mines and approximately 12.3 milliontonnes of bauxite from the Boffa mine. We did not experience any mining operation-related accidents that involved serious work injuries or death.Supplemental Materials, Electricity and FuelThe sales and marketing department at our headquarters coordinates and manages our supply chain for all our major raw materials in conjunction with the procurement centerat 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 manufacturingequipment, 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 costcomponents in our refining process. We generate electricity at a number of alumina refineries and meet our remaining electric power requirements through purchasing from regionalpower grids at government-mandated rates or directly from power generation enterprises. Most of our power supply agreements have a term of one year and are renewed by mutualagreement. 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 ourvarious alumina refineries vary accordingly. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 56 of 274 Table of Contents47Large quantities of coal are used as a reducing agent and fuel to produce steam and gas in the alumina refining process. See “– B. Business Overview – Our Mines” fordetails of coal mines of which we own majority or minority interests. By investing in coal mining enterprises and acquiring mining rights for coal deposits, we plan to partially offsetour future energy costs.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 isused 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. Wepurchase these raw materials from external suppliers under negotiated supply contracts, which we believe are competitively priced. We have not experienced difficulty in obtainingthese materials in sufficient quantity and at acceptable prices.Primary AluminumElectricity, carbon anodes and cathodes are the principal materials and energy used in our smelting process. Smelting primary aluminum requires a substantial and continuoussupply of electricity. The availability and price of electricity are key factors in our primary aluminum production. 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 to supply a portion of the electricity consumed by these smelters. We meet our remaining electric power requirements throughpurchasing directly from power generation enterprises. As of December 31, 2021, five of our smelters had direct purchase arrangements with power generation enterprises and the restof our smelters were in the negotiation process for the renewal of direct purchase arrangements. In 2021, direct purchase transactions were organized by the local government. Startingfrom January 1, 2022, direct purchase transactions have been carried out based on the relevant rules and regulations in different regions. Because power prices in China vary from oneregion to another, power costs for our various smelters could vary substantially. The average electricity cost (including tax) of our smelters increased by 27% from 2020 to 2021.Carbon anodes and cathodes are key raw materials in the smelting process. We are generally able to manufacture carbon anodes necessary for the operations of our smelters.In addition, our Qinghai branch possesses production capacity of carbon cathodes and is able to manufacture carbon cathodes products.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 Group. Our subsidiaries and branches sell some of our self-produced primary aluminum products directly to externalcustomers. Our alumina refineries sell our self-produced chemical alumina products directly to external customers or indirectly through Chalco Trading Group for subsequent externaltrading. For all of our self-produced products that are sold either through Chalco Trading Group for subsequent external sale or directly to external customers, our subsidiaries andbranches play an important role in providing after-sale services and strengthening our presence in the marketplace. Since late 2009, we have also been engaged substantially in thetrading 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 ChalcoTrading Group, or previously Chalco Trading.AluminaWe sell our self-produced alumina to external customers primarily through Chalco Trading Group, giving priority to customers with whom we have long-standingrelationships and who have established a strong credit history, after reserving sufficient alumina for our forecasted primary aluminum production. In 2021, we supplied approximately7.1 million tonnes of alumina produced at our alumina refineries to our smelters, which represented approximately 43.8% of our total alumina production, and sold the remainder toour customers. In addition, we also procure and sell outsourced alumina under long-term agreements or on the spot market through Chalco Trading Group. We sold approximately 1.9million tonnes of outsourced alumina in 2021.The sales prices of alumina that our alumina refineries sell internally to Chalco Trading Group are determined based on our budgeted sale prices, spot market prices and theprices of primary aluminum on SHFE. Chalco Trading Group coordinates the external negotiation and execution of sales contracts of our alumina products. Chalco Trading Groupsells our self-produced alumina and alumina sourced from third-party suppliers to customers throughout China. Most of our major customers in the past three years have beendomestic 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 beforeeach delivery. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 57 of 274 Table of Contents48Chalco Trading Group sells our self-produced alumina and outsourced alumina under spot sales agreements and long-term sales agreements with terms ranging from oneyear to three years. Our long-term sales agreement for alumina normally sets forth the quantity of alumina to be sold by us in each month and each year, the price determinationmechanism, payment method, place of delivery and delivery method. Places of delivery under our sales agreements are arranged to be where we could efficiently manage thetransportation of alumina and help reduce logistics cost. Our customers are normally required to pay for their procurement before each delivery. As a result, the spot price of aluminaand fluctuations of primary aluminum prices on the SHFE affect the alumina prices at which we sell.Chalco Trading Group sets 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 alumina transportation costs;●effects of the PRC government’s policies on raw materials required by our alumina refineries; and●our short-term and mid-term projections for alumina prices.Primary AluminumWe sell all of our self-produced and outsourced primary aluminum to domestic customers. We expect China to remain our key market for primary aluminum for theforeseeable future. Customers of our primary aluminum products principally consist of aluminum fabricators and distributors that resell our primary aluminum products to aluminumfabricators or other purchasers.To improve the efficiency of our distribution, we divide our China market into the following regions: southern China (including Guangdong and Fujian Provinces); easternChina (including Jiangsu and Zhejiang Provinces and Shanghai Municipality); southwestern China (including Sichuan Province and Chongqing Municipality); the Beijing-Tianjin-Tanggu area; and central China. In general, we satisfy each purchase order with products from our nearest smelter to minimize transportation costs.Our primary aluminum smelting subsidiaries and branches sell a portion of our primary aluminum output directly to external customers. Each of our smelters is normallyresponsible for the sale of products to the customers from neighboring markets, negotiating the pricing and delivery terms based on market conditions.Our primary aluminum smelting subsidiaries and branches also sell a portion of our primary aluminum output internally to Chalco Trading Group at prices based on the spotprices of primary aluminum on Yangtze or Nanchu. We establish pricing guidelines for Chalco Trading Group to conduct external domestic sales of our self-produced primaryaluminum products, taking into account four main factors: the primary aluminum spot prices and futures price on the SHFE; spot prices in the regions of eastern China and southernChina; our production costs and expected profit margins; and supply and demand. Chalco Trading Group then coordinates the external sales of primary aluminum. Chalco TradingGroup 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 salescontracts for primary aluminum are typically one year. We price our primary aluminum products based on the SHFE prices and spot market prices for primaryaluminum.●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 termsranging from one month to 12 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 prices with reference to various factors, such as market spot prices andtransportation costs. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 58 of 274 Table of Contents49In addition, we also procure and sell outsourced primary aluminum on the spot market or through short-term futures and options transactions. We determine our sales pricesof the outsourced primary aluminum through negotiations with our customers, taking into consideration factors including our procurement prices and prevailing market conditions.We sold approximately 5.8 million tonnes of outsourced primary aluminum in 2021.Chemical Alumina Products and GalliumChemical alumina products are derived from our alumina production. We adjust our production of these products based on market demand. Our alumina refineries sell ourchemical alumina products directly to external customers or indirectly to external customers through Chalco Trading Group for subsequent external trading. We sell most of ourchemical alumina products in China. Prices for our chemical alumina products are determined through negotiations with our customers, taking into consideration the marketconditions.In addition, in the process of refining bauxite into alumina, we produce gallium as a by-product. We adjusted our production of gallium based on market demand. Prices forour gallium were determined through negotiations with our customers, taking into consideration the market conditions.CoalNingxia Energy sells a portion of its self-produced coal directly to external customers through short-term contracts at prices determined through negotiations with ourcustomers, taking into consideration factors including our procurement prices and prevailing market conditions. Ningxia Energy consumes the rest of its self-produced coal at its ownelectric power plant.In addition, we also procure and sell outsourced coal under long-term agreements or on the spot market through Chalco Trading Group. We sold approximately 2.0 milliontonnes of outsourced coal in 2021.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 “– PrimaryAluminum” for more details. Through Chalco Trading Group, we also sell other non-ferrous metal products such as copper, zinc and lead as well as coal products that we procurefrom our third-party suppliers to external customers on the spot market or under long-term sales agreements. Please see “– Coal.” In 2021, we sold approximately 0.8 million tonnesof outsourced electrolytic copper, copper concentrate and zinc. In addition, we also sell outsourced raw and ancillary materials such as iron ore, charred coal and cathode copper inbulk to customers such as steel manufacturers and copper processing companies on the spot market.Chalco Trading Group 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 mayenter 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.Our molten aluminum is delivered to our customers primarily by trucks. Other primary aluminum products are primarily transported by rail. Our coal products aretransported both by trucks and by rail.Rail shipping on the PRC national railway system is subject to government mandated pricing.Principal FacilitiesOur principal facilities include 22 principal production plants and our Zhengzhou Institute. Set forth below is a description of our principal production plants. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 59 of 274 Table of Contents50Guangxi BranchOur Guangxi branch commenced operations in 1994 and is located in Guangxi Zhuang Autonomous Region in southwestern China, an area rich in bauxite reserves. OurGuangxi 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 exclusivelyuses the Bayer process. With technology and production equipment imported from Europe, the Guangxi refinery features a high level of automation and energy efficiency. Since itsinception, we have continually increased the designed production capacity at this branch by overcoming production bottlenecks and investing in capacity expansions. Guangxi branchhad an annual alumina production capacity of approximately 2,210,000 tonnes as of December 31, 2021. In 2021, our Guangxi branch produced approximately 2,287,519 tonnes ofalumina, along with approximately 184,623 tonnes of chemical alumina products.Guizhou BranchOur Guizhou branch commenced its smelting operations in 1966 and was subsequently expanded to include alumina refining operations in 1978. Our Guizhou branch used160Ka and 230Ka pre-bake reduction pot-lines in its primary aluminum production. The smelter in our Guizhou branch has undergone technological innovations and overhauls sinceits inception. Since November 2017, we have been engaged in the gradual closing down of the 160Ka pre-bake reduction pot-lines and, subsequently, the closing down of the 230Kapre-bake reduction pot-lines. As of January 2018, the production in our Guizhou branch had been fully shut down. In 2019, we disposed of the primary aluminum production facilitiesin our Guizhou branch. Our Guizhou branch did not have any annual primary aluminum production capacity as of December 31, 2021 and did not produce any primary aluminum in2021. It was mainly engaged in bauxite mining and production of aluminum alloys in 2021. As of December 31, 2021, our Guizhou branch had an annual aluminum alloy productioncapacity of approximately 348,000 tonnes. In 2021, our Guizhou branch produced approximately 284,771 tonnes of aluminum alloy products.Chalco MiningChalco Mining was incorporated as one of our subsidiaries in the PRC in 2007 and is currently our wholly-owned subsidiary. To optimize the allocation of our resources andfurther consolidate our operations, we transferred all of the assets and liabilities of our Henan branch to Chalco Mining in August 2017. Our Henan branch commenced its aluminarefining operation in 1966 and primary aluminum smelting operation in 1967 (the latter of which was ceased in 2013) in Henan Province, a province rich in bauxite reserves. It wasthe first refinery in China to develop the Bayer-sintering combined process. Bauxite is delivered to Chalco Mining via railway and highway from our following mines: Zhengzhouarea business department located in Zhengzhou, Luoyang area business department in Luoyang and Sanmenxia area business department in Mianchi. The alumina production line thatwe put into operation at Chalco Mining uses the ore-dressing Bayer process, which we developed to refine low alumina-to-silica ratio bauxite. Chalco Mining’s production facilitieshave been substantially upgraded with equipment imported from Germany and Denmark. The refinery has also benefited from its access to high alumina-to-silica ratio bauxite fromcertain of our mines and through purchases on the market. Chalco Mining had an annual alumina production capacity of approximately 2,410,000 tonnes as of December 31, 2021. In2021, Chalco Mining produced approximately 1,362,618 tonnes of alumina and 35,577 tonnes of chemical alumina products.Chalco ShandongChalco Shandong was incorporated as one of our subsidiaries in the PRC in 2015 and is currently our wholly-owned subsidiary. The predecessor of Chalco Shandong wasour Shandong branch, which commenced operations in 1954. Chalco Shandong has the capacity to produce alumina and chemical alumina products. Its alumina refinery was China’sfirst production facility for alumina. It produces its alumina through the Bayer-sintering process and the Bayer process. Through technology renovation, Chalco Shandong has thecapacity to produce high-quality alumina products used for the production of refined aluminum and high-purity aluminum. Chalco Shandong obtains bauxite supplies primarily fromextractions of our Boffa mine in 2021. Chalco Shandong had an annual alumina production capacity of approximately 2,270,000 tonnes as of December 31, 2021. It producedapproximately 1,682,765 tonnes of alumina in 2021.In addition, Chalco Shandong produces a substantial amount of chemical alumina products. In 2021, it produced approximately 2,665,556 tonnes of chemical aluminaproducts. It is the largest and most technologically advanced production facility for chemical alumina products in China with the ability to produce a wide variety of chemical aluminaproducts. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 60 of 274 Table of Contents51Qinghai 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 mosttechnologically advanced primary aluminum smelters in China. It operates 180Ka and 210Ka automated pre-bake anode reduction pot-lines that were developed domestically. Inaddition, our Qinghai branch also possesses production capacity of carbon cathodes and is able to manufacture carbon cathodes products. Our Qinghai branch benefits from relativelylow electricity costs in Qinghai Province due to the hydroelectric power stations in the region. The Qinghai branch sources alumina from Shanxi New Material, Chalco Shandong,Chalco Mining and Zhongzhou Aluminum and 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 420,000 tonnes as of December 31, 2021. It produced approximately 403,685tonnes of primary aluminum in 2021.Guizhou HuarenEstablished in May 2017 and located in Qingzhen, Guizhou Province, Guizhou Huaren is a stand-alone primary aluminum production facility that commenced full operationin September 2018. Guizhou Huaren had an annual primary aluminum production capacity of approximately 400,000 tonnes as of December 31, 2021. It produced approximately437,223 tonnes of primary aluminum products in 2021.Shanxi ZhongrunEstablished in November 2015 and located in Lvliang, Shanxi Province, Shanxi Zhongrun specializes in producing primary aluminum products. The first batch ofelectrolytic cells of Shanxi Zhongrun was put into operation in May 2018. Shanxi Zhongrun was fully put into operation in December 2020. Shanxi Zhongrun had an annual primaryaluminum production capacity of approximately 432,000 tonnes as of December 31, 2021. It produced approximately 483,719 tonnes of primary aluminum products in 2021.Zhongzhou AluminumLocated in Henan Province, Zhongzhou Aluminum is a stand-alone alumina plant, located near abundant bauxite, coal and water supplies. Zhongzhou Aluminum wasincorporated as one of our subsidiaries in the PRC in 2015 and is currently our wholly-owned subsidiary. The predecessor of Zhongzhou Aluminum was our Zhongzhou branch.Zhongzhou Aluminum commenced operations in 1993 and is equipped with imported and self-developed technology and has undergone various improvements and upgrades, inparticular to its Bayer-sintering process and Bayer process. Zhongzhou Aluminum obtains bauxite supplies partly from extractions of our mines, including Boffa mine, and partlyfrom external suppliers in Henan Province and overseas.Zhongzhou Aluminum had an annual alumina production capacity of approximately 3,050,000 tonnes as of December 31, 2021. Zhongzhou Aluminum producedapproximately 2,058,274 tonnes of alumina and approximately 1,053,774 tonnes of chemical alumina products in 2021.Chongqing BranchOur Chongqing branch is located in Chongqing. Our Chongqing branch completed the construction of alumina production facilities in 2010 and its annual aluminaproduction capacity was approximately 800,000 tonnes as of December 31, 2021. We have suspended production in our Chongqing branch since July 2014 due to the relativelysignificant 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 ofnatural gas and other energy at the time of suspension. In 2018, we entered into agreements with a third party to lease the alumina production facilities of Chongqing branch and tocooperate on mine operations, respectively. In 2021, we continued to lease alumina production facilities to such third party.Guangxi HuashengEstablished in June 2017 and located in Fangchenggang, Guangxi Province, Guangxi Huasheng is mainly engaged in producing alumina products and was put intoproduction in the third quarter of 2020. Guangxi Huasheng had an annual alumina production capacity of approximately 2,000,000 tonnes as of December 31, 2021. GuangxiHuasheng produced approximately 2,140,058 tonnes of alumina in 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 61 of 274 Table of Contents52Guizhou HuajinEstablished in July 2014 and located in Qingzhen, Guizhou Province, Guizhou Huajin specializes in producing alumina products. Guizhou Huajin had an annual aluminaproduction capacity of approximately 1,600,000 tonnes as of December 31, 2021. Guizhou Huajin produced approximately 1,630,706 tonnes of alumina in 2021.Shanxi HuaxingLocated in Shanxi Province, Shanxi Huaxing is a stand-alone alumina plant which commenced trial production in October 2013. Shanxi Huaxing obtains bauxite suppliesfrom our own mines delivered primarily via highway and is located near abundant coal and water supplies.In December 2015, we transferred out 50% of our equity interests in Shanxi Huaxing, a then wholly-owned subsidiary of our Company, through the Shanghai United Assetsand Equity Exchange. In December 2018, we acquired the 50% equity interests in Shanxi Huaxing through the Shanghai United Assets and Equity Exchange from BaotouTransportation Investment Group Co., Ltd. Upon completion of the acquisition, Shanxi Huaxing became our wholly-owned subsidiary. Please see “- A. History and Development ofthe Company - Transfer of Equity Interest in Shanxi Huaxing” for more details about the transfer of equity interest.Shanxi Huaxing had an annual alumina production capacity of approximately 2,000,000 tonnes as of December 31, 2021. Shanxi Huaxing produced approximately1,591,454 tonnes of alumina products in 2021.Lanzhou AluminumLocated in Lanzhou city in Gansu Province, Lanzhou Aluminum is a stand-alone primary aluminum plant. In April 2007, we acquired a primary aluminum plant in Lanzhou,which was divided into two parts in July 2007: our Lanzhou branch and Northwest Aluminum. In January 2019, we turned the Lanzhou branch into our wholly-owned subsidiary,Lanzhou Aluminum, in order to promote its business vitality. Lanzhou Aluminum owns a primary aluminum smelting plant with a designed annual primary aluminum productioncapacity of approximately 450,000 tonnes as of December 31, 2021. It produced approximately 415,196 tonnes of primary aluminum in 2021.Shanxi New MaterialShanxi New Material is situated in Shanxi Province. In March 2003, we established the joint venture company, Shanxi Huaze, with Zhangze Electric Power to commence theconstruction of a primary aluminum production facility. In 2017, we contributed certain assets related to alumina production of our Shanxi branch to Shanxi Huaze. Upon completionof our asset contribution, our shareholding in Shanxi Huaze increased from 60% to 85.98% and Shanxi Huaze was renamed to Shanxi New Material. Shanxi New Material had anannual alumina production capacity of approximately 2,600,000 tonnes as of December 31, 2021 and produced approximately 1,569,663 tonnes of alumina and 69,684 tonnes ofchemical alumina products in 2021. Its designed annual production capacity of primary aluminum was approximately 424,000 tonnes as of December 31, 2021 and it producedapproximately 298,371 tonnes of primary aluminum in 2021. Please see “- A. History and Development of the Company - Merger and Reorganization of Shanxi Branch and ShanxiHuaze” for more details about the reorganization.Zunyi AluminumZunyi Aluminum is situated in Guizhou Province. In 2018, we merged Zunyi Alumina into Zunyi Aluminum. Upon the completion of the merger, our shareholding in ZunyiAluminum increased from 62.1% to 67.445%. After the merger, Zunyi Aluminum had an annual alumina production capacity of approximately 1,000,000 tonnes as of December 31,2021 and the aggregate production of Zunyi Aluminum was approximately 1,043,395 tonnes of alumina and 9,834 tonnes of chemical alumina products in 2021. Its post-mergerdesigned annual production capacity of primary aluminum was approximately 375,000 tonnes as of December 31, 2021 and it produced approximately 398,030 tonnes of primaryaluminum in 2021. Please see “- A. History and Development of the Company - Merger and Reorganization of Zunyi Alumina and Zunyi Aluminum” for more details about themerger. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 62 of 274 Table of Contents53Fushun AluminumFushun Aluminum is situated in Liaoning Province and was a stand-alone primary aluminum plant. In March 2006, we entered into a share transfer agreement with LiaoningFushun Aluminum Plant to acquire 100% of the equity interests in Fushun Aluminum for a consideration of RMB500 million. Fushun Aluminum’s primary business was theproduction of primary aluminum and carbon products. We stopped production of primary aluminum in Fushun Aluminum in October 2015 due to the relatively significant decrease inthe price of primary aluminum and high costs of electricity at that time. In 2018, we disposed of the primary aluminum production facilities in Fushun Aluminum. Fushun Aluminumdid not have any annual primary aluminum production capacity as of December 31, 2021 and did not produce any primary aluminum in 2021.Fushun Aluminum had an annual anode carbon production capacity of approximately 530,000 tonnes as of December 31, 2021 and it produced approximately 331,437tonnes of baked carbon anodes in 2021.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. Since November2018, we have gradually suspended production of aluminum at Shandong Huayu due to market environment and production restriction for environmental protection. In 2019, wehalted its primary aluminum production and before that Shandong Huayu produced approximately 8,500 tonnes of primary aluminum in 2019. In October 2020, Shandong Huayuagreed to transfer its primary aluminum capacity quota of 135,000 tonnes to Yunnan Aluminum through judicial auction at a consideration of RMB538.66 million. Shandong Huayuhad an annual primary aluminum production capacity of approximately 65,000 tonnes as of December 31, 2021. The supporting facilities and coal-fired generators of ShandongHuayu are being disposed of.Gansu HualuGansu Hualu is situated in Gansu Province and was a stand-alone primary aluminum plant. In August 2006, we entered into a share transfer agreement with BaiyinNonferrous Metal (Group) Co., Ltd. (“Baiyin Nonferrous”) and Baiyin Ibis Aluminum Co., Ltd. (“Baiyin Ibis”). Baiyin Nonferrous contributed 127,000 tonnes of primary aluminumsmelting 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. SinceNovember 2015, the production of primary aluminum has been suspended. In 2019, most of the primary aluminum production facilities in Gansu Hualu were disposed and the restwere disposed in 2020. Gansu Hualu had no annual primary aluminum production capacity as of December 31, 2021 and did not produce any primary aluminum in 2021.In addition, Gansu Hualu also possesses production capacity of carbon products. Its designed annual production capacity of anode carbon products was approximately150,000 tonnes as of December 31, 2021 and it produced approximately 95,804 tonnes of anode carbon products in 2021.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 issuanceand exchange for Baotou Aluminum shares, we acquired 100% of the equity interest of Baotou Aluminum. Baotou Aluminum is currently our wholly-owned subsidiary. In April2015, Baotou Aluminum and Baotou Transportation Investment Group Co., Ltd. established Inner Mongolia Huayun. Inner Mongolia Huayun commenced operations in 2017.Together with the primary aluminum production facilities at Inner Mongolia Huayun, Baotou Aluminum had a consolidated annual primary aluminum production capacity ofapproximately 1,340,000 tonnes as of December 31, 2021 and a consolidated output of approximately 1,275,243 tonnes of primary aluminum in 2021.Liancheng 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 fromChinalco on the China Beijing Equity Exchange and subsequently turned it into our Liancheng branch which specializes in producing primary aluminum. We have implemented aflexible production arrangement for certain primary aluminum production facilities in our Liancheng branch since November 2018 as a result of high electricity costs. Our Lianchengbranch had an annual primary aluminum production capacity of approximately 550,000 tonnes as of December 31, 2021. It produced approximately 151,271 tonnes of primaryaluminum in 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 63 of 274 Table of Contents54Ningxia EnergyNingxia Energy is an integrated power generation company with coal mines located in Ningxia Autonomous Region. Its principal business includes conventional coal-firepower generation and renewable energy generation. Ningxia Energy was established in June 2003. In January 2013, we acquired an aggregate of 70.82% of the equity interest inNingxia Energy. Ningxia Energy had a total installed capacity of 4,459.1 MW as of December 31, 2021. It also operates coal mines located in the Ningxia Autonomous Region.Please see “- B. Business Overview - Our Mines.” In 2021, Ningxia Energy produced approximately 934.8 million tonnes of coal and approximately 14.8 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 hasserved as the center for our research and development efforts. The Zhengzhou Institute specializes in the research and development of technologies for primary aluminum smelting,alumina refining and the development of new products of chemical alumina. Zhengzhou Institute is the only professional research institute in China dedicated to the research anddevelopment of aluminum smelting technologies and has played a key role in bringing about technological innovations in China’s aluminum industry. The Zhengzhou Institute wasapproved by the Ministry of Science and Technology of the PRC in 2003 to establish the National Research Center of Aluminum Refinery Technologies and Engineering. As ofDecember 31, 2021, 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 in Shanxi Province, Xinghua Technology is an alumina plant with an annual aluminaproduction capacity of approximately 900,000 tonnes as of December 31, 2021. It produced approximately 962,210 tonnes of alumina and approximately 15,207 tonnes of chemicalalumina in 2021.CompetitionCompetition from Domestic CompetitorsAluminaIn 2021, we supplied approximately 43.8% of our total production of alumina to our own smelters and sold substantially all of the remaining self-produced alumina to ourdomestic customers. Our competitors mainly include other domestic and international alumina producers that conduct sales in China. In 2021, our alumina production (with chemicalalumina products included) represented approximately 23.6% of total domestic production in China.We are a leading enterprise in the non-ferrous metal industry in China. As of December 31, 2021, 39 alumina producers in China (including Chalco) each had annualproduction capacity of 500,000 tonnes or above, which collectively represented approximately 96.5% of the total alumina production capacity in China. As of the same date, amongthese 39 alumina producers, 24 alumina producers (including Chalco) each had annual production capacity of one million tonnes or above, which collectively representedapproximately 81.4% of the total alumina production capacity in China. In order to improve the efficiency and competitiveness of the Chinese alumina industry as well as to protectthe environment, MIIT published the Standard Conditions for Aluminum Industry in July 2013 and issued a new version in March 2020, which provides stringent standards for theexisting alumina enterprises. Although we face competition from other domestic and international 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. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 64 of 274 Table of Contents55Primary AluminumWe derived all of our primary aluminum revenues from domestic sales in 2021. Our competitors include other domestic and international primary aluminum producers thatconduct sales in China. In 2021, our primary aluminum production represented approximately 10.1% of total domestic production in China.We are a leading enterprise in the non-ferrous metal industry in China. As of December 31, 2021, 34 primary aluminum producers in China (including Chalco) each hadannual production capacity of 500,000 tonnes or above, which collectively represented approximately 62.5% of the total primary aluminum production capacity in China. As of thesame date, among these 34 primary aluminum producers, seven primary aluminum producers (including Chalco) each had annual production capacity of one million tonnes or above,which collectively represented approximately 21.1% of the total primary aluminum production capacity in China. The PRC government encourages consolidation in the Chineseprimary aluminum industry to create larger, more efficient producers that are better positioned to implement measures to reduce emissions. Moreover, according to the currentStandard Conditions for Aluminum Industry and other administrative regulations, aluminum smelting enterprises must ensure the availability of resources, energy and waterresources, and are encouraged to merge with hydropower, coal power and other power enterprises through reorganization. Alumina and electrolytic aluminum enterprises are requiredto comply with environmental laws, regulations and policies, and establish, implement and maintain an environmental management system.Although we face competition from other domestic and international smelters, we have several advantages over such competitors, including:●Scale of production. With nine primary aluminum smelters, we can achieve significant economies of scale. In addition, our scale of production enables us to achievehigh production volumes to fill large customer orders and maintain a large customer base. Through our national distribution network, we are able to make timelydeliveries to customers from our local warehouses.●Technology. We believe we have a more sophisticated technological innovation system and stronger innovation capability than most of our domestic competitors. Interms of technological support and research and development capabilities, we are equipped with the most advanced research and development institute within thealuminum industry in China and enjoy advantages over other domestic smelters in technology advancement.●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 supplyof alumina for our primary aluminum smelting operations.●Quality. We have maintained and will continue to improve on the high quality standards for our primary aluminum, which has satisfied national and industrial standardsand 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 remained zero in 2021. In 2021, China had a net import of approximately 3.21 million tonnes of alumina (withchemical alumina products included), a decrease from a net import of 3.65 million tonnes in 2020, primarily attributable to the fact that the supply of alumina in the internationalmarket decreased in 2021 and we imported less alumina compared to 2020. China had a net import of approximately 1.57 million tonnes of primary aluminum in 2021, compared to anet export of approximately 1.06 million tonnes of primary aluminum in 2020, primarily because the production curtailment policy in Yunnan has affected the production of thefacilities in Yunnan and resulted in increased prices of domestic primary aluminum. We expect to continue to face competition from international suppliers of alumina and primaryaluminum which are large international companies. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 65 of 274 Table of Contents56Research and DevelopmentOur research and development efforts over the years have facilitated the expansion of our production capacity and reduced our unit costs. We have successfullycommercialized our previous research and development results in various technologies. In 2021, we completed 263 technological projects, including 244 research and developmentprojects undertaken independently by our branches or subsidiaries, seven special key science and technology projects and 12 science and technology application projects. In addition,we filed a total of 203 patent applications in 2021.As of December 31, 2021, we owned 1,486 patents, which were primarily related to technologies and processes, equipment and new products. Once granted, a patent inChina 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, 2021, 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 not involved in any material intellectual propertydisputes.Environmental ProtectionOur operations are subject to PRC national and local environmental laws and regulations, including laws and regulations governing pollutant emissions, waste generation,treatment and disposal of hazardous materials, land reclamation and environmental issues associated with mining.The pollutants discharged from our alumina refining process include red mud, waste water and gas emissions and particulates. Our primary aluminum production processgenerates fluorides, sulphur dioxide and particulates. It is illegal to release these pollutants untreated. The discharge of these pollutants after treatment must comply with national andlocal 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 todispose of industrial waste in compliance with applicable environmental laws and regulations. Each of our production plants has established its environmental management system.All of our alumina refineries, primary aluminum smelters and carbon production plants in production passed the ISO14001 accreditations.We have increased our energy efficiency by implementing new production techniques and technologies, upgrading our production facilities, optimizing our productionprocess and enhancing our logistics and operations management. In 2021, we saved energy equivalent to 299,292 tonnes of standard coal as a result of implementing new productiontechniques and technologies, upgrading our production facilities, optimizing our production process and enhancing our logistics and operations management. We have established theindustrial waste water recycling system. All of our aluminum smelting plants have achieved “zero discharge” of industrial waste water and 100% of the industrial waste water isreused for production after treatment.In addition, we have focused on sustainable development of mine sites and achieved significant progress in mine reclamation. We reclaimed 12.8 thousand hectares of landthroughout the year 2021, representing a cumulative reclamation rate of over 100% as of December 31, 2021.Our total expenditures for maintaining compliance with environmental laws and regulations were RMB914 million, RMB1,171 million and RMB1,384 million for 2019,2020 and 2021, respectively. In 2021, 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 disasterssuch 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, forwhich 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 accidentalinsurance for our employees. More extensive insurance is either unavailable in China or would impose a cost on our operations that would reduce our competitiveness. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 66 of 274 Table of Contents57Our insurance premiums were RMB42.9 million, RMB38.6 million and RMB45.6 million in 2019, 2020 and 2021, respectively.SeasonalityOur business in general is not subject to seasonality. Separately, our bauxite output in the Boffa mine may be subject to seasonal fluctuations due to the rainy season inGuinea.CybersecurityWith respect to our internal internet policies on cybersecurity, we have established an information safety management system and issued internal regulations oncybersecurity, internal hardware and data safety systems and we are gradually implementing measures relating to the office environment information safety management, informationsystem 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 cybersecurityincidents, network outages or hardware incidents. In 2021, we did not experience any material cybersecurity 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 andexport, 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 Natural 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 aluminum industry; and●the CSRC, the securities regulatory commission of China.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 CSRCand/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 obtainprior 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. Offeringof 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, theissuer must register with and obtain prior approval from the administrative authorities of foreign exchange. Foreign investment in the exploring and mining of alumina and primaryaluminum is permitted by the PRC government. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 67 of 274 Table of Contents58Standard Conditions for Aluminum IndustryThe Standard Conditions for Aluminum Industry was issued by MIIT on July 18, 2013 and a new version was issued on February 28, 2020 to replace the 2013 version,which became effective on March 30, 2020. The new Standard Conditions for Aluminum Industry only applies to existing bauxite mining, alumina and primary aluminum enterprisesand indicates that such standards do not constitute administrative approval or mandatory requirement. It provides that bauxite mining, alumina and primary aluminum production mustcomply with the state and local industry policies and overall plans on the mining resources and development of aluminum industry, as well as laws, regulations and policies related tothe environmental protection, energy conservation, mining and production safety. According to the new Standard Conditions for Aluminum Industry, aluminum smelting enterprisesmust ensure the availability of resources, energy and water resources, and are encouraged to merge with hydropower, coal power and other power enterprises through reorganization.It further encourages that alumina enterprises use intelligent systems and equipment in their operations to achieve energy-conserving and environment-protective purposes. The newStandard Conditions for Aluminum Industry further set out guidelines and standards for enterprises in the aluminum industry regarding product quality, facilities, energy consumption,resources consumption, environmental protection, production safety and occupational disease prevention.Under the Standard Conditions for Aluminum Industry, the MIIT shall, in accordance with the applicable regulatory standards, review the applicants and disclose the namesof applicants that meet the regulatory conditions. The MIIT promulgated on April 4, 2014, January 4, 2015 and February 14, 2016, respectively, the first, the second and the third listsof enterprises that meet the Standard Conditions for Aluminum Industry of 2013. Most of our production branches and subsidiaries have met the Standard Conditions for AluminumIndustry of 2013 version and are included on these lists. According to the current Standard Conditions for Aluminum Industry, enterprises that would like to be named in the list underthis new Standard Conditions for Aluminum Industry need to resubmit application for the MIIT’s review. The MIIT promulgated the first list of enterprises that meet the StandardConditions for Aluminum Industry of 2020 version on January 5, 2021, which includes three of our production branches and subsidiaries. We are actively taking rectificationmeasures to comply with the new Standard Conditions for Aluminum Industry and will participate in the subsequent applications.PricingThe PRC government does not impose any limitations with respect to the pricing of alumina, primary aluminum and related products. Thus, alumina and primary aluminumproducers 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 transportationon the national railway system is subject to government mandated pricing.Electricity Supply and PriceThe National Energy Administration is responsible for the supervision and administration of the power industry in China. The NDRC and local governments regulateelectricity 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. InOctober 2007, the PRC government issued “Notice on Further Solutions of the Difference in Electricity Rates,” according to which the preferential electricity prices originallyenjoyed by Chinese primary aluminum enterprises have been gradually abolished. In December 2007, the PRC government issued “Notice of Eliminating Preferential Electricity Ratefor High Energy Consuming Enterprises and Related Matters,” which further eliminated the preferential electricity price arrangement enjoyed by Chinese primary aluminumenterprises. In December 2013, the NDRC and MIIT issued the “Circular on the Policies for Tiered Pricing of Electricity Used by Electrolytic Aluminum Enterprises”, which becameeffective on January 1, 2014, to impose tiers of electricity prices on primary aluminum smelters. 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 ElectricPower System,” a series of reforms relating to electricity pricing, distribution and retail segments, electricity trading, distributed generation, and other aspects has been put forward. InNovember 2015, NDRC and the National Energy Administration of the PRC jointly issued further supplemental measures, including “Implementation Opinions on PromotingTransmission-Distribution Price Reform,” “Implementation Opinions on Promoting Power Market Construction,” “Implementation Opinions on Establishing Power TradingInstitutions and Their Normative Operation,” “Implementation Opinions on Orderly Releasing Plans of Power Generation and Power Utilization,” “Implementation Opinions onPromoting Power-Sales Side Reform,” and “Guidance Opinions on Reinforcing and Regulating Supervision and Management of Coal-Fired Self-Generation Power Plants,” which setout further requirements and implementation steps in relation to the reform of electric power systems. Towards the end of 2016, NDRC promulgated “Measures of Electricity Pricingfor Transmission-Distribution Grid at the Provincial Level,” which established a regulatory framework of electricity transmission and distribution pricing. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 68 of 274 Table of Contents59On August 26, 2021, NDRC further issued “Circular for Improvement of the Policies for Tiered Pricing of Electricity Used by Electrolytic Aluminum Enterprises,” whichcame into effect on January 1, 2022. It provides that if the comprehensive alternating current consumption of molten aluminum is not higher than 13,650 kWh per ton, the electricityprice will not be increased. If power consumption exceeds 13,650 kWh per ton, the electricity price will be increased by RMB0.01 per kWh for every additional 20 kWh. The gradingstandard will be lowered to 13,450 kWh in 2023 and further to 13,300 kWh in 2025, in each case excluding power consumed in the desulfurization process. In addition, it prohibitsimplementation of any preferential electricity price policies in the electrolytic aluminum industry.On October 11, 2021, NDRC issued “Notice on Further Deepening the Market Reform of the Feed-in Tariff for Coal-fired Power Generation, which requires the orderlyliberalization of the feed-in tariff for all coal-fired power generation and the expansion of the fluctuation range of the market trading tariff, resulting in a significant increase in ourcost of electricity. In order to reduce the impact of electricity price increase, we have been actively participating in market trading with power generation enterprises with costadvantages, while carrying out energy saving and consumption reduction at the same time.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 Ecology and Environment of China is responsible for supervision and administration of environmental protection in China. It formulates nationalenvironmental quality and discharge standards and monitors China’s environmental system. Bureau of Ecology and Environment at the municipal level or above is responsible forenvironmental protection within its jurisdiction.The Law on Environment Impact Assessment and relevant regulations require each enterprise to file an environmental impact report with the relevant Bureau of Ecology andEnvironment for approval before undertaking the construction of a new production facility or any major expansion or renovation of an existing production facility. New facilities builtpursuant 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 withenvironmental standards.The Environmental Protection Law requires any facility that produces pollutants or other hazards to incorporate environmental protection measures in its operations andestablish an environmental protection responsibility system. Such system includes adoption of effective measures to control and properly dispose of waste gases, waste water, wasteresidue, dust or other waste materials. Any entity that discharges pollution must register with the relevant environmental protection authority. Regulations on the Administration ofPollutant Discharge Permits became effective on March 1, 2021, pursuant to which enterprises that discharge pollutants need to obtain permits from relevant environmental authoritiesin accordance with the regulations.Penalties for breaches of the Environmental Protection Law include warning, payment of damages and imposition of fines. Any entity undertaking a construction project thatfails to install pollution prevention and control facilities in compliance with environmental standards for a construction project may be ordered to suspend production or operations orto 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 orpersonal injuries or death.On December 25, 2016, the PRC government promulgated the Environmental Protection Tax Law, which became effective from January 1, 2018 and was amended onOctober 26, 2018. The Environmental Protection Tax Law imposes environmental protection tax to enterprises, entities, producers or operators that discharge taxable pollutants intoair, water or lands. Taxable pollutants include air pollutants, water pollutants, solid wastes and noises. The environmental protection tax is collected by the tax authority and levied inaccordance with a table attached to the Environmental Protection Tax Law. However, emission of taxable pollutants into the centralized sewage and domestic waste treatmentfacilities, or storage or disposal of solid wastes in facilities or places that meet the national or local environmental protection standard, by enterprises, entities, producers or operators,is not deemed as direct emission of pollutants into the environment and is exempted from the environmental protection tax for such pollutants. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 69 of 274 Table of Contents60In April 2020, the PRC government promulgated the amended Law on Prevention and Control of Environmental Pollution Caused by Solid Waste. Effective on September 1,2020, the amended law imposes stricter responsibilities on the entities that generate industrial solid waste for environmental pollution caused by industrial solid waste. For example,under the revised version, if an entity that generates industrial solid waste engages a third-party contractor to deliver, use or dispose such industrial solid waste, it shall verify thequalification of such third-party contractor and enter into an agreement with such third party on requirements for the environment pollution prevention, failing which the entity will bejointly liable for any damages to the environment caused by the third-party contractor in relation to such arrangement. In conjunction with the amendment of the Law on Preventionand Control of Environmental Pollution Caused by Solid Waste, the National Catalogue of Hazardous Wastes was revised in November 2020, which amended and reclassified somehazardous wastes.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 therelevant provisions of the Mineral Resources Law and are under the supervision of the Ministry of Natural Resources. Exploration and exploitation of mineral resources are alsosubject to examination and approval by the Ministry of Natural Resources or relevant local authorities. Upon approval, the relevant administrative authorities, which are responsiblefor 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 therelevant administrative authorities annually.The PRC government permits mine operators of collectively owned mines to exploit mineral resources in designated areas and individuals to mine scattered mineralresources. Such mine operators and individuals are subject to government regulation. Mining activities by individuals are restricted. Individuals are not permitted to exploit mineralreserves allocated for exploitation by a mining enterprise or company, or specified minerals prescribed by the state for protective mining. Indiscriminate mining that damages mineralresources 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 theprescribed 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 relevantland 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 harmto 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 closurereport and information concerning the mining facilities, hidden dangers, remediation and environmental protection must be submitted for examination and approval in accordancewith 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 miningpermit and, in serious circumstances, criminal liability.Energy Conservation LawThe amended Energy Conservation Law came into effect on October 26, 2018. It sets out the general principles for reducing energy waste and improving efficiency of energyconsumption. It urges the adjustment of industry structure and replacement of high energy consumption projects with new energy or renewable energy resources. It provides that anenergy conservation assessment and review system shall apply to new investment projects and where a project does not meet the mandatory energy conservation standards, the projectcannot be constructed. If a project that does not meet the mandatory energy conservation standards has been completed, it cannot be put into use.In March 2014, the MIIT issued a regulation, the “Opinion on Implementing Supervision of Industrial Energy Conservation,” which lists the primary aluminum smelting asone 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 forthindustrial efficiency standards for producers of major products in industries that involve high energy consumption, which included primary aluminum and alumina products.The State Council issued the Working Guidance for Carbon Dioxide Peaking and Carbon Neutrality in Full and Faithful Implementation of the New DevelopmentPhilosophy on September 22, 2021. It sets China’s main objective for energy consumption per unit of GDP and carbon dioxide (CO2) emissions per unit of GDP for 2025, 2030 and2060. It predicts that by 2060, China will reach carbon neutrality. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 70 of 274 Table of Contents61Regulations Concerning Electrolytic Aluminum IndustryIn June 2016, the General Office of the State Council promulgated “Guiding Opinions on Creating a Favorable Market Environment and Promoting the Non-Ferrous MetalsIndustry to Adjust Structure, Advance Transformation and Increase Efficiency,” under which the construction of new electrolytic aluminum projects and the reconstruction orexpansion of existing electrolytic aluminum projects would be approved only if such construction, reconstruction or expansion would introduce new electrolytic aluminum productioncapacity in an amount equal to or smaller than the amount of existing electrolytic aluminum production capacity to be replaced by such construction, reconstruction or expansion.In April 2017, NDRC, MIIT, the Ministry of Land and Resources (now known as the Ministry of Natural Resources) and the Ministry of Environmental Protection (nowknown as the Ministry of Ecology and Environment) jointly issued the “Notice Regarding the Plan on Special Action for Clean-up and Rectification of Projects in Violation of Lawsand Regulations in the Electrolytic Aluminum Industry,” which sets forth a comprehensive plan to inspect electrolytic aluminum projects and rectify violations of applicable laws orregulations revealed in the inspection.On January 1, 2018, MITT issued the “Notice Regarding Electrolytic Aluminum Enterprises to Realize Capacity Replacement by Acquisition, Merger and Restructure,”which requires electrolytic aluminum enterprises to achieve capacity replacement by acquisition, merger or capacity transferring and exchange of capacity quotas with its groupcompanies.Tax Laws and RegulationIn March 2007, the PRC government promulgated the Enterprise Income Tax Law which became effective from January 1, 2008 and was revised in 2018. The EnterpriseIncome Tax Law imposes a single income tax rate of 25% on both domestic and foreign invested enterprises. Pursuant to the Enterprise Income Tax Law, important high- and new-tech enterprises that are necessary to be supported by the state are subject to a reduced enterprise income tax rate of 15%. Certain branches and subsidiaries of us were granted taxconcessions including preferential tax rates of 15%. On December 6, 2007, the PRC government promulgated the Enterprise Income Tax Law Implementation Rules which alsobecame effective on January 1, 2008 and was later revised in 2019.In March 2016, the MOF and the SAT jointly promulgated “Circular on Comprehensively Promoting the Pilot Program of the Collection of Value-added Tax in Lieu ofBusiness Tax,” pursuant to which we are allowed to deduct input tax from output tax according to the amount set forth in the special value-added tax invoices obtained from ourpurchases of services, intangible assets or real estate. On April 4, 2018, the MOF and the SAT issued the Circular on Adjusting Value-added Tax Rates, which became effective onMay 1, 2018. Pursuant to this circular, for sale or import of goods, the previous applicable value-added tax rates of 17% and 11% were adjusted to 16% and 10%, respectively.On March 20, 2019, the MOF, the SAT and the General Administration of Customs jointly issued the Announcement on Policies for Deepening Reform of Value-added Tax,which became effective on April 1, 2019. Pursuant to this announcement, for sales or import of goods by a general taxpayer that were previously subject to value added tax at the rateof 16%, the applicable tax rate has been adjusted to 13%, and for those previously subject to value added tax at the rate of 10%, the applicable tax rate has been adjusted to 9%. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 71 of 274 Table of Contents62C.Organizational StructureSet out below is a chart illustrating our corporate structure as of March 31, 2022: Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 72 of 274 Table of Contents63The following table sets forth further information of our principal subsidiaries as of December 31, 2021:Percentage of ownership interestCompany(1) attributable to the Company Principal activitiesBaotou Aluminum Co., Ltd. 100.00% Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon productsChalco Hong Kong Ltd. 100.00% Overseas investments and alumina import and export activities, and mining and distribution of bauxiteChina Aluminum InternationalTrading Co., Ltd. 100.00% Trading, import and export activitiesChalco Mining Co., Ltd. 100.00% Manufacture, acquisition and distribution of bauxite mines, limestone ore, manufacturing and distribution of aluminaChinalco Shanxi Jiaokou XinghuaTechnology Ltd.(2) 66.00% Manufacture and distribution of aluminaChalco Shanghai Company Limited 100.00% Trading and engineering project management and leasingChalco Shanxi New MaterialCo., Ltd. 85.98% Manufacture and distribution of alumina, primary aluminum and anode carbon products and electricity generation and supplyZunyi Aluminum Co., Ltd. 67.45% Manufacture and distribution of primary aluminum and aluminaChalco Energy Co., Ltd. 100.00% Thermoelectric supply and investment managementChina Aluminum Ningxia EnergyGroup Co., Ltd. 70.82% Thermal power, wind power and solar power generation, coal mining, and power-related equipment manufacturingGuizhou Huajin AluminumCo., Ltd. 60.00% Manufacture and distribution of aluminaChalco Zhengzhou ResearchInstitute of Non-ferrous MetalCo., Ltd. 100.00% Research and development servicesChalco Shandong Co., Ltd. 100.00% Manufacture and distribution of aluminaChalco Zhongzhou AluminumCo., Ltd. 100.00% Manufacture and distribution of aluminaChalco Aluminum Logistics GroupCorporation Co., Ltd. 100.00% Logistics and transportationShanxi Huaxing AluminumCo., Ltd.(3) 100.00% Manufacture and distribution of aluminaShanxi China Huarun Co., Ltd. 40.00% Manufacture and distribution of primary aluminumGuizhou Huaren New MaterialCo., Ltd. 40.00% Manufacture and distribution of primary aluminumChina Aluminum InternationalTrading Group Co., Ltd. 100.00% Trading, importing and exporting of non-ferrous metal productsChalco Materials Co., Ltd. 100.00% Procurement of materials including raw materials and fuels(1)Chalco Hong Kong 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 60% shares and indirectly hold 40% shares, through Chalco Hong Kong Ltd.D.Property, Plants and EquipmentBauxite Mines and Coal MinesFor summary disclosure of our bauxite mines and coal mines, please refer to “– B. Business Overview – Our Mines.”Boffa MineIn accordance with the requirements of Regulation S-K 1300, we consider our Boffa mine in Guinea as the sole mining property that is material to our business. We haveengaged Mr. Shengfa Tu as the qualified person for our bauxite mines. Mr. Tu has prepared the Technical Report Summary for our Boffa mine in compliance with Regulation S-K1300 and Item 601(b)(96) of Regulation S-K, filed as Exhibit 96.1 to this annual report.The information that follows relating to our Boffa mine is derived, for the most part, from the Technical Report Summary. Portions of the following information are based onassumptions, qualifications, and procedures that are not fully described herein. Reference should be made to the full text of the Technical Report Summary. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 73 of 274 Table of Contents64Location, Infrastructure and FacilitiesThe following map sets forth details of the area surrounding our Boffa mine in Guinea:The Boffa mine is located eight kilometers north east of Boffa, the capital of Boffa Prefecture in Guinea. The linear distance between Boffa mine and Conakry, the capital ofGuinea, is approximately 86 kilometers and the linear distance between the southwest corner of Boffa mine and the Atlantic Ocean is 25 kilometers. Conakry is connected to the cityBoffa by the N3 road, which is a tarmac road with a distance of approximately 150 kilometers and a width of approximately six meters. The southern part of the Boffa mine isconnected to the N3 road by a hasty road with a distance of approximately five kilometers. The Boffa mine consists of Boffa north area and Boffa south area, which covers an area of653.55 km2 and 594.61 km2, respectively.There are two main railways in Guinea. One railway links Conakry and the Fria smelter east of Boffa. The other railway runs from the CBG mine near Sangaredi to the portof Kamsar and has a larger transport capacity.Guinea has two major ports. The first is the port of Conakry, adjacent to Conakry. The port handles container shipments and exportation of alumina and bauxite. The secondport is Kamsar CBG, which is primarily used to export bauxite and has two smaller terminals for other bulk cargoes.The Boffa mine is open pit, equipped with 2500SM open pit mining machines. We have facilities such as mining industrial sites, raw ore storage yards, low-grade ore storageyards, open-pit mining machines, belt conveyor systems, bridges, inland terminals, electric power stations and a temporary dump site. It has transportation facilities that have accessto local roads and a belt conveyor system. Our mining facilities in the Boffa mine are connected to the electric power stations, which are powered by heavy oil fuel. Most of thefacilities started to operate since Boffa mine was put into operation in April 2020. The quality of groundwater in the Boffa mine area meets the requirements for drinking, and theproduction and domestic water in the mine area is extracted groundwater. We believe all of our equipment in the Boffa mine is in good physical condition and suitable for ouroperations. The total book value of Boffa mine’s fixed assets is RMB1.698 billion as of December 31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 74 of 274 Table of Contents65History, Mining Rights and OperationsFrom August 2005 to May 2006, 10 exploration leases were granted to BHP Billiton in Guinea, which cover Boffa. In 2008 and 2011, BHP Billiton applied to the GuineaGovernment to reduce the size of the mine covered by the leases. In 2012, BHP Billiton submitted “Boffa Santou Houda Project Close Out Report” to the Guinea Government andhanded the exploration leases back to the Guinea Government.On October 31, 2016, Chalco signed cooperation framework agreements with the Guinea Government and Guinean State Mining Company for the development of the Boffamine. On June 8, 2018, Chalco Hong Kong and Chalco Guinea Company S.A., a wholly-owned subsidiary of Chalco Hong Kong, entered into a mining convention with the Guineangovernment, pursuant to which Chalco Hong Kong agreed to provide investment funds while the Guinean government agreed to provide mining licenses and rights to transportmining products for the development and operation of the Boffa Project. On July 9, 2018, the president of Guinea signed a decree to grant both Boffa north area and Boffa south areaa mining permit, effective from July 2018 to July 2033. For more details of the history of Boffa mine, please refer to “Item 4. Information on the Company – A. History andDevelopment of the Company – Boffa Project.”Upon expiration of the current 15-year period, our mining permit for the Boffa mine is renewable for additional periods, each of which would also be 15 years except that thelast renewal period would be subject to the depletion timing of the Boffa mine. We will not need to pay additional consideration for each renewal of the mining permit. The BoffaProject commenced construction in September 2018 and was completed and put into operation in April 2020. We must pay a royalty of US$0.208 per tonne based on the volume ofbauxite extracted from the Boffa mine.Chalco Guinea Company S.A. has 620 employees. From then through the end of 2021, we extracted approximately 20.4 million tonnes of bauxite from the Boffa mine. Theannual bauxite output capacity is expected to increase to 15 million tonnes in 2022.As of the date of this annual report, we have not been found any violation or subject to any fine for our mining operations at the Boffa mine.Mineral Resources and Mineral ReservesThe following table sets forth the summary of mineral resources, exclusive of mineral reserves, for the Boffa mine as of December 31, 2021: Amount (in millionAAl2O3RSiO2Cut-offMetallurgical tonnes)(%)(%)A/S grades recovery(1) Measured mineral resources 58.97 37.51 1.29 29.13 AAl2O3 35%Indicated mineral resources 66.92 37.84 1.19 31.92 AAl2O3 35%85%Measured + Indicated mineral resources 125.89 37.68 1.23 30.56 AAl2O3 35%Inferred mineral resources 1,535.77 39.02 1.09 35.93 AAl2O3 35%(1)The metallurgical recovery of bauxite refers to dissolution rate.(2)AAl2O3 means available aluminum and RSiO2 means reactive silica.(3)The resources include stockpiled ore or ore to be stockpiled in the local area.(4)Estimation of mineral resources in this table is based on US$22.02 per wet tonne of bauxite, which is the loading price in Guinea, calculated based on the FOB price of US$32.5per wet tonne and deduction of cost of wharf, inland waterway and platform transship. The corresponding CIF price of bauxite arriving in China is $53.16 per dry tonne. Thisprice is close to the five-year average CIF price of Guinea bauxite imported by China from 2017 to 2021. Mineral resources are estimated at AAl2O3≥35% cut off grade and at aminimum mining thickness of 1 meter. The point of reference selected by the qualified person is the point where bauxite is delivered to wharf yard and available for use byalumina refineries. For further information on assumptions used in preparing the estimates, please refer to Chapter 11 of the Technical Report Summary. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 75 of 274 Table of Contents66The following table sets forth the summary of mineral reserves for the Boffa mine as of December 31, 2021: Amount (in millionAAl2O3RSiO2Cut-offMetallurgical tonnes)(%)(%)A/Sgradesrecovery(1) Proven mineral reserves 49.45 41.71 1.07 39.13 AAl2O339%Probable mineral reserves 62.24 41.74 1.35 31.03 AAl2O339%85%Total mineral reserves 111.69 41.73 1.22 34.16 AAl2O339%(1)The metallurgical recovery of bauxite refers to dissolution rate.(2)AAl2O3 means available aluminum and RSiO2 means reactive silica.(3)Estimation of mineral resources in this table is based on US$22.02 per wet tonne of bauxite, which is the loading price in Guinea, calculated based on the FOB price of US$32.5per wet tonne and deduction of cost of wharf, inland waterway and platform transship. The corresponding CIF price of bauxite arriving in China is $53.16 per dry tonne. Thisprice is close to the five-year average CIF price of Guinea bauxite imported by China from 2017 to 2021. Mineral reserves are estimated at AAl2O3≥39% cut off grade and at aminimum mining thickness of 1 meter. The point of reference selected by the qualified person is the point where bauxite is delivered to wharf yard and available for use byalumina refineries. For further information on assumptions used in preparing the estimates, please refer to Chapter 12 of the Technical Report Summary.In this annual report on Form 20-F, we adopt the disclosure requirements of Regulation S-K 1300 for the first time. We adopted the disclosure requirements of United StatesSecurities and Exchange Commission Industry Guide 7, or Industry Guide 7, in the annual report on Form 20-F for the fiscal year ended December 31, 2020, or FY2020 20-F.Industry Guide 7 did not allow the reporting of mineral resources and included different rules for disclosing mineral reserves. As disclosed in FY2020 20-F, neither proven norprobable reserves have been established in accordance with Industry Guide 7 as of the date of FY2020 20-F. Accordingly, a comparison of the Boffa mine’s mineral resources andreserves as of December 31, 2021 against the mineral resources and reserves as of December31, 2020 is not available.LandChinalco leases to us 417 pieces or parcels of land, located in 10 provinces, covering an aggregate area of approximately 49.93 million square meters for any purpose relatedto our operations and businesses. Currently, all leases for our properties are valid and have not expired. The leased land mainly consists of:●40 pieces of allocated land with an area of approximately 5.3 million square meters. Chinalco has obtained authorization from the relevant administrative authorities tomanage and lease the land use rights for such land; and●377 pieces of land with an area of approximately 44.7 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 themining 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 inRenminbi and a six-month notification provision for termination of any lease agreement.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. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 76 of 274 Table of Contents67Pursuant to the reorganization in connection with our initial public offering in 2001, Chinalco transferred to us, among other operating assets, ownership of the buildings andproperties 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 buildingswith 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 withapplicable 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 belegally 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 andstorage purposes. As of the date of this annual report, we leased to Chinalco buildings with an aggregate gross area of approximately 146,228 square meters, while Chinalco leased tous buildings with an aggregate gross area of approximately 174,969 square meters. In December 2021, we and China Aluminum Investment and Development Co., Ltd., a wholly-owned subsidiary of Chinalco, renewed a tenancy agreement pursuant to which we would lease from Chinalco the office premises at certain floors of No. 62 North Xizhimen Street,Haidian District, Beijing, PRC, with an aggregate gross floor area of 22,303 square meters. This agreement will expire on December 31, 2024.Our ExpansionOur expansion projects in 2021 primarily include:●The 2,000,000 tonne bauxite project of Guangxi branch: we expect to invest a total amount of approximately RMB545 million in this project. By the end of 2021, anaggregate of RMB164 million of capital expenditure had been incurred. The project is expected to be completed in August 2022.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 casetogether 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-lookingstatements 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 evaluatingour business, you should carefully consider the information provided in “Item 3. Key Information – D. Risk Factors.”As the business combinations under common control incurred in the years ended December 31, 2019, 2020 and 2021, the comparative financial data for the years endedDecember 31, 2018, 2019 and 2020 are revised to reflect the business combinations under common control. Unless otherwise indicated in this section, our financial data for the yearsended December 31, 2019 and 2020 are presented based on those revised amounts. Please see Note 39 to our audited consolidated financial statements.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 was derived from researchand 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 chemical alumina.Alumina accounted for approximately 93.1% of the total production volume for this segment in 2021. Chemical alumina products are used in the production ofchemical, pharmaceutical, ceramic and construction materials. In the process of refining bauxite into alumina, we produce gallium as a by-product, which is a rare, high-value metal with applications in the electronics and telecommunication industries. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 77 of 274 Table of Contents68●Our primary aluminum segment, which consists of the procurement of alumina, other raw materials, supplemental materials and electrical power, the production andsale of primary aluminum and aluminum-related products, such as carbon products, aluminum alloy products and other aluminum products. Our principal primaryaluminum products are ingots, molten aluminum and aluminum alloys, which accounted for approximately 18.6%, 44.1% and 37.3%, respectively, of our totalproduction volume of primary aluminum in 2021. 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 sellour remaining carbon products to external customers.●Our trading segment, which mainly consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, and crudefuels such as coal products, as well as supplemental materials and logistics and transport services to our internal manufacturing plants and external customers. Weestablished our trading business under Chalco Trading as a separate segment in July 2010 as a result of our operational structural adjustment. Since 2014, we haveestablished Chalco Materials, Chalco Logistics and Chalco Trading Group to continuously promote and deepen development of our trading business, jointly constitutingour trading segment. Established in 2018, Chalco Trading Group has undertaken the businesses that used to be operated by Chalco Trading.●Our energy segment, which consists of the research and development, production and operation of energy products, including coal mining and conventional coal-firepower generation as well as renewable energy generation such as wind power and solar power. We are also engaged in new energy equipment production. Weestablished 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 futureenergy costs. In 2021, we supplied the majority of the electricity we generated for our own production use, supplied a portion of the coal output to our own electricpower plant and sold the remaining portion to external customers. Ningxia Energy supplied the electricity it generated mainly to the state grid in China.●Our corporate and other operating segment, which consists of corporate and other aluminum-related research, development, and our other activities.Our consolidated revenue increased by 45.0% from RMB185,990.6 million for the year ended December 31, 2020 to RMB269,748.2 million for the year ended December31, 2021, primarily due to the year-on-year increase in the prices of alumina and electrolytic aluminum. Our net profit increased significantly from RMB1,599.2 million for the yearended December 31, 2020 to RMB7,789.0 million for the year ended December 31, 2021, primarily because our gross profit increased significantly from RMB12,316.3 million in2020 to RMB26,478.3 million in 2021.Factors 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 onthe 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 theworld 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 theglobal 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, asChina is in the process of transforming its development model, optimizing its economic structure and changing its growth drivers, the growth of China’s economy has slowed downsince 2014, with GDP growth from 2014 through 2019 ranging from 6.1% to 6.9%. Furthermore, the outbreak and global spread of the COVID-19 in 2020 and 2021 has adverselyaffected the global economy and China’s economy and financial market in general. As a result, the compound annual GDP growth rate of China was 5.1% in 2020 and 2021. Pleaserefer to “Item 3. Key Information – D. Risk Factors – Our business may be materially and adversely affected by the COVID-19 pandemic” for further details of the impact of theoutbreak of COVID-19. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 78 of 274 Table of Contents69The global output of alumina (with chemical alumina products included) in 2021 increased by approximately 4.2% from 2020 to approximately 138.66 million tonnes. Theglobal alumina consumption (with chemical alumina products included) in 2021 increased approximately by 3.6% from 2020 to approximately 137.61 million tonnes. In 2021, thedomestic output of alumina (with chemical alumina products included) increased approximately by 5.9% from 2020 to approximately 75.20 million tonnes and the domesticconsumption for alumina (with chemical alumina products included) increased by approximately 4.3% from 2020 to approximately 77.99 million tonnes.The global output of primary aluminum in 2021 increased by approximately 3.8% from 2020 to approximately 67.78 million tonnes. The global consumption of primaryaluminum in 2021 increased by approximately 9.1% from 2020 to approximately 69.15 million tonnes. In 2021, the domestic output of primary aluminum decreased by approximately4.3% from 2020 to approximately 38.90 million tonnes and the domestic consumption of primary aluminum increased by approximately 5.7% from 2020 to approximately 40.55million tonnes.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. Inaddition, we are engaged in coal mining and power generation. We coordinate substantially all of our sales and marketing activities for our self-produced alumina products and someof our sales and marketing activities for our self-produced primary aluminum products through Chalco Trading Group, taking into account the spot market prices and SHFE prices. In2021, revenues generated from alumina, primary aluminum, trading and energy segments (after elimination of inter-segment sales) accounted for 6.9%, 23.7%, 66.4% and 2.8%,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 ofdifferent 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 Group are determined based on our budgeted sale prices, spot market prices and theprices of primary aluminum on SHFE. Chalco Trading Group coordinates the external negotiation and execution of sales contracts of our alumina products. The alumina prices inboth the domestic and international markets increased in 2021 when compared to that of 2020. The increase in the alumina price in the international market was attributable to thegradual recovery of the demand of alumina after the COVID-19 outbreak in 2020 and the globally strained supply chain due to reduced production capacity. In 2021, the spot price ofalumina in the international market reached a high of approximately US$483 per tonne and bottomed out at approximately US$269 per tonne. The average spot price of alumina in theinternational market was approximately US$330 per tonne, representing an increase of 21.5% from 2020. The spot price of alumina in the domestic market reached a high ofRMB4,108 per tonne and bottomed out at RMB2,324 per tonne. The average spot price of alumina in the domestic market was approximately RMB2,799 per tonne, representing anincrease of 19.8% from 2020. The increase of the alumina price in the domestic market was primarily attributable to the maintenance of the high price of electrolytic aluminum thatdrove increased price of alumina, the decrease in supply of alumina in the domestic market due to government inspection of environment and government control of energy andconsumption, declining imports of alumina due to a decrease in supply of alumina in the international market, and an increase in prices of raw materials for alumina. Our averageselling price of alumina increased by 13.4% from RMB2,465 per tonne in 2020 to RMB2,785 per tonne in 2021.Like most primary aluminum producers in China, we price our primary aluminum products by reference to the primary aluminum spot prices and futures price on the SHFE.In 2021, the primary aluminum prices in the international market generally increased due to the ease of global liquidity and the gradual recovery of the demand of alumina after theCOVID-19 outbreak in 2020. The change of primary aluminum prices in the domestic market in 2021 was attributable to the ease of global liquidity, the unmet demand of primaryaluminum due to government control of energy and consumption, electricity power rationing, benefits from the policy of “carbon dioxide peaking and carbon neutrality” and increasein prices of raw materials for primary aluminum. In 2021, three-month aluminum futures prices reached a high of US$3,229 per tonne and a low of US$1,945 per tonne on LME; anda high of RMB24,820 per tonne and a low of RMB14,640 per tonne on SHFE. In 2021, the average price of spot aluminum and three-month aluminum futures at LME wereapproximately US$2,480 per tonne and US$2,485 per tonne, respectively, representing an increase of 45.5% and 43.3% from that of 2020, respectively. The average three-monthaluminum futures prices at SHFE increased by 37.3% from RMB13,807 per tonne in 2020 to RMB18,898 per tonne in 2021 while the average spot prices of primary aluminum atSHFE increased by 34.2% from RMB14,112 per tonne in 2020 to RMB18,953 per tonne in 2021. Our average selling price of primary aluminum increased by 34.8% fromRMB14,142 per tonne in 2020 to RMB19,099 per tonne in 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 79 of 274 Table of Contents70Price Volatility of Non-ferrous Metal and Coal ProductsSince 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 metalproducts 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 profitmargin 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 productsduring the past few years due to our significant trading volumes. Our revenue generated from external sales of products purchased from external sources in 2021 was approximatelyRMB151,105.6 million, representing approximately 84.3% of total revenue from external sales in our trading segment. From time to time, we may enter into futures and optiontransactions 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-termprice volatility of these products remains a key factor affecting our operating results, as we need to make the correct prediction concerning the price trends of these products on themarkets 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 pricesor 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. Our principal raw material is bauxite. For the years endedDecember 31, 2019, 2020 and 2021, bauxite supplied by our mines accounted for 37.6%, 46.4% and 63.5%, respectively, of our total bauxite used in the production of alumina. Theunit cost of bauxite produced by us is generally lower than the unit cost of bauxite procured from external suppliers. In 2021, the average purchase price of bauxite per tonne from ourother suppliers decreased by approximately 6.2% to RMB386.83 while the average cost of bauxite per tonne from our own mines increased by approximately 6.3% to RMB299.03compared to 2020. In addition, our average purchase price per unit tonne of thermal coal in 2021 increased by approximately 52.4% compared to 2020. As a result, our average costof alumina per tonne in 2021 increased by approximately 2.5% from that in 2020.Primary aluminum is one of our major aluminum products and is produced by smelting operations. Smelting operations require a substantial and continuous supply ofelectricity. Electricity cost is the most significant component of our primary aluminum production cost and accounted for approximately 37.0% of our unit production cost for primaryaluminum in 2021. The availability and price of electricity are key considerations in our primary aluminum operations. Interruptions of electricity supply can result in lengthyproduction shutdowns, increased costs associated with restarting production and waste of production in progress, and prolonged interruptions can cause damage to, or the destructionof, production equipment and facilities. Our average annual electricity price per kWh (including tax) remained relatively stable from 2019 to 2020 and increased by 27.0% from 2020to 2021.Given 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 andproduction 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 andemployee 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 coststhrough economies of scale and recover associated increased costs through higher output. In 2021, we continued to focus on lowering production costs and increasing productionefficiency through reducing raw material consumption by improving technology and internal management.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 andmaintaining 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 bondsand long-term bonds. The availability of financing is subject to various factors, including our credit history and the prevailing credit policy adopted by the PRC government. Over theyears, we have maintained good relationships with the commercial banks in China, which enables us to access bank financing at relatively low costs. Any change of lending policiesadopted by the PRC government 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 10.8% from 2020 to 2021, primarily because we reduced the scale of our interest-bearing debts and the unit cost of financing decreased in2021. 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, whichcould adversely affect our business, financial performance and prospects. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 80 of 274 Table of Contents71In addition, our borrowing costs and access to debt financing depend significantly on our credit ratings. These ratings, including long-term corporate credit ratings andfinancing 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 negativeimplications, which may increase our finance costs and affect our financial results.Regulatory EnvironmentThe PRC government continues to shape the structure and development of the aluminum industry through industry guidelines for energy conservation, safety, environmentaland quality. The central and local PRC government will give more support to entities that meet the standards in such industry guidelines. If the PRC government changes its currentindustry guidelines or the interpretation of those industry guidelines, we may face pressure on profit margins and constraints on our ability to expand our business operations.Selected 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 miningand power generation. The remainder of our revenues was derived from research and development activities and other products and services.Cost of SalesOur cost of sales consists primarily of the purchase of inventories in relation to trading activities, cost of raw materials, consumables and electric power used inmanufacturing, certain fixed cost and employee benefit expenses. For the years ended December 31, 2019, 2020 and 2021, our cost of sales was RMB179,284.0 million,RMB173,674.2 million and RMB243,269.9 million, respectively, and accounted for 94.3%, 93.4% and 90.2%, respectively, 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 which are indirectly related to product salesand employee benefit expenses for employees in selling and distribution department. Selling and distribution expenses accounted for 7.7%, 4.3% and 2.7% of our total operatingexpenses for the years ended December 31, 2019, 2020 and 2021, respectively.General and Administrative Expenses. Our general and administrative expenses consist primarily of employee benefit expenses for directors and officers and employees inthe administrative department and, to a lesser extent, taxes other than income tax expenses, depreciation of non-production property, plant and equipment, termination benefitexpenses, travelling and entertainment, legal and other professional fees, amortization of right-of-use assets, utilities and office supplies, insurance expense, repairs and maintenanceexpenses, auditors’ remuneration, amortization of intangible assets, and others. General and administrative expenses accounted for 68.6%, 56.9% and 44.9% of our total operatingexpenses for the years ended December 31, 2019, 2020 and 2021, respectively. Employee benefit expenses, including salaries and bonus, housing fund, staff welfare and otherexpenses, employment expense in relation to early retirement schemes and termination benefit, comprise a significant component of our general and administrative expenses,accounting for 46.3%, 41.2% and 43.0% of our total general and administrative expenses for the years ended December 31, 2019, 2020 and 2021, respectively.Research and Development Expenses. Our research and development expenses accounted for 16.2%, 19.6% and 20.4% of our total operating expenses for the years endedDecember 31, 2019, 2020 and 2021, respectively.Impairment Loss on Property, Plant and Equipment. Our impairment loss on property, plant and equipment accounted for 4.5%, 5.7% and 20.1% of our total operatingexpenses for the years ended December 31, 2019, 2020 and 2021, respectively. The increase in impairment loss on property, plant and equipment in 2021 was primarily because someof our assets are not in operation, temporarily idle or not operated with full capacity due to production plan adjustments, the increase in cost of mining resulting from environmentalprotection requirements and the increase in operating cost including rents.Impairment Losses on Financial Assets. Our impairment losses on financial assets accounted for 11.9% of our total operating expenses for the year ended December 31,2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 81 of 274 Table of Contents72Impairment Losses on Investments in Joint Ventures. We did not incur any impairment losses on investments in joint ventures for the year ended December 31, 2021.Other IncomeOur other income consists primarily of tax rebates and grants on industrial development support from the government. For the year ended December 31, 2021, our otherincome was RMB148.4 million and accounted for approximately 0.1% of the total consolidated revenues.Other Losses, netOur net other losses consisted primarily of losses on disposal of property, plant and equipment and losses from closing out hedging futures. For the year ended December 31,2021, our net other losses were RMB1,623.5 million and accounted for approximately 0.6% of the total consolidated revenues.Finance IncomeOur finance income consists primarily of interest income. For the year ended December 31, 2021, our finance income was RMB276.0 million and accounted forapproximately 0.1% of the total consolidated revenues.Finance CostsOur financing costs consist primarily of interest expense on our borrowings and bonds, interest on lease liability and amortization of unrecognized finance expenses. Interestrates on loans related to capital expenditures and working capital set by banks generally follow guidelines issued by the PBOC. The PBOC regulates the interest rates for commercialloans charged by state-owned banks from time to time as part of the PRC government’s efforts to regulate the PRC economy. In 2021, we incurred interest expense (net of capitalizedinterest) of RMB3,520.5 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 atype 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 agreedsharing 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 overwhich we have significant influence but not control. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 82 of 274 Table of Contents73Consolidated 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 periodsindicated:Year Ended December 31,201920202021 (Restated) (Restated) RMB (%)RMB (%)RMB US$ (%) (in millions, except percentage)Revenue 190,215.4 100.0 185,990.6 100.0 269,748.2 42,329.4 100.0Cost of Sales (179,284.0) (94.3) (173,674.2) (93.4) (243,269.9) (38,174.4) (90.2)Gross Profit 10,931.4 5.7 12,316.4 6.6 26,478.3 4,155.0 9.8Selling and distribution expenses (447.4) (0.2) (315.7) (0.2) (314.9) (49.4) (0.1)General and administrative expenses (3,972.1) (2.1) (4,157.7) (2.2) (5,204.2) (816.7) (1.9)Research and development expenses (940.8) (0.5) (1,434.1) (0.8) (2,362.2) (370.7) (0.9)Impairment loss on property, plant and equipment (259.4) (0.1) (416.8) (0.2) (2,328.1) (365.3) (0.9)Impairment losses on financial assets (171.0) (0.1) (979.2) (0.5) (1,384.9) (217.3) (0.5)Impairment losses on investments in joint ventures — — — — — — —Other income 84.6 <0.1 139.6 0.1 148.4 23.3 0.1Other (losses)/gains, net 981.7 0.5 903.9 0.5 (1,623.5) (254.8) (0.6)Operating profit 6,207.1 3.3 6,056.4 3.3 13,408.9 2,104.1 5.0Finance Income 261.2 0.1 227.2 0.1 276.0 43.3 0.1Finance cost (4,921.5) (2.6) (4,420.5) (2.4) (3,942.8) (618.7) (1.5)Share of profits and losses of joint ventures 270.1 0.1 180.5 0.1 164.1 25.8 0.1Share of profits and losses of associates 48.8 <0.1 145.7 0.1 272.6 42.8 0.1Profit before income tax 1,865.6 1.0 2,189.3 1.2 10,178.8 1,597.3 3.8Income tax benefit/(expense) (631.5) (0.3) (590.0) (0.3) (2,389.8) (375.0) (0.9)Profit for the year 1,234.1 0.6 1,599.2 0.9 7,789.0 1,222.3 2.9No customer individually accounted for more than 10% of our total revenue for the year ended December 31, 2021. Sales to Chinalco and its subsidiaries, joint ventures,associates and other related parties accounted for approximately 13.0%, 17.3% and 11.8% of consolidated revenues for the years ended December 31, 2019, 2020 and 2021,respectively. For information on related party transactions, see “Item 7. Major Shareholders and Related Party Transactions – B. Related Party Transactions” and Note 36 to ouraudited consolidated financial statements.Year Ended December 31, 2021 Compared with Year Ended December 31, 2020RevenueOur revenue increased by 45.0% from RMB185,990.6 million for the year ended December 31, 2020 to RMB269,748.2 million for the year ended December 31, 2021,primarily due to the year-on-year increase in the prices of alumina and electrolytic aluminum.Cost of SalesOur cost of sales increased by 40.1% from RMB173,674.2 million for the year ended December 31, 2020 to RMB243,269.9 million for the year ended December 31, 2021,primarily due to the impact of higher prices of raw fuel materials.Selling and Distribution ExpensesOur selling and distribution expenses were RMB314.9 million for the year ended December 31, 2021, which remained stable compared to RMB315.7 million for the yearended December 31, 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 83 of 274 Table of Contents74General and Administrative ExpensesOur general and administrative expenses increased by 25.2% from RMB4,157.7 million for the year ended December 31, 2020 to RMB5,204.2 million for the year endedDecember 31, 2021, primarily due to the increase in staff costs as a result of the phase-out of COVID-19 pandemic social insurance premium relief policy introduced in 2020 and theincrease in expenses as a result of expanded operation of our Boffa mine in Guinea and the ancillary alumina plants of Guangxi Huasheng.Research and Development ExpensesOur research and development expenses increased by 64.7% from RMB1,434.1 million for the year ended December 31, 2020 to RMB2,362.2 million for the year endedDecember 31, 2021, primarily due to the increase in investment in optimizing the product process, improving the added value of aluminum processing products and developing themid-to-high-end products.Other IncomeOther income increased by 6.3% from RMB139.6 million for the year ended December 31, 2020 to RMB148.4 million for the year ended December 31, 2021, primarily dueto the increase in the government grants recognized as other income.Other (Losses)/Gains, NetOur net other losses amounted to RMB1,623.5 million for the year ended December 31, 2021, compared to our net other gains of RMB903.9 million for the year endedDecember 31, 2020, primarily because we incurred losses of RMB604.7 million and RMB650.7 million from closing out hedging futures and disposal of idle production lines,respectively, during 2021.Finance IncomeOur finance income increased by 21.5% from RMB227.2 million for the year ended December 31, 2020 to RMB276.0 million for the year ended December 31, 2021,primarily due to increase in gains from short-term wealth management products.Finance CostsOur finance costs decreased by 10.8% from RMB4,420.5 million for the year ended December 31, 2020 to RMB3,942.8 million for the year ended December 31, 2021,primarily because we reduced the scale of our interest-bearing debts and the unit cost of financing decreased in 2021.Share of Profits and Losses of Joint VenturesOur profit in our share of profits and losses of joint venture decreased by 9.1% from RMB180.5 million for the year ended December 31, 2020 to RMB164.1 million for theyear ended December 31, 2021. This was primarily attributable to the decrease in the profitability of a coal joint venture and an electricity generation joint venture.Share of Profits and Losses of AssociatesOur profit in our share of profits and losses of associates increased by 87.0% from RMB145.7 million for the year ended December 31, 2020 to RMB272.6 million for theyear ended December 31, 2021. This was primarily due to the increase in the profitability of our two electrolytic aluminum associates.Income TaxOur income tax expense increased significantly from RMB590.0 million for the year ended December 31, 2020 to RMB2,389.8 million for the year ended December 31,mainly due to our significant year-on-year increase in pre-tax corporate profits.Results of OperationsAs a result of the foregoing, our net profit increased significantly from RMB1,599.2 million for the year ended December 31, 2020 to RMB7,789.0 million for the year endedDecember 31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 84 of 274 Table of Contents75Year Ended December 31, 2020 Compared with Year Ended December 31, 2019RevenueOur revenue decreased by 2.2% from RMB190,215.4 million for the year ended December 31, 2019 to RMB185,990.6 million for the year ended December 31, 2020,primarily due to the decrease in our trading business.Cost of SalesOur cost of sales decreased by 3.1% from RMB179,284.0 million for the year ended December 31, 2019 to RMB173,674.2 million for the year ended December 31, 2020,primarily due to the decrease in our trading business.Selling and Distribution ExpensesOur selling and distribution expenses decreased by 29.4% from RMB447.4 million for the year ended December 31, 2019 to RMB315.7 million for the year ended December31, 2020, primarily due to the decrease in our domestic transportation expenses of products.General and Administrative ExpensesOur general and administrative expenses increased by 4.7% from RMB3,972.1 million for the year ended December 31, 2019 to RMB4,157.7 million for the year endedDecember 31, 2020, primarily due to the increase in the land use tax.Research and Development ExpensesOur research and development expenses increased by 52.4% from RMB940.8 million for the year ended December 31, 2019 to RMB1,434.1 million for the year endedDecember 31, 2020, primarily due to the increase in investment in optimizing the electrolytic process of primary aluminum, improving the added value of aluminum fabricationproducts and developing the mid-to-high-end products.Other IncomeOther income increased by 64.9% from RMB84.6 million for the year ended December 31, 2019 to RMB139.6 million for the year ended December 31, 2020, primarily dueto the increases in the government grants recorded under other income.Other Gains, NetOur net other gains decreased by 7.9% from RMB981.7 million for the year ended December 31, 2019 to RMB903.9 million for the year ended December 31, 2020,primarily because we had gains on disposal of certain subsidiaries, associates and business in 2019 while we did not have such disposals in 2020.Finance IncomeOur finance income decreased by 13.0% from RMB261.2 million for the year ended December 31, 2019 to RMB227.2 million for the year ended December 31, 2020,primarily due to the decrease in interest income resulting from the decrease in the wealth management products held by us.Finance CostsOur finance costs decreased by 10.2% from RMB4,921.5 million for the year ended December 31, 2019 to RMB4,420.5 million for the year ended December 31, 2020,primarily because we reduced the scale of our interest-bearing debts and utilized financings with lower interest rates. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 85 of 274 Table of Contents76Share of Profits and Losses of Joint VenturesOur profit in our share of profits and losses of joint venture decreased by 33.2% from RMB270.1 million for the year ended December 31, 2019 to RMB180.5 million for theyear ended December 31, 2020. This was primarily attributable to the decrease in the profitability of one of our joint ventures, which is an alumina refinery, as a result of the decreasein the alumina price in 2020.Share of Profits and Losses of AssociatesOur profit in our share of profits and losses of associates increased significantly from RMB48.8 million for the year ended December 31, 2019 to RMB145.7 million for theyear ended December 31, 2020. This was primarily because we had new associates in December 2019 and the profits of such associates increased in 2020 due to the increase in theprimary aluminum price.Income TaxOur income tax expense decreased by 6.6% from RMB631.5 million for the year ended December 31, 2019 to RMB590.0 million for the year ended December 31, 2020.This was mainly the adjustment on temporary differences for comprehensive tax rate in accordance with the latest preferential tax policies for the development of the western region.Results of OperationsAs a result of the foregoing, our net profit increased by 29.6% from RMB1,234.1 million for the year ended December 31, 2019 to RMB1,599.2 million for the year endedDecember 31, 2020.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 otheroperating segments. Unless otherwise indicated, also included in these segments are other revenues derived from activities such as supplying electricity, gas, heat and water to ouraffiliates, selling scrap and other materials and providing services including transportation and research and development to third parties. For additional information relating to ourbusiness segments and segment presentation, see Note 5 to our consolidated financial statements. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 86 of 274 Table of Contents77The 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:Year Ended December 31,20192020 (Restated) (Restated) 2021 2021 2021 2021RMBRMBRMBUS$%%(in millions, except percentage)Revenue Alumina: External sales 14,326.6 12,941.6 18,564.2 2,913.1 5.2 6.9Inter-segment sales 29,605.2 29,436.9 37,981.6 5,960.1 10.6 Total 43,931.8 42,378.4 56,545.8 8,873.2 15.8 Primary aluminum: External sales 37,394.6 40,430.6 63,987.1 10,041.0 17.9 23.7Inter-segment sales 11,694.4 11,458.6 8,657.1 1,358.5 2.4 Total 49,089.0 51,889.2 72,644.2 11,399.5 20.3 Trading External sales 131,058.5 125,334.2 179,160.2 28,114.1 50.5 66.4Inter-segment sales 27,877.2 30,058.1 41,287.7 6,479.0 11.5 Total 158,935.7 155,392.3 220,447.9 34,593.1 61.6 Energy External sales 7,109.8 6,940.4 7,674.6 1,204.3 2.1 2.8Inter-segment sales 236.1 243.8 240.6 37.8 0.1 Total 7,345.9 7,184.2 7,915.2 1,242.1 2.2 Corporate and others External sales 325.9 343.8 362.0 56.8 0.1 0.1Inter-segment sales 167.1 105.8 121.7 19.1 <0.1 Total 493.0 449.6 483.7 75.9 0.1 Total Revenues before inter-segment eliminations 259,795.4 257,293.7 358,036.8 56,183.8 100 Eliminations of inter-segment sales (69,580.0) (71,303.2) (88,288.6) (13,854.4) (24.7) Consolidated total revenues 190,215.4 185,990.5 269,748.2 42,329.4 75.3 100.0 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 87 of 274 Table of Contents78The following table sets forth segment results before income tax by segment for the periods indicated:Year Ended December 31,2019202020212021 RMB RMB RMB US$(in millions)Alumina: Revenues 43,931.8 42,378.4 56,545.8 8,873.3Cost and expenses(1) (43,340.3) (40,943.3) (52,496.7) (8,237.9)Segment results(2) 591.5 1,435.1 4,049.1 635.4Primary aluminum: Revenues 49,089.0 51,889.2 72,644.2 11,399.5Cost and expenses(1) (48,401.8) (49,866.0) (65,242.2) (10,238.0)Segment results(2) 687.2 2,023.2 7,402.0 1,161.5Trading: Revenues 158,935.7 155,392.3 220,447.9 34,593.1Cost and expenses(1) (157,977.7) (154,810.2) (219,217.1) (34,399.9)Segment results(2) 958.0 582.1 1,230.8 193.2Energy: Revenues 7,345.9 7,184.2 7,915.2 1,242.1Cost and expenses(1) (6,942.4) (7,261.4) (8,150.0) (1,278.9)Segment results(2) 403.5 (77.2) (234.8) (36.8)Corporate and others Revenues 493.0 449.6 483.7 75.9Cost and expenses(1) (1,480.7) (2,154.80) (2,333.5) (366.2)Segment results(2) (987.7) (1,705.2) (1,849.8) (290.3)Elimination(3) 213.1 (68.8) (418.5) (65.7)Total profit before income tax 1,865.6 2,189.2 10,178.8 1,597.3(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 before income tax.(3)Elimination refers to the aggregate inter-segment eliminations of segment results of each segment.Year Ended December 31, 2021 Compared with Year Ended December 31, 2020Alumina SegmentRevenues. Total revenue generated by the alumina segment increased by 33.4% from RMB42,378.4 million for the year ended December 31, 2020 to RMB56,545.8 millionfor the year ended December 31, 2021, primarily due to an increase by 11% in production volume as a result of the expanded operation of our Boffa mine in Guinea and the ancillaryalumina plants of Guangxi Huasheng in 2021, as well as a year-on-year increase by 18% in the price of alumina.Revenue from external sales of the alumina segment increased by 43.4% from RMB12,941.6 million for the year ended December 31, 2020 to RMB18,564.2 million for theyear ended December 31, 2021, primarily due to an increase by 19% in the average external selling prices for our self-produced alumina and an increase by 18% in the volume ofexternal sales of the alumina in 2021 as compared to that in 2020.Revenue from inter-segment sales of the alumina segment increased by 29.0% from RMB29,436.9 million for the year ended December 31, 2020 to RMB37,981.6 millionfor the year ended December 31, 2021, primarily due to an increase by 15% in the internal selling price of our self-produced alumina and an increase by 6% in the volume of internalsales of the alumina. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 88 of 274 Table of Contents79Cost and expenses. The total cost and expenses for our alumina segment increased by 28.2% from RMB40,943.3 million for the year ended December 31, 2020 toRMB52,496.7 million for the year ended December 31, 2021, primarily due to increase in costs as a result of (i) an increase by 3% in the prices of raw materials, (ii) an increase by12% in production volume of alumina as a result of operation of Guangxi Huasheng, which is in line with an increase by 64% in production volume of bauxite as a result of expandedoperation of our Boffa mine in Guinea, and (iii) a significant increase in loss on disposal of assets and impairment loss in 2021 as compared to that in 2020.Segment results. The segment profit for our alumina segment increased significantly from RMB1,435.1 million for the year ended December 31, 2020 to RMB4,049.1million for the year ended December 31, 2021, primarily due to the increase in production volume and gross profit as a result of the expanded operation of our Boffa mine in Guineaand the ancillary alumina plants of Guangxi Huasheng, as well as the year-on-year increase in the gross profit of our alumina products.Primary Aluminum SegmentRevenues. Total revenue generated by the primary aluminum segment increased by 40.0% from RMB51,889.1 million for the year ended December 31, 2020 toRMB72,644.2 million for the year ended December 31, 2021, primarily due to the year-on-year increase in the price of primary aluminum.Revenue from external sales of the primary aluminum segment increased by 58.2% from RMB40,440.6 million for the year ended December 31, 2020 to RMB63,987.1million for the year ended December 31, 2021, primarily due to an increase by 34.8% in the average external selling prices for our self-produced primary aluminum and an increaseby 2.7% in the volume of external sales of primary aluminum in 2021 as compared to that in 2020.Revenue from inter-segment sales of primary aluminum segment decreased by 24.4% from RMB11,458.5 million for the year ended December 31, 2020 to RMB8,657.1million for the year ended December 31, 2021, primarily due to a decrease by 36% in the volume of our self-produced primary aluminum supplied with our own smelters in 2021 ascompared to that in 2020.Cost and expenses. The total cost and expenses for our primary aluminum segment increased by 30.8% from RMB49,865.9 million for the year ended December 31, 2020 toRMB65,242.2 million for the year ended December 31, 2021, primarily due to an increase by 21% in the price of alumina, the main raw material of primary aluminum, and anincrease by 25% in the price of electricity.Segment results. We had a segment profit of RMB7,402.0 million for the year ended December 31, 2021, increasing significantly from a segment profit of RMB2,023.2million for the year ended December 31, 2020. This was mainly due to the year-on-year increase in the gross profit of our primary aluminum products.Trading SegmentRevenues. Total revenue generated by the trading segment increased by 41.9% from RMB155,392.4 million for the year ended December 31, 2020 to RMB220,447.9 millionfor the year ended December 31, 2021, primarily due to an increase by 20% and 35% in the average selling prices for alumina and primary aluminum, respectively, an increase by43% in the average external selling prices for copper and an increase by 49% in the volume of external sales of copper in 2021 as compared to that in 2020.Revenue from external sales of the trading segment increased by 42.9% from RMB125,334.2 million for the year ended December 31, 2020 to RMB179,160.2 million forthe year ended December 31, 2021, primarily due to an increase by 35% and 6% in the average external selling prices and the volume of external sales of primary aluminum,respectively and an increase by 43% and 49% in the average external selling prices and the volume of external sales of copper, respectively, in 2021 as compared to that in 2020.Revenue from internal sales of the trading segment increased by 37.4% from RMB30,058.1 million for the year ended December 31, 2020 to RMB41,287.7 million for theyear ended December 31, 2021, primarily due to an increase by 19% in the internal selling price for our alumina, and an increase by 79% in the revenue of internal sales of rawmaterials and fuel in 2021 as compared to that in 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 89 of 274 Table of Contents80Cost and expenses. The total cost and expenses for our trading segment increased by 41.6% from RMB154,810.3 million for the year ended December 31, 2020 toRMB219,217.1 million for the year ended December 31, 2021, primarily due to an increase by 20% and 35% in the average procurement cost of alumina and primary aluminum,respectively, and increased procurement cost corresponding to an increase by 43% and 49% in the average external selling prices and the volume of external sales of copper,respectively, in 2021 as compared to that in 2020.Segment results. Our segment profit increased significantly from RMB582.1 million for the year ended December 31, 2020 to RMB1,230.8 million for the year endedDecember 31, 2021. This was mainly due to the year-on-year increase in the gross profit of our alumina and primary aluminum products.Energy SegmentRevenues. Total revenue generated by the energy segment increased by 10.2% from RMB7,184.2 million for the year ended December 31, 2020 to RMB7,915.2 million forthe year ended December 31, 2021, primarily due to the year-on-year increase in coal price.Revenue from external sales of the energy segment increased by 10.6% from RMB6,940.4 million for the year ended December 31, 2020 to RMB7,674.6 million for the yearended December 31, 2021, primarily due to the year-on-year increase in coal price.Revenue from internal sales of the energy segment was RMB240.6 million for the year ended December 31, 2021, which remained stable compared to RMB243.8 million forthe year ended December 31, 2020.Cost and expenses. The total cost and expenses for our energy segment increased by 8.1% from RMB7,107.0 million for the year ended December 31, 2020 to RMB7,680.4million for the year ended December 31, 2021, primarily due to an increase in the procurement costs for certain thermal power companies resulting from increased price of coal.Segment results. Our segment loss increased significantly from RMB77.2 million for the year ended December 31, 2020 to RMB234.8 million for the year ended December31, 2021, primarily attributable to the losses of our non-controlling thermal power companies.Corporate and Other Operating SegmentRevenues. Revenue from the corporate and other operating segment increased by 7.6% from RMB449.6 million for the year ended December 31, 2020 to RMB483.7 millionfor the year ended December 31, 2021, primarily due to the expanded business of Zhengzhou Institute in this segment.Segment results. We recorded a segment loss of RMB1,849.8 million for the year ended December 31, 2021, representing an increase of 8.5% from a segment loss ofRMB1,705.2 million for the year ended December 31, 2020. This was mainly attributable to the loss of RMB307.1 million resulting from hedging business in 2021 compared to thatin 2020.Year Ended December 31, 2020 Compared with Year Ended December 31, 2019Alumina SegmentRevenues. Total revenue generated by the alumina segment decreased by 3.5% from RMB43,931.8 million for the year ended December 31, 2019 to RMB42,378.4 millionfor the year ended December 31, 2020, primarily due to the year-on-year decrease in the price of alumina.Revenue from external sales of the alumina segment decreased by 9.7% from RMB14,326.6 million for the year ended December 31, 2019 to RMB12,941.6 million for theyear ended December 31, 2020, primarily due to the year-on-year decrease in the price of alumina.Revenue from inter-segment sales of the alumina segment slightly decreased by 0.6% from RMB29,605.3 million for the year ended December 31, 2019 to RMB29,436.9million for the year ended December 31, 2020, primarily due to a decrease by 10.2% in the internal sale price of our self-produced alumina in 2020 as compared to that in 2019,partially offset by an increase by 3.4% in the volume of our self-produced alumina supplied with our own smelters in 2020 as compared to that in 2019. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 90 of 274 Table of Contents81Cost and expenses. The total cost and expenses for our alumina segment decreased by 5.5% from RMB43,340.3 million for the year ended December 31, 2019 toRMB40,943.3 million for the year ended December 31, 2020, primarily due to the decrease in the cost of alkali used in the alumina refining.Segment results. The segment profit for our alumina segment increased significantly from RMB591.5 million for the year ended December 31, 2019 to RMB1,435.1 millionfor the year ended December 31, 2020, primarily due to the decrease in the cost of alkali used in the alumina refining.Primary Aluminum SegmentRevenues. Total revenue generated by the primary aluminum segment increased by 5.7% from RMB49,089.0 million for the year ended December 31, 2019 to RMB51,889.1million for the year ended December 31, 2020, primarily due to the increase in the price of primary aluminum.Revenue from external sales of the primary aluminum segment increased by 8.1% from RMB37,394.6 million for the year ended December 31, 2019 to RMB40,430.6million for the year ended December 31, 2020, primarily due to an increase by 2.2% in the average external selling prices for our self-produced primary aluminum and the increase by35.5% in the sales volume of carbon anodes in 2020, as compared to those in 2019.Revenue from inter-segment sales of primary aluminum segment decreased by 2.0% from RMB11,694.4 million for the year ended December 31, 2019 to RMB11,458.5million for the year ended December 31, 2020, remaining relatively stable.Cost and expenses. The total cost and expenses for our primary aluminum segment increased by 3.0% from RMB48,401.8 million for the year ended December 31, 2019 toRMB49,865.9 million for the year ended December 31, 2020, primarily due to the decrease by approximately RMB260 million in the gains derived from disposal of capacity quotasof primary aluminum in 2020 and the increase by 35.5% in the sales volume of carbon anodes in 2020, as compared to that in 2019.Segment results. We had a segment profit of RMB2,023.2 million for the year ended December 31, 2020, increasing significantly from a segment profit of RMB687.2 millionfor the year ended December 31, 2019. This was mainly due to the increase in the price of primary aluminum.Trading SegmentRevenues. Total revenue generated by the trading segment decreased by 2.2% from RMB158,935.7 million for the year ended December 31, 2019 to RMB155,392.4 millionfor the year ended December 31, 2020, primarily due to the decrease by 70.3% in revenue from external trading of zinc ingots and the decrease by 51.7% in revenue from externaltrading of coking coal in 2020, as compared to those in 2019, partially offset by the increase by 15.1% in revenue from external trading of aluminum ingots in 2020, as compared tothat in 2019.Revenue from external sales of the trading segment decreased by 4.4% from RMB131,058.5 million for the year ended December 31, 2019 to RMB125,334.2 million for theyear ended December 31, 2020, primarily due to the decrease by 70.3% in revenue from external trading of zinc ingots and the decrease by 51.7% in revenue from external trading ofcoking coal in 2020, as compared to those in 2019, partially offset by the increase by 15.1% in revenue from external trading of aluminum ingots in 2020, as compared to that in 2019.Revenue from internal sales of the trading segment increased by 7.8% from RMB27,877.2 million for the year ended December 31, 2019 to RMB30,058.1 million for theyear ended December 31, 2020, primarily due to the increase in the internal trading of alumina and bauxite.Cost and expenses. The total cost and expenses for our trading segment decreased by 2.0% from RMB157,977.7 million for the year ended December 31, 2019 toRMB154,810.3 million for the year ended December 31, 2020, primarily due to the decrease by 70.7% in the cost for trading of zinc ingots and the decrease by 58.4% in the cost fortrading of coking coal in 2020, as compared to those in 2019, partially offset by the increase by 16.2% in the cost for trading of aluminum ingots in 2020, as compared to that in 2019. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 91 of 274 Table of Contents82Segment results. Our segment profit decreased by 39.2% from RMB958.0 million for the year ended December 31, 2019 to RMB582.1 million for the year ended December31, 2020. This was mainly due to the decrease in the import volume of coking coal as affected by the COVID-19 pandemic.Energy SegmentRevenues. Total revenue generated by the energy segment decreased by 2.2% from RMB7,346.0 million for the year ended December 31, 2019 to RMB7,184.2 million forthe year ended December 31, 2020, primarily due to the decrease in coal prices.Revenue from external sales of the energy segment decreased by 2.4% from RMB7,109.8 million for the year ended December 31, 2019 to RMB6,940.4 million for the yearended December 31, 2020, primarily due to the decrease in coal prices.Revenue from internal sales of the energy segment increased from RMB236.1 million for the year ended December 31, 2019 to RMB243.8 million for the year endedDecember 31, 2020, remaining relatively stable.Cost and expenses. The total cost and expenses for our energy segment increased by 2.4% from RMB6,942.5 million for the year ended December 31, 2019 to RMB7,107.0million for the year ended December 31, 2020, primarily because we had gains on disposal of associates while we did not have such disposal in 2020.Segment results. We recorded a segment loss of RMB77.2 million for the year ended December 31, 2020, whereas we had a segment profit of RMB403.5 million for the yearended December 31, 2019. This was primarily due to the decrease in the price of the coal during the year. In addition, we had gains on disposal of associates in 2019 while we did nothave such disposal in 2020.Corporate and Other Operating SegmentRevenues. Revenue from the corporate and other operating segment decreased by 8.8% from RMB492.9 million for the year ended December 31, 2019 to RMB449.6 millionfor the year ended December 31, 2020, primarily due to the decrease in business of an engineering company in this segment.Segment results. We recorded a segment loss of RMB1,705.2 million for the year ended December 31, 2020, representing an increase of 72.6% from a segment loss ofRMB987.7 million for the year ended December 31, 2019. This was mainly because we had gains from our investment in Yunnan Aluminum and Yixin Aluminum in 2019 and wemade provision for impairment losses of certain long aging receivables in 2020.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 andproceeds 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, 2021, our current assets amounted to RMB48,714.0 million, representing an increase of 5.3% from RMB46,268.6 million as of December 31, 2020,primarily due to the increase in monetary funds resulting from the increase in cash inflows from operations. As of December 31, 2021, our restricted cash and time deposits and cashand cash equivalents balance amounted to RMB19,178.0 million, representing an increase of 78.8% from RMB10,727,5 million as of December 31, 2020. As of December 31, 2021,our trade and notes receivable amounted to RMB6,904.9 million, representing a decrease of 25.9% from RMB9,313.6 million as of December 31, 2020.As of December 31, 2021, our current liabilities amounted to RMB52,180.8 million, representing a decrease of 16.7% from RMB62,633.0 million as of December 31, 2020.This is mainly due to our efforts to optimize the maturity profile of the liabilities and minimize the scale of short-term interest-bearing loans and borrowings.As of December 31, 2021, our net current liabilities amounted to RMB3,466.7 million, representing a decrease of 78.8% from RMB16,364.4 million as of December 31,2020. As of December 31, 2021, our current ratio (current assets/current liabilities) was 0.93, compared with 0.74 as of December 31, 2020. Our quick ratio ((current assets –inventories – prepayments)/current liabilities) was 0.56 as of December 31, 2021, compared with 0.41 as of December 31, 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 92 of 274 Table of Contents83We have considered our available sources of funds as follows:●Our expected net cash inflows from operating activities in 2022;●As of December 31, 2021, we had total banking facilities of approximately RMB128,100 million, of which RMB36,056 million had been utilized and unutilizedbanking facilities amounted to RMB92,044 million as of December 31, 2021, among which, banking facilities of approximately RMB25,530 million will remainunexpired over the 12 months from December 31, 2021. We are confident that all banking facilities can be renewed upon their expiration based on our past experiencewith banks and our good credit standing;●Bond facilities registered with National Association of Financial Market Institutional Investors but not utilized; 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 December 31, 2021. The Boardtherefore continues to adopt the going concern basis in preparing our financial statements included in this annual report.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, 2019 2020 2021 2021(Restated)(Restated)RMBRMBRMBUS$(in millions)Net cash flows generated from operating activities 12,505.9 14,907.5 28,230.4 4,430.0Net cash flows (used in)/generated from investing activities (13,395.8) 1,932.8 744.3 116.8Net cash flows used in financing activities (10,474.0) (15,773.4) (18,478.3) (2,899.6)Net increase/(decrease) in cash and cash equivalents (11,364.0) 1,066.9 9,007.8 1,413.5Net Cash Flows Generated from Operating ActivitiesFor the year ended December 31, 2021, we had net cash generated from operating activities of RMB28,230.4 million, which was primarily attributable to our profit beforeincome tax of RMB10,178.8 million, adjusted for non-cash and non-operating items of RMB18,062.8 million, inflows of RMB2,273.9 million for changes in working capital andoutflows of income tax of RMB2,285.1 million. The positive adjustment for non-cash and non-operating items primarily consisted of depreciation of property, plant and equipment ofRMB7,375.6 million, finance cost of RMB3,846.1 million and impairment losses on property, plant and equipment of RMB2,328.1 million. The inflows from changes in workingcapital primarily consisted of (i) an increase in trade and notes payables of RMB1,318.5 million, (ii) an increase in other payables and accrued liabilities of RMB1,702.8 million and(iii) a decrease in inventories of RMB727.4 million, and partially offset by an increase in trade and notes receivables of RMB1,295.0 million.For the year ended December 31, 2020, we had net cash generated from operating activities of RMB14,907.5 million, which was primarily attributable to our profit beforeincome tax of RMB2,189.3 million, adjusted for non-cash and non-operating items of RMB14,593.7 million, outflows of RMB1,070.3 million for changes in working capital andoutflows of income tax of RMB805.2 million. The positive adjustment for non-cash and non-operating items primarily consisted of depreciation of property, plant and equipment ofRMB7,161.5 million, finance cost of RMB4,420.4 million and impairment loss of inventory of RMB1,321.4 million. The outflows from changes in working capital primarilyconsisted of (i) an increase in trade and notes receivables of RMB4,524.8 million and (ii) an increase in inventories of RMB1,667.6 million, and partially offset by (i) an increase intrade and notes payables of RMB3,004.9 million and (ii) an increase in other payables and accrued liabilities of RMB1,884.3 million. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 93 of 274 Table of Contents84For the year ended December 31, 2019, we had net cash generated from operating activities of RMB12,505.8 million, which was primarily attributable to our profit beforeincome tax of RMB1,865.6 million, adjusted for non-cash and non-operating items of RMB13,739.7 million, outflows of RMB2,544.8 million for changes in working capital andoutflows of income tax of RMB554.6 million. The positive adjustment for non-cash and non-operating items primarily consisted of depreciation of property, plant and equipment ofRMB7,106.8 million, finance cost of RMB4,921.5 million, impairment loss of inventory of RMB1,163.3 million and depreciation of right-of-use assets of RMB1,075.8 million. Theoutflows from changes in working capital consisted primarily of (i) a decrease in trade and notes payables of RMB1,400.3 million and (ii) an increase in trade and notes receivables ofRMB1,173.4 million, and partially offset by (i) a decrease in restricted cash of RMB859.5 million and (ii) a decrease in other non-current assets of RMB547.9 million.Net Cash Flows (Used in)/Generated from Investing ActivitiesWe recorded net cash flows used in investing activities of RMB744.3 million for the year ended December 31, 2021 while we recorded net cash flows generated frominvesting activities of RMB1,932.8 million for the year ended December 31, 2020, primarily due to the increased purchase of structural deposits, losses on futures margin anddecreased proceeds from disposal of assets.We recorded net cash flows used in investing activities of RMB13,395.8 million for the year ended December 31, 2019. The net cash flows generated from investingactivities in 2020 were primarily due to the decrease in the financial products held by us and the decrease in our investment in project construction.Net Cash Flows Used in Financing ActivitiesThe net cash flows used in financing activities increased by 17.1% from RMB15,773.4 million for the year ended December 31, 2020 to RMB18,478.3 million for the yearended December 31, 2021, primarily due to the increase in our net debt repayment in 2021. Our net cash used in financing activities for the year ended December 31, 2021, consistedprimarily of repayments of short-term and long-term loans of RMB40,560.0 million, repayments of bonds and notes of RMB21,537.4 million and repayment of senior perpetualsecurities of RMB5,386.3 million, partially offset by drawdown of short-term and long-term loans of RMB29,542.5 million and proceeds from issuance of short-term bonds andmedium-term notes (net of issuance costs) of RMB24,845.1 million.The net cash flows used in financing activities increased by 50.6% from RMB10,474.0 million for the year ended December 31, 2019 to RMB15,773.4 million for the yearended December 31, 2020, primarily due to the year-on-year increase in net repayment of debts by the Company during the year. Our net cash used in financing activities for the yearended December 31, 2020, consisted primarily of repayments of short-term and long-term loans of RMB43,111.5 million, repayments of bonds and notes of RMB30,638.8 millionand repayment of gold leasing arrangements of RMB6,921.9 million, partially offset by drawdown of short-term and long-term loans of RMB46,021.4 million and proceeds fromissuance of short-term bonds and medium-term notes (net of issuance costs) of RMB25,900.0 million. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 94 of 274 Table of Contents85Loans and BorrowingsDuring the past years, we engaged in debt financing to fund our operations and business expansion. As of December 31, 2020 and 2021, our gearing ratio (net debts/totalcapital attributable to owners of the parent as defined in Note 37.3 to our audited consolidated financial statements) was approximately 67% and 63%, respectively.As of December 31,202020212021 (Restated) RMBRMBUS$(in millions)Short-term loans and borrowings Short-term bank and other loans 20,738.0 9,219.3 1,446.7Short-term bonds, unsecured 2,411.3 5,440.4 853.7Current portion of lease liabilities 828.3 987.7 155.0Current portion of medium-term notes 7,100.7 2,999.6 470.7Current portion of long-term bank and other loans 3,629.0 5,859.1 919.4Sub-total 34,707.3 24,506.1 3,845.5Long-term loans and borrowings Lease liabilities 7,086.2 12,594.5 1,976.4Long-term bank and other loans 43,014.6 42,125.2 6,610.4Medium-term notes and bonds and long-term bonds and private placement notes 18,975.4 19,222.6 3,016.4Less: Current portion of lease liabilities (828.3) (987.7) (155.0)Current portion of medium-term notes and long-term bonds (7,100.7) (2,999.6) (470.7)Current portion of long-term bank and other loans (3,629.0) (5,859.1) (919.4)Sub-total 57,518.2 64,095.9 10,058.1Total borrowings 92,225.5 88,602.0 13,903.6Less: Bank balances and cash 10,727.5 19,178.0 3,009.4Net 81,498.0 69,424.0 10,894.2Bank and Other LoansThe weighted average annual interest rate of short-term bank and other loans for the year end December 31, 2021 was 3.03%. Our short-term bank and other loans willmature within one year.The weighted average annual interest rate of long-term bank and other loans for the years ended December 31, 2021 was 4.55%. The following table sets forth the aggregatematurities of our outstanding long-term bank and other loans as of December 31, 2021. The following table sets forth the amounts of the contractual undiscounted cash flows: As of December 31, 2021 RMB US$(in millions)Within 1 year 5,859.1 919.4Between 1 and 2 years 11,837.7 1,857.6Between 2 and 5 years 9,771.4 1,533.3Over 5 years 14,657.0 2,300.0Total 42,125.2 6,610.3As of December 31, 2021, we had secured long-term and short-term loans of RMB11,521.3 million, guaranteed long-term loans of RMB3,132.5 million, and unsecured long-term and short-term loans of RMB36,690.7 million. Among these secured loans, long-term loans and borrowings amounting to RMB9,484 million (current portion of RMB1,525million and non-current portion of RMB7,959 million) were secured by the contractual right to charge users for electricity generated in the future. In addition, we also pledged variousassets primarily including property, plant and equipment to secure our loans.As of December 31, 2021, we had foreign currency denominated loans with a principal amount of RMB11 million in Japanese Yen and RMB1,333 million in U.S. dollars. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 95 of 274 Table of Contents86Notes and BondsAs of December 31, 2021, we had no outstanding long-term bonds.The following table sets forth the face value, maturity, effective interest rate and outstanding amount of our outstanding medium-term notes and bonds as of December 31,2021:EffectiveDecember 31, Face value/maturity interest rate 2021(RMB in thousands, except for the face values of Hong Kong meidum-term bonds)2019 Medium-term notes 2,000,000/2024 4.31% 1,989,0902020 Medium-term notes 900,000/2023 3.04% 898,8662021 Medium-term notes 1,000,000/2024 3.21% 997,0282018 Medium-term bonds 900,000/2023 5.06% 899,3232018 Medium-term bonds 1,600,000/2023 4.57% 1,597,9882019 Medium-term bonds 2,000,000/2022 3.84% 1,999,8092019 Medium-term bonds 2,000,000/2029 4.57% 1,997,4402019 Medium-term bonds 1,000,000/2022 3.52% 999,7902020 Medium-term bonds 500,000/2025 3.31% 499,8762020 Medium-term bonds 1,000,000/2023 3.07% 999,7872021 Hong Kong Medium-term bonds 500,000US$/2024 1.74% 3,173,1802021 Hong Kong Medium-term bonds 500,000US$/2026 2.24% 3,170,409Total 19,222,586The following table sets forth face value, maturity, effective interest rate and outstanding amount of our outstanding short-term bonds as of December 31, 2021:EffectiveDecember 31, Face value /maturity interest rate 2021(RMB in thousands)short-term bonds 400,000/2022 2.70% 406,036short-term bonds2,000,000/2022 2.59% 2,022,571short-term bonds1,000,000/2022 2.55% 1,006,240short-term bonds2,000,000/2022 2.80% 2,005,567Total 5,440,414Senior Perpetual Capital SecuritiesPlease refer to “Item 4. Information on the Company – A. History and Development of the Company – Senior Perpetual Capital Securities Offering” for further details.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 bedistributed 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 makeother 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 ouroperating activities. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 96 of 274 Table of Contents87Capital Expenditures and Capital CommitmentsThe following table sets forth our capital expenditures for the years ended 2019, 2020 and 2021, and the capital expenditures of each segment as a percentage of our totalcapital expenditures for the periods indicated: Year Ended December 31201920202021RMB % RMB % RMB %(in millions, except percentage)Alumina 6,699.4 56.9 2,319.4 50.1 2,218.2 47.7Primary aluminum 3,330.7 28.3 1,072.6 23.2 1,118.7 24.0Trading 134.7 1.1 329.4 7.1 17.6 0.4Energy 1,449.6 12.3 881.8 19.1 948.8 20.4Corporate and others 166.0 1.4 25.4 0.5 349.5 7.5Total 11,780.4 100.0 4,628.6 100.0 4,652.8 100.0In 2021, we spent approximately RMB4,652.8 million of our capital expenditures (excluding equity interest investments) primarily in investments in construction,transformation and upgrading of projects, energy saving and consumption reduction, environmental governance, resources acquisition and technological research and development.Our total capital expenditures increased slightly from 2020 to 2021.We expect our estimated capital expenditures in 2022 to be a total of approximately RMB6.8 billion, primarily for infrastructure and technology upgrading.As of December 31, 2021, our Group’s contractual but not provided capital commitment to fixed assets investment amounted to RMB1,375.4 million.As of December 31, 2021, our commitments to make capital contribution to our associates and joint ventures amounted to RMB441.8 million, comprised of the capitalcontributions of RMB400 million to Chinalco Overseas Development Co., Ltd., RMB8 million to Loudi Zhongyu New Materials Co., Ltd., RMB28 million to Shanxi Qinlv TaiyueNew Materials Co., Ltd. and RMB6 million to Chinalco Tendering Company Limited, 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 medium-term bondsand medium-term notes.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 changesin financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources.Material Cash RequirementsOur material cash requirements as of December 31, 2021 and any subsequent interim period primarily include our capital expenditures, lease liabilities, loans and interestpayables, financial liabilities at fair value through profit or loss, financial liabilities included in other payables and accrued liabilities, excluding accrued interest, financial liabilitiesincluded in other non-current liabilities and trade and notes payables.Our lease liabilities primarily relate to consideration for certain properties leased by us from Chinalco for the period commencing January 1, 2022.Our loans and interest payables primarily consist of long-term bank and other loans, medium-term notes and bonds, short-term bonds and short-term bank and other loans.The trade and notes payables are non-interest bearing and are normally settled within one year. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 97 of 274 Table of Contents88We intend to fund our existing and future material cash requirements with our existing cash and cash equivalents, bank loans, the issuance of medium-term notes and bondsand long-term bonds and other financing alternatives. We will continue to make cash commitments, including capital expenditures, to support the growth of our business.The following table summarizes our contractual obligations and commercial commitments for the periods indicated as of December 31, 2021: Payment due by period Total Within 1 year 1 to 2 years 2 to 5 years Thereafter(RMB in millions)Lease liabilities, including current portion 22,806.0 1,590.2 1,473.7 4,347.7 15,394.4Long-term bank and other loans, including current portion 42,125.2 5,859.1 11,837.7 9,771.4 14,657.0Medium-term notes and bonds, including current portion 19,275.7 3,000.0 4,400.0 9,875.7 2,000.0Short-term bonds 5,400.0 5,400.0 — — —Short-term bank and other loans 9,219.3 9,219.3 — — —Interest payables for loans and borrowings 10,390.6 2,620.9 2,147.8 3,941.5 1,680.4Financial liabilities at fair value through profit or loss 68.9 68.9 — — —Financial liabilities included in other payables and accrued liabilities, excluding accruedinterest 6,497.8 6,497.8 — — —Financial liabilities included in other non-current liabilities 1,469.3 234.9 202.2 147.0 885.2Trade and notes payables 15,505.4 15,505.4 — — —Subtotal 132,758.2 49,996.5 20,061.4 28,083.3 34,617.0Capital commitments on property, plant and equipment 1,375.4N/AN/AN/AN/ACommitments for capital contribution 441.8N/AN/AN/AN/ATotal 134,575.4 Other than as discussed above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2021.C.Research and DevelopmentFor the years ended December 31, 2019, 2020 and 2021, we have had a department responsible for organizing and coordinating the research and development efforts of theCompany, and the Zhengzhou Institute, the only professional research institute in China dedicated to the research and development of aluminum smelting technologies, has beenresponsible for taking the lead in the research and development of important and key technologies for our operations and providing technology services for our plants. The technologycenters at our plants focus on providing solutions for specific issues of each plant and applying our developed technologies. Each of the plants also has opportunities to participate inoperational testing and pilot industrialization relating to research and development of important and key technologies. We also collaborate with universities and other researchinstitutions in China on some of our complicated projects.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, 2021to December 31, 2021, that are reasonably likely to have a material effect on our revenue, profitability, liquidity or capital resources, or that caused the disclosed financial informationto be not necessarily indicative of future operating results or financial conditions. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 98 of 274 Table of Contents89E.Critical Accounting Policies and EstimatesWe prepare our consolidated financial statements in accordance with IFRS as issued by the International Accounting Standards Board, which requires the use of certaincritical 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 ahigher 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 consolidatedfinancial 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 futurereported amounts in our consolidated financial statements.Property, Plant and EquipmentProperty, plant and equipment, other than construction in progress (“CIP”), are stated at cost less accumulated depreciation and any impairment losses. When an item ofproperty, plant and equipment is classified as held for sale or when it is part of a disposal group classified as held for sale, it is not depreciated and is accounted for in accordance withIFRS 5. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and locationfor its intended use.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 benefitsassociated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset isderecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.We calculate depreciation using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:Buildings and infrastructure 8‑45 yearsMachinery 3‑30 yearsTransportation facilities 6‑10 yearsOffice and other equipment 3‑10 yearsWe reviewed and adjusted the assets’ depreciation method, residual values and useful lives, if appropriate, at least at each financial year end.Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the directcosts of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property, plantand equipment when completed and ready for use.Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.GoodwillGoodwill is measured as described in Note 2.3 to our consolidated financial statements. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill isnot amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost lessaccumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating unitsthat are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitoredfor internal management purposes, being the operating segments. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 99 of 274 Table of Contents90Intangible assets - mining rights and mineral exploration rightsOur mineral exploration rights and mining rights relate to coal, bauxite and other mines.(i)RecognitionExcept for mineral exploration rights and mining rights acquired in a business combination, mineral exploration rights and mining rights are initially recorded at thecost 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)ReclassificationMineral exploration rights are converted to mining rights when obtain mining rights certification, or technical feasibility and commercial viability of extracting amineral resource are demonstrable, and are subject to amortization when commercial production has commenced.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 aredetermined based on the unique nature of each mine construction project. We consider various relevant criteria, such as completion of a reasonable period of testingof the mine and equipment, ability to produce in saleable form (within specifications) and ability to sustain ongoing production to assess when a mine issubstantially complete and ready for its intended use.(iii)AmortizationMining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life.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 accordancewith the standards of the mine concerned.(iv)ImpairmentAn impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed theirrecoverable amounts. To the extent that this occurs, the excess is fully provided as an impairment loss.LeasesLeases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.Contracts may contain both lease and non-lease components. We allocate the consideration in the contract to the lease and non-lease components based on their relativestand-alone prices. However, for leases of real estate for which we are a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a singlelease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other thanthe security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:●fixed payments (including in-substance fixed payments), less any lease incentives receivable; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 100 of 274 Table of Contents91●variable lease payments that are based on an index or a rate, initially measured using the index or rate as of the commencement date;●amounts expected to be payable by us under residual value guarantees;●the exercise price of a purchase option if we are reasonably certain to exercise that option, and●payments of penalties for terminating the lease, if the lease term reflects us exercising that option.Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group,the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to theright-of-use asset in a similar economic environment with similar terms, security and conditions.To determine the incremental borrowing rate, we:●where possible, use recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third partyfinancing was received;●use a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing,and,●make adjustments specific to the lease, such as term, country, currency and security.If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease,then our entities use that rate as a starting point to determine the incremental borrowing rate.We are exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. Whenadjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate ofinterest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following:●the amount of the initial measurement of lease liability;●any lease payments made at or before the commencement date less any lease incentives received;●any initial direct costs, and●restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis as follows:Buildings 2–20 yearsMachinery 2–10 yearsLand use rights 10–50 years Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 101 of 274 Table of Contents92If we are reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. While we revalue our land and buildingsthat are presented within property, plant and equipment, we have chosen not to do so for the right-of-use buildings held by us.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss.We apply the short-term lease recognition exemption to our short-term leases of machinery and equipment (that is those leases that have a lease term of 12 months or less from thecommencement date and do not contain a purchase option). We also apply the recognition exemption for leases of low-value assets to leases of office equipment that are considered tobe of low value (i.e. below RMB30,000).Rental income is recognized on a time proportion basis over the lease terms. Variable lease payments that do not depend on an index or a rate are recognized as income in theaccounting period in which they are incurred.Impairment of financial assetsWe recognize an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference betweenthe contractual cash flows due in accordance with the contract and all the cash flows that we expect to receive, discounted at an approximation of the original effective interest rate.The impact of COVID-19 on GDP and other key indicators have been considered when determining the severity and likelihood of downside economic scenarios that are used toestimate ECL under IFRS 9 in 2021.Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events orchanges in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amountmay not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higherof an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separatelyidentifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill thatsuffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.InventoriesRaw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and anappropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items ofinventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling pricein the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.Current and deferred income taxThe income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdictionadjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where we and oursubsidiaries and associates operate and generate taxable income. Our management periodically evaluates positions taken in tax returns with respect to situations in which applicabletax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. We measure our tax balances either basedon the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 102 of 274 Table of Contents93Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amountsin the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also notaccounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accountingnor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and areexpected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where we areable to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate tothe same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or torealize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In thiscase, the tax is also recognized in other comprehensive income or directly in equity, respectively.Revenue recognitionRevenue from contracts with customersRevenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to whichwe expect to be entitled in exchange for those goods or services.When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which we will be entitled in exchange for transferring the goodsor services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount ofcumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer formore than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transactionbetween us and the customer at contract inception. When the contract contains a financing component which provides us a significant financial benefit for more than one year,revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between thepayment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financingcomponent, using the practical expedient in IFRS 15.(a)Sale of industrial productsRevenue from the sale of industrial products (including sales of scrap and other materials) is recognized at the point in time when control of the asset is transferred to thecustomer, generally on delivery of the industrial products. Revenue from electricity is recognized upon transmission of electricity based on the confirmation from the power grid. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 103 of 274 Table of Contents94(b)Rendering of servicesWe provide transportation and other service and the revenue from services is recognized over time, using an input method to measure progress towards complete satisfactionof the service, because the customer simultaneously receives and consumes the benefits provided by the Group.New IFRS PronouncementsFor a detailed discussion of new accounting pronouncements, please see Notes 2.1.4 and 2.1.5 to our audited consolidated financial statements.Item 6.Directors, Senior Management and EmployeesA.Directors and Senior ManagementDirectorsThe seventh session of our Board currently consists of nine directors, including four executive directors, two non-executive directors and three independent non-executivedirectors. 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, HaiDian 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 CorporateGovernance 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, themajority 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, 2021, and up to date of thisannual report.Name Age Positions with the CompanyExecutive Directors(1) Liu Jianping(2)54Executive Director and Chairman of the BoardZhu Runzhou 57 Executive Director and PresidentOu Xiaowu(3)57Executive Director and Secretary of the Discipline Inspection CommitteeJiang Tao(4) 47 Executive Director and Vice PresidentNon-executive Directors(5) Zhang Jilong(6) 58 Non-executive DirectorAo Hong(7) 60 Non-executive Director (resigned)Wang Jun 56 Non-executive DirectorIndependent Non-executive Directors(8) Qiu Guanzhou(9) 73 Independent Non-executive DirectorYu Jinsong(9) 68 Independent Non-executive DirectorChan Yuen Sau Kelly(9) 51 Independent Non-executive DirectorChen Lijie(10) 67 Independent Non-executive Director (expired)Hu Shihai(10) 67 Independent Non-executive Director (expired)Lie-A-Cheong Tai Chong, David(10) 62 Independent Non-executive Director (expired)(1)As of the date of this annual report, we had four executive directors.(2)On June 29, 2021, Mr. Liu Jianping was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company. On the same day,Mr. Liu Jianping was elected as the chairman of the seventh session of the Board.(3)On June 29, 2021, Mr. Ou Xiaowu was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company.(4)On June 29, 2021, Mr. Jiang Tao was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company. On August 24, 2021,the appointment of Mr. Jiang Tao as the vice president of the Company was approved at the 22nd meeting of the seventh session of the Board.(5)As of the date of this annual report, we had two non-executive directors. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 104 of 274 Table of Contents95(6)On June 29, 2021, Mr. Zhang Jilong was elected as non-executive director of the seventh session of the Board at the 2020 annual general meeting of the Company.(7)On June 7, 2021, Mr. Ao Hong proposed to resign as a non-executive director of the Company and from all other positions in each of the special committees under the Board,with effect upon the election of a new non-executive director at the 2020 annual general meeting of the Company on June 29, 2021.(8)As of the date of this annual report, we had three independent non-executive directors.(9)On June 29, 2021, Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly were elected as independent non-executive directors of the seventh session of the Board atthe 2020 annual general meeting of the Company.(10)Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai Chong, David, reached the maximum term for consecutive appointment and no longer served as the independentnonexecutive directors and all other positions in each of the special committees under the Board upon election of new independent non-executive directors at the 2020 annualgeneral meeting of the Company.Executive DirectorLiu Jianping, aged 54, is currently the chairman and an executive director of the Company. Mr. Liu also serves as the director and deputy secretary of the Communist PartyCommittee of Chinalco. Mr. Liu graduated from Renmin University of China with a master’s degree in economics majoring in commodities. Mr. Liu has extensive experience inhuman resources and corporate management, etc. He successively worked in the department of restructuring, laws and regulations of National Food and Strategic ReserveAdministration, the department of personnel of National Food and Strategic Reserve Administration, the department of personnel, the organization department of the CPC CentralCommittee and the First Bureau of Management of Enterprise Leaders of the State-owned Assets Supervision and Administration Commission of China Grain Reserve Group Ltd.Company. He successively served as the deputy head and head of the department of personnel (bureau of retired veteran cadres) of Chinalco, the head of the human resourcesdepartment (veteran cadre work department) of Chinalco, the general manager of the human resource department of the Company, the assistant to the general manager of Chinalco, amember of the Communist Party Committee, deputy general manager and general manager of copper business department of Chinalco, the chairman and president of China CopperCo., Ltd., the chairman of Yunnan Copper (Group) Co., Ltd., and the deputy general manager, a member of the Communist Party Committee and the safety director of Chinalco.Zhu Runzhou, aged 57, is currently an executive director and president of the Company. Mr. Zhu graduated from Wuhan University, majoring in software engineering, witha master’s degree in engineering. He is a professor-level senior engineer. Mr. Zhu successively served as the deputy chief engineer of Gansu Jingyuan Power Plant, the chairman ofBaiyin Huadian Water Supply Co., Ltd., head of Guodian Guizhou Kaili Power Plant, director of the preparatory office of the technical transformation program of Guodian in DuyunCity, deputy general manager of Guodian Guizhou Branch, deputy general manager of Guodian Yunnan Branch and general manager of Guodian Power Xuanwei Power GenerationCo., Ltd., general manager of Guodian Guangxi Branch, deputy general manager of the energy management department of the Company and deputy general manager of ChalcoEnergy, a director, general manager and chairman of Ningxia Energy, and the general manager of Chalco Xinjiang Aluminum Power Co., Ltd, and an executive director and vicepresident of the Company.Ou Xiaowu, aged 57, is currently an executive director and the secretary of the Party Committee and secretary of the Discipline Inspection Committee of the Company. Mr.Ou graduated from Xiamen University with a bachelor’s degree in economics majoring in planning and statistics and is a senior auditor. Mr. Ou has extensive experience in auditingand financial management. He successively served as the deputy head and head of 2nd division and head of 1st division of the audit department in China Nonferrous Metals IndustryCorporation, the deputy head of the finance department and audit department of China Copper Lead Zinc Group Corporation, the deputy general manager of Guizhou Branch ofAluminum Corporation of China Limited, the deputy head and head of the finance department (audit department) and chief financial officer of the copper business department ofChinalco, a director and chief financial officer of China Copper Co., Ltd., the general manager of the finance department and audit department of the Company, and a deputy chiefauditor and general manager of the audit department of Chinalco. Mr. Ou also served as a supervisor of China Copper Co., Ltd. and China Aluminum Group High-end ManufacturingCo., Ltd., the chairman of the supervisory committee of Qinghai Yellow River Hydropower Renewable Aluminum Co., Ltd., and a supervisor of Chalco Energy Co., Ltd. and asupervisor of the Company. Currently, Mr. Ou serves as a supervisor of China Aluminum International Engineering Corporation Limited and the chairman of the supervisorycommittee of Qinghai Yellow River Hydropower Renewable Aluminum Co., Ltd. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 105 of 274 Table of Contents96Jiang Tao, aged 47, is currently an executive director and the vice president of the Company. Mr. Jiang graduated from Northeastern University with a doctor’s degree inengineering majoring in nonferrous metals metallurgy, and is an excellent senior engineer. Mr. Jiang has extensive experience in corporate management and production skills. Hesuccessively served as the deputy manager of the department of production and operation, deputy head of Second Alumina Plant, deputy head and head of Alumina Plant, assistant tothe general manager and head of Second Alumina Plant of Chalco Shandong, the standing member of the Party Committee of Shandong Aluminum Co., Ltd and deputy generalmanager of Chalco Shandong, the deputy secretary of the Party Committee of Shandong Aluminum Co., Ltd and the director and general manager of Chalco Shandong and directorand the general manager of Chalco Shandong, the secretary of the Party Committee and executive director of Zhongzhou Aluminum, and the executive director of ZhongzhouAluminum Plant.Non-Executive DirectorsZhang Jilong, aged 58, is currently a non-executive director of the Company. Mr. Zhang graduated from Central South University with a doctor’s degree in engineeringmajoring in mining engineering, and is an excellent senior engineer. Mr. Zhang has extensive experience in scientific and technological research and development, and corporatemanagement, etc. He successively served as the deputy head of breakthrough and development division of the science and technology development of China Nonferrous MetalsIndustry Corporation, the deputy head and head of science and technology division of department of planning and development of the State Bureau of Nonferrous Metal Industry, thehead of science and technology division of the department of production skills of Chinalco, the deputy general manager of science and technology research and product developmentcenter and the manager of comprehensive department of the Company, the deputy head and head of science and technology department (military office) of Chinalco and the deputymanager of science and technology research center and product development center of the Company, the head of the department of science and technology management of Chinalcoand the deputy dean of Chinalco Research Institute of Science and Technology, the general manager of science and technology management division of the Company, the generalmanager, secretary of the Party Committee and chairman of Xinan Aluminum (Group) Co., Ltd., the general manager of aluminum processing department of Chinalco, the director ofChinalco Ruimin Co., Ltd. and the general manager of aluminum processing division of Chinalco.Wang Jun, aged 56, is currently a non-executive director of the Company. Graduated from Huazhong Institute of Engineering with a degree of industrial and civilconstruction, he is an engineer. He has extensive experience in financial and corporate management. Mr. Wang formerly served as the engineer in the engineering department ofBabcock & Wilcox Beijing Company Ltd., deputy manager of the real estate development department of China Yanxing Company, senior deputy manager of equity managementdepartment, and senior manager of the business management department, senior manager, deputy general manager, general manager of custody and settlement department in ChinaCinda 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 businessdirector of China Cinda Asset Management Co., Ltd. and also serves as a director of China Nuclear Engineering Corporation Limited.Independent Non-Executive DirectorsQiu Guanzhou, aged 73, is currently an independent non-executive director of the Company. Mr. Qiu is an academician of Chinese Academy of Engineering, currentlyserving as a professor and tutor of doctoral students in Central South University. Mr. Qiu graduated from Central South University of Technology majoring in mineral processingengineering with a doctoral degree and is a famous mineral engineer. Mr. Qiu previously served as the vice-principal of Central South University of Technology (Central SouthUniversity). Mr. Qiu has dedicated himself to the research of processing and utilizing low-grade, complex and refractory metallic mineral resources in China for a long time, and hasobtained significant achievements in flotation separation of fine and sulphide minerals and direct reduction of iron ore, especially the outstanding contributions made in the aspect ofbiohydrometallurgy in low-grade sulphide ore. He was awarded as a national science and technology expert with outstanding contributions. Mr. Qiu has published many sciencepapers and treatises, and obtained several national technological inventions and scientific and technological advancement awards. He served as the academic leader of the innovativeresearch group under the National Natural Science Foundation of China in 2003. In 2004 and 2009, he consecutively served as the chief scientist for biometallurgy project of theNational 973 Project twice. He was the president of the 19th International Biohydrometallurgy Symposium in 2011 and was elected as the vice president of InternationalBiohydrometallurgy Society. Currently, Mr. Qiu also serves as the independent director of Lomon Billions Group Co., Ltd., the independent director of Guangdong Hongda BlastingCo., Ltd. and the executive director and manager of Hunan Bio Lab Technology Co., Ltd. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 106 of 274 Table of Contents97Yu Jinsong, aged 68, is currently an independent non-executive director of the Company. Mr. Yu is a doctor of law, currently a professor and tutor of doctoral students atRenmin University of China, and the head of the Institute of International Law (academic part-time job). Mr. Yu focuses on research about international economic law, particularlyinternational investment law and transnational corporation law. He has published dozens of academic papers in multiple major academic journals and several academic works, andobtained multiple national and provincial awards for achievements in teaching and research. Mr. Yu has successively served as an arbitrator of China International Economic andTrade Arbitration Commission, a mediator and arbitrator (2004-2016) of the International Centre for Settlement of Investment Disputes of the World Bank, a vice chairman of theChinese Society of International Law and a counselor of the International Law Advisory Committee of Ministry of Foreign Affairs. Currently, Mr. Yu also serves as an independentdirector of Zhongshan Broad-Ocean Motor Co., Ltd. and Zhejiang Zhongxin Fluoride Chemicals Co., Ltd.Chan Yuen Sau Kelly, aged 51, is currently an independent non-executive director of the Company and a Justice of the Peace. Ms. Chan is a fellow of the Association ofChartered Certified Accountants (ACCA), the Hong Kong Institute of Certified Public Accountants (HKICPA), and the Hong Kong Institute of Directors (HKIoD). She is also aBachelor of Accounting (Honours) of City University of Hong Kong. Ms. Chan has nearly three decades of working experience in finance and accounting and practical experience infields such as corporate governance, risk management, business process reorganization, auditing, etc. Ms. Chan has successively served as a manager of auditing and managementconsultancy at Deloitte & Touche, the financial and administrative head in Hong Kong and Macau of Heineken, and the chief financial officer of Moet Hennessy Diageo. Ms. Chancurrently serves as the managing director of Peony Consulting Services Company, the Program Director of Asia Chief Financial Officer Council of The Conference Board, theimmediate past president of Association of Women Accountants (Hong Kong), the chairperson of TR at CUHK Ltd. and Employees’ Compensation Insurance Levies ManagementBoard, a member of the Air Transport Licensing Authority, a member of the board of The Chinese University of Hong Kong, a member of the Education Commission, a member ofthe Harbourfront Commission and a member of the Quality Education Fund Steering Committee. Currently, Ms. Chan also serves as an independent non-executive director ofMorimatsu International Holdings Company Limited.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 isearlier. Our supervisors currently comprise Mr. Ye Guohua, Ms. Shan Shulan, Ms. Lin Ni, Mr. Yue Xuguang and Ms. Xu Shuxiang.The table and discussion below set forth certain information concerning our supervisors who served on our supervisory committee during the year ended December 31, 2021,and up to the date of this annual report.Name(1)AgePositions with the CompanyYe Guohua 53 Chairman of Supervisory CommitteeShan Shulan 50 SupervisorYue Xuguang58SupervisorLin Ni(2) 48 SupervisorGuan Xiaoguang(3) 51 Supervisor (resigned)Xu Shuxiang(4) 44 Supervisor(1)As of the date of this annual report, we had five supervisors.(2)On June 29, 2021, Ms. Lin Ni was elected as a shareholder representative supervisor of the Company at the 2020 annual general meeting of the Company.(3)On March 18, 2022, Mr. Guan Xiaoguang resigned as a supervisor of the Company.(4)On March 18, 2022, Ms. Xu Shuxiang was elected as an employee representative supervisor of the Company at the seventh session of the Supervisory Committee of theCompany. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 107 of 274 Table of Contents98Ye Guohua, aged 53, is currently the chairman of the Supervisory Committee of the Company and served as the chief accountant and a member of the Communist PartyCommittee of Chinalco. Mr. Ye graduated from Shanghai University of Finance and Economics, majoring in accounting, with a bachelor’s degree in economics and is a senioraccountant. Mr. Ye has extensive experience in financial management and accounting. He has successively served as the director of accounting department of the refinery of ShanghaiGaoqiao Petrochemical Company, the deputy chief accountant and head of accounting department of Sinopec Shanghai Gaoqiao Branch, the chief financial officer, executive director,a member of the Party Committee, deputy general manager of Sinopec Shanghai Petrochemical Company Limited, the director of accounting department of China Petroleum &Chemical Group Corporation, the chairman of Century Bright International Investment Company, the chairman of Sinopec Insurance Limited, the vice chairman of Taiping & SinopecFinancial Leasing Co., Ltd., a director of Sinopec Finance Co., Ltd., and a director of Sinopec Oilfield Service Corporation. Mr. Ye currently is also the chairman of Chinalco High-end Manufacturing Co., Ltd.Shan Shulan, aged 50, is currently a supervisor of the Company and serves as the general manager of the Finance Property Department of Chinalco. Ms. Shan graduatedfrom Beijing Institute of Light Industry, majoring in industrial corporate management, with a bachelor degree in engineering. She is a certified public accountant and statistician. Ms.Shan has extensive experience in accounting, finance management and other fields. She has successively served as an economic analyst at the economic research office of BeijingGlass Instruments Plant, the financial manager of Beijing CEMFIL Glass Fiber Co. Ltd. under Saint-Gobain in China, the financial manager for Beijing region of Carrefour (China)Co., Ltd., the financial manager for China region of Baker Hughes Centrilift, the financial manager for China region of Microsoft Research Asia (China), and the business directorand deputy head of budget division and the head of budget assessment division of the finance department of Chinalco. Ms. Shan also currently serves as the director of ChinalcoCapital Holdings Co., Ltd., the director of Chinalco Finance Co., Ltd. and the supervisor of Chinalco Research Institute of Science and Technology Co., Ltd.Yue Xuguang, aged 58, is currently a supervisor of the Company. Mr. Yue graduated from Kunming Institute of Technology with a bachelor degree in engineering majoringin mineral census and exploration. He is a senior economist. He has rich experience in human resources management. Mr. Yue has successively served as the deputy head of thecoordination division of the labor insurance bureau and the head of the labor management division of the personnel and education department of China Nonferrous Metals IndustryCorporation, the deputy head of the general division of the personnel office of the State Bureau of Nonferrous Metal Industry (enjoying the head-level treatment), the deputy head ofthe personnel department of Chinalco, the head of the labor division of the personnel department of Chinalco, the manager of the remuneration management division of the humanresources department of the Company, the head of the general division of the general office of Chinalco, the manager of the general division of the capital operating department of theCompany, the deputy general manager and general manager of the human resources department of the Company, the deputy head (departmental head level) of the human resourcesdepartment (veteran cadre work department) of Chinalco, the secretary of the party committee and deputy general manager of Chinalco Asset Operation and Management Co., Ltd.and the general manager of the human resources department of the Company.Lin Ni, aged 48, is currently a supervisor of the Company and also serves as the deputy general manager (in charge) of the audit department of Chinalco. Ms. Lin graduatedfrom Shandong Economics University with a bachelor degree in economics majoring in international accounting. She is a senior auditor. Ms. Lin has extensive experience in thefields of auditing and accounting. She has successively served as the head of the 2nd division and the 1st division of the audit department of Chinalco, the deputy head of the auditdepartment of Chinalco and the deputy general manager of the audit department of Chinalco. Ms. Lin currently also serves as the supervisor of Chinalco Asset Operation andManagement Co., Ltd.Xu Shuxiang, aged 44, is currently a supervisor of the Company and a senior business manager of the operation optimization division of the production quality departmentof the Company. Ms. Xu graduated from Northeastern University with a master’s degree in engineering majoring in non-ferrous metallurgy and has extensive experience in metalsmelting, energy conservation management, safety and environmental protection management, etc. Ms. Xu has successively served as the business head of the assets operationdepartment of Chinalco, the business head of the general division of the enterprise management department (safety and environmental protection department) of Chinalco, thebusiness head of the general division of the safety and environmental protection health department of Chinalco, the business manager of the general division of the safety andenvironmental protection health department of the Company, the senior business manager of the energy conservation management division of the safety and environmental protectionhealth department of Chinalco, the deputy manager of the safety and environmental protection health division of the enterprise management department of the Company and thesenior business manager of the general division of the enterprise management department of the Company. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 108 of 274 Table of Contents99Senior ManagementThe table and discussion below set forth certain information concerning other members of senior management during the year ended December 31, 2021, and up to the dateof this annual report.Name Age Positionse with the CompanyWu Maosen 58 Vice PresidentGe Xiaolei (1) 56 Chief Financial Officer and Secretary to the Board(1)On March 22, 2022, the appointment of Mr. Ge Xiaolei as the chief financial officer and the secretary to the Board was approved at the 26th meeting of the seventh session of theBoard.Wu Maosen, aged 58, is currently a vice president of the Company. Mr. Wu graduated from Dalian Railway College with a bachelor’s degree in engineering, majoring inwelding technology and equipment. He is a senior engineer with excellent performance. Mr. Wu has extensive experience in corporate management. He has successively served as thedeputy head of the alumina branch, the deputy head of the overhauling branch and the director of the transport department of Shanxi Aluminum Plant, the assistant to the generalmanager of our Shanxi branch, the deputy commander-in-chief of the engineering and construction command department of Chalco Shanxi, a deputy general manager of ShanxiHuaze, the deputy head and head of Shanxi Aluminum Plant, a director and a general manager and the secretary of the Party Committee of Qinghai Huanghe HydropowerRegeneration Aluminum Co., Ltd., the secretary of the Party Committee, an executive director and general manager of Chalco Asset Operation and Management Company andsuccessively served as an executive director of Chalco Shanghai, an executive director and the general manager of Chalco Industrial Development Co., Ltd., the chairman of the boardof Huaxi Aluminum, the chairman of the board and the general manager of Chalco Investment and Development Co., Ltd., the deputy team- leader of the team aiming at making updeficits and shaking off dilemma, transforming and upgrading of our Shanxi branch and Shanxi Aluminum Plant and the chairman and an executive director of the board of ChinalcoResearch Institute of Science and Technology Co., Ltd.Ge Xiaolei, aged 56, is currently the chief financial officer and the secretary to the Board (company secretary) of the Company. Mr. Ge graduated from Nanjing Universitymajoring in economic management, and subsequently obtained a master’s degree in business administration from the University of Texas in the United States. He is a senioreconomist. Mr. Ge has extensive experience in financial management and corporate management. He has successively served as the deputy head of the planning division and deputyhead of the finance division of Zhongzhou Aluminum Plant, the deputy chief accountant and manager of the finance department of the Company’s Zhongzhou Branch, the chieffinancial officer of Qinghai Yellow River Hydropower Renewable Aluminum Co., Ltd., the deputy general manager of Chinalco Finance Co., Ltd. and the director and generalmanager of Chinalco Finance Lease Co., Ltd., the general manager of Chinalco Finance Co., Ltd., a director of Chinalco Finance Lease Co., Ltd. and a director of Agricultural BankHuili Fund Management Co., Ltd., the secretary of the party committee and chairman of Chinalco Capital Holdings Co., Ltd., the chairman of Chinalco Finance Co., Ltd. and adirector of Agricultural Bank Huili Fund Management Co., Ltd.B.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 directorsare entitled only to a director’s fees. In 2021, the aggregate amount of cash compensation paid by us to our directors, supervisors and other members of senior management forservices performed in connection with their respective capacities above was approximately RMB3.8 million, RMB1.7 million and RMB1.9 million, respectively. Our executivedirectors and supervisors who are employees also receive compensation in forms including allowances, subsidies and medical care, maternity, unemployment, occupational injury andother benefits. None of the service contracts of our directors provide benefits to our directors upon their termination. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 109 of 274 Table of Contents100Details of the emoluments paid to our directors and supervisors during the year ended December 31, 2021 are as follows:Name of Directors and Supervisors Fees Salary Bonus Pension TotalRMB(ʼ000)RMB(ʼ000)RMB(ʼ000)RMB(ʼ000)RMB(ʼ000)Directors Executive Directors Liu Jianping(1) — — — — —Zhu Runzhou — 1,176 — 93 1,269Ou Xiaowu(2) — 973 — 93 1,066Jiang Tao(3) — 837 — 77 914Non-Executive Directors Zhang Jilong(4) — — — — —Ao Hong(5) — — — — —Wang Jun(6) — — — — —Independent Non-Executive Directors Qiu Guanzhou(7) 98 — — — 98Yu Jinsong(7) 98 — — — 98Chan Yuen Sau Kelly(7) 98 — — — 98Lie-A-Cheong Tai Chong, David(8) 95 — — — 95Chen Lijie(8) 95 — — — 95Hu Shihai(8) 95 — — — 95Subtotal 579 2,986 — 263 3,828Supervisors Ye Guohua — — — — —Lin Ni(9) — — — — —Shan Shulan — — — — —Guan Xiaoguang(10) — 770 — 93 863Yue Xuguang — 770 — 93 863Subtotal — 1,540 — 186 1,726Total 579 4,526 — 449 5,554(1)On June 29, 2021, Mr. Liu Jianping was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company. On the same day,Mr. Liu Jianping was elected as the chairman of the seventh session of the Board. Mr. Liu Jianping received emoluments from Chinalco.(2)On June 29, 2021, Mr. Ou Xiaowu was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company.(3)On June 29, 2021, Mr. Jiang Tao was elected as executive director of the seventh session of the Board at the 2020 annual general meeting of the Company. On August 24, 2021,the appointment of Mr. Jiang Tao as the vice president of the Company was approved at the 22nd meeting of the seventh session of the Board.(4)On June 29, 2021, Mr. Zhang Jilong was elected as non-executive director of the seventh session of the Board at the 2020 annual general meeting of the Company. Mr. ZhangJilong received emoluments from Chinalco.(5)On June 7, 2021, Mr. Ao Hong proposed to resign as a non-executive director of the Company and from all other positions in each of the special committees under the Board,with effect upon the election of a new non-executive director at the 2020 annual general meeting of the Company on June 29, 2021. Mr. Ao Hong received emoluments fromChinalco.(6)Mr. Wang Jun submitted a voluntary waiver of director’s remuneration to the Company, according to which Mr. Wang has voluntarily waived his remuneration for his service as adirector of the Company since May 2020. Accordingly, Mr. Wang Jun did not receive remuneration from the Company in 2021.(7)On June 29, 2021, Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly were elected as independent non-executive directors of the seventh session of the Board atthe 2020 annual general meeting of the Company.(8)Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai Chong, David, reached the maximum term for consecutive appointment and no longer served as the independentnonexecutive directors and all other positions in each of the special committees under the Board upon election of new independent non-executive directors at the 2020 annualgeneral meeting of the Company.(9)On June 29, 2021, Ms. Lin Ni was elected as a shareholder representative supervisor of the Company at the 2020 annual general meeting of the Company. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 110 of 274 Table of Contents101(10) On March 18, 2022, Mr. Guan Xiaoguang resigned as a supervisor of the Company.(11) On March 18, 2022, Ms. Xu Shuxiang was elected as an employee representative supervisor of the Company at the seventh session of the Supervisory Committee of theCompany.(12) The amounts of emoluments paid to directors and supervisors disclosed in this table include amounts paid for their services in all capacities to the Company and its subsidiaries.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 managementdesigned to align our senior management’s financial interests with our operating performance. Under this system, the senior management’s compensation consists of the followingcomponents:●basic salaries;●performance bonuses;●welfare benefits; and●incentive bonuses.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 serveconsecutive 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 ofcompensation (other than statutory compensation). There were no arrangements providing for benefits upon termination of directors, supervisors or other senior managementpersonnel. Two of the supervisors are employee representatives appointed by our employees and the rest are appointed by the shareholders. The following table sets forth the numberof years our current directors and supervisors have held their positions and the expiration of their current term:Name Held Position Since Expiration of TermLiu Jianping June 29, 2021 June 30, 2022Zhu Runzhou December 11, 2018 June 30, 2022Jiang Tao June 29, 2021 June 30, 2022Ou Xiaowu June 29, 2021 June 30, 2022Zhang Jilong June 29, 2021 June 30, 2022Wang Jun June 27, 2013 June 30, 2022Qiu Guanzhou June 29, 2021 June 30, 2022Yu Jinsong June 29, 2021 June 30, 2022Chan Yuen Sau Kelly June 29, 2021 June 30, 2022Ye Guohua December 11, 2018 June 30, 2022Lin Ni December 21, 2021 June 30, 2022Shan Shulan February 20, 2019 June 30, 2022Yue Xuguang December 10, 2019 June 30, 2022Xu ShuxiangMarch 18, 2022June 30, 2022Audit CommitteeAs at the date of this annual report, our audit committee consists of three independent non-executive directors, namely, Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. ChanYuen Sau Kelly. Ms. Chan Yuen Sau Kelly is the chairman of the audit committee. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 111 of 274 Table of Contents102The 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 itsimplementation, being responsible for the communication between the internal audit and external audit, auditing our financial information and its disclosure, reviewing theCompany’s financial control, internal control and risk management systems, studying on our other relevant professional matters, and putting forward suggestions for the decisions ofthe Board for reference.Remuneration CommitteeAs at the date of this annual report, our remuneration committee consists of one non-executive director, namely Mr. Zhang Jilong, and two independent non-executivedirectors, namely Mr. Qiu Guanzhou and Mr. Yu Jinsong. Mr. Qiu Guanzhou is the chairman of the remuneration committee. The primary duties of our remuneration committee as setout in the committee charter include: preparing the remuneration management scheme and remuneration proposal for directors, employee-representative supervisors and seniormanagement, and providing suggestions to the Board; preparing measures on performance evaluation of senior management, performance assessment procedures and relevant rewardsand punishments, and providing suggestions to the Board; monitoring the implementation of the remuneration system of our Company; reviewing senior management’s fulfilment ofduties and conducting performance assessments; and other functions and authorities delegated by the Board. In 2021, the remuneration committee convened two meetings to considerand approve remuneration standards for 2021 for our directors, supervisors and other senior management members.We follow our home country practice in relation to the composition of our remuneration committee in reliance on the exemption provided under NYSE CorporateGovernance 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 entirelyof independent directors.Nomination CommitteeAs at the date of this annual report, our nomination committee consists of two executive directors, namely Mr. Liu Jianping and Mr. Zhu Runzhou, and three independentnon-executive directors, namely Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly. Mr. Liu Jianping is the chairman of the nomination committee. The primary dutiesof our nomination committee as set out in the committee charter include: studying the selection standards and procedures for directors, senior management and members of specialcommittees under the Board and providing suggestions to the Board; reviewing the qualification of candidates for directors, senior management and members of special committeesunder the Board and providing advice on inspection and appointment; assessing the independence of independent non-executive directors; and other functions and authoritiesdelegated 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 GovernanceRule 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 ofindependent directors.Development and Planning CommitteeAs at the date of this annual report, our development and planning committee consists of two executive directors, namely Mr. Liu Jianping and Mr. Zhu Runzhou, one non-executive director, namely Mr. Zhang Jilong, and two independent non-executive directors, namely Mr. Qiu Guanzhou and Mr. Yu Jinsong. Mr. Liu Jianping is the chairman of ourdevelopment and planning committee. In accordance with the committee charter, the committee reviews and assesses our strategic plans for long-term development, fiscal budgeting,investment, business operations and investments returns.Occupational Health and Safety and Environmental CommitteeAs at the date of this annual report, our occupational health and safety and environmental committee consists of three executive directors, namely Mr. Zhu Runzhou, Mr. OuXiaowu and Mr. Jiang Tao. Mr. Zhu Runzhou is the chairman of our occupational health and safety and environmental committee. This committee considers our annual planning onhealth, environmental protection and safety, supervises our implementation of the planning on health, environmental protection and safety initiatives, makes inquiries into seriousincidents and inspects and supervises the handling of such incidents and makes recommendations to the Board on major decisions on health, environmental protection and safety. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 112 of 274 Table of Contents103Supervisory CommitteeAs at the date of this annual report, our supervisory committee consists of five supervisors, namely Mr. Ye Guohua, Ms. Lin Ni and Ms. Shan Shulan as our shareholderrepresentative supervisors and Mr. Yue Xuguang and Ms. Xu Shuxiang as our employee representative supervisors.Mr. Ye Guohua is the chairman of our supervisory committee. The term of all members of the supervisory committee will expire upon the election of the eighth session of thesupervisory committee at the general meeting and employees’ representatives meeting of the Company by the end of June 2022. The primary duties of our supervisory committeeinclude: inspecting implementation of resolutions of the general meetings; inspecting legal compliance of our operations; inspecting our financial activities; inspecting the utilizationof proceeds raised by us; inspecting the acquisitions and disposals of our assets; inspecting our connected transactions; and reviewing self-assessment report on internal control.D.EmployeesAs of December 31, 2019, 2020 and 2021, we had 65,507, 63,007 and 60,056 employees, respectively. The number of our employees decreased from 2020 to 2021, whichwas mainly due to retirement of employees and termination of employment contracts through negotiation. The table below sets forth the number of our employees by function andlocation as of the periods indicated: As of December 31, 2019 2020 2021Function(%)(%)(%)Alumina production 28,437 43.41 24,485 38.86 23,338 38.86Primary aluminum production 22,189 33.87 22,612 35.89 21,553 35.89Mining operation 3,996 6.10 4,721 7.49 4,500 7.49Research and development 1,101 1.68 783 1.24 746 1.24Sales and marketing 819 1.25 643 1.02 613 1.02Energy 6,017 9.19 6,833 10.84 6,513 10.84Management and others(1) 2,948 4.50 2,930 4.65 2,793 4.65Total 65,507 100.0 63,007 100.0 60,056 100.0(1)Excluding our management personnel for alumina production, and primary aluminum production. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 113 of 274 Table of Contents104Location Employees % of TotalShandong 5,276 8.79Chalco Shandong 5,093 8.48Shandong Huayu 183 0.30Henan 9,459 15.75Chalco Mining 5,061 8.43Zhongzhou Aluminum 3,779 6.29Zhengzhou Institute 619 1.03Guizhou 6,227 10.36Guizhou Huajin 2,560 4.26Guizhou branch 2,055 3.42Zunyi Aluminum 811 1.35Guizhou Huaren 201 1.33Guangxi 3,157 5.26Guangxi branch 2,530 4.21Guangxi Huasheng 627 1.04Shanxi 10,828 18.02Shanxi branch 1,912 3.18Shanxi Huasheng 651 1.08Shanxi New Material 5,773 9.61Shanxi Zhongrun 887 1.48Shanxi Huaxing 1,100 1.83Xinghua Technology 505 0.84Gansu 5,226 8.70Lanzhou Aluminum 2,550 4.25Gansu Hualu 965 1.61Liancheng branch 1,711 2.85Liaoning 1,203 2.00Fushun Aluminum 1,203 2.00Qinghai 2,842 4.73Qinghai branch 2,842 4.73Chongqing 37 0.06Chongqing branch 37 0.06Inner Mongolia 5,316 8.85Baotou Aluminum 5,316 8.85Ningxia 6,333 10.55Ningxia Energy 6,333 10.55Shanghai 304 0.51Chalco Trading Group 304 0.51Beijing 3,032 5.05Chalco Materials 115 0.19Chalco Energy 65 0.11Chalco Logistics 2,852 4.75Overseas 620 1.03Chalco Guinea Company S.A. 620 1.03Others 18 0.03Chalco Hong Kong 18 0.03Headquarters 178 0.30Total 60,056 100.00We have workers’ unions at the plant level that protect employees’ rights and welfare benefits, organize educational programs, encourage employee participation inmanagement decisions and mediate disputes between individual employees and us. All employees are union members. We have not experienced any strikes or other labordisturbances that have interfered with our operations and we believe that we maintain good relationships with our employees.The remuneration package of our employees includes salaries, bonuses, subsidies, allowances and medical care, housing subsidies, maternity, unemployment, occupationalinjury, retirement pension and other benefits. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 114 of 274 Table of Contents105In accordance with applicable PRC regulations, we participate in pension contribution plans organized by provincial and municipal governments, under which each of ourplants is required to contribute an amount equal to a specified percentage of its employees’ salaries, bonuses and various allowances. As the relevant PRC authorities adjusted thesocial insurance rate, the amount of contribution as a percentage of the employees’ salary has been adjusted to approximately 16% from approximately 20% since May 1, 2019. Wehave made all required pension contributions up to December 31, 2021. Retirees who retired prior to the date of the reorganization have their pensions paid out of the pension plansestablished by the PRC government. We provide to our employees various social welfare benefits through various institutions owned by Chinalco and its other affiliates or throughthird parties.E.Share OwnershipAs of the date of this annual report, other than as listed in the following table, none of our directors, supervisors or senior management own any interest in shares of ourCompany.Name Position Share class Number of shares % of respective share class Jiang TaoExecutiveDirector andVice PresidentA Share4,000*<0.1%* Directly held by Ms. Shi Biqiong, Mr. Jiang Tao’s spouse.On December 21, 2021, our Board reviewed and approved the relevant proposals on the Company’s restricted share incentive scheme in 2021, and proposed to grant notmore than 141 million restricted A shares to not more than 1,192 employees comprising directors, senior management, middle level management and core technical (business)backbones of the Company, including the grant of restricted A shares to connected persons under the Hong Kong Listing Rules. The aforesaid share incentive scheme is pendingsubmission at the 2022 first extraordinary general meeting, 2022 first class meeting of A shareholders and 2022 first class meeting of H shareholders to be convened by the Companyon April 26, 2022 for consideration and approval. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 115 of 274 Table of Contents106Item 7.Major Shareholders and Related Party TransactionsA.Major ShareholdersWe are a joint stock limited company organized under the laws of the PRC. Our parent company, Chinalco, a state-owned enterprise, beneficially owns 32.16% of ouroutstanding ordinary Shares directly and indirectly through its controlled entities as of March 31, 2022. Chinalco holds a significant portion of our domestic shares in the form of statelegal 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 canexercise all rights as our controlling shareholder subject to the relevant laws, rules and regulations. As of March 31, 2022, approximately 67.84% of our total outstanding ordinaryShares are held by public shareholders, of which 45.72% and 22.12% are owned by holders of A Shares and H Shares, respectively. The following table sets forth informationregarding ownership of our issued and outstanding capital stock as of March 31, 2022. The table includes all persons who are known by us to own, either as beneficial owners orholders of record, 5% or more of any class of shares:March 31, 2022(2)% of% of issuedNumber ofrespectivetotal shareHolders of A Shares and H Shares(1) sharesshare class capitalChinalco(3) A Shares 5,295,895,019 (L)(4)40.49 (L) 31.11 (L)H Shares 178,590,000 (L) 4.53 (L) 1.05 (L)UBS Group AG (5) H Shares 308,462,487 (L)7.82 (L) 1.81 (L)194,359,064 (S)(6)4.93 (S)1.14 (S)BlackRock, Inc.(8) H Shares 287,133,951 (L)7.28 (L) 1.69 (L)8,040,000 (S)0.20 (S)0.05 (S) Citigroup Inc. (9) H Shares 217,774,017 (L)5.52 (L) 1.28 (L)4,880,973 (S)0.12 (S) 0.03 (S)103,683,057 (P)(7)2.62 (P)0.06 (P)Brown Brothers Harriman & Co.H Shares198,003,860 (L)5.02 (L)1.16 (L)198,003,860 (P)5.02 (P)1.16 (P)(1)Information disclosed hereby is based on the information available on the website of the Hong Kong Stock Exchange at www.hkexnews.hk.(2)As at March 31, 2022, the total number of our A Shares was 13,078,706,983, the total number of our H Shares was 3,943,965,968, and the number of our total issued shares was17,022,672,951 shares.(3)Including 5,050,376,970 A Shares directly held by Chinalco, an aggregate interest of 245,518,049 A Shares directly held by various controlled subsidiaries of Chinalco,comprising 238,377,795 A Shares held by Baotou Aluminum (Group) Co., Ltd. and 7,140,254 A Shares held by Chalco Shanxi Aluminum Co., Ltd. and an interest of178,590,000 H Shares directly held by Aluminum Corporation of China Overseas Holdings Limited, a subsidiary of Chinalco.(4)The letter “L” denotes a long position.(5)These interests were held directly by various corporations controlled by UBS Group AG. Among the aggregate interests in the long position in H shares, 227,419,502 H shareswere held as derivatives. Among the aggregate interests in the short position in H shares, 132,126,723 H shares were held as derivatives.(6)The letter “S” denotes a short position.(7)The letter “P” denotes a lending pool. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 116 of 274 Table of Contents107(8)These interests were held directly by various corporations controlled by BlackRock, Inc. Among the aggregate interests in the long position in H shares, 22,000 H shares wereheld as derivatives. Among the aggregate interests in the short position in H shares, 7,962,000 H shares were held as derivatives.(9)These interests were held directly by various corporations controlled by Citigroup Inc. Among the aggregate interests in the long position in H shares, 7,845,143 H shares wereheld as derivatives. Among the aggregate interests in the short position in H shares, 2,807,810 H shares were held as derivatives.We are not aware of any arrangement that may on a subsequent date result in a change of control of Chalco. We have completed the Asset Restructuring through capitalcontributions by several investors to our subsidiaries and subsequent issuance of additional A Shares to these investors to purchase their entire stake in these subsidiaries. On February25, 2019, we issued to the investors approximately 2.1 billion A Shares in aggregate, representing approximately 12.45% of the enlarged total issued share capital of the Company.See “Item 4. Information on the Company - A. History and Development of the Company - Subscription of Equity Interest of Certain Subsidiaries and Subsequent Issuance ofAdditional A Shares” for detailed information of the Asset Restructuring. For the period from June 25, 2018 to June 24, 2019, Chinalco increased its shareholding in the Company by160,512,964 A shares and 115,276,000 H shares on a cumulative basis, representing approximately 0.94% and 0.68% of our total issued share capital as of June 24, 2019,respectively. See “Item 4. Information on the Company - A. History and Development of the Company - Controlling Shareholder’s Shareholding Increase in the Company” fordetailed information of the shareholding increase. For the period from May 22, 2020 to May 29, 2020, Chinalco increased its shareholding in the Company by 16,314,000 H shares ona cumulative basis through its subsidiary, representing approximately 0.10% of our total issued share capital as of December 31, 2020.As of March 31, 2022, there were 45 registered holders of ADRs evidencing 5,439,770 of our ADSs.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 rightswith 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 andArticles 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 thanthe 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 domesticshares 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 anddomestic 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. Eachyear 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;(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 lessfavorable 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 descriptionof our connected transactions would satisfy disclosure requirements under U.S. securities laws. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 117 of 274 Table of Contents108The following table sets forth the details of our major connected transactions for the year ended December 31, 2021:Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Continuing Connected TransactionsComprehensive Social and LogisticsServices Agreement(Counterparty: Chinalco)Chinalco provides us with a broadrange of social and logistics servicesincluding education and schooling,public transportation and propertymanagement.The original agreement was enteredinto on November 5, 2001, andexpired on December 31, 2012.Pursuant to the supplementaryagreement entered into in 2012, theterm was renewed and expired onDecember 31, 2015. Pursuant to thesupplementary agreement enteredinto in 2015, the term was renewedfor three years from January 1, 2016to December 31, 2018. Pursuant tothe supplementary agreement enteredinto in 2018, the term was renewedfor three years from January 1, 2019to December 31, 2021. Pursuant tothe supplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.481Annual cap: 500 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 118 of 274 Table of Contents109Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)General Agreement on MutualProvision of Production Suppliesand Ancillary Services(Counterparty: Chinalco)We purchase from Chinalco ancillaryproduction supplies and serviceswhich include, among other things,various raw materials required inalumina and primary aluminumproduction, transportation andloading services and productionsupporting services.The original agreement was enteredinto on November 5, 2001, andexpired on December 31, 2012.Pursuant to the supplementaryagreement entered into in 2012, theterm was renewed and entered intoon December 31, 2015. Pursuant tothe supplementary agreement enteredinto in 2015, the term was renewedfor three years from January 1, 2016to December 31, 2018. Pursuant tothe supplementary agreement enteredinto in 2018, the term was renewedfor three years from January 1, 2019to December 31, 2021. On June 3,2019, we and Chinalco entered into asupplemental agreement to revise thescope of mutual supply of productsand include the pricing principlesand methods of payment for theadditional products subject to mutualsupply. Pursuant to thesupplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.6,578Annual cap forexpenditure transactions:17,500We provide Chinalco with productsincluding, among other things,aluminum and alumina products,supporting services and ancillaryproduction services.21,684Annual cap for revenuetransactions: 33,500 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 119 of 274 Table of Contents110Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Mineral Supply Agreement(Counterparty: Chinalco)Chinalco provides us with bauxiteand limestone from several minesthat it operates. Chinalco must notprovide bauxite and limestone tobauxite and limestone requirements.The original agreement was enteredinto on November 5, 2001, andexpired on December 31, 2012.Pursuant to the supplementaryagreement entered into in 2012, theterm was renewed and expired inDecember 31, 2015. Pursuant to thesupplementary agreement enteredinto in 2015, the term was renewedfor three years from January 1, 2016to December 31, 2018. Pursuant tothe supplementary agreement enteredinto in 2018, the term was renewedfor three years from January 1, 2019to December 31, 2021. Pursuant tothe supplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.87Annual cap: 360 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 120 of 274 Table of Contents111Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Provision of Engineering,Construction and SupervisoryServices Agreement(Counterparty: Chinalco)Chinalco provides us with certainengineering, construction andsupervisory services at the stateguidance price and, where there is nostate guidance price, at market price.Such services are mainly providedby subsidiaries of Chinalco includingChina Aluminum InternationalEngineering Corporation Limited.The original agreement was enteredinto on November 5, 2001, andexpired on December 31, 2012.Pursuant to the supplementaryagreement entered into in 2012, theterm was renewed and expired onDecember 31, 2015. Pursuant to thesupplementary agreement enteredinto in 2015, the term was renewedfor three years from January 1, 2016to December 31, 2018. Pursuant tothe supplementary agreement enteredinto in 2018, the term was renewedfor three years from January 1, 2019to December 31, 2021. Pursuant tothe supplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.735Annual cap: 8,300Land Use Rights Leasing Agreement(Counterparty: Chinalco)Chinalco leases 470 parcels of landcovering an aggregate area ofapproximately 61.2 million squaremeters and spanning across eightprovinces in the PRC to us.The original agreement was enteredon November 5, 2001, for a term of50 years, expiring on June 30, 2051.417Annual cap: 500Fixed Assets Lease FrameworkAgreement (Counterparty:Chinalco)We have agreed with Chinalco toprovide leases to each otherregarding buildings, constructions,machinery, apparatus, transportationfacilities as well as equipment,appliance or tools and other fixedassets owned by either party inrelation to production and operation.The original agreement was enteredinto on April 28, 2015 and expiredon December 31, 2018. Pursuant tothe supplementary agreement enteredinto in 2018, the term was renewedfor three years from January 1, 2019to December 31, 2021. Pursuant tothe supplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.66Annual cap forexpenditure transactions:20034Annual cap for revenuetransactions: 100 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 121 of 274 Table of Contents112Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Financial Services Agreement(Counterparty: Chinalco Finance)Chinalco Finance has agreed withChinalco to provide us with depositservices, credit services andmiscellaneous financial services. Wehave the right to choose the financialinstitution for financial services andthe financial institution for depositservices and loan services as well asthe amounts of loans and depositswith reference to our own needs.Chinalco Finance undertakes that theterms for the provision of financialservices to us at any time would beno less favorable than those of thesame type of financial servicesprovided by Chinalco Finance toChinalco and other subsidiaries ofChinalco or those of the same type offinancial services that may beprovided to us by other financialinstitutions.The original agreement expired onAugust 25, 2012, for a term of 1year. Pursuant to the financialservices agreement renewed onAugust 24, 2012, the term wasextended and expired on August 25,2015. Pursuant to the financialservices agreement renewed on April28, 2015, the term was renewed for aterm of 3 years from August 26,2015, and was amended and replacedas a whole by a new financialservices agreement. A new financialservices agreement was entered onOctober 26, 2017, for a term of 3years, expired on October 25, 2020.Another new financial servicesagreement was entered into onAugust 27, 2020 for a term of 3years from October 26, 2020.7,823Daily cap of depositbalance (includingaccrued interests):12,0004,067Daily cap of loanbalance (includingaccrued interests):15,0001Other financial services(after October 26, 2020)(2): 40 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 122 of 274 Table of Contents113Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Finance Lease Agreement(Counterparty: Chinalco FinanceLease Co., Ltd.)Chinalco Finance Lease Co., Ltd.provides finance lease services to us.The original finance lease frameworkagreement was entered into betweenthe Company and Chinalco Lease onAugust 27, 2015, with a term fromAugust 27, 2015, to December 31,2016. A new finance leaseframework agreement was enteredinto between the Company andChinalco Lease on November 13,2015, with a term of 3 years fromJanuary 1, 2016, to December 31,2018. Pursuant to the supplementaryagreement entered into in 2018, theterm was renewed for three yearsfrom January 1, 2019 to December31, 2021. Pursuant to thesupplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.25110,000Factoring Cooperation Agreement(Counterparty: ChinalcoCommercial Factoring Co., Ltd.)Chinalco Commercial Factoring Co.,Ltd. provides factoring financingservices to the Company.The original agreement was enteredinto on September 27, 2017, andexpired on December 31, 2018.Pursuant to the supplementaryagreement entered into in 2018, theterm was renewed for three yearsfrom January 1, 2019 to December31, 2021. Pursuant to thesupplementary agreement enteredinto in 2021, the term was renewedfor three years from January 1, 2022to December 31, 2024.-3,000 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 123 of 274 Table of Contents114Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Labor and Engineering ServicesFramework Agreement(Counterparty: Chalco SteeringIntelligent Technology Co., Ltd.)Chalco Steering IntelligentTechnology Co., Ltd. provides uswith engineering services and laborservices which include, among otherthings, equipment repairs, intelligentindustrial design and maintenance.Pursuant to the original agreemententered into on September 17, 2018,the term is from January 1, 2018 toDecember 31, 2020, for a term ofthree years. Pursuant to the newlabor and engineering servicesframework entered into on October27, 2020, the term was renewed forone year from January 1, 2021 toDecember 31, 2021.12Annual cap: 100One-Off ConnectedTransactions(1)Assets Transfer Agreements (Parties:Guangxi branch, Chalco Mining,Zunyi Aluminum and certainbranches of China Rare EarthHoldings Limited)Guangxi branch, Chalco Mining andZunyi Aluminum entered into assetstransfer agreements with theGuangxi Gallium branch, HenanGallium branch and Zunyi Galliumbranch of China Rare Earth HoldingsLimited, respectively, pursuant towhich Guangxi branch, ChalcoMining and Zunyi Aluminum agreedto acquire and the Guangxi Galliumbranch, Henan Gallium branch andZunyi Gallium branch of China RareEarth Holdings Limited agreed tosell certain gallium assets.August 24, 2021395.6N/A Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 124 of 274 Table of Contents115Agreement Nature Term/ Date of the Agreement Transaction Amount in 2021 Cap for 2021(RMB in millions)(RMB in millions)Establishment of Green Low-CarbonFund(Parties: Chalco, ABC CapitalManagement Co., Ltd., ChinaAluminum Innovation andDevelopment Equity InvestmentFund Management (Beijing) Co.,ABC Financial Assets InvestmentCo., Ltd., Chinalco, China Copper,Chinalco High-end ManufacturingCo., Ltd. and Chinalco CapitalHoldings Co., Ltd.)As considered and approved onDecember 21, 2021, the Companyproposed to establish ChinaAluminum Suihe Nonferrous MetalsGreen Low-carbon Innovation andDevelopment Fund (Beijing)Partnership (Limited Partnership (the“Fund”, tentative name, subject tothe business registration) with ABCCapitalManagement Co., Ltd., ChinaAluminum Innovation andDevelopment Equity InvestmentFund Management (Beijing) Co.,Ltd., ABC Financial AssetsInvestment Co., Ltd., Chinalco,China Copper,Chinalco High-end ManufacturingCo., Ltd., and Chinalco CapitalHoldings Co., Ltd.As of December 31, 2021, the partieshave not entered into any specificagreement on the establishment ofthe Fund.N/AN/AProposed Adoption of A ShareIncentive Scheme and Grant ofRestricted A Shares (Parties:Chalco and 32 connectedparticipants under the incentivescheme)As considered and approved onDecember 21, 2021 and theadjustment made on March 4, 2022,the Company proposed to adopt theRestricted A Share Incentive Schemewhich shall notexceed 141,000,000 Shares.Specifically, a total of 6,506,700restricted shares would be granted to32 connected participants and atmost 124,493,300 restricted shareswould be granted to at most 1,160participants other than the connectedpersons of the Company for the firsttime of grant.N/AThe price of therestricted shares underthe first grant shall beRMB3.08 per A share.N/A(1)See “Item 4. Information on the Company - A. History and Development of the Company - Subscription for A Shares of Yunnan Aluminum” for detailed information of otherone-off connected transactions. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 125 of 274 Table of Contents116All 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 into are covered by generalagreements 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 no State-prescribed price, the price recommended in guidance issued by the PRC government (“State-guidance price”) is adopted;(3)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(4)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)Sales of utility, including electricity, gas, heat and water, are provided at State-prescribed prices.(c)Engineering, project construction and supervisory services were provided for our construction projects. The State-guidance price or prevailing market price (includingthe 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 cover public security, fire services, education and training, school and hospital services, cultural and physicaleducation, 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 Socialand Logistics Services Agreement. The pricing policy is the same as that set out in (a) above.(f)Pursuant to the Land Use Rights Lease Agreements entered into between Chinalco and us, operating leases for industrial or commercial land are charged at the marketrent rate. We also entered into a building rental agreement with Chinalco and pay rent based on the market rate for its lease of buildings owned by Chinalco.(g)Other services are environmental protection operation services. The prevailing market price is adopted for pricing purposes.(h)See Note 36(a) to our audited consolidated financial statements for more detailed information about our significant related party transactions.During the years ended December 31, 2019, 2020 and 2021, our significant transactions with other state-owned enterprises (excluding Chinalco and its subsidiaries)constituted a relatively large portion of our sales of goods and purchases of raw materials, electricity, property, plant and equipment and services. In addition, substantially allrestricted cash, time deposits, cash and cash equivalents and borrowings as of December 31, 2019, 2020 and 2021 and the relevant interest earned or paid during the year aretransacted with banks and other financial institutions which are controlled by the PRC government and commercial banks. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 126 of 274 Table of Contents117We provide the following additional information on significant related party transactions during the periods indicated based on Note 36 to our audited consolidated financialstatements:(a)Significant related party transactionsFor the year ended December 31 2019 2020 2021 (RMB in thousands)Sales of goods and services rendered:Sales of materials and finished goods to:Chinalco and its subsidiaries 13,612,817 13,986,133 19,261,538Associates of Chinalco 514,414 520,485 1,497,639Joint ventures 5,676,548 6,694,824 9,071,474Associates 3,812,565 9,232,432 672,403Non-controlling shareholder of a subsidiary and its subsidiaries — 42,298 — 23,616,344 30,476,172 30,503,054Provision of utility services to: Chinalco and its subsidiaries 687,290 1,104,542 910,655Associates of Chinalco 4,062 3,268 14,380Joint Ventures 263,436 470,984 250,525Associates 35,650 18,568 375 990,438 1,597,362 1,175,935Rental revenue of land use rights and buildings from: Chinalco and its subsidiaries 52,571 39,284 34,221Associates of Chinalco 65 237 237Joint ventures 1,967 1,426 1,446Associates 775 365 507 55,378 41,312 36,411Purchase of goods and services: Purchases of engineering, construction and supervisory services from: Chinalco and its subsidiaries 2,949,866 1,755,092 746,966Associates of Chinalco — 265 192Joint ventures 69,332 — 251Associates 218,616 12,233 12,413 3,237,814 1,767,590 759,822 Purchases of primary and auxiliary materials, equipment and finished goods from: Chinalco and its subsidiaries 8,161,223 6,176,513 5,526,965Associates of Chinalco 18 2,586 37,187Joint ventures 2,647,234 5,501,158 8,141,929Associates 1,893,449 10,576,907 7,407,805Non-controlling shareholder of a subsidiary and its subsidiaries — 30,101 — 12,701,924 22,287,265 21,113,886 Provision of social services and logistics services by: Chinalco and its subsidiaries 309,180 475,532 480,828 Purchases of utility services from: Chinalco and its subsidiaries 763,812 644,638 731,222Associates of Chinalco 100,835 85,469 98,966Joint Ventures 280,523 443,290 820,031Associates 8,326 — — 1,153,496 1,173,397 1,650,219 Provision of other services by: A joint venture 272,220 373,655 270,972 Rental expense of land use rights and buildings from: Chinalco and its subsidiaries 499,191 661,888 734,097 New right-of-use assets in current period:Additions Chinalco and its subsidiaries 1,950 22,936 83,249Contract modification Chinalco and its subsidiaries (91,351) (43,395) 6,147,096Other significant related party transactions: Borrowing from a subsidiary of Chinalco 3,890,000 1,925,000 3,370,000Repayment of borrowings from subsidiaries of Chinalco 4,677,000 1,676,000 5,318,000Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco 141,991 87,985 61,878Investment in subsidiaries of Chinalco: Investment to Yunnan Aluminum 1,287,608 — 320,000Investment to Yixin Aluminum 850,000 — — 2,137,608 — 320,000Disposal of aluminum capacity quota to a subsidiary of Chinalco 800,000 — —Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco 500,000 — —Finance lease under a sale and leaseback contract to a subsidiary of Chinalco 558,924 — —Trade receivable factoring arrangement from a subsidiary of Chinalco 136,656 — 1,566,707Interest income from cash and cash equivalents deposited 68,455 51,163 67,269Discounted notes receivable to a subsidiary of Chinalco 679,517 36,750 128,000Provision of financial guarantees to: Joint ventures 12,450 — — Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 127 of 274 Table of Contents118(b)Balances with related parties December 31, 2020 (Restated) December 31, 2021Cash and cash equivalents deposited with A subsidiary of Chinalco 3,561,997 7,832,441Trade and notes receivables Chinalco and its subsidiaries 762,489 1,476,833Associates of Chinalco 44,958 45,180Joint ventures 761,392 628,231Associates 2,287 1Non-controlling shareholder of a subsidiary and its subsidiaries 46,450 24,465 1,617,576 2,174,710Provision for impairment of receivables (103,592) (80,102) 1,513,984 2,094,608Other current assets Chinalco and its subsidiaries 818,318 325,247Associates of Chinalco 21,753 21,820Joint ventures 1,364,615 1,486,510Associates 421,947 359,917Non-controlling shareholder of a subsidiary and its subsidiaries 11,700 7,450 2,638,333 2,200,944Provision for impairment of other current assets (496,703) (1,310,379) 2,141,630 890,565 Other non-current assets Associates 111,845 111,845 Interest-bearing loans and borrowings Subsidiaries of Chinalco (including lease liabilities) 8,887,422 13,028,565Associates of Chinalco — 2,245 8,887,422 13,030,810 Trade and notes payables 437,732 301,386Chinalco and its subsidiaries 561,508 229,994Joint ventures 10,562 32,668Associates 1,511 26,288Associates of Chinalco 1,011,313 695,510 Other payables and accrued liabilities Chinalco and its subsidiaries 2,193,344 1,054,724Associates of Chinalco 1,019 42,659Associates 28,424 19,926Joint ventures 3,940 49,618 2,226,727 1,166,927Contract liabilities 17,460 150,730Chinalco and its subsidiaries 13,453 27,190Associates of Chinalco 79 139Associates 519 535Joint ventures 656 —Non-controlling shareholder of a subsidiary and its subsidiaries 32,167 178,594 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 128 of 274 Table of Contents119GuaranteesWe did not provide any guarantees to our related parties to guarantee their loans during the period from January 1, 2021 to March 31, 2022. As of March 31, 2022, theoutstanding balance of the loans we guaranteed was nil.Our related parties also provided guarantees to us to guarantee our loans during the period from January 1, 2021 to March 31, 2022. The outstanding balance of the loansguaranteed by our related parties was RMB625 million as of March 31, 2022 and the largest amount outstanding of the loans guaranteed by our related parties during the period fromJanuary 1, 2021 to March 31, 2022 was RMB1,137.5 million. The interest rates on such loan range from 5.15% to 5.39% per annum.LoansWe provided several entrusted loans to our related parties mainly for the purpose of supplementing working capital during the period from January 1, 2021 to March 31,2022. The outstanding balance of such entrusted loans was mainly RMB629 million as of March 31, 2022 and the largest amount outstanding of the entrusted loans during the periodfrom January 1, 2021 to March 31, 2022 was RMB675 million. The interest rates on such entrusted loans range from 4.3% to 10% per annum.Our related party also provided several loans to us mainly for the purpose of supplementing working capital during the period from January 1, 2021 to March 31, 2022. Theoutstanding balance of such loans was RMB2.375 billion as of March 31, 2022 and the largest amount outstanding of the loans during the period from January 1, 2021 to March 31,2022 was RMB2.38 billion. The interest rates on such loans range from 3.695% to 3.95% per annum.C.Interests of Experts and CounselNot applicable.Item 8.Financial InformationA.Consolidated Statements and Other Financial InformationWe have appended our consolidated financial statements filed as part of this annual report on Form 20-F.Legal ProceedingsWe are not currently a party to any pending legal proceedings which are expected to have a significant effect on our financial position or results of operations, nor are weaware of any proceedings that are pending or threatened which may have a significant effect on our financial position or results of operations. We may from time to time become aparty to various legal or administrative proceedings arising in the ordinary course of our business.Dividend PolicyUnder the Company Law of the PRC and our Articles of Association, all of our shareholders have equal rights to dividends and distributions. The holders of the H Sharesshare proportionately on a per share basis in all dividends and other distributions declared by our Board. Any final dividend for a fiscal year is subject to shareholders’ approval. Cashdividends, if made, are declared in Renminbi with respect to H Shares on a per share basis and paid in HK dollars. The Bank of New York Mellon, as depositary, converts the HKdollar dividend payments and distributes them to holders of ADSs in U.S. dollars, less expenses of conversion.We believe that our dividend policy strikes a balance between two important goals of providing our shareholders with a competitive return on investment and assuringsufficient reinvestment of profits to enable us to achieve our strategic objectives. The declaration of dividends is subject to the discretion of our Board, which takes into account thefollowing factors:●our financial results;●capital requirements;●contractual restrictions on the payment of dividends by us to our shareholders or by our subsidiaries to us; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 129 of 274 Table of Contents120●our shareholders’ interests;●the effect on our creditworthiness;●general business conditions; and●other factors our Board may deem relevant.Under our current profit distribution policy as set forth in our Articles of Association, the basic principles of such policy include (i) giving adequate consideration to return toinvestors and making dividends to shareholders in an applicable percentage of the distributable profits, (ii) maintaining the continuity and stability of our dividend policy, while takinginto consideration of our interests in the long term and the overall interests of all shareholders, as well as our sustainable development; and (iii) giving priority to dividends in cash.More specifically, under such policy, we may make dividends in cash, in shares or in a combination of both cash and shares. Subject to conditions, we may make interimprofit distributions. Save in exceptional circumstances, if our profit for the year and our cumulative undistributed profit are positive, we may make dividends in cash and (i) the profitto be distributed in cash per annum will not be less than 10% of the distributable profit realized for that year, or (ii) the total profit to be distributed in cash in the past three years willnot be less than 30% of the average annual distributable profit realized in the past three years.Pursuant to PRC laws and regulations, dividends may only be distributed after allowance has been made for: (1) recovery of losses, if any and (2) allocations to the statutorysurplus reserve. The allocations to the statutory surplus reserve is 10% of our net profit determined in accordance with PRC Generally Accepted Accounting Principles, unless theaccumulated statutory surplus reserve exceeds 50% of our registered share capital, in which case the surplus reserve is discretional.See “Item 10. Additional Information - E. Taxation” for a discussion of the tax consequences of receipt of dividends.B.Significant ChangesExcept as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated financial statements which isincluded in this annual report.Item 9.The Offer and ListingOur A Shares are traded under the stock code “601600” in the Shanghai Stock Exchange, as our principal host market, while our H Shares are traded under the stock code“02600” in the Hong Kong Stock Exchange as the principal market for our H Shares. The ADSs have been issued by The Bank of New York Mellon, acting as depositary bank, andare listed on the New York Stock Exchange under the symbol “ACH” with each ADS representing 25 H Shares.Item 10.Additional InformationA.Share CapitalNot applicable.B.Memorandum and Articles of AssociationThe following is a summary of certain provisions of our Articles of Association, as amended. Such summary does not purport to be complete. For further information, youand your advisors should refer to the text of our Articles of Association, as amended, and to the texts of applicable laws and regulations. A copy of our Articles of Association is filedas an exhibit to this annual report.Our objects and purposesOur Articles of Association as amended from time to time are filed with the Hong Kong Companies Registrar. Our business purpose and business scope can be found inArticle 13 and Article 14, respectively, of our Articles of Association. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 130 of 274 Table of Contents121Directors’ power to vote on matters in which he or she has an interestUnder Article 174, a director shall not vote in any resolution of the board of directors for approving any contract, transaction or arrangement in which such director or any ofhis associates (as defined in the applicable rules governing the listing of securities amended from time to time) is materially interested, and shall not be counted into the quorum of themeeting either. Unless the interested director has disclosed his or her interest to the board of directors in accordance with Article 174 and the contract, transaction or arrangement hasbeen approved by the board of directors at a meeting in which the interested director is not counted in the quorum and has refrained from voting, a contract, transaction orarrangement in which such director is materially interested is voidable at the instance of our Company except as against a bona fide party thereto acting without notice of the breach ofduty by such director. According to Article 86(2), matters concerning the remuneration of directors shall be decided by the shareholders’ general meeting.Borrowing powersSubject to compliance with applicable laws and regulations of the PRC, we have the power to raise and borrow money which power includes (without limitation) theissuance of debentures and the charging or mortgaging of part or whole of our business or properties and other rights permitted. The Articles of Association do not contain anyspecific provision in respect of the manner in which borrowing powers may be exercised by the directors nor do they contain any specific provision in respect of the manner in whichsuch powers may be varied, other than (a) provisions which give the directors the power to formulate proposals for the issuance of debentures by us; (b) Article 87(2), which providesthat the issuance of bonds must be approved by the shareholders in a general meeting by way of a special resolution; and (c) Article 112(4), which provides that the directors have thepower to formulate our annual final financial budgets and final accounts.Age limit for retirementThere is no provision pertaining to the retirement of directors pursuant to an age limit requirement in our Articles of Association.Directors’ qualifying sharesUnder Article 107, the directors are not required to hold any qualifying shares.Dividend rightsArticle 55(1) provides that holders of our ordinary shares have the right to receive dividends and distribution of profits in other forms, in proportion to the number of sharesheld. Under Article 49, when we convene a shareholders’ general meeting, distribute dividends, liquidate or perform other activities that require the verification of equity rights, theBoard or the general meeting convener must specify a date as the record date. The shareholders registered in the shareholder register at closing on the record date are our shareholdersentitled to appropriate rights and interests. Article 207 provides that under the premise of obeying the laws of the PRC, we have the right to forfeit the unclaimed dividends, subject tothe expiry of the applicable relevant limitation period.Voting rightsArticle 55(2) provides that holders of our ordinary shares have the right to lawfully request, convene, chair, attend in person or appoint a proxy to attend and vote atshareholders’ meetings in respect of the number of shares held. Each ordinary share is entitled to one vote on all matters submitted to a vote of our shareholders at all shareholders’meetings, except for (i) the cumulative voting system under Article 110; and (ii) meetings of a special class of shareholders where only holders of shares of the affected class areentitled to vote on the basis of one vote per share of the affected class, but Article 98 provides that interested shareholders shall not vote at class shareholders’ meetings. Article 110provides that in the case that our controlling shareholders’ shareholding percentage is more than 30%, the cumulative voting system may be implemented for the election of directorsand supervisors at a shareholders’ general meeting.A special resolution of the shareholders’ general meeting will be required for important matters specified in Article 87, such as the increase or reduction of the registeredcapital and issuance of any class of shares, amendments to our Articles of Association, and our division, merger, dissolution and liquidation, and a special resolution must be adoptedby shareholders in attendance (including proxies) at the meeting with supermajority votes as set forth in Article 80. For other matters to be approved in a shareholders’ generalmeeting, an ordinary resolution as set forth in Article 80 will need to be adopted. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 131 of 274 Table of Contents122Rights to share profitsArticle 61(7) provides that a plan for profit distribution and a plan for making up for losses formulated by the Board in accordance with Article 112(6) must be approved byway of the shareholders’ general meeting.Rights to share surplus in the event of liquidationArticle 55(6) provides that the holders of ordinary shares have the right to participate in the distribution of our surplus assets in proportion to the number of shares held in theevent of the termination or liquidation of us. Article 228 sets forth the order of priority of payments out of our properties in the event of liquidation.Enforceability of Shareholders’ RightsOur Articles of Association provide that, with certain limited exceptions, where disputes and claims which concern our affairs and are based on rights or obligations providedfor in our Articles of Association, the Company Law of the PRC or other relevant laws arise between holders of H Shares and us, holders of A Shares, or our director, supervisor,general manager or other senior management staff, such disputes and claims must be submitted to arbitration. Chapter 23 of our Articles of Association sets forth further details of thedispute resolution procedure.Redemption provisions; sinking fund provisions and liability to further capital callsArticle 30 provides that we may repurchase issued shares in compliance with the requirements provided in relevant PRC laws and regulations, regulatory requirements or theArticles of Association and with the approvals from the relevant governing authorities of PRC under the following circumstances: (1) reduction of our registered capital; (2) mergerwith another company which owns our shares; (3) use of shares for our employee shareholding scheme or as equity incentive; (4) shareholders disagreeing with our general meeting’sresolution on merger or division and requiring us to acquire the shares in their possession; (5) use of shares for conversion of corporate bonds convertible into our shares; (6) where itis necessary to safeguard our value and the rights and interests of our shareholders; and (7) other circumstances required by law and administrative regulations. Under Articles 32 and33, share repurchases by agreements outside a stock exchange are generally subject to our shareholders’ approval. Under Article 33, share repurchases under the circumstancesdescribed in items (1), (2) and (3) above shall be resolved at the shareholders’ general meeting, while share repurchases under the circumstances described in item (5) and (6) aboveshall be subject to approval by more than two-thirds of directors present at the meeting of the Board.No shares issued by us are redeemable, entitled to a sinking fund or subject to liability for further capital calls.Actions necessary to change the rights of holders of our shares or holders of a class of sharesUnder Article 87(5), revision of any rights of class shareholders, e.g., rights to dividends, share profits or surplus in the event of liquidation or voting rights, requires a specialresolution of the shareholders’ general meeting. A special resolution must be adopted by shareholders in attendance (including proxies) at the meeting with supermajority votes as setforth in Article 80.The rights attached to any class of shares may be varied or abrogated only with the sanction of a special resolution passed at the shareholders’ general meeting and by holdersof shares of the affected class passed at a separate general meeting of the class convened in accordance with Articles 97 to 101, respectively. The circumstances which are deemed tobe a variation or abrogation of the class rights, including alternation of the number of shares of the class, are set forth under Article 97. Except for the circumstances under Article97(1), (9) and (10), shareholders of the affected class, whether or not otherwise having the right to vote at shareholders’ general meetings, have the right to vote at class meetings butinterested shareholders (which is defined under Article 98) are not entitled to vote at class meetings.Resolutions of a class meeting shall be passed by the required percentage of shares (as specified under Article 99) with voting rights held by the class shareholders who,according to Article 98, are entitled to vote at that class meeting. Written notice must be given to all shareholders who are registered as holders of that class in the register ofshareholders 45 days (inclusive of date of meeting) before the date of the class meeting. Such notice must contain the matters to be considered at such meeting, the date and the placeof meeting. Those shareholders of the class who intend to attend shall send the written reply to us 20 days before the class meeting according to Article 100. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 132 of 274 Table of Contents123The proceedings of class meetings shall be conducted as near as possible to those of shareholders’ general meetings. The provisions in the Articles of Association relating tothe proceedings of shareholders’ general meetings shall apply to class meetings.The special procedures for approval by a class of shareholders do not apply where we issue, upon approval by special resolution of shareholders in a general meeting, eitherseparately or concurrently once every 12 months, domestic shares and H Shares not more than 20% of the outstanding shares of the respective class.Provisions discriminating against any existing or prospective shareholder as a result of owning a substantial number of sharesChinalco, as our controlling shareholder (which is defined under Article 59), shall not exercise its voting rights in a manner prejudicial to the interest of all or some part ofthe shareholders when making decisions:●to relieve a director or supervisor of his duty to act honestly in our best interest;●to approve the expropriation by a director or supervisor (for his own benefit or for the benefit of another) of our assets, in any manner, including but not limited to anopportunity beneficial to us; or●to approve the expropriation by a director or supervisor (for his own benefit or for the benefit of another) the individual rights of other shareholders, including but notlimited to rights to distributions and voting rights save and except for our restructuring, submitted for approval by the shareholders in a general meeting in accordancewith the Articles of Association.Conditions governing the manner in which annual general meetings and extraordinary general meetings of shareholders are convokedShareholders’ general meetings can be held as annual general meetings or extraordinary general meetings. Annual general meetings are held once a year within six monthsafter the end of the preceding fiscal year.The Board is required to convene an extraordinary general meeting within two months of the occurrence of any of the following circumstances:(1)the number of directors falls below the number required by the Company Law of the PRC or two-thirds of the number required by the Articles of Association;(2)our unrecovered losses amount to one-third of the total amount of our paid-in-capital;(3)upon the request of shareholder(s) holding 10% or more of our shares for more than ninety consecutive days (the number of shares held shall be the figures as of thedate of the written request from the shareholder); and(4)whenever the Board deems necessary or the supervisory committee proposes to convene the same.We shall, within 45 days (inclusive of date of the meeting) before the date of the meeting, send written notices of the shareholders’ general meeting and inform all registeredshareholders of the matters to be considered at the meeting and the date and venue of the meeting. Those shareholders who intend to attend the meeting shall send the written reply tous 20 days before the meeting. The meeting may be held if the number of voting shares represented by the shareholders intending to attend the meeting meets the threshold prescribedunder Article 66. Otherwise, we shall, within five days, inform the shareholders once again of the matters to be considered at, and the date and place of, the meeting in the form of apublic announcement, after which we may hold the meeting. A meeting and the resolutions adopted thereat shall not be invalidated due to the accidental omission to give notice of themeeting to, or the non-receipt of notice of the meeting by, a person entitled to receive notice. Motions put forward at the general meeting shall be specific and shall relate to thematters to be considered at a shareholders’ general meeting. Motions raised at a general meeting shall:(1)be free of conflicts with the provision of laws, administrative regulations and Articles of Association, and fall within our business scope and the terms of the referenceof the shareholders’ general meeting;(2)have definite topics to discuss and specific matters to resolve; and Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 133 of 274 Table of Contents124(3)be submitted in writing or served to the board of directors.Limitations on the rights to own securitiesUnder Article 19, the shares issued to domestic investors and denominated in Renminbi are Domestic-Invested Shares whereas the shares issued to overseas investors anddenominated in foreign currency are Foreign-Invested Shares.Provisions having an effect of delaying, deferring or preventing a change in controlUnder Article 116, decisions in respect of market development, merger and acquisition, and investment in a new field, where the consideration to be paid or the assets to beacquired exceed 10% of our total assets, the Board is required to engage relevant professional consultants to provide professional opinions, which shall serve as the key reference forthe decision of the Board concerning such investment, merger or acquisition.Under Article 87(3), division, merger, dissolution and liquidation of us and material acquisitions and disposals by us must be approved by a special resolution at ashareholders’ general meeting.There are no provisions under the Articles of Association pertaining to the ownership threshold above which shareholder ownership must be disclosed.Conditions governing changes in registered capitalUnder Article 112(7), any proposal for the increase or decrease of our registered capital must be formulated by the Board. Article 87(1) further provides that any increase orreduction in share capital requires adoption of a special resolution at a shareholders’ general meeting. In addition, according to Article 97, alternation of the number of shares of aclass or of a different class having voting rights, distribution rights or other privileges equal or superior to such class is regarded as alternation or abolishment of rights of such class,and must satisfy the requirements for shareholders’ meetings of the affected class. See “—Actions necessary to change the rights of holders of our shares or holders of a class ofshares.”Certain Differences Between PRC Company Law and Delaware Corporate LawWe are a PRC joint stock company, which is a corporate entity organized under the Company Law of the PRC. The PRC company law differs from laws applicable to UnitedStates corporations and their shareholders. A description of securities registered under Section 12 of the Exchange Act is filed as Exhibit 2.4 to this annual report on Form 20-F andincludes a summary of certain significant differences between the provisions of the PRC company law applicable to us and the comparable provisions of the laws applicable tocompanies incorporated in the United States and their shareholders (for this purpose we refer to Delaware corporate law). Such summary does not purport to be complete and issubject to and qualified in its entirety by reference to our Articles of Association, as amended, and to the relevant laws and regulations.C.Material ContractsFor the two years immediately preceding the date of this annual report, we have not entered into any additional material contracts other than in the ordinary course ofbusiness and other than those described in “Item 4. Information on the Company - A. History and Development of the Company” and “Item 7. Major Shareholders and Related PartyTransactions - B. Related Party Transactions.”D.Exchange ControlsThe existing PRC foreign exchange regulations have significantly reduced government foreign exchange controls for transactions under the current account, including tradeand service-related foreign exchange transactions and payment of dividends. We may undertake current account foreign exchange transactions without prior approval from the SAFEby producing commercial documents evidencing such transactions, provided that they are processed through Chinese banks licensed to engage in foreign exchange transactions. ThePRC government has stated publicly that it intends to make the Renminbi freely convertible in the future. However, we cannot predict whether the PRC government will continue itsexisting foreign exchange policy and when the PRC government will allow free conversion of Renminbi to foreign currency. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 134 of 274 Table of Contents125Foreign exchange transactions under the capital account, including principal payments in respect of foreign currency-denominated obligations, continue to be subject tosignificant foreign exchange controls and require the approval of the SAFE. These limitations could affect our ability to obtain foreign exchange through debt or equity financing, orto obtain foreign exchange for capital expenditures.Since 1994, the conversion of Renminbi into HK and U.S. dollars has been based on rates set by the PBOC, which are set daily based on the previous day’s PRC interbankforeign exchange market rate and current exchange rates on the world financial markets. From 1994 to July 20, 2005, the official exchange rate for the conversion of Renminbi to U.S.dollars was generally stable. On July 21, 2005, the PRC government introduced a managed floating exchange rate system to allow the value of the Renminbi to fluctuate within aregulated band based on market supply and demand and by reference to a basket of currencies. Since then, the PRC government has made, and may in the future make, furtheradjustments to the exchange rate system. In April 2012, the PRC government took a milestone step in turning the Renminbi into a global currency by doubling the size of its tradingband against the U.S. dollar, pushing through a crucial reform that further liberalizes its financial markets. The PBOC allows the Renminbi to rise or fall 1% from a mid-point everyday, effective April 16, 2012, compared with its previous 0.5% limit. The PBOC further allows the Renminbi to rise or fall 2% from a mid-point every day, effective March 17, 2014.In August 2015, the PBOC announced that the daily central parity quotes the market-makers reported to the China Foreign Exchange Trade System operated by the PBOC before themarket opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, and price movement of majorcurrencies, effective on August 11, 2015. Fluctuations in exchange rates may adversely affect the value, translated or converted into U.S. dollars or HK dollars, of our net assets,earnings and any declared dividends. We cannot give any assurance that any future movements in the exchange rate of the Renminbi against the U.S. dollar and other foreigncurrencies will not adversely affect our results of operations and financial condition.E.TaxationPRC TaxationThe following summary of the material PRC and United States federal income tax provisions relating to the ownership and disposition of H Shares or ADSs held by theinvestor as capital assets is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject to change, and does not constitutelegal or tax advice. This summary does not deal with all possible tax consequences relating to an investment in our ordinary shares, such as the tax consequences under state, local andother tax laws.Dividends Paid to Individual InvestorsAny shares registered in the name of our depositary bank will be deemed as being held by non-resident enterprise shareholders and the dividends attributable to thecorresponding ADSs will be subject to the withholding of the PRC corporate income tax. We are therefore required to withhold 10% corporate income tax when we make dividenddistributions to the investors of our ADSs. Investors of our ADSs will not be subject to further PRC individual income tax or PRC corporate income tax. The 10% dividendwithholding tax rate is not subject to any reduction under the 1984 Agreement between the United States and the People’s Republic of China for the Avoidance of Double Taxation, orthe PRC Treaty.Capital GainsWith respect to foreign enterprises which are established under the laws of non-PRC jurisdictions and have no establishment or residence in China or whose capital gainsfrom China do not relate to their establishment or residence in China (“non-resident foreign enterprises”), according to the Enterprise Income Tax Law and its implementation rules,which became effective on January 1, 2008, capital gains realized by non-resident foreign enterprises are ordinarily subject to capital gains tax at the rate of 10%, unless exempted orreduced pursuant to an applicable double-taxation treaty or other exemptions. The capital gains realized by resident enterprises, including enterprises established under the laws ofnon-PRC jurisdictions but whose “de facto management body” is located in the PRC, upon the sales of overseas-listed shares are subject to the PRC enterprise income tax.With respect to foreign individual investors, the Provisions for Implementation of Individual Income Tax Law of China, as amended, stipulated that individual income tax ongains realized on the sale of equity shares shall be regulated in separate rules to be drafted by the State Council of China. However, as of the date of this annual report, there are nosuch rules enacted by the State Council yet. On March 30, 1998, the MOF and the SAT jointly issued the “Circular of Taxation Regarding the Continued Exemption of IndividualIncome Taxes Levied on Income Obtained from the Transfer of Shares,” which provided that income derived from the transfer of shares issued by listed companies shall not be taxedas income for the purposes of levying individual income taxes after July 1, 1997. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 135 of 274 Table of Contents126For PRC mainland investors, on October 31, 2014, the SAT issued “Circular on Tax Policies Relating to the Pilot Program of Shanghai-Hong Kong Stock Connect,” whichprovided that any capital gain from transferring stocks listed on the Hong Kong Stock Exchange by a PRC mainland investor would not be subject to tax during the period fromNovember 17, 2014 to November 16, 2017. For mainland enterprises, such capital gains would be included in its income and subject to income tax. On November 1, 2017, the MOF,the SAT and the CSRC jointly issued “Circular on Extending Individual Income Tax Policies Relating to the Shanghai-Hong Kong Stock Connect,” which provided that incomegenerated from price differences through investment in stocks listed on the Hong Kong Stock Exchange by PRC mainland individual investors via the Shanghai-Hong Kong StockConnect would be exempt from individual income tax from November 17, 2017 to December 4, 2019. On December 4, 2019, the MOF, the SAT and the CSRC jointly issued the“Circular on Extending Individual Income Tax Policies Relating to the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Mainland-Hong Kong MutualRecognition of Funds,” which further exempts the individual income tax on income generated from transfer through investment in stocks listed on the Hong Kong Stock Exchange byPRC mainland individual investors via the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect and investment in Mainland-Hong Kong mutuallyrecognized Funds from December 5, 2019 to December 31, 2022.Tax TreatiesChina currently has such treaties with more than one hundred countries and regions, including the following countries:●the United States;●Australia;●Canada;●France;●Germany;●Japan;●Malaysia;●Singapore;●the United Kingdom; and●the Netherlands.Under most treaties, the rate of withholding tax imposed by China’s taxation authorities remains 10%. The double taxation treaty between China and the United Statesprovides that 10% withholding tax rate will be applied to the gross amount of dividends repatriated to an eligible U.S. holder. Under the treaty, an eligible U.S. holder is a person who,by reason of domicile, residence, place of head office, place of incorporation or any other criterion of similar nature is subject to taxation in the United States, as applicable under thetreaty’s “treaty shopping provisions.”Additional China Tax ConsiderationsPursuant to the prevailing stamp duty regulations, a stamp duty is not imposed by China on the transfer of shares, such as the H Shares or ADSs, of Chinese publicly tradedcompanies that take place outside of China.United States Federal Income TaxationEach potential investor is strongly urged to consult its own tax advisor to determine the particular U.S. federal, state, local, treaty and foreign tax consequences of acquiring,owning or disposing of the H Shares or ADSs. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 136 of 274 Table of Contents127The following summary describes the principal U.S. federal income tax consequences of purchasing, owning and disposing of the H Shares or ADSs. This summary onlyapplies to U.S. holders, as defined below, who hold the H Shares or ADSs as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986 as amended (the“Code”). This discussion does not address all of the tax consequences relating to the purchase, ownership and disposition of the H Shares or ADSs, and does not take into accountU.S. holders that may be subject to special rules, including:●financial institutions;●insurance companies;●tax-exempt organizations;●real estate investment trusts, regulated investment companies, grantor trusts;●persons that have a functional currency other than the U.S. dollar;●persons that will own H Shares or ADSs through partnerships or other pass-through entities;●persons that actually or constructively own 10% or more of the combined voting power of our voting stock or of the total value of our stock;●dealers or traders in securities or currencies;●certain former citizens or long-term residents of the United States;●persons that will hold the H Shares or ADSs as a position in a “straddle” or as part of a “hedging” or “conversion” or other risk reduction transaction for U.S. federalincome tax purposes;●persons who receive the H Shares or ADSs as compensation for services;●“dual resident” corporations;●persons that generally mark their securities to market for U.S. federal income tax purposes;●persons who are residents of the People’s Republic of China or who are subject to Hong Kong profits tax; or●persons who purchase or sell the H Shares or ADSs as part of a wash sale for U.S. federal tax purposes.Moreover, this description does not address U.S. federal estate, gift or alternative minimum taxes, the U.S. federal unearned income Medicare contribution tax, or any foreignstate or local tax consequences of the acquisition, ownership and disposition of the H Shares or ADSs. Each U.S. holder should consult its tax advisor with respect to the U.S. federal,state, local and foreign tax consequences of acquiring, owning and disposing of H Shares or ADSs.This discussion is based on the Code, its legislative history, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, published rulings and courtdecisions as in effect on the date hereof, as well as on the agreement between the United States and the People’s Republic of China for the avoidance of double taxation (the “Treaty”),all of which are subject to change, or change in interpretation, possibly with retroactive effect. In addition, this discussion is based in part upon the assumption that each obligation inthe deposit agreement and any related agreements will be performed according to its terms.You are a “U.S. holder” if you are a beneficial owner of H Shares or ADSs and, for U.S. federal income tax purposes, are:●an individual citizen or resident of the United States;●a corporation created or organized under the laws of the United States or any political subdivision thereof; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 137 of 274 Table of Contents128●an estate the income of which is subject to U.S. federal income tax without regard to its source; or●a trust: (i) subject to the primary supervision of a U.S. court and one or more U.S. persons (within the meaning of the Code) have the authority to control all substantialdecisions of the trust; or (ii) that has validly elected to be treated as a U.S. person under applicable U.S. Treasury Regulations.If a partnership (including any entity or arrangement treated as a partnership for U.S. federal tax purposes) holds H Shares or ADSs, the tax treatment of the partnership and apartner in such partnership will generally depend upon the status of the partner and the activities of the partnership. If an investor is a partner in a partnership that holds H Shares orADSs, such investor should consult its tax advisor.In general, if you hold ADSs evidencing H Shares, you will be treated as the owner of the H Shares represented by the ADSs. Exchanges of H Shares for ADSs, and ADSsfor H Shares, generally will not be subject to United States federal income tax.The tax treatment of your H Shares or ADSs will depend in part on whether or not we are classified as a passive foreign investment company, or PFIC, for United Statesfederal income tax purposes. Except as discussed below under “—Passive Foreign Investment Company Rules,” this discussion assumes that we are not classified as a PFIC for U.S.federal income tax purposes.INVESTORS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSIDERATIONS APPLICABLE TO THEM RELATING TOTHE PURCHASE, OWNERSHIP AND DISPOSITION OF THE H SHARES OR ADSs, INCLUDING THE APPLICABILITY OF U.S. FEDERAL, STATE AND LOCALTAX LAWS OR NON-U.S. TAX LAWS, ANY CHANGES IN APPLICABLE TAX LAWS AND ANY PENDING OR PROPOSED LEGISLATION OR REGULATIONS.Distributions on the H Shares or ADSsThe gross amount of any distribution (without reduction for any PRC tax withheld) we make on the H Shares or ADSs, other than certain pro-rata distributions of the HShares, will be includible in income as dividend income when you, in the case of the H Shares, or the depositary, in the case of ADSs, receive the distribution, actually orconstructively. Because we do not calculate earnings and profits in accordance with U.S. tax principles, all distributions by us to U.S. holders will generally be treated as dividends.Any dividend will not be eligible for the dividends-received deduction allowed to certain U.S. corporations in respect of dividends received from U.S. corporations.If you are a noncorporate U.S. holder, dividends that constitute qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gainsprovided that you hold the H Shares or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and meet other holding periodrequirements. Dividends that we pay with respect to the H Shares or ADSs will be qualified dividend income, provided that, in the year that you receive the dividend, we are eligiblefor the benefits of the Treaty. We believe that we are currently eligible for the benefits of the Treaty, and we therefore believe that dividends that we currently distribute on the HShares or ADSs constitute qualified dividend income. However, there can be no assurance that we will be eligible for the benefits of the Treaty in future taxable years, and there cantherefore be no assurance that dividends that we distribute on the H Shares or ADSs will continue to constitute qualified dividend income in such years.Furthermore, even if we are not eligible for the benefits of the Treaty in a taxable year, dividends on the ADSs will nevertheless be treated as qualified dividend income if theADSs are readily tradable on an established securities market in the United States. So long as our ADSs remain listed on the NYSE, we are therefore expect that dividends on theADSs will be treated as qualified dividend income irrespective of whether we eligible for the benefits of the Treaty. However, if our ADSs were to be delisted from the NYSE (asdiscussed above in “Item 3. Key Information – D. Risk Factors – The audit reports included in this annual report are prepared by auditors who are not inspected fully by the PublicCompany Accounting Oversight Board and, as such, you are deprived of the benefits of such inspection. In addition, legislative and regulatory developments related to U.S.-listedChina-based companies due to lack of PCAOB inspection and other developments may have a material adverse impact on our listing and trading in the United States and the tradingprices of our ADSs.”), our ADSs would no longer be readily tradable on an established securities market in the United States. If our ADSs were delisted from the NYSE, dividendspaid with respect to ADSs will continue to be qualified dividend income so long as we continue to be eligible for the benefits of the Treaty (as discussed above). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 138 of 274 Table of Contents129The amount of the dividend distribution that you must include in your income as a U.S. holder will be the U.S. dollar value of the HK dollar payments made, determined atthe spot HK dollar/U.S. dollar rate on the date the dividend is distributed, regardless of whether the payment is in fact converted into U.S. dollars. Generally, any gain or loss resultingfrom currency exchange fluctuations during the period from the date the dividend is distributed to the date you or the depositary convert the payment into U.S. dollars will be treatedas ordinary income or loss and will not be eligible for the special tax rate applicable to qualified dividend income. Dividends paid by us generally will constitute income from sourcesoutside the United States for U.S. foreign tax credit limitation purposes and will generally be categorized as “passive income” for U.S. foreign tax credit purposes. We may berequired to withhold PRC income tax on dividends paid to U.S. holders on the H Shares or ADSs. Subject to various limitations, any PRC tax withheld from distributions inaccordance with the Treaty will be deductible or creditable against your U.S. federal income tax liability.You may not be able to claim a foreign tax credit (and instead may qualify to claim a deduction) for non-U.S. taxes imposed on dividends paid on the H Shares or ADSs ifyou (i) have held the H Shares or ADSs for less than a specified minimum period, or (ii) are obligated to make related payments with respect to positions in substantially similar orrelated property (for example, pursuant to a short sale). The rules relating to the U.S. foreign tax credit are complex and U.S. holders may be subject to various limitations on theamount of foreign tax credits that are available. In addition, in the case of a noncorporate U.S. holder, rules similar to the special rules that apply in determining the foreign tax creditlimitation when the taxpayer has foreign source capital gains that are taxed in the U.S. at the lower capital gains rate apply in determining the noncorporate U.S. holder’s foreign taxcredit limitation arising from dividends that are taxed at the capital gains rate.Sale, Exchange or Other DispositionUpon a sale, exchange or other disposition of the H Shares, you will generally recognize capital gain or loss for U.S. federal income tax purposes in an amount equal to thedifference between the U.S. dollar value of the amount realized and your tax basis, determined in U.S. dollars, in such H Shares. Generally, gain or loss recognized upon the sale orother disposition of H Shares or ADSs will be capital gain or loss, will be long-term capital gain or loss if the U.S. holder’s holding period for such H Shares or ADSs exceeds oneyear, and will be income or loss from sources within the United States for foreign tax credit limitation purposes. Long-term capital gains of noncorporate U.S. holders are generallytaxed at preferential rates. The deductibility of capital losses is subject to significant limitations.With respect to the sale or exchange of H Shares, the amount realized upon a sale of H Shares generally will be the U.S. dollar value on the settlement date for the sale in thecase of a cash basis U.S. holder (or an accrual basis U.S. Holder that so elects). If H Shares are traded on an “established securities market,” a cash basis taxpayer or, if it so elects, anaccrual basis taxpayer, will determine the U.S. dollar value of the amount realized by translating the amount received at the spot rate of exchange on the settlement date of the sale. AU.S. holder will have a tax basis in the foreign currency received equal to the U.S. dollar amount realized. Any currency exchange gain or loss realized on a subsequent conversion ofthe foreign currency into U.S. dollars for a different amount generally will be treated as ordinary income or loss from sources within the United States. However, if such foreigncurrency is converted into U.S. dollars on the date received by the U.S. holder, a cash basis or electing accrual basis U.S. holder should not recognize any gain or loss on suchconversion.Any gain or loss that you recognize upon a sale of the H Shares or ADSs will generally be U.S. source gain or loss for foreign tax credit limitation purposes. Under theTreaty, however, if any PRC tax were to be imposed on any gain from the disposition of H Shares or ADSs, the gain could be treated as PRC source income. In addition, underrecently finalized Treasury regulations, you will generally be precluded from claiming a foreign tax credit in respect of any such taxes unless you are eligible for and elect to apply thebenefits of the Treaty. U.S. holders are urged to consult their tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of H Shares or ADSs, includingthe availability of the foreign tax credit under their particular circumstances. Any Hong Kong stamp duty paid will not be a creditable tax for United States federal income taxpurposes, although the proceeds that you are treated as receiving upon a sale of the H Shares will be reduced by the amount of the stamp duty.Passive Foreign Investment Company RulesA non-U.S. corporation is a PFIC for any taxable year in which, after applying relevant look-through rules with respect to the income and assets of subsidiaries:●75% or more of its gross income consists of passive income, such as dividends, interest, rents, royalties, and gains from the sale of assets that give rise to such income;or Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 139 of 274 Table of Contents130●50% or more of the average quarterly value of its gross assets consists of assets that produce, or are held for the production of, passive income.Passive income generally includes dividends, interest, gains from the sale or exchange of investment property, rents and royalties, and certain other specified categories ofincome. However, passive income does not include certain rents and royalties derived from the active conduct of a trade or business. If the stock of a non-U.S. corporation is publiclytraded for the taxable year, the asset test is applied using the fair market value of the assets for purposes of measuring such corporation’s assets. If we own at least 25% (by value) ofthe stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of the other corporation’s assets and receiving our proportionateshare of the other corporation’s income for purposes of the PFIC income and asset tests.Based on the composition of our assets and income and the current expectations regarding the price of the H Shares and ADSs, we believe that we were not a PFIC for U.S.federal income tax purposes with respect to our 2021 taxable year and we do not intend or anticipate becoming a PFIC in the foreseeable future. However, the determination of PFICstatus is a factual determination that must be made annually at the close of each taxable year and, therefore, there can be no certainty as to our status in this regard until the close ofthe current or any future taxable year. Changes in the nature of our income or assets or a decrease in the trading price of our shares may cause us to be considered a PFIC in thecurrent or any subsequent year. If we were a PFIC in any year during a U.S. holder’s holding period for the H Shares or ADSs, we would ordinarily continue to be treated as a PFICfor each subsequent year during which the U.S. holder owned the H Shares or ADSs.If we were a PFIC in any taxable year that you held the H Shares or ADSs, you generally would be subject to special rules with respect to “excess distributions” made by uson the H Shares or ADSs and with respect to gain from your disposition of the H Shares or ADSs. An “excess distribution” generally is defined as the excess of the distributions youreceive with respect to the H Shares or ADSs in any taxable year, other than the taxable year in which your holding period in the H Shares or ADSs begins, over 125% of the averageannual distributions you have received from us during the shorter of the three preceding years, or your holding period for the H Shares or ADSs that preceded the taxable year inwhich you receive the distribution. Generally, you would be required to allocate any excess distribution or gain from the disposition of the H Shares or ADSs ratably over yourholding period for the H Shares or ADSs. The portion of the excess distribution or gain allocated to a prior taxable year, other than a year prior to the first year in which we became aPFIC, would be taxed at the highest U.S. federal income tax rate in effect for such taxable year, and you would be subject to an interest charge on the resulting tax liability, determinedas if the tax liability had been due with respect to such particular taxable years. The portion of the excess distribution or gain that is not allocated to prior taxable years, together withthe portion allocated to the years prior to the first year in which we became a PFIC, would be included in your gross income for the taxable year of the excess distribution ordisposition and taxed as ordinary income.These adverse tax consequences may be mitigated if the U.S. holder is eligible to and does elect to annually mark-to-market the H Shares or ADSs. If a U.S. holder makes amark-to-market election, such holder will generally include as ordinary income the excess, if any, of the fair market value of the H Shares or ADSs at the end of each taxable yearover its adjusted basis, and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted basis of the H Shares or ADSs over their fair market value at the end ofthe taxable year (but only to the extent of the net amount of income previously included in income as a result of the mark-to-market election). Any gain recognized on the sale or otherdisposition of the H Shares or ADSs will be treated as ordinary income and any loss would be an ordinary loss to the extent of the net amount of previously included income as aresult of the market-to-market election and, thereafter, a capital loss. The mark-to-market election is available only for “marketable stock,” which is stock that is traded in other thande minimis quantities on at least 15 days during each calendar quarter on a qualified exchange or other market, as defined in the applicable Treasury regulations. The H Shares orADSs may qualify as “marketable stock” because the ADSs are listed on the New York Stock Exchange.A U.S. holder’s adjusted tax basis in the H Shares or ADSs will be increased by the amount of any income inclusion and decreased by the amount of any deductions underthe mark-to-market rules. If a U.S. holder makes a mark-to-market election it will be effective for the taxable year for which the election is made and all subsequent taxable yearsunless the H Shares or ADSs are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. U.S. holders are urged to consult their taxadvisors about the availability of the mark-to-market election, and whether making the election would be advisable in their particular circumstances. However, the stock of any of oursubsidiaries that were PFICs would not be eligible for the mark-to-market election.Alternatively, a timely election to treat us as a qualified electing fund could be made to avoid the foregoing rules with respect to excess distributions and dispositions. Youshould be aware, however, that if we become a PFIC, we do not intend to satisfy the recordkeeping requirements that would permit you to make a qualified electing fund election. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 140 of 274 Table of Contents131In addition, notwithstanding any election you make with regard to the shares or ADSs, dividends that you receive from us will not constitute qualified dividend income toyou if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year. Dividends that you receive that do notconstitute qualified dividend income are not eligible for taxation at the preferential rates applicable to qualified dividend income. Instead, you must include the gross amount of anysuch dividend paid by us in your gross income, and it will be subject to tax at rates applicable to ordinary income.If we were regarded as a PFIC, a U.S. holder of H Shares or ADSs may be required to file an information return on IRS Form 8621.U.S. holders should consult their tax advisors concerning the U.S. federal income tax consequences of holding the H Shares or ADSs if we were considered to be a PFIC.Information with Respect to Foreign Financial AssetsOwners of “specified foreign financial assets” with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to file aninformation report with respect to such assets with their tax returns. “Specified foreign financial assets” may include financial accounts maintained by foreign financial institutions, aswell as the following, but only if they are held for investment and not held in accounts maintained by financial institutions: (i) stocks and securities issued by non-United Statespersons, (ii) financial instruments and contracts that have non-United States issuers or counterparties, and (iii) interests in foreign entities. Holders are urged to consult their taxadvisors regarding the application of this reporting requirement to their ownership of the H Shares or ADSs.Backup Withholding and Information ReportingIf you are a noncorporate U.S. holder, information reporting requirements, on IRS Form 1099, generally will apply to dividend payments or other taxable distributions madeto you within the United States, and the payment of proceeds to you from the sale of the H Shares or ADSs effected at a United States office of a broker.Additionally, backup withholding may apply to such payments if you fail to comply with applicable certification requirements or (in the case of dividend payments) arenotified by the IRS that you have failed to report all interest and dividends required to be shown on your federal income tax returns.Payment of the proceeds from the sale of the H Shares or ADSs effected at a foreign office of a broker generally will not be subject to information reporting or backupwithholding. However, a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United States (and in certaincases may be subject to backup withholding as well) if (i) the broker has certain connections to the United States, (ii) the proceeds or confirmation are sent to the United States or (iii)the sale has certain other specified connections with the United States.You generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed your income tax liability by filing a refund claim with the IRS.Hong Kong TaxationThe following discussion summarizes the material Hong Kong tax provisions relating to the ownership of H Shares or ADSs held by you.DividendsUnder current Hong Kong Inland Revenue Department practice, no Hong Kong tax is payable by the recipient in respect of dividends paid by us, either by withholding orotherwise, unless such dividends are attributable to a trade, profession or business carried on in Hong Kong. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 141 of 274 Table of Contents132Taxation of Capital GainsHong Kong profits tax is currently charged at a flat rate of 16.5% for corporations and 15% for unincorporated businesses and individuals, except that the respective half-rates of 8.25% and 7.5% apply for the first HK$2 million of assessable profits for years of assessment beginning on or after April 1, 2018.No Hong Kong tax is imposed on capital gains arising from the sale of property (such as H Shares) acquired and held as a capital investment. However, if a person carries ona business in Hong Kong that includes trading and dealing in securities, and derives trading gains from such activities or from other Hong Kong sources, Hong Kong profits tax willbe payable. Gains from sales of H Shares effected on the Hong Kong Stock Exchange are considered to be from a Hong Kong source for this purpose. The source of gains from off-exchange transactions is less clear and, generally, will depend on whether the purchase and sale contracts were negotiated and, in substance, concluded in Hong Kong. In addition,exemption from profits tax is available for certain classes of taxpayers, notably privately offered onshore and offshore funds operating in Hong Kong, as well as non-Hong Kongresidents who do not otherwise carry on business in Hong Kong, subject to compliance with various other requirements.The Hong Kong tax position with respect to gains from the disposal of ADSs is similar. However, no Hong Kong tax will apply on trading gains arising from the sale ofADSs where the purchase and sale were effected on the NYSE.Hong Kong Stamp DutyHong Kong stamp duty is payable by each seller and purchaser for every sold note and every bought note created for every sale and purchase of “Hong Kong stock” (whichmeans stock the transfer of which is required to be registered in Hong Kong), including the H Shares. Stamp duty is currently charged at the total rate of 0.26% of the value of the HShares transferred (the buyer and seller each paying half of such stamp duty). In addition, a fixed duty of HK$5 is currently payable on an instrument of transfer of H Shares. If one ofthe parties to a sale is a non-resident of Hong Kong and does not pay the required stamp duty, the unpaid stamp duty will be assessed on the instrument of transfer (if any), and thetransferee will be liable for the full payment of such amount.If the withdrawal of H Shares when ADSs are surrendered or the issuance of ADSs when H Shares are deposited results in a change of beneficial ownership in the H Sharesunder Hong Kong law, Hong Kong stamp duty at the rate described above for sale and purchase transactions will apply. The issuance of ADSs for deposited H Shares issued directlyto the depositary or for the account of the depositary should not lead to a Hong Kong stamp duty liability. Holders of the ADSs are not liable for the Hong Kong stamp duty ontransfers of ADSs outside of Hong Kong so long as the transfers do not result in a change of beneficial interest in the H Shares under Hong Kong law.Estate DutyThe Revenue (Abolition of Estate Duty) Ordinance 2005 came into effect on February 11, 2006 in Hong Kong. No Hong Kong estate duty is payable and no estate dutyclearance papers are needed for an application for a grant of representation in respect of holders of H Shares or ADSs whose death occurs on or after February 11, 2006.F.Dividends and Paying AgentsNot applicable.G.Statement by ExpertsNot applicable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 142 of 274 Table of Contents133H.Documents on DisplayWe are subject to the periodic reporting and other informational requirements of the Exchange Act. Under the Exchange Act, we are required to file reports and otherinformation with the SEC. Specifically, we are required to file an annual report under Form 20-F no later than four months after the close of each of our fiscal years, which isDecember 31, for fiscal years ended after December 15, 2011. Copies of reports and other information, when so filed, may be inspected without charge and may be obtained atprescribed rates at the SEC’s public reference room located at 100 F Street, NE, Washington, D.C. 20549. The public may obtain information regarding the Washington, D.C. PublicReference Room by calling the SEC at 1-800-SEC-0330. The SEC also maintains a website at www.sec.gov that contains reports and other information regarding registrants thatmake electronic filings with the SEC using its EDGAR filing system. As a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing andcontent of quarterly reports and proxy statements, and officers, directors and principal shareholders of ours are exempt from the reporting and short-swing profit recovery provisionscontained in Section 16 of the Exchange Act.I.Subsidiary InformationNot applicable.Item 11.Quantitative and Qualitative Disclosures about Market RiskWe are exposed to various types of market risks, including credit risk relating to financial assets and changes in foreign exchange rates, interest rates and the prices ofalumina and primary aluminum, in the normal course of business.We borrow short-term, medium-term and long-term funds, including variable rate debts, principally denominated in Renminbi. We hedge a limited amount of our salesthrough the trade of futures contracts on the SHFE and LME. Our hedging activities are subject to policies approved by our senior management. Substantially all of the financialinstruments we hold are for purposes other than trading.The following discussion, which contains “forward-looking statements” that involve risks and uncertainties, summarize our market-sensitive financial instruments. Suchdiscussions address markets risk only and do not present other risks, which we face in the normal course of business.Credit RiskCredit risk arises from balances with banks and financial institutions, trade and notes receivables, other current and non-current receivables as well as credit exposures ofcustomers, including outstanding receivables and committed transactions. We also provide financial guarantees to certain subsidiaries. The carrying amounts of these receivables andamounts of financial guarantees represent our maximum exposure to credit risk in relation to our financial assets and guarantees.We maintain substantially all of our bank balances and cash and short-term investments in several major state-owned banks in the PRC. Our directors are of the opinion thatthese assets are not exposed to significant credit risk.With regard to receivables, the marketing department assesses the credit quality of the customers and related parties, taking into account their financial positions, pastexperience and other factors. We perform periodic credit evaluations of our customers and believe that adequate provisions for impairment of receivables have been made in thefinancial statements. Management does not expect any further losses from non-performance by these counterparties.For the year ended December 31, 2021, revenues of approximately RMB53,205 million are derived from entities directly or indirectly owned or controlled by the PRCgovernment including Chinalco. There were no other individual customers from whom we have derived revenue of more than 10% of our revenue during the year ended December31, 2019, 2020 and 2021. Thus, our directors are of the opinion that we were not exposed to any significant concentration of credit risk as of December 31, 2019, 2020 and 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 143 of 274 Table of Contents134Foreign Exchange Rate RiskWe conduct our business primarily in Renminbi, which is our functional and reporting currency. We convert a portion of our Renminbi revenues into other currencies to meetforeign currency obligations and to pay for imported equipment and materials.Many foreign currency exchange transactions involving Renminbi, including foreign exchange transactions under our capital account, are subject to foreign exchangecontrols and require the approval of the SAFE. Actions taken by the PRC government could cause future exchange rates to vary significantly from current or historical exchange rates.On July 21, 2005, the PBOC announced a reform of its exchange rate system. Under the reform, the Renminbi is no longer effectively linked to the U.S. dollar but instead is allowedto fluctuate within a narrow and managed band against a basket of foreign currencies, according to market demand and supply conditions. In April 2012, the PRC government took amilestone 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 liberalizesits financial markets. The PBOC allows the Renminbi to rise or fall 1% from a mid-point every day, effective on April 16, 2012, compared with its previous 0.5% limit. The PBOCallows the Renminbi to rise or fall 2% from a mid-point every day, effective on March 17, 2014, compared with its previous 1% limit. In August 2015, the PBOC announced that thedaily central parity quotes the market-makers reported to the China Foreign Exchange Trade System operated by the PBOC before the market opens should be based on the closingrate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, and price movement of major currencies, effective on August 11, 2015. Anyappreciation of the Renminbi will increase the prices of our export sales denominated in foreign currencies and reduce the Renminbi equivalent value of our trade and notes receivabledenominated in foreign currencies, which may adversely affect our financial condition and results of operations. Our financial condition and operating performance may also beaffected by changes in the value of currencies other than Renminbi in which our earnings and obligations are denominated.Our bank balances and cash on hand as of December 31, 2021 amounted to RMB19,178.0 million, including Renminbi balances and foreign currency deposits of U.S. dollar,HK dollar, Euro and others, which translated into RMB1,557.4 million, RMB7.3 million, RMB2.0 million and RMB6.2 million, respectively. Most of our sales are domestic and assuch we have a limited amount of foreign currency denominated receivables and payables. As of December 31, 2021, we had foreign currency denominated loans with principalamount of RMB11 million in Japanese Yen and RMB1,333 million in U.S. dollars. In addition, as of December 31, 2021, our trade and notes receivables, other current assets andtrade and notes payables denominated in U.S. dollars amounted to RMB512 million, RMB99 million and RMB241 million, respectively; our other payables and accrued liabilitiesdenominated in U.S. dollars and HK dollars amounted to RMB1.24 million and RMB0.16 million, respectively.As of December 31, 2021, if the Renminbi had strengthened/weakened by 5% against U.S. dollars with all other variables held constant, the total comprehensive income forthe year would have been approximately RMB28 million higher/lower, mainly as a result of foreign exchange gains and losses arising from the translation of U.S.-dollar-denominatedborrowings, other payables and medium-term notes. Profit was less sensitive to the fluctuation in the RMB/U.S. dollars exchange rates in 2021 than in 2020, mainly due to a decreasein the US$ denominated other payables and long-term and short-term borrowings.As the assets and liabilities denominated in other foreign currencies other than U.S. dollars were relatively minimal to our total assets and liabilities, our directors are of theopinion that we were not exposed to significant foreign currency risk arising from other assets and liabilities denominated in currency other than the functional currency of the groupentities as of December 31, 2020 and 2021.Interest Rate RiskAs of December 31, 2021, as we had no significant interest-bearing assets except for bank deposits and entrusted loans, our income and operating cash flows are substantiallyindependent of changes in market interest rates.Most of the bank deposits are maintained in savings and time deposit accounts in the PRC. The interest rates are regulated by the PBOC and our Group treasury closelymonitors the fluctuation on such rates periodically. The interest rates of entrusted loans are fixed. As the interest rates applied to the entrusted loans were fixed, our directors are of theopinion that we were not exposed to any significant interest rate risk for our financial assets held as of December 31, 2020 and 2021.The interest rate risk for our financial liabilities primarily arises from interest-bearing loans. Loans borrowed at floating interest rates expose us to cash flow interest rate risk.We enter into debt obligations to support general corporate purposes including capital expenditures and working capital needs. Our Group treasury closely monitors market interestrates and maintains a balance between variable rate and fixed rate borrowings in order to reduce the exposures to the interest rate risk described above. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 144 of 274 Table of Contents135As of December 31, 2021, if interest rates had been 100 basis points higher/lower for bank and other loans borrowed at floating interest rates with all other variables heldconstant, net profit for the year would have been RMB421 million lower/higher, respectively, mainly as a result of the higher/lower interest expense on floating rate borrowings.Our interest rate risk for our financial liabilities also arises from medium-term notes and short-term bonds issued at fixed rates. As the fluctuation of comparable interest ratesof corporate bonds with similar terms was relatively low, our directors are of the opinion that we are not exposed to any significant fair value interest rate risk for its fixed interest rateborrowings held as of December 31, 2020 and 2021.Commodity Price RiskWe are exposed to fluctuations in the prices of alumina, primary aluminum and other products. We import a small portion of our alumina supply from suppliers outsideChina. Such purchases are made at market prices. In addition, all our sales of alumina, primary aluminum and other products are made at market prices. Therefore, fluctuations in theprices of alumina and primary aluminum have a significant effect on our operating performances.We use mainly futures contracts and option contracts traded on the SHFE and the LME to hedge against fluctuations in primary aluminum prices. We use the futures contractfor hedging other than speculation. As of December 31, 2021, the fair values of the outstanding futures and option contracts amounting to nil and RMB69 million were recognized infinancial assets and financial liabilities at fair value through profit or loss, respectively.As of December 31, 2020 and 2021, if the commodity futures prices had increased/decreased by 3% and all other variables held constant, the profit for the respective yearwould have changed by the amounts shown below: 2020 2021Primary aluminum Decrease/increase RMB5 million Decrease/increase RMB6 millionLiquidity riskWe monitor rolling forecasts of our liquidity requirements to ensure we have sufficient cash to meet operational needs while maintaining sufficient headroom on our undrawncommitted borrowing facilities at all times so that we do not breach borrowing limits or covenants (where applicable) on any of our borrowing facilities. Such forecasts take intoconsideration our debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements. Ourmanagement also monitors rolling forecasts of our liquidity reserve on the basis of expected cash flows.As of December 31, 2021, we had total banking facilities of approximately RMB128,100 million, of which RMB36,056 million had been utilized, and unutilized bankingfacilities amounted to RMB92,044 million as of December 31, 2021, among which, banking facilities of approximately RMB25,530 million will remain unexpired over the 12 monthsfrom December 31, 2021. Our directors are confident that such banking facilities could be renewed upon their expiration based on our past experience with banks and our good creditstanding. In addition, as of December 31, 2021, we had no credit facilities through our futures agent at LME. The futures agent has the right to adjust the related credit facilities. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 145 of 274 Table of Contents136The following table sets forth the maturity profile of our financial liabilities as of December 31, 2021: Within 1 year(1) 1 to 2 years(1) 2 to 5 years(1) Over 5 years(1) Total(1)(RMB in millions)Lease liabilities, including current portion 1,590.2 1,473.7 4,347.7 15,394.4 22,806.0Long-term bank and other loans, including current portion 5,859.1 11,837.7 9,771.4 14,657.0 42,125.2Medium-term notes and bonds, including current portion 3,000.0 4,400.0 9,875.7 2,000.0 19,275.7Short-term bonds 5,400.0 — — — 5,400.0Short-term bank and other loans 9,219.3 — — — 9,219.3Interest payables for loans and borrowings 2,620.9 2,147.8 3,941.5 1,680.4 10,390.6Financial liabilities at fair value through profit or loss 68.9 — — — 68.9Financial liabilities included in other payables and accrued liabilities, excludingaccrued interest 6,497.8 — — — 6,497.8Financial liabilities included in other non-current liabilities(2) 234.9 202.2 147.0 885.2 1,469.3Trade and notes payables 15,505.4 — — — 15,505.4Total 49,996.5 20,061.4 28,083.3 34,617.0 132,758.2(1)The amounts disclosed are the contractual undiscounted cash flows.(2)As of December 31, 2021, the carrying value of financial liabilities included in other non-current liabilities was RMB880.9 million.Item 12.Description of Securities Other Than Equity SecuritiesA.Debt SecuritiesNot applicable.B.Warrants and RightsNot applicable.C.Other SecuritiesNot applicable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 146 of 274 Table of Contents137D.American Depositary SharesThe following table summarizes the fees and charges that a holder of our ADSs may have to pay, directly or indirectly, in connection with the ownership of Chalco’s ADSs.Persons depositing or withdrawing shares must pay: For:$5.00 (or less) per 100 ADSs (or portion thereof)·Issuance of ADSs, including issuances resulting from a distribution of sharesor rights or other property·Cancellation of ADSs for the purpose of withdrawal, including if the depositagreement terminates$0.05 (or less) per ADS (or portion thereof)A fee equivalent to the fee that would be payable if securities distributed to ADS holders hadbeen shares and the shares had been deposited for issuance of ADSs·Any cash distribution to ADS holders·Distribution of securities distributed to holders of deposited securities(including rights) that are distributed by the depositary of ADS holders$0.05 (or less) per ADS (or portion thereof) per calendar year·Depositary servicesAs necessary·Transfer and registration of shares on our share register to or from the name ofthe depositary or its agent when you deposit or withdraw sharesAs necessary·Cable (including SWIFT) and facsimile transmissions (when expresslyprovided in the deposit agreement)·Converting foreign currency to U.S. dollarsAs necessary·Taxes and other governmental charges that the depositary or the custodian haveto pay on any ADS or share underlying an ADS, such as stock transfer taxes,stamp duty or withholding taxesAs necessary·Any charges incurred by the depositary or its agents for servicing the depositedsecuritiesThe Bank of New York Mellon, as depositary, has agreed to reimburse certain expenses related to the administration and maintenance of our ADR program incurred by us inconnection with the program. From January 1, 2021 to December 31, 2021, we received from the depositary reimbursements of US$26,129.31 for our continuing annual stockexchange listing fees and our expenses incurred in connection with investor relationship programs. The depositary has also agreed to waive certain standard out-of-pocketadministrative, maintenance and shareholder services expenses related to our ADR program. From January 1, 2021 to December 31, 2021, the total amount of the fees that werewaived was US$110,611.69.PART IIItem 13.Defaults, Dividend Arrearages and DelinquenciesNone.Item 14.Material Modifications to the Rights of Security Holders and Use of ProceedsNone.Item 15.Controls and ProceduresOur management, with the participation of our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls andprocedures (as defined in Rules 13a-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this annual report, have concluded that, as of such date, ourdisclosure controls and procedures were effective. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 147 of 274 Table of Contents138Management’s Report on Internal Control over Financial ReportingOur management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d- 15(f) under theExchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted accounting principles.Our internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately andfairly reflect the transactions and dispositions of a company’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidatedfinancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of ourmanagement and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could havea material effect on the consolidated financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.Under the supervision of and with the participation of the principal executive officer and principal financial officer, our management conducted an evaluation of theeffectiveness of our internal control over financial reporting as of December 31, 2021, based on the framework in the Internal Control-Integrated Framework (2013 Framework)issued by the Committee of Sponsoring Organizations of the Treadway Commission in May 2013.Based on our evaluation under the framework in Internal Control-Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of theTreadway Commission, our management concluded that, as of December 31, 2021, our internal control over financial reporting was effective to provide reasonable assuranceregarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the IFRS.Attestation Report of the Registered Public Accounting FirmThe effectiveness of our internal controls over financial reporting as of December 31, 2021 has been audited by PricewaterhouseCoopers Zhong Tian LLP, an independentregistered public accounting firm, as stated in their report which appears on page F-3 of this annual report on Form 20-F.Changes in Internal Control over Financial ReportingDuring 2021, there have been no changes in our internal control over financial reporting that occurred during the fiscal year covered by this annual report that have materiallyaffected, or are reasonably likely to materially affect, our internal control over financial reporting.Item 16A. Audit Committee Financial ExpertOur audit committee members are three independent non-executive directors, namely, Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly. Our Board hasdetermined that Ms. Chan Yuen Sau Kelly, the chairman of the audit committee, qualifies as an “audit committee financial expert” as defined in Item 16A of Form 20-F and is thefinancial expert serving on our audit committee. See “Item 6. Directors, Senior Management and Employees.”Item 16B. Code of EthicsWe have adopted a code of ethics that applies to our chief executive officer, chief financial officer, other directors, independent non-executive directors, senior managementand employees. We have posted our code of ethics on our website: http://www.chalco.com.cn/en/qywhen/gjglen/202012/P020201215377712432190.pdf. A hard copy of this code ofethics is available to investors free of charge upon written request to the address on the cover of this annual report on Form 20-F. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 148 of 274 Table of Contents139Item 16C. Principal Accountant Fees and ServicesPricewaterhouseCoopers Zhong Tian LLP served as our independent auditor for the fiscal years ended December 31, 2020 and 2021. A description of the fees billed to us byour principal accountants for professional services in each of the last two fiscal years is set forth below:Year ended December 3120202021(RMB in thousands)Audit fee(1) 18,170 18,170Audit-related fee (2) — 750Tax fees(3) 700 120Other fees — —(1)“Audit fee” represents the fee obtained from audit work charged by PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian LLP for the year ended December 31,2020 and 2021.(2)“Audit-related fees” represent fees charged by PricewaterhouseCoopers for assurance services for acquisition transactions and bond issuance for the year ended December 31,2021.(3)“Tax fees” represent the fees charged by PricewaterhouseCoopers Consultants (Shenzhen) Limited, Beijing Branch for providing consulting services for the year endedDecember 31, 2020 and 2021.Our audit committee pre-approves all audit, audit-related services, tax services and other services performed by our principal accountants, including the services provided byPricewaterhouseCoopers Zhong Tian LLP for the years ended December 31, 2020 and 2021, respectively.Item 16D. Exemptions from the Listing Standards for Audit CommitteesNot applicable.Item 16E. Purchase of Equity Securities by the Issuer and Affiliated PurchasersWe did not have an equity securities repurchase program and did not repurchase any of our equity securities during the year ended December 31, 2021.Item 16F. Change in Registrant’s Certifying AccountantWe changed our certifying accountant in 2020. Further disclosure is omitted in accordance with the Instruction 2 to Item 16F on Form 20-F. For details, please refer to Item16F of our annual report on Form 20-F for the year ended December 31, 2020 filed with the SEC on April 22, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 149 of 274 Table of Contents140Item 16G. Corporate GovernanceThe NYSE has imposed a series of corporate governance standards for companies listed on the NYSE in Section 303A of the NYSE Listed Company Manual. However, theNYSE provides that listed companies that are foreign private issuers, subject to certain limitations and conditions, are permitted to follow “home country” practice in lieu of theprovisions of Section 303A of the NYSE Listed Company Manual. As a foreign private issuer listed on the NYSE, we are required to disclose a summary of the significant differencesbetween our corporate governance practice and NYSE corporate governance rules that apply to U.S. domestic issuers. NYSE Listed Company Manual Requirements onCorporate Governance Our PracticeMajority of independent directorsNYSE requires that the board of a listed companymust comprise a majority of independent directors.Under applicable PRC and Hong Kong laws and regulations, our Board is notrequired to be formed with a majority of independent directors. The Listing Rulesrequire that every board of directors of a listed company must include at leastthree independent non-executive directors and at least one third of the board ofdirectors of a listed company are independent non-executive directors. Our Boardcurrently comprises three independent directors and six non-independentdirectors, which is in compliance with the requirements by the PRC securitiesregulatory authorities and of the Listing Rules.Nominating/Corporate GovernanceCommitteeNYSE requires U.S. domestic issuers to have onlyindependent directors on their nominating/corporategovernance committees.The Listing Rules require that listed companies should establish a nominationcommittee which is chaired by the chairman of the board or an independent non-executive director and consists of a majority of independent non-executivedirectors. We have a nomination committee that is chaired by the chairman of ourBoard and consists of three independent directors and two non-independentdirectors, which is in compliance with the requirements of the Listing Rules.Compensation CommitteeNYSE requires U.S. domestic issuers to have acompensation committee composed entirely ofindependent directors.The Listing Rules require that listed companies should establish a remunerationcommittee which is chaired by an independent non-executive director andconsists of a majority of independent non-executive directors. We have aremuneration committee that is chaired by an independent director and consists oftwo independent directors and a non-independent director, which is in compliancewith the requirements of the Listing Rules.Item 16H. Mine Safety DisclosureAs of the date of this annual report, we do not own or operate any mine in the United States. For details of the mining safety control of our bauxite mines in China, see “Item4. Information on the Company - B. Business Overview - Our Mines.”Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNot applicable to our annual report for the fiscal year ended December 31, 2021.PART IIIItem 17. Financial StatementsWe have elected to provide the financial statements and related information specified in Item 18 in lieu of Item 17. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 150 of 274 Table of Contents141Item 18. Financial StatementsThe audited Consolidated Financial Statements as required under Item 18 are attached hereto starting on page F-1 of this Form 20-F.Item 19. ExhibitsExhibit Number Description1.1English translation of the Amended Articles of Association of Aluminum Corporation of China Limited (incorporated by reference to Exhibit 1.1 ofour annual report on Form 20-F (file No. 001-15264) filed with the Securities and Exchange Commission on April 22, 2020)2.1Registrant’s Specimen American Depositary Receipt (incorporated by reference to Exhibit 2.1 of our annual report on Form 20-F/A (file No. 001-15264) filed with the Securities and Exchange Commission on October 9, 2012)2.2Registrant’s Specimen Certificate for H Shares (incorporated by reference to Exhibit 2.2 of our annual report on Form 20-F/A (file No.001-15264)filed with the Securities and Exchange Commission on October 9, 2012)2.3Deposit Agreement among the Registrant, The Bank of New York, as depositary, and Owners and Beneficial Owners of the American DepositaryReceipts (incorporated by reference to Exhibit 2.3 of our annual report on Form 20-F/A (file No. 001-15264) filed with the Securities and ExchangeCommission on October 9, 2012)2.4Description of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 2.4 ofour annual report on Form 20-F (file No. 001-15264) filed with the Securities and Exchange Commission on April 22, 2020)4.1English translation of Form of Employment Contract (incorporated by reference to Exhibit 4.1 of our annual report on Form 20-F/A (file No. 001-15264) filed with the Securities and Exchange Commission on October 9, 2012)8.1*List of Subsidiaries of Aluminum Corporation of China Limited as of December 31, 202112.1*Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200212.2*Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 200213.1*Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 200213.2*Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 200296.1*Technical Report Summary101.INS*Inline XBRL Instance Document—this instance document does not appear in the Interactive Data File because its XBRL tags embedded within theInline XBRL document101.SCH*Inline XBRL Taxonomy Extension Schema Document101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document104*Cover Page Interactive Data File (embedded within the Inline XBRL document)*Filed with this annual report on Form 20-F Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 151 of 274 Table of Contents142SIGNATURESThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annualreport on its behalf.ALUMINUM CORPORATION OF CHINA LIMITEDBy:/s/ Zhu RunzhouName: Zhu RunzhouTitle: Executive Director and PresidentDate: April 22, 2022 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 152 of 274 Table of ContentsF-1ALUMINUM CORPORATION OF CHINA LIMITED AND ITS SUBSIDIARIESConsolidated Financial StatementsFor the Years Ended December 31, 2019, 2020 and 2021Together with Reports of Independent Public Accounting Firm Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 153 of 274 Table of ContentsF-2INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTSALUMINUM CORPORATION OF CHINA LIMITEDPagesReports of the Independent Registered Public Accounting Firm (PCAOB ID: 1424)F-3-F-6Consolidated Statements of Financial Position as of December 31, 2020 and 2021F-7-F-8Consolidated Statements of Profit or Loss and Other Comprehensive Income for the Years Ended December 31, 2019, 2020 and 2021F-9Consolidated Statements of Changes in Equity for the Years Ended December 31, 2019, 2020 and 2021F-10-F-12Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2020 and 2021F-13Notes to the Consolidated Financial StatementsF-14-F-123 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 154 of 274 Table of ContentsF-3Report of Independent Registered Public Accounting FirmTo the Board of Directors and Shareholders of Aluminum Corporation of China LimitedOpinions on the Financial Statements and Internal Control over Financial ReportingWe have audited the accompanying consolidated statements of financial position of Aluminum Corporation of China Limited and its subsidiaries (the “Company”) as of December 31,2021 and 2020, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the years then ended, including therelated notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31,2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020,and the results of its operations and its cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International AccountingStandards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteriaestablished in Internal Control - Integrated Framework (2013) issued by the COSO.Basis for OpinionsThe Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of theeffectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 15.Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company’s internal control over financial reporting based on our audits. Weare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to theCompany in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whetherthe consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained inall material respects.Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether dueto error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in theconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overallpresentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financialreporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our auditsalso included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.Definition and Limitations of Internal Control over Financial ReportingA company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policiesand procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financialstatements.Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to futureperiods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 155 of 274 Table of ContentsF-4Critical Audit MattersThe critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to becommunicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especiallychallenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as awhole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which theyrelate.Impairment assessment of property, plant and equipmentAs described in Note 3(a), and Note 7 to the consolidated financial statements, the Group’s net carrying value of property, plant and equipment (“PP&E) was RMB 93,427 million asof December 31, 2021. Management assesses related assets for potential impairment whenever there are indications that the carrying value of an asset or a group of assets may not berecoverable. As of December 31, 2021, management performed impairment assessment on PP&E with impairment indications at the level of cash generating unit (“CGU”) to whichthe PP&E was allocated using discounted cash flow model. The discounted cash flows model applied for the impairment assessment involved significant assumptions includingproduct prices and discount rate. Based on the impairment test, RMB 2,328 million of impairment losses were recognized by management for PP&E for the year ended December 31,2021.The principal considerations for our determination that performing procedures relating to the impairment assessment of PP&E is a critical audit matter are there were significantjudgements made by management in determining their respective recoverable amounts using discounted cash flows model. This in turn led to a high degree of auditor judgment,subjectivity and audit effort in evaluating management’s significant assumptions including product prices and discount rate. In addition, the audit effort involved the use ofprofessionals with specialized skill and knowledge.Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Theseprocedures included evaluating and testing the effectiveness of controls relating to management’s impairment assessment of PP&E, including controls over the development of modeland significant assumptions used in the impairment assessment. These procedures also included, among others, (i) testing management’s process for determining the recoverableamount of PP&E with impairment indications; (ii) evaluating the appropriateness of the management’s model used to determine the recoverable amount; (iii) evaluating thereasonableness of significant assumption of the product prices by comparing the management forecast prices against historical prices and present market prices, taking into accountthe published forecast prices; (iv) testing the completeness, accuracy and relevancy of the underlying data used and the mathematical accuracy of the calculations in the model.Professionals with specialized skill and knowledge were used to assist in the evaluation of the appropriateness of the model and the reasonableness of certain significant assumptions,including the discount rate.Impairment assessment of goodwillAs described in Note 3(b) and Note 6 to the consolidated financial statements, the Group’s carrying value of goodwill was RMB 3,510 million as of December 31, 2021. Managementperformed impairment assessment of goodwill on an annual basis. When performing the impairment assessment, the recoverable amount of the CGU to which the goodwill wasallocated was estimated by management using discounted cash flows model, and compared with the carrying value of the CGU to determine if goodwill was impaired. The discountedcash flows model used for the impairment assessment involved significant assumptions including product prices, long-term growth rate and discount rate. No impairment losses wererecognized by management for goodwill for the year ended December 31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 156 of 274 Table of ContentsF-5The principal considerations for our determination that performing procedures relating to the impairment assessment of goodwill is a critical audit matter are there were significantjudgements made by management in determining their respective recoverable amounts using discounted cash flows model. This in turn led to a high degree of auditor judgment,subjectivity and audit effort in evaluating management’s significant assumptions including product prices, long-term growth rate and discount rate. In addition, the audit effortinvolved the use of professionals with specialized skill and knowledge.Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. Theseprocedures included evaluating and testing the effectiveness of controls relating to management’s impairment assessment of goodwill, including controls over the development ofmodel and significant assumptions used in the impairment assessment. These procedures also included, among others, (i) testing management’s process for determining recoverableamount of goodwill; (ii) evaluating the appropriateness of management’s model used to determine recoverable amount; (iii) evaluating the reasonableness of significant assumption ofthe product prices used by management by comparing the management forecast price against historical prices and present market prices, taking into account the published forecastprices; and (iv) testing the completeness, accuracy and relevancy of the underlying data used and the mathematical accuracy of the calculations in the model. Professionals withspecialized skill and knowledge were used to assist in the evaluation of the appropriateness of the model and the reasonableness of certain significant assumptions, including the long-term growth rate and discount rate./s/ PricewaterhouseCoopers Zhong Tian LLPShanghai, the People’s Republic of ChinaApril 22, 2022We have served as the Company’s auditor since 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 157 of 274 Table of ContentsF-6REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMTo the Shareholders and the Board of Directors of Aluminum Corporation of China LimitedOpinion on the Financial StatementsWe have audited the accompanying consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of Aluminum Corporation of ChinaLimited (the “Group”) for the year ended December 31, 2019 and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, theconsolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the year ended December 31, 2019, in conformity withInternational Financial Reporting Standards as issued by the International Accounting Standards Board.We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Group’s internal control over financialreporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the TreadwayCommission (2013 framework) and our report dated April 22, 2020 expressed an unqualified opinion thereon.Basis for OpinionThese financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s financial statements based on our audits. Weare a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and theapplicable rules and regulations of the Securities and Exchange Commission and the PCAOB.We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of thefinancial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding theamounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well asevaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion./s/ Ernst & Young Hua Ming LLPWe served as the Group’s auditor from 2012 to 2019.Beijing, the People’s Republic of ChinaApril 22, 2020 except for the effects of business combinations under common control incurred in 2020 and 2021 as discussed in Note 39 and changes in accounting policies asdiscussed in Note 2.1.6, as to which the date is April 22, 2022 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 158 of 274 Table of ContentsF-7ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs of December 31, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)December 31, 2020December 31, 2021(Restated) Notes RMB'000 RMB'000 USD’000ASSETS Non-current assets Intangible assets 6 13,448,30412,986,8762,037,924Property, plant and equipment 7 100,712,42393,427,02914,660,740Investment properties 8 1,601,8761,814,589284,749Right-of-use assets20 (a)14,287,83818,346,1362,878,909Investments in joint ventures 9 (a) 3,374,5533,350,959525,839Investments in associates 9 (b) 9,173,4109,636,6341,512,198Other financial assets measured at fair value101,526,703239,53837,589Deferred tax assets 11 1,481,2351,386,147217,517Other non-current assets 12 3,165,9202,474,946388,373 Total non-current assets 148,772,262143,662,85422,543,838 Current assets Inventories 13 19,861,77618,677,8752,930,966Trade and notes receivables 14 9,313,6476,904,8501,083,522Other current assets 15 6,348,4013,953,326620,363Other financial assets measured at fair value 37.2 17,311——Restricted cash 16 1,056,0371,324,748207,882Cash and cash equivalents (excluding bank overdrafts) 16 9,671,47717,853,2442,801,564 Total current assets 46,268,64948,714,0437,644,297 Total assets 195,040,911192,376,89730,188,135 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 159 of 274 Table of ContentsF-8ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)As of December 31, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)December 31, 2020December 31, 2021(Restated) Notes RMB'000 RMB'000 USD'000EQUITY AND LIABILITIES EQUITY Equity attributable to owners of the Company Share capital 17 17,022,67317,022,6732,671,229Other equity instruments414,486,4292,498,429392,058Other reserves 18 34,915,96830,919,3584,851,922Retained earnings/(Accumulated losses) (1,975,753)6,824,2271,070,870 54,449,31757,264,6878,986,079Non-controlling interests 38 16,855,84715,518,8102,435,240Total equity 71,305,16472,783,49711,421,319LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 19 57,518,09764,095,84910,058,037Other non-current liabilities 21 2,147,5581,938,240304,152Deferred tax liabilities 11 1,437,0871,378,519216,320Total non-current liabilities 61,102,74267,412,60810,578,509Current liabilities Trade and notes payables 23 15,444,35415,505,4432,433,142Other payables and accrued liabilities 22 10,755,6799,353,6931,467,802Contract liabilities51,399,3402,177,072341,630Financial liabilities at fair value through profit or loss 37.2 26,68468,87110,807Income tax payable 299,665569,59189,381Interest-bearing loans and borrowings 19 34,707,28324,506,1223,845,545Total current liabilities 62,633,00552,180,7928,188,307Total liabilities 123,735,747119,593,40018,766,816Total equity and liabilities 195,040,911192,376,89730,188,135Net current liabilities (16,364,356)(3,466,749)(544,010)Total assets less current liabilities 132,407,906140,196,10521,999,828The accompanying notes on pages F-14 to F-123 are an integral part of these consolidated financial statements.The financial statements on pages F-7 to F-123 were approved by the Board of Directors on April 22, 2022 and were signed on its behalf.Liu Jianping Ge XiaoleiDirectorChief Financial Officer Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 160 of 274 Table of ContentsF-9ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the years ended December 31, 2019, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)2019 (Restated)2020 (Restated)2021 Note RMB'000 RMB'000 RMB'000 USD'000Revenue 5 190,215,398185,990,577269,748,23242,329,384Cost of sales25(179,283,995)(173,674,234)(243,269,910)(38,174,357)Gross profit10,931,40312,316,34326,478,3224,155,027Selling and distribution expenses 25 (447,368)(315,653)(314,926)(49,419)General and administrative expenses 25 (3,972,056)(4,157,694)(5,204,208)(816,654)Research and development expenses 25 (940,828)(1,434,056)(2,362,204)(370,681)Impairment losses on property, plant and equipment(259,354)(416,842)(2,328,131)(365,335)Net impairment losses on financial assets 26 (171,016)(979,161)(1,384,888)(217,319)Other income 27 84,611139,551148,39923,287Other gains/(losses) - net 28 981,677903,871(1,623,503)(254,763)Operating profit6,207,0696,056,35913,408,8612,104,143Finance income 29 261,194227,201275,99643,310Finance costs 29 (4,921,541)(4,420,528)(3,942,761)(618,705)Finance costs, net(4,660,347)(4,193,327)(3,666,765)(575,395)Share of net profits of investments accounted for using the equity methodJoint ventures 9 (a) 270,115180,502164,10025,751Associates 9 (b) 48,767145,737272,58442,774318,882326,239436,68468,525Profit before income tax 1,865,6042,189,27110,178,7801,597,273Income tax expense 32 (631,512)(590,023)(2,389,761)(375,006)Profit for the year 1,234,0921,599,2487,789,0191,222,267Profit attributable to: Owners of the Company 595,643 764,306 5,079,562 797,094Non-controlling interests 638,449 834,942 2,709,457 425,173 1,234,092 1,599,248 7,789,019 1,222,267Basic and diluted earnings per share for profit attributable to owners of the Company (expressed in RMB per share) 33 0.0220.0300.2860.045Profit for the year1,234,0921,599,2487,789,0191,222,267Other comprehensive incomeItems that will be reclassified to profit or loss Exchange differences on translation of foreign operations (32,323)163,008255,23040,051Items that will not be reclassified to profit or loss Changes in fair value of financial assets measured at fair value through other comprehensive income 57,815(43,920)(52,207)(8,192)Income tax effect (14,642)3,06611,1171,744Share of other comprehensive income of associates and joint ventures accounted for using the equity method —(2,522)8,8791,394Other comprehensive income for the year, net of tax 10,850119,632 223,019 34,997Total comprehensive income for the year 1,244,9421,718,880 8,012,038 1,257,264Total comprehensive income for the year attributable to: Owners of the company 606,243885,421 5,303,141 832,179Non-controlling interests 638,699833,459 2,708,897 425,0851,244,9421,718,8808,012,0381,257,264The accompanying notes on pages F-14 to F-123 are an integral part of these consolidated financial statements.The financial statements on pages F-7 to F-123 were approved by the Board of Directors on April 22, 2022 and were signed on its behalf. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 161 of 274 Table of ContentsF-10ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITYAs of December 31, 2019, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)Attributable to owners of the CompanyCapital reservesRetainedShareStatutoryOtherForeign currencyearnings/Non-capitalShareOthersurplusSpecialFair valueequitytranslation(AccumulatedcontrollingTotal (Note 17) premium reserves reserve reserve reserve instruments reserve losses) Total interests equityAs of December 31, 202017,022,67327,003,4771,161,3925,867,557179,2557,6184,486,429345,205(1,741,596)54,332,01016,839,70671,171,716Adjustment due to business combinations under commoncontrol (Note 39) — 350,291 — — 1,173 — — — (234,157) 117,307 16,141 133,448As of January 1, 2021 (Restated) 17,022,67327,353,7681,161,3925,867,557180,4287,6184,486,429345,205(1,975,753)54,449,31716,855,84771,305,164Profit for the year————————5,079,5625,079,5622,709,4577,789,019Other comprehensive income for the year Changes in fair value of equity investments at fair valuethrough other comprehensive income, net of tax — — — — — (41,090) — — — (41,090) — (41,090)Exchange differences on translation of foreign operations — — — — — — — 255,790 — 255,790 (560) 255,230Share of other comprehensive income of associates andjoint ventures accounted for using the equity method—————8,879———8,879—8,879Total comprehensive income for the year — — — — — (32,211) — 255,790 5,079,562 5,303,141 2,708,897 8,012,038Business combination under common control (Note 39) — (395,624) — — — — — — — (395,624) — (395,624)Disposal of subsidiaries——————————(3,886)(3,886)Dividends distribution by subsidiaries to non-controllingshareholders——————————(540,418)(540,418)Capital reduction from non-controlling shareholders——9,798——————9,798(15,087)(5,289)Appropriation to surplus reserves———254,642————(254,642)———Distribution of other equity instruments — — — — — — — — (209,500) (209,500) (140,127) (349,627)Offset of statutory surplus reserves against accumulatedlosses (Note 18)———(4,229,913)————4,229,913———Disposal of other equity instrument investments—————45,353——(45,353)———Other appropriations————92,003————92,00339,834131,837Share of reserves of joint ventures and associates————15,552————15,552—15,552Repayment of senior perpetual securities— — (12,000) — — — (1,988,000) — — (2,000,000) (3,386,250)(5,386,250)As of December 31, 2021 17,022,673 26,958,1441,159,1901,892,286287,98320,7602,498,429600,9956,824,227 57,264,687 15,518,810 72,783,497 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 162 of 274 Table of ContentsF-11ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)As of December 31, 2019, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)Attributable to owners of the CompanyCapital reserveShareStatutoryOtherForeign currencyNon-capitalShareOther capitalsurplusSpecialequitytranslationAccumulatedcontrollingTotal (Note 17) premium reserves reserve reserve Fair value reserve instruments reserve losses Total interests equityAs of December 31, 2019 17,022,673 27,022,102 1,108,544 5,867,557 139,891 49,511 5,487,104 182,197 (2,207,600) 54,671,979 16,085,487 70,757,466Adjustment due to business combinations under commoncontrol (Note 39)— 341,724 — — — — — — (257,459) 84,265 11,124 95,389As of January 1, 2020 (Restated)17,022,673 27,363,826 1,108,544 5,867,557 139,891 49,511 5,487,104 182,197 (2,465,059) 54,756,244 16,096,611 70,852,855Profit for the year — — — — — — — — 764,306 764,306 834,942 1,599,248Other comprehensive income for the year Changes in fair value of equity investments at fair valuethrough other comprehensive income, net of tax — — — — — (39,371) — — — (39,371) (1,483) (40,854)Exchange differences on translation of foreign operations — — — — — — — 163,008 — 163,008 — 163,008Share of other comprehensive income of associates andjoint ventures accounted for using the equity method — — — — — (2,522) — — — (2,522) — (2,522)Total comprehensive income for the year — — — — — (41,893) — 163,008 764,306 885,421 833,459 1,718,880Business combinations under common control (Note 39) — (13,329) — — — — — — — (13,329) 23,996 10,667Capital injection from non-controlling shareholders—3,271———————3,271426,751430,022Disposal of subsidiaries— — 3,616 — — — — — — 3,616 — 3,616Issuance of senior perpetual securities— — — — — — 1,000,000 — — 1,000,000 — 1,000,000Release of deferred government subsidies— — 49,290 — — — — — — 49,290 — 49,290Other appropriations — — — — 33,432 — — — — 33,432 (19,741) 13,691Share of reserves of joint ventures and associates— — (58) — 7,105 — — — — 7,047 — 7,047Distribution of other equity instruments— — — — — — — — (275,000) (275,000) (146,416) (421,416)Underwriting fees of other equity instruments— — — — — — (675) — — (675) — (675)Dividends distribution of subsidiaries to non- controllingshareholders— — — — — — — — — — (358,813) (358,813)Repayment of senior perpetual securities— — — — — — (2,000,000) — — (2,000,000) — (2,000,000)As of December 31, 2020 (Restated)17,022,673 27,353,768 1,161,392 5,867,557 180,428 7,618 4,486,429 345,205 (1,975,753) 54,449,317 16,855,847 71,305,164 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 163 of 274 Table of ContentsF-12ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)As of December 31, 2019, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)Attributable to owners of the CompanyCapital reserveShareOtherStatutoryOtherForeign currencyNon-capitalSharecapitalsurplusSpecialequitytranslationAccumulatedcontrollingTotal (Note 17) premium reserves reserve reserve Fair value reserve instruments reserve losses Total interests equityAs of January 1, 201914,903,79818,457,67811,690,2925,867,557145,9386,5883,988,000214,520(2,848,821)52,425,55015,273,97167,699,521Profit for the year ————————595,643595,643638,4491,234,092Other comprehensive income for the year Changes in fair value of equity investments at fair valuethrough other comprehensive income, net of tax —————42,923———42,92325043,173Exchange differences on translation of foreign operations ———————(32,323)—(32,323)—(32,323)Total comprehensive income for the year —————42,923—(32,323)595,643606,243638,6991,244,942Business combinations under common control —341,487———————341,48710,158351,645Capital injection from non-controlling shareholders——4,144——————4,144706,970711,114Acquisition of non-controlling interests——149,322——————149,322(149,322)—Disposal of subsidiaries————(1,666)———119(1,547)(26,234)(27,781)Issuance of senior perpetual securities——————1,499,104——1,499,104—1,499,104Issuance of share capital2,118,8758,564,661(10,735,214)——————(51,678)—(51,678)Other appropriations————(5,317)————(5,317)(17,768)(23,085)Share of reserves of joint ventures and associates————936————936—936Dividends distribution of subsidiaries to non-controllingshareholders ——————————(199,215)(199,215)Distribution of other equity instruments ————————(212,000)(212,000)(140,648)(352,648)As of December 31, 2019 (Restated) 17,022,67327,363,8261,108,5445,867,557139,89149,5115,487,104182,197(2,465,059)54,756,24416,096,61170,852,855The accompanying notes on pages F-14 to F-123 are an integral part of these consolidated financial statements.The financial statements on pages F-7 to F-123 were approved by the Board of Directors on April 22, 2022 and were signed on its behalf. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 164 of 274 Table of ContentsF-13ALUMINUM CORPORATION OF CHINA LIMITEDCONSOLIDATED STATEMENT OF CASH FLOWSFor the years ended December 31, 2019, 2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)For the year ended December 31201920202021(Restated)(Restated) Notes RMB'000 RMB'000 RMB'000 USD'000Net cash flows from operating activities 35 12,505,87614,907,46828,230,3854,429,963Investing activities Purchases of property, plant and equipment (9,050,859)(5,038,896)(2,039,354)(320,019)Purchase of other financial assets measured at fair value(3,500,700)(7,020,000)(11,900,000)(1,867,370)Purchases of investment properties(44,063)———Purchases of intangible assets——(93,654)(14,696)Purchases of land use rights——(2,544)(399)Proceeds from disposal of property, plant and equipment1,132,8471,534,2751,011,232158,684Proceeds from disposal of a joint venture and an associate 367,867—50,9848,001Proceeds from disposal of subsidiaries, net of cash23,79742,91020,9503,288Proceeds from disposal of other financial assets measured at fair value2,15511,207,78312,850,4002,016,508Proceeds from disposal of intangible assets 5,764277,7159,5481,498Proceeds from disposal of right-of-use assets —15,11721,4213,361Investments in joint ventures(50,000)(4,333)——Investments in associates (2,653,244)(7,473)(341,000)(53,510)Dividend received from other financial assets measured at fair value97,77582,79410,9121,712Dividends received from associates and joint ventures 236,708323,109606,23695,132Change in deposit of futures contracts (67,253)(56,156)(628,661)(98,651)Assets-related government grants received 103,37347,55875,97111,922Investment income/(loss) from other financial assets measured at fair value —524,727(447,137)(70,166)Repayment of entrusted loans——50,3957,908Proceeds from acquisition of subsidiaries, net of cash—3,690——Net cash flows (used in)/ generated from investing activities (13,395,833)1,932,820(744,301)(116,797)Financing activitiesRepayments of short-term bonds and mid-term notes (22,400,000) (30,638,813) (21,537,420) (3,379,691)Repayments of short-term and long-term bank borrowings and other loans(66,105,388)(43,111,460)(40,560,042)(6,364,756)Repayments of gold leasing arrangements (1,607,905) (6,921,860) — —Cash consideration paid for business combination under common control (237) — (395,624) (62,081)Proceeds from gold leasing arrangements6,921,860———Proceeds from issuance of short-term bonds and medium-term notes 37,974,402 25,900,000 24,845,054 3,898,731Drawdown of short-term and long-term bank borrowings and other loans40,669,19746,021,40429,542,4564,635,856Senior perpetual securities' distribution paid (352,648) (421,416) (349,627) (54,864)Capital injection from non-controlling shareholders 711,114 197,276 — —Share issue cost (51,678) — — —Principal portion of lease payments (3,032,106) (1,748,202) (639,675) (100,379)Dividends paid by subsidiaries to non-controlling shareholders (222,930) (356,340) (460,744) (72,301)Interest paid (4,467,803) (3,664,725) (3,505,649) (550,113)Repayments of senior perpetual securities—(2,000,000)(5,386,250)(845,220)Instalment payment of bonds issuance expenses (9,913) (29,285) (30,752) (4,826)Proceeds from issuance of perpetual securities1,500,0001,000,000——Net cash flows used in financing activities (10,474,035) (15,773,421) (18,478,273) (2,899,644)Net increase/(decrease) in cash and cash equivalents (11,363,992) 1,066,867 9,007,811 1,413,522Cash and cash equivalents at beginning of year 19,135,843 7,793,056 8,771,522 1,376,443Effect of foreign exchange rate changes, net 21,205 (88,401) 73,911 11,599Cash and cash equivalents as of December 31 16 7,793,056 8,771,522 17,853,244 2,801,564The accompanying notes on pages F-14 to F-123 are an integral part of these consolidated financial statements.The financial statements on pages F-7 to F-123 were approved by the Board of Directors on April 22, 2022 and were signed on its behalf. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 165 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTSFor the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-141 GENERAL INFORMATIONAluminum Corporation of China Limited (the “Company”) (中國鋁業股份有限公司) and its subsidiaries (together the “Group”) are principally engaged in exploration andmining of bauxite resources; production, sales, related technical development and technical services of alumina, primary aluminum, aluminum alloy and carbon; powergeneration business; exploration, mining and operation of coal resources; trading and logistics.The Company is a joint stock company which was established on September 10, 2001 and is domiciled in the People’s Republic of China (the “PRC”) with limited liability. Theaddress of its registered office is No. 62 North Xizhimen Street, Haidian District, Beijing, the PRC.The Company’s shares have been listed on the Main Board of the Hong Kong Stock Exchange and the New York Stock Exchange since 2001. The Company also listed its Ashares on the Shanghai Stock Exchange in 2007.In the opinion of the directors, the immediate and ultimate parent company of the Company is Aluminum Corporation of China (“Chinalco”) (中國鋁業集團有限公司), acompany incorporated and domiciled in the PRC and wholly owned by the State-owned Assets Supervision and Administration Commission of the State Council. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 166 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-151 GENERAL INFORMATION (CONTINUED)Information about subsidiariesParticulars of the Company’s principal subsidiaries are as follows:Percentage of equity Place ofattributable toregistration andRegisteredthe Company Name business capital Principal activities Direct Indirect Shanxi Huaxing Aluminum Co. Ltd. (“Shanxi Huaxing”) (山西華興鋁業有限公司)PRC/Mainland China1,850,000Manufacture and distribution of alumina60.00% 40.00%Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) (包頭鋁業有限公司) PRC/Mainland China 2,245,510 Manufacture and distribution of primaryaluminum, aluminum alloy and related fabricatedproducts and carbon products 100.00% —China Aluminum International Trading Co., Ltd. (“Chalco Trading”) (中鋁國際貿易有限公司) PRC/Mainland China 1,731,111 Import and export activities 100.00% —Chalco Shanxi New Material Co., Ltd. (“Shanxi New Material”) (中鋁山西新材料有限公司) PRC/Mainland China 4,279,601 Manufacture and distribution of alumina, primaryaluminum and anode carbon products andelectricity generation and supply 85.98% —China Aluminum International Trading Group Co., Ltd. (“Trading Group”) (中鋁國際貿易集團有限公司)PRC/Mainland China1,030,000Import and export activities100.00%—Zunyi Aluminum Co., Ltd. (遵義鋁業股份有限公司) PRC/Mainland China 3,204,900 Manufacture and distribution of primary aluminumand alumina 67.45% —Chalco Hong Kong Ltd. (“Chalco Hong Kong”) (中國鋁業香港有限公司) Hong Kong HKD849,940 in thousand Overseas investments and alumina import andexport activities, and mining and distribution ofbauxite. 100.00% —Chalco Mining Co., Ltd. (“Chalco Mining“) (中鋁礦業有限公司) PRC/Mainland China 4,028,859 Manufacture, acquisition and distribution ofbauxite mines, limestone ore and alumina 100.00% —Chalco Energy Co., Ltd. (中鋁能源有限公司) PRC/Mainland China 1,384,398 Thermoelectric supply and investmentmanagement 100.00% —China Aluminum Ningxia Energy Group Co., Ltd. (“Ningxia Energy“) (中鋁寧夏能源集團) PRC/Mainland China 5,025,800 Thermal power, wind power and solar powergeneration, coal mining, and power-relatedequipment manufacturing 70.82% —Guizhou Huajin Aluminum Co., Ltd. (“Guizhou Huajin“) (貴州華錦鋁業有限公司) PRC/Mainland China 1,000,000 Manufacture and distribution of alumina 60.00% — Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 167 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-16Percentage of equity Place ofattributable to registration andRegisteredthe Company Name business capital Principal activities Direct Indirect Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd. (中國鋁業鄭州有色金屬研究院有限公司)PRC/Mainland China214,858Research and development services100.00%—Chalco Shandong Co., Ltd. ("Chalco Shandong“) (中鋁山東有限公司)PRC/Mainland China4,052,847Manufacture and distribution of alumina100.00%—Chalco Zhongzhou Aluminum Co., Ltd. ("Zhongzhou Aluminum“) (中鋁中州鋁業有限公司)PRC/Mainland China5,071,235Manufacture and distribution of alumina100.00%—China Aluminum Logistics Group Corporation Co., Ltd. (中鋁物流集團有限公司)PRC/Mainland China964,291Logistics and transportation100.00%—Chinalco Shanxi Jiaokou Xinghua Technology Ltd. (“Xinghua Technology“) (中鋁集團山西交口興華科技股份有限公司)PRC/Mainland China588,182Manufacture and distribution of primary aluminum33.00%33.00%Chinalco Shanghai Company Limited (“Chinalco Shanghai“) (中鋁(上海)有限公司)PRC/Mainland China968,300Trading and engineering project management and leasing100.00%—Shanxi China Huarun Co., Ltd. (“Shanxi Huarun”) (山西中鋁華潤有限公司)PRC/Mainland China1,641,750Manufacture and distribution of primary aluminum40.00%—Guizhou Huaren New Material Co., Ltd. (“Guizhou Huaren”) (貴州華仁新材料有限公司)PRC/Mainland China1,200,000Manufacture and distribution of primary aluminum40.00%—Chinalco Materials Co., Ltd. (中鋁物資有限公司)PRC/Mainland China1,000,000Import and export activities and trading100.00%— Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 168 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-172 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThis note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistentlyapplied to all the years presented, unless otherwise stated. The financial statements are for the Group consisting of the Company and its subsidiaries.2.1 Basis of preparation2.1.1 Compliance with IFRSThe consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by theInternational Accounting Standards Board (“IASB”).The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise itsjudgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions andestimates are significant to the consolidated financial statements are disclosed in Note 3.2.1.2 Going ConcernAs of December 31, 2021, the Group’s current liabilities exceeded its current assets by approximately RMB3,467 million (December 31, 2020 (restated): RMB16,364 million).The directors of the Company have considered the Group’s available sources of funds as follows:●The Group’s expected net cash inflows from operating activities in 2022;●Unutilized banking facilities of approximately RMB92,044 million as of December 31, 2021, of which amounts totaling RMB25,530 million will remain unexpired over12 months from December 31, 2021. The directors of the Company are confident that these banking facilities could be renewed upon expiration based on the Group’s pastexperience and good credit standing;●Other available sources of financing from banks and other financial institutions given the Group’s credit history.The directors of the Company believe that the Group has adequate resources to continue operations for the foreseeable future of not less than 12 months from December 31,2021. The directors of the Company therefore are of the opinion that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements.2.1.3 Historical cost conventionThe financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities measured at fair value.2.1.4 New and amended standards adopted by the GroupNew standards and amendments that are effective for the first time for periods commencing on or after January 1, 2021 did not have any material impact on the amountsrecognized in prior periods and are not expected to significantly affect the current or future periods. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 169 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-182 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.1 Basis of preparation (Continued)2.1.5 New standards and interpretations not yet adoptedCertain new accounting standards and interpretations have been published that are not mandatorily effective for December 31, 2021 reporting period and have not been earlyadopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.2.1.6 Changes in accounting policies(i) Presentation of transportation and logistic costsThe Group previously presented the transportation and logistic costs incurred to fulfill the sales contracts in “selling and distribution expenses” in the consolidated statement ofprofit or loss. In 2021, due to the mandatory change in the presentation of such transportation and logistic costs in the consolidated statement of profit or loss of the Groupunder Accounting Standard for Business Enterprise issued by the Ministry of Finance of China (“CAS”), i.e., change from “selling and distribution expenses” to “cost of sales”,the Group made the same change in presentation in the consolidated statement of profit or loss under IFRS. Accordingly, the comparative consolidated statement of profit orloss for the year ended December 31, 2019 and 2020 were restated with the amount of RMB1,229 million and RMB1,141 million reclassified from selling and distributionexpenses to cost of sales, respectively. This change in accounting policy did not have any impact on the opening balance sheet of the Group for the years ended December 31,2020 and 2021.(ii) Accounting for the investments in associates and joint ventures in the separate financial statementsIn the prior years, the Company accounted for the investments in associates and joint ventures at cost. In 2021, to make the carrying amounts of these investments better reflecttheir status and values, and to reduce the difference between the financial statements of the Company under IFRS and CAS, the Company changed the accounting for theinvestment in associates and joint ventures in the separate financial statements from cost method to equity method. This change in accounting treatment has been accounted forretrospectively and comparative information has been restated.2.2 Principles of consolidation and equity accounting2.2.1 SubsidiariesSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to,variable returns from its involvement with the entity and affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from thedate on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 170 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-192 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.2 Principles of consolidation and equity accounting (Continued)2.2.1 Subsidiaries (Continued)The acquisition method of accounting is used to account for business combinations by the Group (Note 2.3).Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transactionprovides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policiesadopted by the Group.Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statementof changes in equity and balance sheet respectively.2.2.2 AssociatesAssociates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (Note 2.2.4), after initially being recognized at cost.2.2.3 Joint arrangementsUnder IFRS 11 ‘Joint Arrangements’, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractualrights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group only has joint ventures.Joint venturesInterests in joint ventures are accounted for using the equity method (Note 2.2.4), after initially being recognized at cost in the consolidated statement of financial position.2.2.4 Equity methodUnder the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits orlosses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends receivedor receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Groupdoes not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 171 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-202 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.2 Principles of consolidation and equity accounting (Continued)2.2.4 Equity method (Continued)Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized lossesare also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changedwhere necessary to ensure consistency with the policies adopted by the Group.The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 2.11.2.2.5 Changes in ownership interestsThe Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownershipinterest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any differencebetween the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to ownersof the Company.When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity isremeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequentlyaccounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect ofthat entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensiveincome are reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs.If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previouslyrecognized in other comprehensive income are reclassified to profit or loss where appropriate.2.3 Business combination(a) Merger accounting for business combinations under common controlThe consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control as if they hadbeen combined from the date when the combining entities or businesses first came under the control of the ultimate holding company.The net assets of the combining entities or businesses are consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognizedfor goodwill or excess of the Group‘s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation ofthe ultimate holding company’s interest. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 172 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-212 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.3 Business combination (Continued)(a) Merger accounting for business combinations under common control (Continued)The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date whenthe combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination.The comparative financial data have been restated to reflect the business combinations under common control occurred during this year (Note 39).Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of thepreviously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method arerecognized as expenses in the period in which they are incurred.(b) Acquisition method of accounting for other business combinations and goodwillThe acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The considerationtransferred is measured at the acquisition date fair value which is the sum of acquisition date fair value of assets transferred by the Group, liabilities assumed by the Group tothe former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The consideration transferred included the fair value ofany assets and liabilities resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilitiesand contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. All other components of non-controlling interests aremeasured at fair value. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests andentitle their holders to a proportional share of net assets in the event of liquidation at fair value or at the proportional share of the acquiree’s identifiable net assets.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractualterms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognizedin profit or loss.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair valueof the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items islower than the fair value of the net assets acquired, the difference is, after reassessment, recognized in profit or loss as a gain on bargain purchase. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 173 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-222 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.3 Business combination (Continued)(b) Acquisition method of accounting for other business combinations and goodwill (Continued)After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment at least annually or more frequently if eventsor changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31,. For the purposeof impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units orgroups of units.Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash- generating units) to which the goodwill relates. Where therecoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment lossrecognized for goodwill is not reversed in a subsequent period.Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associatedwith the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in thesecircumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained.2.4 Separate financial statementsInvestments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by theCompany on the basis of dividend received and receivable.Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income ofthe subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in theconsolidated financial statements of the investee’s net assets including goodwill.2.5 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-makers, who areresponsible for allocating resources and assessing the performance of the operating segments, have been identified as the executive presidents committee of the Company thatmake strategic decisions. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 174 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-232 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.6 Foreign currency translation(a) Functional and presentation currencyItems included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates(‘the functional currency’). The consolidated financial statements are presented in RMB, which is the Company’s functional and presentation currency.(b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resultingfrom the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generallyrecognized in profit or loss.Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translationdifferences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets andliabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income.(c) Group companiesThe results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from thepresentation currency are translated into the presentation currency as follows:(i)assets and liabilities in each statement of financial position presented are translated at the closing rates at the end of the reporting period;(ii)income and expenses in each statement of profit and loss and other comprehensive income are translated at average exchange rates (unless this average is not a reasonableapproximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates at the dates of thetransactions); and(iii)all resulting exchange differences are recognized in other comprehensive income.Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closingrate. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 175 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-242 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.6 Foreign currency translation (Continued)(d) Disposal of foreign operation and partial disposalOn the disposal of a foreign operation (that is, a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary thatincludes a foreign operation, a disposal involving loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of significant influenceover an associate that includes a foreign operation), all of the currency translation differences accumulated in equity in respect of that operation attributable to the owners of thecompany are reclassified to profit or loss.2.7 Property, plant and equipmentProperty, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment losses. When an item of property, plantand equipment is classified as held for sale or when it is part of a disposal group classified as held for sale, it is not depreciated and is accounted for in accordance with IFRS 5.Construction in progress represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. The cost of an item of property, plantand equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.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 associatedwith the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognizedwhen replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:Buildings and infrastructure 8 – 45 yearsMachinery 3 – 30 yearsTransportation facilities 6 – 10 yearsOffice and other equipment 3 – 10 yearsResidual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the directcosts of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property,plant and equipment when completed and ready for use.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 (Note 2.11).Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 176 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-252 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.8 Investment propertiesInvestment properties are interests in land use rights and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of aninvestment property) held to earn rental income and/or for capital appreciation, rather than for use in the production or supply of goods or services or for administrativepurposes; or for sale in the ordinary course of business. Such properties are measured initially at cost, including transaction costs. After initial recognition, the Group uses thecost methods to measure all of its investment properties.Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:Buildings 25 – 50 yearsLand use rights40 – 70 yearsThe carrying amounts of investment properties measured using the cost method are reviewed for impairment when events or changes in circumstances indicate that the carryingamounts may not be recoverable.Any gains or losses on the retirement or disposal of an investment property are recognized in profit or loss in the year of the retirement or disposal.2.9 Intangible assets(a) GoodwillGoodwill is measured as described in Note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested forimpairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating unitsthat are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill ismonitored for internal management purposes, being the operating segments (Note 5). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 177 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-262 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.9 Intangible assets (Continued)(b) Mining rights and mineral exploration rightsThe Group’s mineral exploration rights and mining rights relate to coal, bauxite and other mines.(i)RecognitionExcept for mineral exploration rights and mining rights acquired in a business combination, mineral exploration rights and mining rights are initially recorded at cost whichincludes the acquisition consideration, qualifying exploration and other direct costs. The mineral exploration rights are stated at cost less any impairment, and the mining rightsare stated at cost less any amortization and impairment.(ii)ReclassificationMineral exploration rights are converted to mining rights when obtain mining rights certification, or technical feasibility and commercial viability of extracting a mineralresource are demonstrable, and are subject to amortization when commercial production has commenced.The Group assesses 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 aredetermined based on the unique nature of each mine construction project. The Group considers various relevant criteria, such as completion of a reasonable period of testing ofthe 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 andready for its intended use.(iii)AmortizationMining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life. Estimatedmineable 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 thestandards of the mine concerned.(iv)ImpairmentAn impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed their recoverableamounts. To the extent that this occurs, the excess is fully provided as an impairment loss.(c) Computer softwareAcquired computer software licences are capitalized on the basis of the costs incurred to acquire and bring to use specific software. These costs are amortized over theirestimated useful lives, which do not exceed 10 years. Costs associated with maintaining computer software programmes are recognized as an expense as incurred. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 178 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-272 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.9 Intangible assets (Continued)(d) Aluminum production quotaHistorically the Group acquired aluminum production quotas from third parties as the license for certain newly developed aluminum production lines. Currently such aluminumproduction quotas have no definite legal or regulatory terms, and their residual values at the end of the lives of the production lines to which they are currently attached are veryuncertain. Aluminum production quota are initially recorded at cost and subsequently states at cost less any amortization and impairment. Amortization is provided on astraight-line basis over expected useful life of related aluminum production lines.2.10 Research and development costsResearch and development expenditures are classified as research expenditures and development expenditures according to the nature of the expenditures and whether there issignificant uncertainty of development activities transforming to assets.Research expenditures are recognized in profit or loss for the current period. Development expenditures are recognized as assets when all of the following criteria are met:(i)it is technically feasible to complete the asset so that it will be available for use or sale;(ii)management intends to complete the asset and intends and has the ability to use or sell it;(iii)it can be demonstrated that the asset will generate probable future economic benefits;(iv)there are adequate technical, financial and other resources to complete the development of the asset and management has the ability to use or sell the asset; and(v)the expenditure attributable to the asset during its development phase can be reliably measured.Development expenditures that do not meet the criteria above are recorded in profit or loss for the current period as incurred. Development expenditures that have beenrecorded in profit or loss in previous periods will be not recognized as assets in subsequent periods. The Group has not had any development expenditure capitalized.2.11 Impairment of non-financial assetsGoodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changesin circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amountmay not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is thehigher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there areseparately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets otherthan goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 179 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-282 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.12 Non-current assets (or disposal groups) held for saleNon-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than throughcontinuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such asdeferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts,which are specifically exempt from this requirement.An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequentincreases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previouslyrecognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition.Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expensesattributable to the liabilities of a disposal group classified as held for sale continue to be recognized.Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. Theliabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.2.13 Investments and other financial assets(a) ClassificationThe Group classifies its financial assets in the following measurement categories:●those to be measured subsequently at fair value (either through OCI or through profit or loss), and●those to be measured at amortized cost.The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of asignificant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss,transaction costs. Trade receivables and notes receivable that do not contain a significant financing component or for which the Group has applied the practical expedient aremeasured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below.For a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solelypayments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair valuethrough profit or loss, irrespective of the business model. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 180 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-292 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.13 Investments and other financial assets (Continued)(a) Classification (Continued)The Group’s business model for managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether cashflows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a businessmodel with the objective to hold financial assets to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensiveincome are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within theaforementioned business models are classified and measured at fair value through profit or loss.All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular waypurchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.(b) Subsequent measurementThe subsequent measurement of financial assets depends on their classification as follows:(i)Financial assets at amortized cost (debt instruments)Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or losswhen the asset is derecognized, modified or impaired.(ii)Financial assets at fair value through other comprehensive income (debt instruments)For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized inprofit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensiveincome. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to profit or loss.(iii)Financial assets designated at fair value through other comprehensive income (equity investments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive incomewhen they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in profit or loss when the right of payment has beenestablished, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except whenthe Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equityinvestments designated at fair value through other comprehensive income are not subject to impairment assessment. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 181 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-302 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.13 Investments and other financial assets (Continued)(b)Subsequent measurement (Continued)(iv)Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss.This category includes derivative instruments, wealth management products and equity investments which the Group had not irrevocably elected to classify at fair valuethrough other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other gains inprofit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of thedividend can be measured reliably.A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economiccharacteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; andthe hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassificationof a financial asset out of the fair value through profit or loss category.A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivativeis required to be classified in its entirety as a financial asset at fair value through profit or loss.A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’sconsolidated statement of financial position) when:●the rights to receive cash flows from the asset have expired; or●the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a thirdparty under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neithertransferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained therisk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, theGroup continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. Thetransferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximumamount of consideration that the Group could be required to repay. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 182 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-312 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.13 Investments and other financial assets (Continued)(c)Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the differencebetween the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the originaleffective interest rate.The impact of COVID-19 on GDP and other key indicators have been considered when determining the severity and likelihood of downside economicscenarios that are used to estimate ECL under IFRS 9 in 2021.General approachECLs are recognized in three stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for creditlosses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase incredit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (alifetime ECL). For those have objective evidence of impairment at the reporting date, lifetime ECL are recognized and interest revenue is calculated on the net carrying amount.At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment,the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as of thedate of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-lookinginformation.The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amountsin full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering thecontractual cash flows.Debt investments at fair value through other comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they areclassified within the following stages for measurement of ECLs except for trade receivables and contract assets which apply the simplified approach as detailed below.Stage 1 - Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to12-month ECLsStage 2 - Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the lossallowance is measured at an amount equal to lifetime ECLsStage 3 - Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured atan amount equal to lifetime ECLs Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 183 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-322 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.13 Investments and other financial assets (Continued)(c)Impairment of financial assets (Continued)Simplified approachFor trade receivables, notes receivable and contract assets that do not contain a significant financing component or when the Group applies the practical expedient of notadjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does nottrack changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based onits historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For trade receivables, notes receivable and contract assets that contain a significant financial component and lease receivables, the Group chooses as its accounting policy toadopt the simplified approach in calculating ECLs with policies as described above.2.14 Financial liabilities(a)Initial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated ashedging instruments in an effective hedge, as appropriate.All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group’s financial liabilities include trade and other payables, derivative financial instruments and interest-bearing bank and other borrowings.(b)Subsequent measurementThe subsequent measurement of financial liabilities depends on their classification as follows:(i)Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as of fair valuethrough profit or loss.Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financialinstruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classifiedas held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in profit or loss. The net fair valuegain or loss recognized in profit or loss does not include any interest charged on these financial liabilities. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 184 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-332 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.14 Financial liabilities (Continued)(b)Subsequent measurement (Continued)(ii)Financial liabilities at amortized cost (loans and borrowings)After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect ofdiscounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as throughthe effective interest rate amortization process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effectiveinterest rate amortization is included in finance costs in profit or loss.(iii)Financial liabilities at amortized cost (trade and other payables)These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usuallypaid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They aresubsequently measured at amortized cost using the effective interest method.(iv)Financial guarantee contractsFinancial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtorfails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee contract is recognized initially as a liability at its fair value, adjustedfor transaction costs that are directly attributable to the issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contracts at thehigher of: (i) the ECL allowance determined in accordance with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognized less, whenappropriate, the cumulative amount of income recognized.(c)Derecognition of financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another fromthe same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition ofthe original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.2.15 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount is reported in the balance sheet where the Group currently has a legally enforceable right to offset the recognizedamounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 185 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-342 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.16 DerivativesDerivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reportingperiod. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument. The Group’s derivative instruments do notqualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss andare included in other gains/(losses).2.17 InventoriesRaw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labour and anappropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items ofinventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimatedselling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.2.18 Cash and cash equivalentsFor the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and demand deposits, and short term highly liquid investmentsthat are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months whenacquired, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.2.19 Borrowing costsGeneral and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of timethat is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for theirintended use or sale.Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible forcapitalization.Other borrowing costs are expensed in the period in which they are incurred.2.20 Current and deferred income taxThe income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjustedby changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 186 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-352 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.20 Current and deferred income tax (Continued)Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Companyand its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in whichapplicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures itstax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts inthe consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also notaccounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neitheraccounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reportingperiod and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where theCompany is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to thesame taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or torealize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case,the tax is also recognized in other comprehensive income or directly in equity, respectively.2.21 Employee benefitsEmployee benefits mainly include salaries, bonuses, allowances and subsidies, pension insurance, social insurance and housing funds, labor union fees, employees’ educationfees and other expenses related to the employees for their services. The Group recognizes employee benefits as liabilities during the accounting period when employeesrendered the services and allocates the related cost of assets and expenses based on different beneficiaries. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 187 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-362 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.21 Employee benefits (Continued)(a)Bonus plansThe expected cost of bonus plans is recognized as a liability when the Group has a present legal or constructive obligation as a result of services rendered by employees and areliable estimate of the obligation can be made.(b)Retirement benefit obligationsThe Group primarily pays contributions on a monthly basis to participate in a pension plan organised by the relevant municipal and provincial governments in the PRC. Themunicipal and provincial governments undertake to assume the retirement benefit obligations of all existing and future retired employees payable under these plans. The Grouphas no legal or constructive obligations for further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to their current and pastservices.(c)In addition, the Company and its eligible subsidiaries have established an enterprise annuity plan in accordance with national policies and relevant requirements under theCompany's system. Fees required for the enterprise annuity plan shall be jointly paid by the enterprise and its employees. Employees may elect to join or not to join theenterprise annuity plan on voluntary basis.As of December 31, 2021, the Group had no forfeited contributions available to offset contributions payable in future years. For the year ended December 31, 2021, the Groupdid not have any defined benefit plan.(d)Other social insurance and housing fundsThe Group provides other social insurance and housing funds to the qualified employees in the PRC based on certain percentages of their salaries. These percentages are not toexceed the upper limits of the percentages prescribed by the Ministry of Human Resources and Social Security of the PRC. These benefits are paid to social securityorganizations and the amounts are expensed as incurred. The Group has no legal or constructive obligations for further contributions if the fund does not hold sufficient assets topay all employees the benefit relating to their current and past services.(e)Termination benefit obligationsTermination benefit obligations are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntaryredundancy in exchange for these benefits. The Group recognizes termination benefit obligations when it is demonstrably committed to either: terminating the employment ofcurrent employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntaryredundancy. The specific terms vary among the terminated employees depending on various factors including position, length of service and district of the employeesconcerned. Benefits falling due for more than 12 months after the end of the reporting period are discounted to their present values. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 188 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-372 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.22 ProvisionsProvisions for legal claims, asset retirement obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable thatan outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses.Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Aprovision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. Thediscount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Theincrease in the provision due to the passage of time is recognized as interest expense.2.23 Revenue recognitionRevenue from contracts with customersRevenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which theGroup expects to be entitled in exchange for those goods or services.When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring thegoods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal inthe amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for morethan one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transactionbetween the Group and the customer at contract inception. When the contract contains a financing component which provides the Group a significant financial benefit for morethan one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where theperiod between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of asignificant financing component, using the practical expedient in IFRS 15.(a)Sale of industrial productsRevenue from the sale of industrial products (including sales of scrap and other materials) is recognized at the point in time when control of the asset is transferred to thecustomer, generally on delivery of the industrial products. Revenue from electricity is recognized upon transmission of electricity based on the confirmation from the powergrid.(b)Rendering of servicesThe Group provides transportation service and the revenue from services is recognized over time, using an input method to measure progress towards complete satisfaction ofthe service, because the customer simultaneously receives and consumes the benefits provided by the Group. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 189 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-382 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.24 Earnings per share(a)Basic earnings per shareBasic earnings per share is calculated by dividing:●the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares;●by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year andexcluding treasury shares.(b)Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:●the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and●the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.2.25 Dividend incomeDividend income is recognized when the shareholders' right to receive payment has been established, it is probable that the economic benefits associated with the dividend willflow to the Group and the amount of the dividend can be measured reliably.2.26 LeasesLeases are recognized as a right-of-use asset and a corresponding liability at the date which the leased asset is available for use by the Group.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relativestand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts forthese as a single lease component.Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than thesecurity interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:●fixed payments (including in-substance fixed payments), less any lease incentives receivable; Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 190 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-392 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.26 Leases (Continued)●variable lease payment that are based on an index or a rate, initially measured using the index or rate as of the commencement date;●amounts expected to be payable by the Group under residual value guarantees;●the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and●payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, thelessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to theright-of-use asset in a similar economic environment with similar terms, security and conditions.To determine the incremental borrowing rate, the Group:●where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third partyfinancing was received;●uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing, and,●makes adjustments specific to the lease, eg term, country, currency and security.If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, thenthe Group entities use that rate as a starting point to determine the incremental borrowing rate.The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. Whenadjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate ofinterest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following:●the amount of the initial measurement of lease liability;●any lease payments made at or before the commencement date less any lease incentives received;●any initial direct costs, and Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 191 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-402 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.26 Leases (Continued)●restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis as follows:Buildings 2 – 20 yearsMachinery 2 – 10 yearsLand use rights 10 – 50 yearsIf the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. While the Group revalues its landand buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by the Group.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss.The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (that is those leases that have a lease term of 12 months orless from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipmentthat are considered to be of low value (i.e. below RMB30,000).Rental incomeRental income is recognized on a time proportion basis over the lease terms. Variable lease payments that do not depend on an index or a rate are recognized as income in theaccounting period in which they are incurred.2.27 Dividend distributionProvision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reportingperiod but not distributed at the end of the reporting period.2.28 Government grantsGovernment grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with.When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed.Asset-related government grants are recognized when the government document designates that the government grants are used for constructing or forming long-term assets. Ifthe government document is inexplicit, the Group should make a judgement based on the basic conditions to obtain the government grants, and recognize them as asset-relatedgovernment grants if the conditions are to construct or to form long-term assets. Otherwise, the government grants should be income-related. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 192 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-412 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)2.28 Government grants (Continued)For asset-related government grants that is related to long lived assets that already exist at the time of recognizing the government grant, the grant is deducted in calculating thecarrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. If the asset is not yet purchased orconstructed at the time of recognizing the government grant, the grant is recognized as deferred income and will be deducted from the cost of the asset once the asset isrecognized.Income-related government grants that are specific to compensate expenses or costs that have already incurred, they are directly recognized in profit or loss for the currentperiod as deduction of the related expenses or costs. If the income-related government grants are specific to compensate future expenses or costs of the Group, they arerecognized as deferred income and will be released to profit or loss when the related expenses or costs are incurred.2.29 Interest incomeInterest income from financial assets at FVPL is included in the net fair value gains/(losses) on these assets. Interest income on financial assets at amortized cost and financialassets at FVOCI calculated using the effective interest method is recognized in profit or loss as part of other income. Interest income is presented as finance income where it isearned from financial assets that are held for cash management purposes. Any other interest income is included in other income.Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATESThe preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts ofrevenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions andestimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affected in future periods.JudgementsIn the process of applying the Group’s accounting policies and preparing the Group’s consolidated financial statements, management has made the following judgements, apartfrom those involving estimates, which have a significant effect on the amounts recognized in the consolidated financial statements.(a)Significant influence over an entity in which the Group holds less than 20% of voting rightsAs of December 31, 2021, the Group owned a 6.68% equity interest in China Copper Mineral Resources Co.,Ltd. (“Chalco Resources”) (中銅礦產資源有限公司). The Groupconsiders that it has significant influence over Chalco Resources even though it owns less than 20% of the voting rights, on the grounds that the Group can appoint one out ofthe five directors of the Board of Directors of Chalco Resources, thus have the right to participate in decision making of Chalco Resources. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 193 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-423 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Judgements (Continued)(a)Significant influence over an entity in which the Group holds less than 20% of voting rights (Continued)As of December 31, 2021, the Group owned a 16% equity interest in Baise New Aluminum Power Co., Ltd. (“New Aluminum Power”) (百色新鋁電力有限公司). The Groupconsiders that the Group has significant influence over New Aluminum Power even though it owns less than 20% of the voting rights, on the grounds that the Group canappoint one out of the nine directors of the Board of Directors of New Aluminum Power, thus have the right to participate in decision making of New Aluminum Power.As of December 31, 2021, the Group owned 14.71% of the voting right of Chinalco Capital Holdings Co., Ltd. (“Chinalco Capital”) (中鋁資本控股有限公司). The Groupconsiders that the Group has significant influence over Chinalco Capital even though it owns less than 20% of the voting rights, on the grounds that the Group can appoint oneout of the three directors of the Board of Directors of Chinalco Capital, thus have the right to participate in decision making of Chinalco Capital.As of December 31, 2021, the Group owned a 14.29% equity interest in Inner Mongolia Geliugou Co., Ltd. (“Inner Mongolia Geliugou”) (內蒙古圪柳溝能源有限公司). TheGroup considers that it has significant influence over Inner Mongolia Geliugou even though it owns less than 20% of the voting rights, on the grounds that the Group canappoint one out of the seven directors of the Board of Directors of Inner Mongolia Geliugou, thus have the right to participate in decision making of Inner Mongolia Geliugou.As of December 31, 2021, the Group owned 10.10% equity interest in Yunnan Aluminum Co., Ltd. (“Yunnan Aluminum”) (雲南鋁業股份有限公司). The Group considersthat it has significant influence over Yunnan Aluminum even though it owns less than 20% of the voting rights, on the grounds that the Group is the second largest shareholdersof Yunnan Aluminum and assigned one out of the eleven directors of the Board of Directors of Yunnan Aluminum, thus have the right to participate in decision making ofYunnan Aluminum.As of December 31, 2021, the Group owned a 19.49% equity interest in Chalco Innovation Development Investment Co., Ltd. (“Chalco Innovation”) (中鋁創新開發投資有限公司). The Group considers that it has significant influence over Chalco Innovation even though it owns less than 20% of the voting rights, on the grounds that the Group canappoint one out of the seven directors of the Board of Directors of Chalco Innovation, thus have the right to participate in decision making of Chalco Innovation.(b)Consolidation of entities in which the Group holds less than a majority of voting rightsAs of December 31, 2021, the Group owned a 40.23% equity interest in Ningxia Yinxing Energy Co., Ltd. (“Yinxing Energy”) (寧夏銀星能源股份有限公司). Since theremaining 59.77% of the equity shares in Yinxing Energy are held by a large number of individual shareholders, in opinion of the directors of the Company, the Group hascontrol over Yinxing Energy, and Yinxing Energy continues to be included in the consolidation scope. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 194 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-433 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Judgements (Continued)(b) Consolidation of entities in which the Group holds less than a majority of voting rights (Continued)As of December 31, 2021, the Company owned a 40% equity interest in Guizhou Huaren New Materials Co., Ltd. (“Guizhou Huaren”)(貴州華仁新材料有限公司). Inaccordance with the acting-in-concert agreement signed between the Company and Qingzhen Industry Investment Co., Ltd. (“Qingzhen Industry”)(清鎮市工業投資有限公司)and Guizhou Chengqian Enterprise (Group) Co., Ltd. (“Guizhou Chengqian”) (貴州成黔企業(集團)有限公司). Qingzhen Industry and Guizhou Chengqian would exercise theshareholders’ and board of directors’ votes in concert with the Group's voting decisions. Therefore, the directors of the Company believe that the Company has control overGuizhou Huaren and consolidated Guizhou Huaren’s financial statements from the date the Group obtained control.As of December 31, 2021, the Company owned 40% of the shares of Shanxi China Aluminum China Resources Co., Ltd. (“Shanxi Zhongrun”)(山西中鋁華潤有限公司). Inaccordance with the acting-in-concert agreement signed between the Company and China Resources Coal Industry Group Co., Ltd. (“China Resources Coal Industry”), ChinaResources Coal Industry would exercise the shareholders’ and Board of Directors’ votes in concert with the Group. Therefore, the directors of the Company believe that theCompany has control over Shanxi Zhongrun and consolidated Shanxi Zhongrun’s financial statements from the date the Group obtained control.Estimates and assumptionsThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment tothe carrying amounts of assets and liabilities within the next financial year, are described below. The Group’s assumptions and estimates are based on parameters available whenthe consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes orcircumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur.(a)Impairment assessment of property, plant and equipmentAs of December 31, 2021, the Group’s net carrying amount of property, plant and equipment (“PP&E”) was RMB93,427 million. Management assesses related assets forpotential impairment whenever there are indications that the carrying value of an asset or a group of assets may not be recoverable. As of December 31, 2021, managementperformed impairment assessment on property, plant and equipment (“PP&E”) with impairment indications at the level of cash generating unit (“CGU”) to which the PP&Ewas allocated using discounted cash flow model. The discounted cash flows model used for the impairment assessment of PP&E involved significant assumptions includingproduct prices and the discount rate. Based on the impairment test, RMB2,328 million of impairment was recognized by management for PP&E for the year ended December31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 195 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-443 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Estimates and assumptions (Continued)(b)Impairment assessment of goodwillAs of December 31, 2021, the Group’s carrying value of goodwill was RMB3,510 million. Management performed impairment assessment of goodwill on an annual basis.When performing the impairment assessment, the recoverable amount of the CGU to which the goodwill was allocated was estimated by management using discounted cashflow model, and compared with the carrying amount of the CGU to determine if goodwill was impaired. The discounted cash flow models used for the impairment assessmentof goodwill involved significant assumptions including product prices, the long-term growth rate and the discount rate. Based on the impairment test, no impairment provisionis required for goodwill for the year ended December 31, 2021.(c)Property, plant and equipment and intangible assets (excluding goodwill) – estimated useful lives and residual valuesThe Group’s management determines the estimated useful lives and residual values (if applicable) and consequently the related depreciation/amortization charges for itsproperty, plant and equipment and intangible assets (excluding goodwill). These estimates are based on the historical experience of the actual useful lives of property, plant andequipment of similar nature and functions, or based on the useful life of intangible assets. Management will increase the depreciation/amortization charge where useful lives areless than previously estimated, and it will write off or write down technically obsolete or non-strategic assets that have been abandoned or sold.Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated residual values. Periodic review could result in change indepreciable lives and residual values and therefore change in depreciation/amortization expense in future periods.(d)Coal reserve estimates and units-of-production amortization for coal mining rightsExternal qualified valuation professionals evaluate “economically recoverable reserves” based on the reserves estimated by external qualified exploration engineers inaccordance with the PRC standards. The estimates of coal reserves are inherently imprecise and represent only the approximate amounts of the coal reserves because of thesubjective judgements involved in developing such information. Economically recoverable reserve estimates are evaluated on a regular basis and have taken into account recentproduction and technical information about each mine.(e)Estimated net realizable value of inventoriesIn accordance with the Group’s accounting policy, the Group’s management estimated net realizable value of inventories based on specific facts and circumstances. Fordifferent types of inventories, it requires the estimation on selling prices, costs of conversion, selling expenses and the related tax expense to calculate the net realizable amountof inventories. For inventories held for executed sales contracts, management estimates the net realizable amount based on the contracted price. For raw materials and work-in-progress, management has established a model in estimating the net realizable amount at which the inventories can be realized in the normal course of business afterconsidering the Group’s manufacturing cycles, production capacity and forecasts, estimated future conversion costs and selling prices. Management also takes into account theprice or cost fluctuations and other related matters occurring after the end of the reporting period which reflect conditions that existed at the end of the reporting period.It is reasonably possible that if there is a significant change in circumstances including the Group’s business and the external environment, outcomes within the next financialyear would be significantly affected. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 196 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-453 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Estimates and assumptions (Continued)(f)Investments in joint ventures and associates – recoverable amountIn accordance with the Group’s accounting policy, each investment in a joint venture and an associate is evaluated in every reporting period to determine whether there are anyindicators of impairment. If any such indicators exists, an estimate of the recoverable amount is performed and an impairment loss is recognized to the extent that the carryingamount 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 ofdisposal and value in use.A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use orby selling it to another market participant that would use the asset in its highest and best use.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 formand 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 arebased on expected production and sales volumes, commodity prices (considering current and historical prices, price trends and related factors) and operating costs. This policyrequires management to make these estimates and assumptions which are subject to risk and uncertainty; hence there is a possibility that changes in circumstances will alterthese 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 beimpaired and the impairment would be charged against profit or loss.(g)Determination of the lease termThe Group leased certain land use rights from Chinalco for operation use. Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001,the lease term is 50 years from July 1, 2001 with a termination option entitled to the Company. Under this framework contract, the related branches and subsidiaries of theGroup signed lease agreements annually respectively with subsidiaries of Chinalco which owns the related land use right, with the extension option entitled to the leasees.The lease term is determined based on the Group's assessment if the related termination option or extension option would be reasonably exercised taking into account the use ofthe land and operating status. The Group will reassess the lease term if any significant events or changes in circumstances that may have impact on the exercise of such optionsand are under the control of the Group occurred.(h)Income taxThe Group estimates its income tax provision and deferred taxation in accordance with the prevailing tax rules and regulations, taking into account any special approvalsobtained from the relevant tax authorities and any preferential tax treatment to which it is entitled in each location or jurisdiction in which the Group operates. There are manytransactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated taxaudit 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,the differences will impact on the income tax and deferred tax provisions in the period in which the determination is made. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 197 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-463 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Estimates and assumptions (Continued)(h)Income tax (Continued)Deferred tax assets are recognized for unused tax losses and deductible temporary differences, such as the 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 profits will be available against which the lossesdeductible temporary difference can be utilized.An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, except to theextent that both of the following conditions are satisfied:●the parent, investor or joint venture is able to control the timing of the reversal of the temporary difference; and●it is probable that the temporary difference will not reverse in the foreseeable future.In the event that future tax rules and regulations or related circumstances change, adjustments to current and deferred taxation may be necessary which would impact on theGroup’s results or financial position.(i)Impairment of receivablesThe loss allowances for receivables are based on assumptions about risk of default and expected loss rates to determine the expected loss. The Group uses judgement in makingthese assumptions and selecting the inputs to the impairment calculation, based on the Group’s history, existing market conditions as well as forward looking estimates at theend of each reporting period.The Group takes into account different macroeconomic scenarios in considering forward looking information. The Group regularly monitors and reviews the keymacroeconomic assumptions and parameters related to the calculation of expected credit losses, including the risk of economic downturn, external market environment,technological environment, changes in customer conditions, GDP and consumer price index, etc. During the year ended December 31, 2021, the Group has taken into accountthe uncertainties arising from the COVID-19 outbreak and updated the relevant assumptions and parameters accordingly. The key macroeconomic parameters are listed below:Scenarios As of December 31, 2021 Year Basic Negative Positive Growth Rate of GDP 2022 5.30% 5.04% 5.57% 2023 and subsequent years 5.00% 4.75% 5.25%Growth Rate of CPI 2022 2.20% 2.09% 2.31% 2023 and subsequent years 1.60% 1.52% 1.68% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 198 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-473 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)Estimates and assumptions (Continued)(i) Impairment of receivables (Continued)Scenarios As of December 31, 2020 Year Basic Negative Positive Growth Rate of GDP 2021 8.83% 8.39% 9.27% 2022 and subsequent years 5.30% 5.04% 5.57%Growth Rate of CPI 2021 1.33% 1.26% 1.40% 2022 and subsequent years 2.40% 2.28% 2.52%4 SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIODThe significant increase of revenue and net profit for 2021 is mainly due to the rise in market price of aluminum.5 REVENUE AND SEGMENT INFORMATION(a) RevenueRevenue recognized during the year is as follows:For the years ended December 31 2019 2020 2021 (Restated)(Restated)Revenue from contracts with customers (net of value-added tax)Sale of goods 188,752,179 184,073,342 268,034,695Transportation services1,145,3041,587,2461,414,732189,897,483185,660,588269,449,427Revenue from other sourcesRental income 317,915 329,989 298,805 190,215,398 185,990,577 269,748,232 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 199 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-485 REVENUE AND SEGMENT INFORMATION (Continued)(a) Revenue (Continued)(i)Disaggregated revenue information For the year ended December 31, 2021CorporatePrimaryand otherAluminaAluminumEnergyoperatingInter-segmentsegment segment Segment Trading segments elimination TotalType of goods or services Sales of goods 56,315,75572,586,8977,915,219214,724,462483,349(83,990,987)268,034,695Transportation services ———5,652,938—(4,238,206)1,414,732Total 56,315,75572,586,8977,915,219220,377,400483,349(88,229,193)269,449,427Geographical markets Mainland China 56,315,75572,586,8977,915,219207,570,682483,349(88,229,193)256,642,709Outside of Mainland China ———12,806,718——12,806,718Total 56,315,75572,586,8977,915,219220,377,400483,349(88,229,193)269,449,427Timing of revenue recognition Goods transferred at a point in time 56,315,75572,586,8977,915,219214,724,462483,349(83,990,987)268,034,695Services transferred over time ———5,652,938—(4,238,206)1,414,732Total 56,315,75572,586,8977,915,219220,377,400483,349(88,229,193)269,449,427 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 200 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-495 REVENUE AND SEGMENT INFORMATION (CONTINUED)(a) Revenue (Continued)(i)Disaggregated revenue information (Continued) For the year ended December 31, 2020 (Restated)Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination TotalType of goods or servicesSales of goods42,292,13051,729,4837,184,216151,540,471449,058(69,122,016)184,073,342Transportation services — — — 3,768,342 — (2,181,096) 1,587,246Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588Geographical markets Mainland China 42,292,130 51,729,483 7,184,216 146,666,981 449,058 (71,303,112) 177,018,756Outside of Mainland China — — — 8,641,832 — — 8,641,832Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588Timing of revenue recognition Goods transferred at a point in time 42,292,130 51,729,483 7,184,216 151,540,471 449,058 (69,122,016) 184,073,342Services transferred over time — — — 3,768,342 — (2,181,096) 1,587,246Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 For the year ended December 31, 2019 (Restated)Corporate Primaryand otherAlumina AluminumEnergyoperatingInter-segment segment segment Segment Trading segments elimination TotalType of goods or services Sales of goods43,722,84549,043,8647,335,347156,158,740492,624(68,001,241)188,752,179Transportation services———2,724,083—(1,578,779)1,145,304Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483Geographical markets Mainland China 43,722,845 49,043,864 7,335,347 153,106,808 492,624 (69,580,020) 184,121,468Outside of Mainland China — — — 5,776,015 — — 5,776,015Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483Timing of revenue recognition Goods transferred at a point in time 43,722,845 49,043,864 7,335,347 156,158,740 492,624 (68,001,241) 188,752,179Services transferred over time — — — 2,724,083 — (1,578,779) 1,145,304Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483(i)The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reportingperiod: Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 201 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-505 REVENUE AND SEGMENT INFORMATION (CONTINUED)(a) Revenue (Continued)(j)Disaggregated revenue information (Continued)For the years ended December 31 2020 2021Revenue recognized that was included in contract liabilities at the beginning of the reporting period: Sale of goods 1,565,2851,151,341Others 73,54188,090 1,638,8261,239,431(ii) Performance obligationsInformation about the Group’s performance obligations is summarized below:Revenue from sales of products (including sales of the other materials)The performance obligation is satisfied upon delivery of the industrial products and payment is generally due within 30 to 90 days from delivery, except for new customers,where advance is normally required.Sales of goods were made in a short period of time and the performance obligation was mostly satisfied in one year or less at the end of each year, thus the Group applied theexpedient of not to disclose the transaction price allocated to unsatisfied performance obligation. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 202 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-515 REVENUE AND SEGMENT INFORMATION (CONTINUED)(a) Revenue (Continued)(i)Disaggregated revenue information (Continued)Transportation serviceThe performance obligation is satisfied over time as services are rendered and payment is generally due upon completion of the relevant services.Amounts expected to be recognized as revenue for remaining contract performance obligation: For the years ended December 31 2020 2021Within one year 1,399,3402,177,072After one year 182,859108,545 1,582,1992,285,617The remaining performance obligations expected to be recognized in more than one year relate to rendering of services that are to be satisfied within 1–10 years. All the otherremaining performance obligations are satisfied in one year or less at the end of each year.(b) Segment informationThe executive presidents committee of the Company have been identified as the chief operating decision makers. The committee is responsible for the review of the internalreports in order to allocate resources to operating segments and assess their performance.The committee considers the business from a product perspective comprising alumina, primary aluminum and energy for the Group’s manufacturing business, which areidentified as separate reportable operating segments. In addition, the Group’s trading business is identified as a separate reportable operating segment. The Group’s reportableoperating segments also include corporate and other operating segments.The committee assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment used by the committee isconsistent with that applied to the consolidated financial information for the year ended December 31, 2020. Management has determined the reportable operating segmentsbased on the reports reviewed by the committee that are used to make strategic decisions.The Group’s five reportable operating segments are summarized as follows:●The alumina segment, which consists of mining and purchasing bauxite and other raw materials, refining bauxite into alumina, and selling alumina both internally to theGroup’s aluminum enterprises and trading enterprises and externally to customers outside the Group. This segment also includes the production and sale of multi-formalumina bauxite.●The primary aluminum segment, which consists of procuring alumina and other raw materials, supplemental materials and electricity power, smelting alumina to produceprimary aluminum which is sold to the Group’s trading enterprises and external customers, including Chinalco and its subsidiaries. This segment also includes theproduction and sale of carbon products and aluminum alloy and other aluminum products. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 203 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-525 REVENUE AND SEGMENT INFORMATION (CONTINUED)(b) Segment information (Continued)●The trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products and rawmaterials and supplemental materials and logistics and transport services to internal manufacturing plants and external customers. The products are sourced from fellowsubsidiaries and international and domestic suppliers of the Group. Sales of products manufactured by the Group’s manufacturing business are included in the total revenueof the trading segment and are eliminated with the segment revenue of the respective segments which supplied the products to the trading segment.●The energy segment mainly includes coal mining, electricity generation by thermal power, wind power and solar power, new energy related equipment manufacturingbusiness. Sales of coals are mainly to the Group’s internal and external coal consuming customers; electricity is sold to regional power grid corporations.●Corporate and other operating segments, which mainly include management of corporate, research and development activities and others.Prepaid current income tax and deferred tax assets are excluded from segment assets, and income tax payable and deferred tax liabilities are excluded from segment liabilities.All sales among the reportable operating segments were conducted on terms mutually agreed among group companies, and have been eliminated upon consolidation.Year ended December 31, 2021Corporate andPrimaryother operatingInter-segmentAluminaaluminumEnergyTradingsegmentseliminationTotalTotal revenue 56,545,788 72,644,206 7,915,219 220,447,914 483,739 (88,288,634) 269,748,232Inter-segment revenue (37,981,574) (8,657,079) (240,575) (41,287,709) (121,697) 88,288,634 —Sales of self-produced products (i) 28,054,635 Sales of products sourced from external suppliers 151,105,570 Revenue from external customers 18,564,214 63,987,127 7,674,644 179,160,205 362,042 — 269,748,232Segment profit /(loss) before income tax 4,049,058 7,402,039 (234,808) 1,230,756 (1,849,784) (418,481) 10,178,780Income tax expense (2,389,761)Profit for the year 7,789,019Other items Finance income 116,660 62,292 38,313 50,318 8,413 — 275,996Finance costs (1,034,889) (1,114,821) (578,079) (117,365) (1,097,607) — (3,942,761)Share of profits and losses of joint ventures 80,612 — 16,095 13,240 54,153 — 164,100Share of profits and losses of associates (5,976) (1,969) (633,467) 45,538 868,458 — 272,584Depreciation of right-of-use assets (334,825) (199,086) (32,088) (128,043) (50,469) — (744,511)Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,959,908) (3,016,367) (1,889,351) (33,617) (70,628) — (7,969,871)Losses on disposal of property, plant and equipment and intangible assets (583,142) (58,699) (9,772) 3,222 (2,320) — (650,711)Realized loss on futures contracts, net— — — (132,354) (413,171) — (545,525)Other income11,90932,54156,02247,83691—148,399Impairment loss on property, plant and equipment (1,854,694)(470,004)(3,433)—— — (2,328,131)Unrealized losses on futures contracts, net———(30,552)(28,657) — (59,209)Losses on disposal of a subsidiaries——(27,404)———(27,404)Changes for impairment of inventories (18,737)(114,171)12,250(13,039)(2,601) — (136,298)Provision for impairment of receivables (122,370) (37,400) (176,715) (328,754) (719,649) — (1,384,888)Dividends of equity investments at fair value through other comprehensive income———3,3337,579—10,912Derecognition of financial assets—(8,055)(83,293)———(91,348)Investments in associates 81,784 526,831 759,194 371,499 7,897,326 — 9,636,634Investments in joint ventures 1,076,120 — 353,177 55,712 1,865,950 — 3,350,959Additions during the period: Intangible assets 72,735 20,779 — 140 — — 93,654Right-of-use assets 3,400,546 2,721,001 377 212,812 266,342 — 6,601,078Property, plant and equipment (ii) 1,170,356 621,694 391,894 26,23194,686 — 2,304,861(i)The sales of self-produced products include sales of self-produced alumina amounting to RMB18,552 million, sales of self-produced primary aluminum amounting toRMB7,087 million, and sales of self-produced other products amounting to RMB2,416 million.(ii)The additions to property, plant and equipment under sale and leaseback contracts are not included. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 204 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-535 REVENUE AND SEGMENT INFORMATION (CONTINUED)(b) Segment information (Continued)Year ended December 31, 2020 (Restated) Corporate and otherPrimaryoperatingInter-segmentAluminaaluminumEnergyTradingsegmentseliminationTotalTotal revenue 42,378,421 51,889,084 7,184,216 155,392,357 449,611 (71,303,112) 185,990,577Inter-segment revenue (29,436,854) (11,458,500) (243,788) (30,058,138) (105,832) 71,303,112 —Sales of self-produced products (i) 21,492,083 Sales of products sourced from external suppliers 103,842,136 Revenue from external customers 12,941,567 40,430,584 6,940,428 125,334,219 343,779 — 185,990,577Segment profit /(loss) before income tax 1,435,129 2,023,168 (77,235) 582,083 (1,705,175) (68,699) 2,189,271Income tax expense (590,023)Profit for the year 1,599,248Other items Finance income 43,192 58,43736,33372,63216,607—227,201Finance costs (826,521) (1,364,606)(995,572)(170,937)(1,062,892)—(4,420,528)Share of profits and losses of joint ventures 75,405 -35,3085,01164,778—180,502Share of profits and losses of associates 4,930 (35,328)(17,905)38,683155,357—145,737Depreciation of right-of-use assets (364,655) (234,387)(96,967)(21,075)(50,469)—(767,553)Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,944,255) (2,937,761)(1,867,632)(99,179)(71,281)—(7,920,108)(Losses)/gain on disposal of property, plant and equipment and intangible assets (25,489) 442,089(99,363)1,911648—319,796Realized loss on futures, forward and option contracts, net ———675,442(152,064)—523,378Other income21,54911,08755,56133,20718,147—139,551Impairment loss on property, plant and equipment (23,136)(388,755)—(4,951)——(416,842)Unrealized (losses)/gains on futures contracts, net — ——(27,705)17,311—(10,394)Gain on disposal of a subsidiaries — ———11,305—11,305Changes for impairment of inventories (121,286) 103,524(15,642)2,184981—(30,239)Provision for impairment of receivables(59,105)(14,417)(108,059)(414,342)(383,238)—(979,161)Dividends from other financial assets measured at fair value————82,794—82,794Investments in associates 88,356 539,0581,565,235396,454 6,584,307—9,173,410Investments in joint ventures 1,076,085 —334,76343,258 1,920,447—3,374,553Additions during the period: Intangible assets 2,157 3,546 — 1,413 266 — 7,382Right-of-use assets12,001 — 59,010 2,875 2,893 — 76,779Property, plant and equipment(ii)2,317,271 1,069,086 881,810 328,03325,119 — 4,621,319(i)The sales of self-produced products include sales of self-produced alumina amounting to RMB12,465 million, sales of self-produced primary aluminum amounting toRMB8,784 million, and sales of self-produced other products amounting to RMB243 million.(ii)The additions to property, plant and equipment under sale and leaseback contracts are not included. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 205 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-545 REVENUE AND SEGMENT INFORMATION (CONTINUED)Year ended December 31, 2019 (Restated) Corporate and otherPrimaryoperatingInter-segmentAluminaaluminumEnergyTradingsegmentseliminationTotalTotal revenue 43,931,832 49,089,019 7,345,971 158,935,656 492,940 (69,580,020) 190,215,398Inter-segment revenue (29,605,251) (11,694,382) (236,136) (27,877,188) (167,063) 69,580,020 —Sales of self-produced products (i) 24,380,771 Sales of products sourced from external suppliers 106,677,697 Revenue from external customers 14,326,581 37,394,637 7,109,835 131,058,468 325,877 — 190,215,398Segment profit/(loss) before income tax 591,491 687,246 403,479 958,007 (987,704) 213,085 1,865,604Income tax expense (631,512)Profit for the year 1,234,092Other items Finance income 61,64553,25235,093105,6645,540—261,194Finance costs (651,238)(1,328,730)(1,064,769)(224,292)(1,652,512)—(4,921,541)Share of profits and losses of joint ventures 86,245-(22,272)3,767202,375—270,115Share of profits and losses of associates (6,319)11,621(32,660)36,57939,546—48,767Depreciation of right-of-use assets (495,693)(338,975)(146,139)(45,541)(49,477)—(1,075,825)Depreciation and amortization (excluding the depreciation of right-of-use assets) (2,836,142)(3,235,356)(1,488,077)(79,365)(81,467)—(7,720,407)(Losses)/gains on disposal of property, plant and equipment and intangible assets (576,669)833,288(3,982)7,271(224)—259,684Realized gain on futures, forward and option contracts, net——60,671———60,671Other income21,25271611,38247,6663,595—84,611Impairment on property, plant and equipment(8,742)(247,112)—(3,500)——(259,354)Unrealized gain on futures, forward and option contracts, net ———(9,851)——(9,851)Gain on share of associates’ net assets————295,288—295,288Gain on disposal of subsidiaries 118—3,0142,738255,317—261,187Gain on disposal of associates——159,514———159,514Changes for impairment of inventories 69,740166,33134,136(19,076)——251,131Reversal of/(provision for) impairment of receivables, net of bad debts recovered 6,8371,088(53,227)(122,420)(3,294)—(171,016)Dividends from other financial assets measured at fair value——1,000—96,775—97,775Investments in associates 83,424574,385362,7572,021,9646,469,871—9,512,401Investments in joint ventures 1,076,085—79,199298,9911,931,307—3,385,582Additions during the year: Intangible assets 209,366949,013(5,062)1,869200—1,155,386Right-of- use assets 1,080,285131,7978,41127,365——1,247,858Property, plant and equipment (ii) 6,490,0412,381,6441,454,659132,841165,832—10,625,017(i)The sales of self-produced products include sales of self-produced alumina amounting to RMB13,330 million, sales of self-produced primary aluminum amounting toRMB10,689 million, and sales of self-produced other products amounting to RMB362 million.(ii)The additions to property, plant and equipment under sale and leaseback contracts are not included. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 206 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-555 REVENUE AND SEGMENT INFORMATION (CONTINUED)(b) Segment information (Continued)As of December 31, 2021Corporate and other Alumina Primary aluminum Energy Trading operating segments TotalSegment assets 90,345,54563,578,66235,261,54820,961,77449,644,646259,792,175Reconciliation: Elimination of inter-segment receivables (67,940,192)Other eliminations (920,811)Corporate and other unallocated assets: Deferred tax assets 1,386,147Prepaid income tax 59,578Total assets 192,376,897Segment liabilities 48,065,68233,688,69325,419,57513,511,64464,899,888185,585,482Elimination of inter-segment payables (67,940,192)Corporate and other unallocated liabilities: Deferred tax liabilities 1,378,519Income tax payable 569,591Total liabilities 119,593,400As of December 31, 2020 (Restated) Corporate and otherPrimaryoperatingAluminaaluminumEnergyTradingsegmentsTotalSegment assets 87,549,04762,050,17539,671,08320,520,75944,594,935254,385,999Reconciliation: —Elimination of inter-segment receivables (60,582,399)Other eliminations (360,498)Corporate and other unallocated assets: Deferred tax assets 1,481,235Prepaid income tax 116,574Total assets 195,040,911Segment liabilities 48,888,62139,204,71326,197,23512,815,61055,475,215182,581,394Elimination of inter-segment payables (60,582,399)Corporate and other unallocated liabilities: Deferred tax liabilities 1,437,087Income tax payable 299,665Total liabilities 123,735,747 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 207 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-565 REVENUE AND SEGMENT INFORMATION (CONTINUED)(b) Segment information (Continued)The Group mainly operates in Mainland China. Geographical information on operating segments is as follows:For the years ended December 31 2019 2020 2021(Restated)(Restated)Segment revenue from external customers – Mainland China 184,439,383177,348,745 256,941,514– Outside of Mainland China 5,776,0158,641,832 12,806,718 190,215,398185,990,577 269,748,232December 31,December 31,20212020 (Restated)Non-current assets (excluding financial assets and deferred tax assets) – Mainland China139,348,364 142,746,232– Outside Mainland China2,576,957 2,890,338141,925,321 145,636,570For the year ended December 31, 2021, revenues of approximately RMB53,205 million (2020: RMB46,262 million, 2019: RMB40,567 million) were derived from entitiesdirectly or indirectly owned or controlled by the PRC government including Chinalco. These revenues are mainly attributable to the alumina, primary aluminum, energy andtrading segments. There were no individual customers that contributed 10% or more of the Group’s revenue during the years ended December 31, 2019, 2020 and 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 208 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-576 INTANGIBLE ASSETSComputerSoftware,Mineralproductionexplorationquota andGoodwillMining rightsrightsothersTotalYear ended December 31, 2021 Opening net carrying amount 3,509,8577,425,833988,3741,524,24013,448,304Additions —91,412—2,24293,654Disposals—(3,639)——(3,639)Impairment (i)—(11,340)(185,086)—(196,426)Amortization —(326,052)—(51,662)(377,714)Transfer from property, plant and equipment (Note 7) —17,595—10,34627,941Currency translation differences (342)(1,692)(2,225)(985)(5,244)Closing net carrying amount 3,509,5157,192,117801,0631,484,18112,986,876As of December 31, 2021 Cost 3,509,5159,972,299984,0921,929,18816,395,094Accumulated amortization and impairment —(2,780,182)(183,029)(445,007)(3,408,218)Net carrying amount 3,509,5157,192,117801,0631,484,18112,986,876(i)The Group made the decision in 2021 to discontinue its exploration activities in Laos due to the continuous impact of Covid-19 on the feasibility of further explorationand development on the related mining properties. As a result, the total carrying amount of the mineral exploration rights amounting to RMB185 million was fullyimpaired.ComputerSoftware,Mineralproductionexplorationquota andGoodwillMining rightsrightsothersTotalYear ended December 31, 2020 Opening net carrying amount 3,510,8927,972,9111,001,3321,279,32513,764,460Additions ———7,3827,382Disposals—(277,715)——(277,715)Impairment———(416)(416)Amortization —(412,599)—(46,883)(459,482)Business combination———8989Transfer from property, plant and equipment (Note 7) —149,544—284,743434,287Currency translation differences (1,035)(6,308)(12,958)—(20,301)Closing net carrying amount 3,509,8577,425,833988,3741,524,24013,448,304As of December 31, 2020 Cost 3,509,8579,876,722988,3741,932,32916,307,282Accumulated amortization and impairment —(2,450,889)—(408,089)(2,858,978)Net carrying amount 3,509,8577,425,833988,3741,524,24013,448,304 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 209 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-586 INTANGIBLE ASSETS (CONTINUED)For the years ended December 31, 2019, 2020 and 2021, the amortization expenses of intangible assets recognized in profit or loss were analyzed as follows:For the years ended December 31 2019 2020 2021Cost of sales 294,766 371,616 305,484General and administrative expenses 44,172 87,866 72,230 338,938 459,482 377,714As of December 31 2021, the Group pledged mining rights and mineral exploration rights with a net carrying value amounting to RMB1,400 million (December 31, 2020:RMB960 million) for interest-bearing loans and borrowings as set out in Note 24.Impairment testing of goodwillThe lowest level within the Group at which goodwill is monitored for internal management purposes is the operating segment before aggregation. Therefore, goodwill isallocated to the Group’s CGUs and groups of CGUs that are expected to benefit from the synergies of the relevant business combination. A summary of goodwill allocation ispresented below:December 31, 2021December 31, 2020AluminaPrimary aluminumAluminaPrimary aluminumQinghai Branch — 217,267 — 217,267Guangxi Branch 189,419 — 189,419 —Lanzhou Aluminum Co., Ltd. — 1,924,259 — 1,924,259PT. Nusapati Prima (“PTNP“) 14,621 — 14,963 —Shanxi Huaxing1,163,949—1,163,949— 1,367,989 2,141,526 1,368,331 2,141,526The recoverable amount of a CGU is determined based on value-in-use calculations. These calculation of VIU use pre-tax cash flow projections based on financial budgetsapproved by management covering a five-year period. Cash flows beyond the 5-year period are extrapolated using the estimated growth rate of 2% (2020: 2%) not exceedingthe long-term average growth rate for the businesses in which the CGU operates. Other key assumptions applied in the impairment testing include future prices of aluminumand alumina and the discount rate. Management determined these key assumptions based on past performance and their expectations on market development. Furthermore, theGroup adopts a nominal pre-tax rate of 12.62% (2020: 12.62%) that reflects specific risks related to CGUs and groups of CGUs and an underlying inflation rate of 2% as thediscount rate. The assumptions above are used in analyzing the recoverable amounts of CGUs and groups of CGUs within operating segments. These estimates and judgmentsmay be affected by unexpected changes in the future market or economic conditions.Based on their assessment, there was no impairment of goodwill as of December 31, 2021 and December 31, 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 210 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-597 PROPERTY, PLANT AND EQUIPMENT Office Buildings andTransportationand otherConstructioninfrastructureMachinery facilitiesequipment in progressTotalYear ended December 31, 2021 Opening net carrying amount 42,265,25453,034,9761,163,307362,1673,886,719100,712,423Reclassifications and internal transfers 1,443,4861,435,604105,35963,774(3,048,223)—Transfer to intangible assets (Note 6)————(27,941)(27,941)Transfer from right-of-use assets and non-current assets (i) 143,6461,398,593—85—1,542,324Transfer to investment properties (Note 8) (139,377)————(139,377)Transfer to right-of-use assets (Note 20(a))————(68,377)(68,377)Additions27,528230,5167,9474,3182,034,5522,304,861Government grants(447)(81,171)———(81,618)Disposals(122,110)(699,493)(12,441)(4,545)(275,835)(1,114,424)Depreciation (1,798,811)(5,360,059)(181,204)(35,485)—(7,375,559)Impairment loss(1,163,722)(1,000,412)(2,182)(46)(161,769)(2,328,131)Currency translation differences21,368(18,141)(198)(181)—2,848Closing net carrying amount 40,676,81548,940,4131,080,588390,0872,339,12693,427,029As of December 31, 2021 Cost 64,118,401111,919,5692,731,095892,1222,555,618182,216,805Accumulated depreciation and impairment (23,441,586)(62,979,156)(1,650,507)(502,035)(216,492)(88,789,776)Net carrying amount 40,676,81548,940,4131,080,588390,0872,339,12693,427,029(i)This includes the right-of-use assets recognized previously under sale and leaseback contracts of RMB1,343 million that were classified from property, plant andequipment, upon initial adoption of IFRS 16. After the expiration of those contracts, they were recognized as property, plant and equipment. Office Buildings andTransportationand otherConstructioninfrastructuresMachinery facilitiesequipment in progressTotalYear ended December 31, 2020 (Restated) Opening net carrying amount 40,777,43049,569,408429,581355,09412,361,039103,492,552Reclassifications and internal transfers 3,301,0767,114,160809,43347,546(11,272,215)—Transfer to intangible assets (Note 6) ————(434,287)(434,287)Transfer from right-of-use assets and non-current assets —1,982,812———1,982,812Transfer to investment properties (Note 8)(78,135)————(78,135)Transfer to other non-current assets————(38,430)(38,430)Transfer to right-of-use assets (Note 20(a))(140,254)———(744,887)(885,141)Additions 296,395182,42748,60710,6594,083,2314,621,319Business combination1,29052,357(18)(28)—53,601Government grants(1,646)(40,676)———(42,322)Disposals (120,386)(173,788)(27,145)(918)(58,659)(380,896)Depreciation (1,689,772)(5,325,096)(96,999)(49,609)—(7,161,476)Impairment loss (80,641)(326,445)(125)(558)(9,073)(416,842)Currency translation differences(103)(183)(27)(19)—(332)Closing net carrying amount 42,265,25453,034,9761,163,307362,1673,886,719100,712,423As of December 31, 2020 (Restated) Cost 63,188,384114,561,9742,844,604871,0374,007,082185,473,081Accumulated depreciation and impairment (20,923,130)(61,526,998)(1,681,297)(508,870)(120,363)(84,760,658)Net carrying amount 42,265,25453,034,9761,163,307362,1673,886,719100,712,423 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 211 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-607 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)For the year ended December 31, 2019, 2020 and 2021, depreciation expenses recognized in profit or loss are analyzed as follows:For the years ended December 31 2019 2020 2021(Restated)(Restated)Cost of sales 6,936,008 6,877,532 6,998,349General and administrative expenses 164,150 123,521 183,934Research and development expenses—155,288185,108Selling and distribution expenses 6,607 5,135 8,168 7,106,765 7,161,476 7,375,559As of December 31, 2021, the Group was in the process of applying for the ownership certificates of buildings with a net carrying value of RMB6,609 million (December 31,2020: RMB7,616 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of these buildings as of the date ofapproval of these financial statements.For the year ended December 31, 2021, interest expenses of RMB2 million (2020: RMB124 million, 2019: RMB289 million) (Note 29) arising from borrowings attributable tothe construction of property, plant and equipment during the year were capitalized at an annual rate of 4.00% (2020: 4.00% to 6.68%, 2019: 4.00% to 6.96)% (Note 29), andwere included in additions to property, plant and equipment.As of December 31, 2021, the Group pledged property, plant and equipment with a net carrying value amounting to RMB5,111 million (December 31, 2020: RMB5,191million) for interest-bearing loans and borrowings as set out in Note 24.As of December 31, 2021, the carrying value of temporarily idle property, plant and equipment of the Group was RMB723 million (December 31, 2020: RMB750 million).Impairment testing for property, plant and equipmentAs of December 31, 2021, certain CGUs of the Group are discontinued or in status of temporarily idle or insufficient utilization of capacity, due to the adjustment of overallproduction allocation within the Group or other specific adverse changes in circumstances related to the respective CGUs. The Group considered these CGUs had impairmentindications and therefore performed impairment test on them. As a result, provision of impairment of RMB2,328 million was made for property, plant and equipment for theyear ended December 31, 2021.When any indicators of impairment are identified, property, plant and equipment are reviewed for impairment based on each CGU. The CGU is an individual plant or entity.The carrying values of these individual plants or entities were compared to the recoverable amounts of the CGUs, which were based predominantly on value-in-use. Value-in-use calculations use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period areextrapolated using the same cash flow projections of the fifth year. Other key assumptions applied in the impairment testing include the future prices of aluminum and alumina,expected production and sales volumes, production costs and operating expenses. Management determined these key assumptions based on past performance and theirexpectations on market development. Further, the Group adopts a real pre-tax rate (excluding inflation) of 10.16% to 11.91% (2020: 10.16%) that reflects specific risks relatedto the CGUs as discount rate. The assumptions above are used in analyzing the recoverable amounts of the CGUs within operating segments. These estimates and judgmentsmay be affected by unexpected changes in the future market or economic conditions. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 212 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-618 INVESTMENT PROPERTIES Buildings Land use rights Total Year ended December 31, 2021 Opening net carrying amount 481,4891,120,3871,601,876Transfer from property, plant and equipment (Note 7)139,377—139,377Transfer from right-of-use assets (Note 20(a))—90,31490,314Others —7,4727,472Depreciation (11,900)(12,550)(24,450)Closing net carrying amount608,9661,205,6231,814,589As of December 31, 2021 Cost 779,2531,346,9532,126,206Accumulated depreciation and impairment(170,287)(141,330)(311,617)Net carrying amount 608,9661,205,6231,814,589 Buildings Land use rights TotalYear ended December 31, 2020 Opening net carrying amount 414,1681,089,0981,503,266Transfer from property, plant and equipment (Note 7) 78,135—78,135Transfer from right-of-use assets (Note 20(a))—45,88545,885Disposal —(1,005)(1,005)Depreciation (10,814)(13,591)(24,405)Closing net carrying amount 481,4891,120,3871,601,876As of December 31, 2020 Cost 601,8501,221,7101,823,560Accumulated depreciation and impairment (120,361)(101,323)(221,684)Net carrying amount 481,4891,120,3871,601,876The Group's investment properties consist of land use rights held for rental income and buildings leased to third parties under operating leases. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 213 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-629 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES(a) Investments in joint venturesMovements in investments in joint ventures are as follows: December 31,December 31,20212020As of January 1 3,374,553 3,385,582Capital injections — 4,333Share of profits for the year 164,100 180,502Share of changes in reserves 60 1,491Cash dividends declared (187,754) (197,355)As of December 31 3,350,959 3,374,553As of December 31, 2021, all joint ventures of the Group were unlisted.As of December 31, 2021, particulars of the Group’s material joint venture are as follows:Place ofRegistered Effective equity interest held establishment and paid-in Principal Ownership Voting Profit Name and operation capital activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd. (“Guangxi Huayin”)(廣西華銀鋁業有限公司) PRC/ Mainland China 2,441,987 Manufacturing 33.00% 33.00% 33.00%Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method.a Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 214 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-639 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued)(a) Investments in joint ventures (Continued)The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name.The following table illustrates the summarized financial information in respect of Guangxi Huayin: December 31, December 31, 20212020Cash and cash equivalents 224,154 247,680Other current assets 1,498,110 970,096Current assets 1,722,264 1,217,776Non-current assets 5,024,444 5,361,592Current liabilities 1,844,884 1,522,700Non-current liabilities 526,827 580,419Net assets 4,374,997 4,476,249Reconciliation to the Group’s interest in the joint venture: Proportion of the Group’s ownership 33.00% 33.00%The Group’s share of net assets of the joint venture 1,443,749 1,477,162Carrying amount of the investment 1,443,749 1,477,162 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 215 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-649 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued)(a) Investments in joint ventures (Continued)For the year ended December 31 2019 2020 2021Revenue 5,226,893 4,631,737 5,126,994Gross profit 1,303,254 800,965 890,301Interest income 9,781 7,388 14,465Depreciation and amortization 525,109 531,512 553,493Interest expenses 63,351 51,855 40,506Profit before income tax 621,315 195,189 246,447Income tax 79,300 21,152 44,333Other comprehensive income — — —Total comprehensive income for the year 542,015 174,037 202,114Dividend received 198,000 99,000 99,000The following table illustrates the aggregate financial information of the Group’s joint ventures that are not individually material: December 31, 2021 December 31, 2020Share of the joint ventures’ profits and losses for the year 96,255 121,120Share of the joint ventures’ total comprehensive income 96,255 121,120Aggregate carrying amount of the Group’s investments in joint ventures 1,907,210 1,897,391There were no material contingent liabilities relating to the Group’s interests in the joint ventures and the joint ventures themselves.(b) Investments in associatesMovements in investments in associates are as follows: December 31, 2021 December 31, 2020As of January 1 9,173,410 9,512,401Investment to Yunnan Aluminum320,000—Capital injections, other than to Yunnan Aluminum 309,251 —Subsidiaries changed into associates — 7,473Capital reduction (83,984) (14,850)Share of profits for the year 272,584 145,737Dividends declared (378,998) (480,397)Share of changes in reserves 24,371 3,046As of December 31 9,636,634 9,173,410As of December 31, 2021, except for Yunnan Aluminum, all associates of the Group were unlisted.As of December 31, 2021, no associate was individually material to the Group except for Yunnan Aluminum. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 216 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-659 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED)(b) Investments in associates (Continued)As of December 31, 2021, particulars of the Group’s material associate are as follows:Place ofEffective equity interest held establishment and Registered and Principal Ownership Voting Profit Nameoperationpaid-in capitalactivitiesinterestpowersharing Yunnan Aluminum PRC/Mainland China 3,448,207 Manufacturing 10.10% 10.10% 10.10%Yunnan Aluminum, which is considered a material associate of the Group, is accounted for using the equity method.The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name.The following table illustrates the summarized financial information in respect of Yunnan Aluminum: December 31, December 31, 20212020Cash and cash equivalents 1,622,638 1,186,778Other current assets 3,762,507 4,848,942Current assets 5,385,145 6,035,720Non-current assets 37,267,619 39,960,249Current liabilities 9,782,242 17,360,609Non-current liabilities 7,869,719 10,658,126Net assets 25,000,803 17,977,234Non-controlling interests 3,286,333 2,504,346Reconciliation to the Group’s interest in the associate: Proportion of the Group’s ownership 10.10% 10.04%The Group’s share of net assets of the associate 2,193,161 1,553,478Carrying amount of the investment 2,193,161 1,553,478 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 217 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-669 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED)(b) Investments in associates (Continued) For the years ended December 31 20192020 2021Revenue24,283,62329,567,86441,668,819Gross profit3,241,0054,084,5359,440,917Interest income46,86535,34531,058Depreciation and amortization1,381,0661,571,3081,866,030Interest expenses945,786649,600607,126Profit before income tax596,5461,032,4973,527,700Income tax51,340122,384436,429Other comprehensive income 28,183 (36,602)23,321Total comprehensive income for the year 573,389 873,5113,114,592Dividend received — ——The following table illustrates the aggregate financial information of the Group’s associates that are not individually material: December 31, December 31,20212020Share of the associates’ profits and losses (37,780) 83,519Share of the associates’ total other comprehensive income 6,292 —Share of the associates' total comprehensive income(31,488)83,519Aggregate carrying amount of the Group’s investments in the associates 7,443,473 7,619,932There were no material contingent liabilities relating to the Group’s interests in the associates and the associates themselves.As of December 31, 2020, the Group had pledged investments in associates amounting to RMB396 million as set out in Note 24 to the financial statements. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 218 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-6710 OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE December 31, December 31,20212020(Restated)Listed equity investments, at fair valueDongxing securities Co., Ltd.(東興證券股份有限公司)7,6748,812 Unlisted equity investments, at fair value Sanmenxia Dachang Mining Co., Ltd.(三門峽達昌礦業有限公司) 20,921 20,921Inner Mongolia Ganqimaodu Port Development Co., Ltd.(內蒙古甘其毛都港務發展股份有限公司)16,66916,669Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd. (銀川經濟技術開發區投資控股有限公司)20,57717,234China Color International Alumina Development Co., Ltd.(中色國際氧化鋁開發有限公司) 5,998 6,636Luoyang Jianyuan Mining Co., Ltd. (洛陽建元礦業有限公司)4,9754,975NingXia Electric Power Trading Center Co., Ltd(寧夏電力交易中心有限公司)4,3054,305Ningxia Ningdian Logistics Transportation Co., Ltd.(寧夏寧電物流運輸有限公司)1,6401,640Chinalco Innovative Development Investment Company Limited (“Chinalco Innovative”) (中鋁創新開發投資有限公司) (ii)—329,234Size Industry Investment Fund (四則產業投資基金) (i)—980,498Fangchenggang Chisha Pier Co., Ltd.(防城港赤沙碼頭有限公司)21,700700Xingxian Shengxing Highway Investment Management Co., Ltd. (興縣盛興公路投資管理有限公司) 135,079 135,079 231,864 1,517,891 239,538 1,526,703The above equity investments were irrevocably designated at fair value through other comprehensive income as the Group considers these investments to be strategic in nature.Note:(i)During the year ended December 31,2021, the Group redeemed the investment in Size Industry Investment Fund with capital of RMB950 million, and dividend of RMB7million received.(ii)During the year ended December 31, 2021, the Group appointed one out of seven directors of the Board of Directors of Chinalco Innovative, resulting in the ability to exertsignificant influence on Chinalco Innovative. Accordingly, the investment in Chinalco Innovative became an investment in an associate. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 219 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-6811 DEFERRED TAXDeferred tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when thedeferred taxes relate to the same tax authority.The movements in deferred tax assets and liabilities during the year ended December 31, 2021 without taking into consideration the offsetting of balances within the same taxjurisdiction, are as follows:Movements in deferred tax assets:UnrealisedProvision forAccruedprofit at impairment expenses Tax losses consolidation Others TotalAs of January 1, 2020445,322 209,395 576,190 169,355 179,427 1,579,689Acquisition of subsidiaries————3636Credit/(charged) to profit or loss65,196(99,810)(105,811)56,73151,116(32,578)As of December 31, 2020 510,518 109,585470,379226,086230,5791,547,147As of January 1, 2021 510,518109,585470,379226,086 230,5791,547,147Credit/(charged) to profit or loss185,470(85,912)(226,769)67,564(41,937)(101,584)As of December 31, 2021 695,988 23,673243,610293,650188,6421,445,563Movements in deferred tax liabilities:Fair valueadjustmentsFair valueDepreciationarising fromchanges ofandacquisitionInterestfinancialamortizationof capitalisation assets and others subsidiaries TotalAs of January 1, 2020 38,0077,73123,8731,700,0881,769,699Exchange realignment — — — (1,406) (1,406)Charged to other comprehensive income — (3,066) — — (3,066)Acquisition of subsidiaries———1,2741,274Credited to profit or loss (12,167) 4,235 13,234 (268,804) (263,502)As of December 31, 2020 25,840 8,900 37,107 1,431,152 1,502,999As of January 1, 202125,8408,90037,1071,431,1521,502,999Charged to other comprehensive income — (11,117) — — (11,117)Credited to profit or loss (7,915) 4,059 34,860 (84,951) (53,947)As of December 31, 2021 17,925 1,842 71,967 1,346,201 1,437,935The temporary differences associated with investments in the Group’s associates and joint ventures, for which a deferred tax liability has not been recognized in the periodspresented, aggregate to RMB437 million (2020: RMB317 million), considering dividends from investments in associates and joint ventures are exempted from the PRC incometax and the Group has no plan to dispose any of these investees in the foreseeable future. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 220 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-6911 DEFERRED TAX (CONTINUED)For presentation purposes, certain deferred tax assets and liabilities have been offset in the consolidated statement of financial position. The following is an analysis of thedeferred tax balances of the Group for financial reporting purposes: December 31, December 31,20212020Net deferred tax assets 1,386,147 1,481,235Net deferred tax liabilities 1,378,519 1,437,087As of December 31, 2021, the Group has not recognized deferred tax assets of RMB1,514 million (December 31, 2020: RMB1,514 million) in respect of accumulated tax lossesamounting to RMB6,930 million (December 31, 2020: RMB6,593 million) arising in Mainland China that can be carried forward for offsetting against future taxable income,and deferred tax assets of RMB2,633 million (December 31, 2020: RMB2,032 million) in respect of deductible temporary differences amounting to RMB12,051 million(December 31, 2020: RMB8,849 million) as it was considered not probable that those assets would be realized.As of December 31, 2021, the expiry profile of these tax losses not recognized for deferred tax assets was analyzed as follows: December 31, December 31,20212020Expiring in 2021 — 213,9922022 742,693 795,0122023 590,293 536,39420241,778,9271,890,76520252,405,8622,590,3502026 and beyond1,412,128566,997 6,929,903 6,593,510 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 221 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7012 OTHER NON-CURRENT ASSETS December 31, December 31,20212020Financial assets Long-term receivables 127,390127,754Less: impairment (15,542)—111,848127,754 Prepayment for mining rights 806,534809,722Long-term prepaid expenses 593,011654,291Deferred losses for sale and leaseback transactions(i) 97,070396,368Input VAT to be deducted294,420388,271Rent concessions376,917257,899Others 195,146531,615 2,363,0983,038,166 2,474,9463,165,920(i)In previous years, the Group entered into several sale and leaseback agreements (Note 20(a)). The deferred losses arising from the sale are classified as other non-currentassets and were amortized over the useful lives of the assets leased back.As of December 31, 2021 and December 31, 2020, long-term receivables were denominated in RMB and non-interest bearing.13 INVENTORIES December 31, December 31,20212020 (Restated)Raw materials 5,628,872 7,450,822Work-in-progress 8,732,604 7,290,838Finished goods 4,310,607 4,835,098Spare parts 645,564 789,136Packaging materials and others 26,353 25,709 19,344,000 20,391,603Less: provision for impairment of inventories (666,125) (529,827) 18,677,875 19,861,776Movements in the provision for impairment of inventories are as follows: December 31, December 31,20212020As of January 1 529,827 560,066Provision for impairment of inventories 471,162 1,492,153Reversal arising from increase in net realizable value (14,624) (170,766)Written off upon sales of inventories (320,240) (1,351,626)As of December 31 666,125 529,827As of December 31, 2021 and 2020, the Group had no pledged inventories for bank and other borrowings. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 222 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7114 TRADE RECEIVABLES AND NOTES RECEIVABLEDecember 31, December 31,20212020 (Restated)Trade receivables 4,025,441 5,687,100Less: impairment (958,787) (933,890) 3,066,654 4,753,210Notes receivable 3,838,196 4,560,437 6,904,850 9,313,647As of December 31, 2021, other than trade and notes receivables amounting to RMB512 million which were denominated in USD (December 31,2020: RMB685 million whichwere denominated in USD), all other trade and notes receivables were denominated in RMB.Trade and notes receivables due from the Group’s joint ventures and associates amounted to RMB641 million (December 31, 2020: RMB741 million) and RMB11 million(December 31, 2020: RMB14 million) respectively, which are repayable on credit terms similar to those offered to the major customers of the Group.As of December 31, 2021, the Group pledged trade and notes receivable amounting to RMB1,983 million (December 31, 2020: RMB2,748 million) as set out in Note 24 to thefinancial statements.Trade receivables and notes receivable are non-interest bearing and generally with credit terms of 3 to 12 months. Certain of the Group’s sales were on advance payments ordocuments against payment. In some cases, these terms are extended for qualifying long term customers that have met specific credit requirements. As of December 31, 2021,the ageing analysis of trade receivables based on invoice date was as follows:As of December 3120212020 (Restated)Within 1 year 2,367,787 2,984,665Between 1 and 2 years 153,161 1,031,050Between 2 and 3 years 225,796 183,288Over 3 years 1,278,697 1,488,097 4,025,4415,687,100Less: loss allowance for impairment (958,787) (933,890) 3,066,654 4,753,210An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due forgroupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or otherforms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available atthe reporting date about past events, current conditions and forecasts of future economic conditions. The Group also assesses impairment loss individually if there is evidence ofsignificant increases in credit risk at an individual level. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 223 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7214 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED)Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: As of December 31, 2021Expected creditGross carrying Expected credit losses loss amount losses rate (%)Alumina and primary aluminum Within 1 year 172,625 1,574 0.91Between 1 and 2 years 25,430 1,331 5.23Between 2 and 3 years 3,146 1,708 54.29Over 3 years 46,210 41,896 90.66 247,411 46,509 Trading Within 1 year 365,158 361 0.10Between 1 and 2 years 6,131 103 1.68Between 2 and 3 years 23 1 4.35Over 3 years 2,918 1,525 52.26 374,230 1,990 Energy Within 1 year 1,108,505 52 0.00Between 1 and 2 years 119,108 1,298 1.09Between 2 and 3 years 138,660 3,332 2.40Over 3 years 171,184 42,054 24.57 1,537,457 46,736 Corporate and other operating segments Within 1 year 10,138 610 6.02Between 1 and 2 years 2,491 1,763 70.77Between 2 and 3 years 1,887 1,792 94.97Over 3 years 10,018 9,763 97.45 24,534 13,928 2,183,632 109,163Individually assessed trade receivables 1,841,809 849,624 4,025,441 958,787 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 224 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7314 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED)Set out below is the information about individually assessed trade receivables: As of December 31, 2021Expected creditGross carryingExpected creditlosses loss amount losses rate (%)China Aluminum Zibo International Trading Co., Ltd 617,974 — —Zhuhai Hongfan nonferrous metal Chemical Co., Ltd 270,419 270,419 100.00Aluminum Industry Co., Ltd., Luoyang, Henan 247,163 — —Xinjiang Jiarun Resources Holdings Co., Ltd. 213,293 213,293 100.00Guizhou Jinpingguo Aluminum Rod Co., Ltd. 111,138 111,138 100.00Others 381,822 254,774 66.73 1,841,809 849,624 The Group has no individual provision for impairment of notes receivables. The Group measures the provision for loss on the basis of expected credit losses. The Groupconsiders that notes receivables are not exposed to significant credit risk and has limited default risk.Movements in the loss allowance for impairment of trade receivables are as follows:202120202019 (Restated) As of January 1 933,890 715,597 659,261Impairment loss 364,120 403,633 237,504Write off (285,178) (122,459) (98,554)Reversal (36,989) (64,661) (83,095)Others (17,056) 1,780 481As of December 31 958,787 933,890 715,597 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 225 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7415 OTHER CURRENT ASSETSDecember 31, 2021 December 31, 2020 (Restated)Financial assets — Deposits paid to suppliers 1,320,448 691,786— Dividends receivable 373,252 412,736— Receivables from disposal of businesses and assets — 20,950— Entrusted loans and loans receivable from third parties 1,466,236 1,530,452— Entrusted loans and loans receivable from related parties 1,324,016 1,264,423— Recoverable reimbursement for freight charges 251,113 381,866— Receivable from disposal of aluminum capacity quota—538,655— Other financial assets 693,068 1,365,9515,428,1336,206,819Less: impairment allowance (3,153,226) (2,224,511) 2,274,907 3,982,308Advances to employees — 17,043Deductible input value added tax receivables 529,760 1,379,288Prepaid income tax 59,578 116,574Prepayments to related parties for purchases 144,098 78,724Prepayments to suppliers for purchases and others 870,762 726,487Others 74,221 49,598 1,678,419 2,367,714Less: impairment allowance — (1,621) 1,678,419 2,366,093Total other current assets 3,953,326 6,348,401As of December 31, 2021, except for amounts included in other current assets amounting to RMB99 million, which were denominated in USD (December 31, 2020: othercurrent assets amounting to RMB152 million denominated in USD), remaining amounts in other current assets were denominated in RMB.As of December 31, 2021 and 2020, except for entrusted loans and loans receivable which were interest-bearing assets, all amounts in other current assets were non-interestbearing.As of December 31, 2021, the ageing analysis of financial assets included in other current assets was as follows:December 31, 2021 December 31, 2020 (Restated)Within 1 year 1,832,596 2,385,470Between 1 and 2 years 175,193 142,887Between 2 and 3 years 36,709 191,228Over 3 years 3,383,635 3,487,234 5,428,133 6,206,819Less: provision for impairment (3,153,226) (2,224,511)2,274,9073,982,308 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 226 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7515 OTHER CURRENT ASSETS (CONTINUED)Movements in the provision for impairment of in other current assets are as follows:2021 2020As of January 12,226,1321,699,450Impairment loss 1,046,565 657,200Write off (135,049) (113,507)Reversal (4,524) (17,011)Others 20,102 —As of December 31 3,153,226 2,226,132Financial assets included in other current assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages formeasurement of ECLs. Gross carrying Expected creditAs of December 31, 2021 amountlossesStage 1 – 12 months expected credit loss 1,943,470 2,988Stage 2 – life time expected credit loss 188,324 7,713Stage 3 – life time expected credit loss with credit-impaired 3,296,339 3,142,525 5,428,133 3,153,226December 31, 2020Gross carryingExpected credit(Restated) amount lossesStage 1 – 12 months expected credit loss 2,218,072 5,961Stage 2 – life time expected credit loss 578,213 14,966Stage 3 – life time expected credit loss with credit-impaired 3,410,534 2,203,584 6,206,819 2,224,511During the year ended December 31, 2021, RMB937 millions of provision for bad debt was made for certain long-aged stage 3 receivables, mainly due to further decreased inthe value of securities for the related receivables based on the Group’s assessment as of December 31, 2021.16 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31,20212020(Restated)Restricted cash 1,324,748 1,056,037Cash and cash equivalents 17,853,244 9,671,477 19,177,992 10,727,514Reconciliation to the consolidated statement of cash flow: Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 227 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7616 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (CONTINUED)The above figures reconcile to the amount of cash and cash equivalent shown in the consolidated statement of cash flows at the end of the financial year as follows: December 31, December 31,20212020(Restated)Balances as above 17,853,244 9,671,477Bank overdrafts — (899,955)Balances per statement of cash flows 17,853,244 8,771,522Restricted cash mainly represented deposits held for use in issuing notes payable and letters of credit.As of December 31, 2021, cash and cash equivalent and restricted cash of the Group were denominated in the following currencies:December 31, December 31,20212020(Restated)RMB 17,605,127 9,621,499USD 1,557,373 1,095,713HKD 7,314 2,763EUR 1,957 2,055Others6,2215,484 19,177,992 10,727,514Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances, time deposits and restricted cash are deposited with creditworthy banks withno recent history of default.17 SHARE CAPITALAs of December 31, 2020 and December 31, 2021, all issued shares were registered and fully paid. Both A shares and H shares rank pari passu with each other.The number of the Company’s authorised and issued ordinary shares was 17,022,672,951 at par value of RMB1.00 per share as of December 31, 2021.December 31,December 31, 2021 2020Listed A shares13,078,70713,078,707Listed H shares3,943,9663,943,96617,022,67317,022,67318 RESERVESThe amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity of the financialstatements.As approved in the 2021 Annual General Meeting, the Company made up for the accumulated losses with the surplus reserve of RMB4,230 million in 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 228 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7719 INTEREST-BEARING LOANS AND BORROWINGS December 31, December 31,20212020Long-term loans and borrowings Lease liabilities (Note 20 (b))12,594,4557,086,151Medium-term notes and bonds (Note 19(b))– Unsecured 19,222,586 18,975,379Long-term bank and other loans (Note 19(a)) – Secured (Note 19(f))11,008,2159,216,299– Guaranteed (Note 19(e))3,132,5294,846,446– Unsecured27,984,44228,951,81942,125,18643,014,564Total long-term loans and borrowings 73,942,227 69,076,094Current portion of lease liabilities(987,664)(828,272)Current portion of medium-term notes and bonds (2,999,599) (7,100,711)Current portion of long-term bank and other loans (5,859,115) (3,629,014)(9,846,378)(11,557,997)Non-current portion of long-term loans and borrowings 64,095,849 57,518,097 December 31, December 31,20212020Short-term loans and borrowings Bank and other loans (Note 19(c)) – Secured (Note 19(f)) 513,100 863,738– Guaranteed (Note 19(e)) — 50,000– Unsecured 8,706,230 19,824,292 9,219,330 20,738,030Short-term bonds, unsecured (Note 19(d)) 5,440,414 2,411,256Current portion of lease liabilities987,664828,272Current portion of medium-term notes and bonds 2,999,599 7,100,711Current portion of long-term bank and other loans 5,859,115 3,629,01415,286,79213,969,253Total short-term borrowings and current portion of long-term loans and borrowings24,506,12234,707,283As of December 31, 2021, except for loans and borrowings of the Group amounting to RMB11 million (December 31, 2020: RMB15 million) and RMB1,333 million(December 31, 2020:RMB1,312 million) which were denominated in JPY and USD, respectively, all loans and borrowings were denominated in RMB. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 229 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7819 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)As of December 31, 2021, included in the Group’s interest-bearing loans and borrowings are loans provided by subsidiaries of Chinalco RMB13,029 million (December 31,2020: RMB8,887 million), as set out in Note 36(b). There were no interest-bearing loans and borrowings obtained from joint ventures and associates as of December 31, 2021and 2020.As of December 31, 2021, Shangdong Huayu Alloy Materials Co. Ltd. (“Shangdong Huayu”), a subsidiary of the Company did not repay short-term secured bank loans withprincipal amount of RMB113 million, which resulted in an event of default and there is no further impact extended to the Group.(a) Long-term bank and other loansThe maturity of long-term bank and other loans is set out below:Loans from banks and otherTotal of long-term bank andfinancial institutionsOther loansother loans December 31, December 31, December 31, December 31, December 31, December 31,202120202021202020212020Within 1 year 5,856,967 3,626,564 2,148 2,450 5,859,115 3,629,014Between 1 and 2 years 11,835,504 6,700,238 2,148 2,450 11,837,652 6,702,688Between 2 and 5 years 9,764,992 15,630,738 6,445 7,350 9,771,437 15,638,088Over 5 years 14,656,982 17,042,324 — 2,450 14,656,982 17,044,774 42,114,445 42,999,864 10,741 14,700 42,125,186 43,014,564 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 230 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-7919 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)(b) Medium-term notes and bondsOutstanding medium-term bonds and private placement notes of the Group as of December 31, 2021 are summarized as follows:EffectiveDecember 31,December 31, Face value /maturity interest rate 2021 20202018 Medium-term notes 2,000,000RMB/20215.84% — 1,998,8022019 Medium-term notes2,000,000RMB/20244.31% 1,989,0901,985,2642020 Medium-term notes900,000RMB/20233.04% 898,866897,9722021 Medium-term notes 1,000,000RMB/20243.21% 997,028 —2018 Medium-term bonds1,100,000RMB/20214.66% —1,099,2842018 Medium-term bonds900,000RMB/20235.06% 899,323898,8072018 Medium-term bonds 1,400,000RMB/20214.30% — 1,398,1602018 Medium-term bonds1,600,000RMB/20234.57% 1,597,9881,597,0712019 Medium-term bonds2,000,000RMB/20223.84% 1,999,8091,999,1962019 Medium-term bonds2,000,000RMB/20294.57% 1,997,4401,997,2652019 Medium-term bonds1,000,000RMB/20223.52% 999,790999,6232020 Medium-term bonds500,000RMB/20253.31% 499,876499,8532020 Medium-term bonds 1,000,000RMB/20233.07% 999,787 999,6172018 Hong Kong Medium-term bonds 400,000USD/20215.25% — 2,604,4652021 Hong Kong Medium-term bonds500,000USD/20241.74% 3,173,180—2021 Hong Kong Medium-term bonds500,000USD/20262.24% 3,170,409—19,222,58618,975,379Medium-term notes and bonds were issued for capital expenditure and operating cash flows purposes, as well as for the purpose of re-financing of bank loans. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 231 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8019 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)(c) Short-term bank and other loansThe weighted average annual interest rate of short-term bank and other loans for the year ended December 31, 2021 was 3.03% (2020: 3.46%).(d) Short-term bondsOutstanding short-term bonds as of December 31, 2021 are summarized as follows: Effective December 31, December 31,Face value /maturity interest rate 2021 2020 short-term bonds400,000RMB/20212.46%—405,997short-term bonds500,000RMB/20211.52%—501,781short-term bonds1,000,000RMB/20212.45%—1,002,925short-term bonds500,000RMB/20211.61%—500,553short-term bonds400,000RMB/20222.70%406,036—short-term bonds2,000,000RMB/20222.59%2,022,571—short-term bonds1,000,000RMB/20222.55%1,006,240—short-term bonds2,000,000RMB/20222.80%2,005,567— 5,440,414 2,411,256All the above short-term bonds were issued for working capital needs.(e) Guaranteed interest-bearing loans and borrowingsDetails of guarantors for the Group’s loans and borrowings are set out as follows:GuarantorsDecember 31, December 31,20212020Long-term loans The Company 1,053,744 2,092,761Baotou Aluminum Limited Company(包頭鋁業有限公司) and Baotou Communications Investment Group LimitedCompany(包頭交通投資集團有限公司) (i) 825,000 1,137,500Ningxia Energy (ii) 935,000 1,134,400The Company and COSCO SHIPPING BULK Limited company (中遠海運散貨運輸有限公司) (iii) 318,785 318,785Yinyi Fengdian, Neimenggu, Alashan (ii)—144,000Yinxing Energy (ii)—19,0003,132,5294,846,446Short-term loans Ningxia Energy (ii)—50,000 3,132,529 4,896,446Notes:(i)The guarantors are a subsidiary of the Company and a related party respectively.(ii)The guarantor is a subsidiary of the Company. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 232 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8119 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED)(e) Guaranteed interest-bearing loans and borrowings (Continued)(iii)The joint guarantors are the Company and a third party.The English names represent the best effort by management of the Group in translating the Chinese names of the companies as they do not have any official English names.(f) Details of the assets pledged for bank and other borrowings were set out in Note 24 to the financial statements.20 LEASEThe Group as a lesseeThe Group has lease contracts for various items of plant and machinery, motor vehicles, other equipment and land use rights used in its operations.(a) Right-of-use assetsThe carrying amounts of the Group’s right-of-use assets and the movements during 2021 and 2020 are as follows: Buildings Machinery Land use rights TotalAs of January 1, 2021 235,169 1,764,196 12,288,473 14,287,838Additions 8,547 6,424 109,927 124,898Transfer from property, plant and equipment (Note 7) — — 68,377 68,377Lease modification 377,873 — 5,769,223 6,147,096Transfer to property, plant and equipment (143,646) (1,199,382) — (1,343,028)Transfer to investment properties (Note 8) — — (90,314) (90,314)Disposal — — (17,774) (17,774)Depreciation (121,955) (128,617) (493,939) (744,511)Impairment losses — (67,744) (22,346) (90,090)Currency translation differences(23)—3,6673,644As of December 31, 2021 355,965 374,877 17,615,294 18,346,136 Buildings Machinery Land use rights TotalAs of January 1, 2020 287,255 3,756,305 11,846,877 15,890,437Additions 15,023 8,831 52,925 76,779Transfer from property, plant and equipment (Note 7) — — 885,141 885,141Lease modification (12,301) — (43,496) (55,797)Transfer to property, plant and equipment — (1,663,686) — (1,663,686)Transfer to investment properties (Note 8) — — (45,885) (45,885)Disposal — — (15,792) (15,792)Depreciation (54,792) (321,464) (391,297) (767,553)Impairment losses — (15,790) — (15,790)Currency translation differences(16)——(16)As of December 31, 2020 235,169 1,764,196 12,288,473 14,287,838As of December 31, 2021, the Group has pledged land use rights at a net carrying value amounting to RMB180 million (December 31, 2020: RMB273 million) for bank andother borrowings as set out in Note 24 to the financial statements. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 233 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8220 LEASE (CONTINUED)The Group as a lessee (Continued)(b) Lease liabilitiesThe carrying amount of lease liabilities (included under interest-bearing bank and other borrowings) and the movements during the year are as follows: Year endedDecember 31,2021Carrying amount as of January 1 7,086,151New leases 122,354Lease modification (i) 6,147,096Accretion of interest recognized during the year 366,858Payments (1,128,004)Carrying amount as of December 31 12,594,455Analyzed into: Current portion 987,664Non-current portion 11,606,791(i) Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001 (Note 3(g)), the annual consideration for certain lands leased by theGroup from Chinalco for the period commencing January 1, 2022 was re-negotiated between contract parties, which constitute lease modifications as of December 31,2021 and results in remeasurement of the lease liabilities and a corresponding adjustment to the right-of-use assets.(c) The amounts recognized in profit or loss in relation to leases are as follows: 2021 2020 2019Interest on lease liabilities 366,858 466,796487,249Depreciation charge of right-of-use assets 744,511 767,5531,075,825Expense relating to short-term leases and leases of low-value assets 51,739 91,53765,426 Total amount recognized in profit or loss 1,163,108 1,325,8861,628,500(d) The total cash outflow for leases is disclosed in Notes 35(c), to the financial statements.The Group as a lessorRental income recognized by the Group during the year was RMB299 million (2020: RMB330 million, 2019: RMB318 million), details of which are included in Note 5 to thefinancial statements. In the opinions of the directors, the undiscounted lease payments receivable by the Group in future periods under non-cancellable operating leases are notmaterial. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 234 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8321 OTHER NON-CURRENT LIABILITIES December 31, 2021 December 31, 2020Financial liabilities –Long-term payables for mining rights 798,204 1,014,169–Other financial liabilities 82,660 22,748 880,864 1,036,917Obligations in relation to early retirement schemes (i) 205,802 217,864Deferred government grants 153,290 182,221Deferred gain relating to sales and leaseback agreements 50,630 58,844Contract liabilities108,545182,859Provision for rehabilitation 393,896 316,812Others 145,213 152,041 1,057,376 1,110,641 1,938,240 2,147,558Note:(i) Obligations in relation to early retirement schemesSince 2014, certain subsidiaries and branches implemented termination retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. TheGroup undertakes the obligations to pay the termination retirement employees’ living expenses for a period of no more than five years in the future on a monthly basisaccording to the termination retirement benefit schemes, in addition to the social insurance and housing fund pursuant to the regulation of the local Social Security Office.Living expenses, social insurance and the housing fund are together referred to as “the Payments”. The Payments are forecasted to increase by 3% per annum with reference tothe inflation rate and adjusted based on the average death rate in China. The Payments are discounted at the treasury bond rate as of December 31, 2021. As of December 31,2021, the current portion of the Payments payable within one year is included in “Other payables and accrued liabilities”.As of December 31, 2021 and 2020, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows:December 31, December 31,20212020As of January 1 497,334 843,253Provision made during the year (Note 30) 269,895 53,339Interest costs 4,612 11,582Payment during the year (343,362) (410,840)As of December 31 428,479 497,334Non-current 205,802 217,864Current (Note 22) 222,677 279,470 428,479 497,334 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 235 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8422 OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2021 December 31, 2020(Restated)Financial liabilities – Payable for capital expenditures 2,990,377 4,677,705– Interest payable 485,426 533,382– Deposits1,653,5241,748,356– Dividends payable by subsidiaries to non-controlling shareholders 369,465 289,791– Consideration payable for investment projects 38,255 23,740– Current portion of payables for mining rights (Note 21) 182,959 460,101– Payable of the government levies on self-operated power plants411,021423,728– Others 1,035,189 809,149 7,166,216 8,965,952Output value-added tax payable 263,297 271,963Taxes other than income taxes payable (i) 1,298,548 798,481Accrued payroll and bonus 123,981 72,289Staff welfare payables 213,305 323,214Current portion of obligations in relation to termination retirement schemes (Note 21) 222,677 279,470Contribution payable for pension insurance19,27822,935Others 46,391 21,375 2,187,477 1,789,727 9,353,693 10,755,679(i)Taxes other than income taxes payable mainly comprise accruals for value-added tax, resource tax, city construction tax and education surcharge.As of December 31, 2021, except for other payables and accrued liabilities of the Group amounting to RMB1.24 million and RMB0.16 million which were denominated inUSD and HKD, respectively (December 31, 2020: RMB92 million and RMB0.16 million which were denominated in USD and HKD, respectively), all remaining balances ofpayables and accrued liabilities were denominated in RMB.23 TRADE AND NOTES PAYABLES December 31, 2021 December 31, 2020(Restated)Trade payables 10,946,272 9,976,432Notes payable 4,559,171 5,467,922 15,505,443 15,444,354As of December 31, 2021, except for trade and notes payables of the Group amounting to RMB241 million which were denominated in USD (December 31, 2020: RMB35million in USD), all remaining balances of trade and notes payables were denominated in RMB. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 236 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8523 TRADE AND NOTES PAYABLES (CONTINUED)The ageing analysis of trade and notes payables is as follows: December 31, 2021 December 31, 2020(Restated)Within 1 year 14,941,793 14,926,948Between 1 and 2 years 131,152 210,587Between 2 and 3 years 129,356 119,587Over 3 years 303,142 187,23215,505,443 15,444,354The trade and notes payables are non-interest bearing and are normally settled within one year.24 PLEDGE OF ASSETSThe Group has pledged various assets as collateral against certain secured borrowings as set out in Note 19. As of December 31, 2021, a summary of these pledged assets wasas follows: December 31, 2021 December 31, 2020Property, plant and equipment (Note 7) 5,111,165 5,191,185Right-of-use assets (Note 20(a))179,683273,451Intangible assets (Note 6) 1,399,972 960,000Trade receivables and notes receivables (Note 14) 1,982,986 2,747,768Investments in joint ventures and associates (Note 9) — 395,610 8,673,806 9,568,014As of December 31, 2021, in addition to the loans and borrowings which were secured by the above assets, the current portion of long-term loans and borrowings amounting toRMB1,525 million (December 31, 2020: RMB1,209 million), and the non-current portion of long-term loans and borrowings amounting to RMB7,959 million (December 31,2020: RMB10,265 million) were secured by the contractual right to charge users for electricity generated in the future. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 237 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8625 EXPENSE BY NATUREFor the years ended December 31 2019 2020 2021 (Restated)(Restated)Purchase of inventories in relation to trading activities 104,928,962 102,515,791 149,177,935Raw materials and consumables used, and changes in work-in-progress and finished goods 35,550,482 32,935,620 45,735,508Power and utilities 16,755,424 16,766,950 24,283,691Depreciation of right-of-use assets (Note 20)1,075,825767,553744,511Depreciation and amortization (other than depreciation of right-of-use assets) expenses 7,720,407 7,920,108 7,969,871Employee benefit expenses (Note 30) 7,777,692 7,877,451 8,878,784Repairs and maintenance 1,867,160 1,595,880 2,797,464Transportation expenses and logistic cost 3,420,360 4,079,157 5,662,341Taxes other than income tax expense (i) 1,431,587 1,601,728 2,247,649Inventory impairment loss 1,163,272 1,321,387 456,538Research and development expenses 940,828 1,014,604 1,842,295Auditors’ remuneration -The Company’s auditor -Audit services25,44418,17018,170-Non-audit services2,388700870-Other auditors5,50512,4362,746Others1,978,9111,154,1021,332,875 184,644,247 179,581,637 251,151,248Note:(i)Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty.26 NET IMPAIRMENT LOSSES ON FINANCIAL ASSETSFor the years ended December 31 2019 2020 2021 (Restated)Impairment losses on other non-current assets (Note 12)——15,716Impairment losses on trade and notes receivables (Note 14) 154,409 338,972 327,131Impairment losses on other current assets (Note 15) 16,607 640,189 1,042,041171,016 979,161 1,384,88827 OTHER INCOMEFor the year ended December 31, 2021, government grants amounting to RMB148 million (2020: RMB140 million, 2019: RMB85 million) were recognized as income forthe year to facilitate the Group’s development. There are no unfulfilled conditions or contingencies attached to the grants. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 238 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8728 OTHER (LOSSES)/GAINS-NET For the years ended December 31201920202021 (Restated) (Loss)/gain on disposal of subsidiaries (Note 40) 261,187 11,305 (27,404)Realized and unrealized gains on futures, forward and option contracts, net(i)50,820512,984(604,734)(Loss)/gain on disposal of property, plant and equipment and intangible assets, net (ii) 259,684 319,796 (650,711)(Loss)/gain on acquisition of associates (iii)295,288——Losses on derecognition of financial assets measured at amortized cost——(91,348)Gain on disposal of investment in a joint venture (iv)159,514——Others (44,816) 59,786 (249,306) 981,677 903,871 (1,623,503)(i)The Group does not apply hedge accounting for these futures, forward and option contracts.(ii)During the year ended December 31, 2021, the Group abandoned or replaced certain idle or inefficient property, plant and equipment in the process of production lineimprovement or disposal, resulting in a loss of RMB651 million.During the year ended December 31, 2020, the aluminum capacity quota of Shandong Huayu has been disposed of, and the Group recognized the disposal gain of RMB539million.During the year ended December 31, 2019, the electrolytic aluminum capacity quota was transferred from Shanxi Huasheng Co., Ltd. to Yixin Aluminum with a gain ofRMB800 million recorded. The fixed assets related to the electrolytic aluminum production line of Guizhou Branch have been disposed of, and the Company recognized thedisposal loss of RMB541 million.(iii)During the year ended December 31, 2019, the Group recognized a gain of RMB204 million and a gain of RMB91 million on barging purchase of associates YunnanAluminum and Yixin Aluminum, respectively.(iv)In March 2019, Ningxia Energy transferred, through an auction transaction, its 50% equity interest in Ningxia Zhongning Power Co., Ltd. to Ningxia Tianyuan ManganeseIndustry Group Co., Ltd. A gain of RMB159 million from disposal of investment in a joint venture was recorded by the Group. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 239 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8829 FINANCE INCOME/FINANCE COSTSAn analysis of finance income/finance costs is as follows:For the years ended December 31201920202021 (Restated) (Restated) Finance income-interest income (261,194) (227,201) (275,996)Interest expense 4,665,537 3,986,264 3,522,241Less: Interest expense capitalized in property, plant and equipment (Note 7) (289,499) (123,571) (1,727)Interest expense, net of capitalized interest 4,376,038 3,862,693 3,520,514Interest on lease liability and amortization of unrecognized finance expenses547,820481,512401,927Exchange losses/(gains), net (2,317) 76,323 20,320Finance costs 4,921,541 4,420,528 3,942,761Finance costs, net 4,660,347 4,193,327 3,666,765Capitalization rate during the year (Note 7) 4.00% to 6.96%4.00% to 6.68%4.00%30 EMPLOYEE BENEFIT EXPENSEAn analysis of employee benefit expenses is as follows:For the years ended December 31201920202021 (Restated) (Restated) Salaries and bonuses 4,942,843 5,327,833 5,563,500Housing fund 488,901 532,842 558,392Staff welfare and other expenses* 2,037,041 1,955,447 2,435,282Employment expense in relation to early retirement schemes (Note 21) 210,428 53,339 269,895Employment expenses in relation to termination benefits 98,479 7,990 51,715 7,777,692 7,877,451 8,878,784(i)Staff welfare and other expenses include staff welfare, staff union expenses, staff education expenses and unemployment insurance expenses etc.In 2020, the group entities in Mainland China were exempt from payment of employee social benefits during the period from February to December in 2020 under nationalCovid-19 supportive policies.Employee benefit expenses include remuneration payables to directors, supervisors and senior management as set out in Note 31. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 240 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-8931 DIRECTORS’ AND SUPERVISORS’ REMUNERATION(a) Directors’ and supervisors’ remunerationDirectors’ and supervisors’ remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance andPart 2 of the Companies Regulation (Disclosure of Information about Benefits of Directors), is as follows: For the years ended December 31 2019 2020 2021Fees 780 683 579Basic salaries, housing fund, other allowances and benefits in kind 4,665 3,996 4,526Pension costs 513 207 449 5,958 4,886 5,554The remuneration of each director and supervisor of the Company for the year ended December 31, 2021 is set out below: Discretionary Names of directors and supervisorsFeesSalariesbonusesPension costsTotalExecutive Directors: Liu Jianping (ii)—————Zhu Runzhou—1,176—931,269Ou Xiaowu (iii)—973—931,066Jiang Tao (iv)—837—77914—2,986—2633,249Non-executive Directors:Ao Hong (i)—————Zhang Jilong (iv)—————Wang Jun—————Chen Lijie (x) 95———95Lie-A-Cheong Tai-Chong, David(x)95———95Hu Shihai(x) 95———95Qiu Guanzhou(vi)98———98Chan Yuen Sau Kelly (viii)98———98Yu Jingsong (vii)98———98 579———579Supervisors: Ye Guohua—————Shan Shulan—————Guan Xiaoguang—770—93863Yue Xuguang—770—93863Lin Ni (ix)—————Total —1,540—1861,726 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 241 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9031 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED)(a) Directors’ and supervisors’ remuneration (Continued)The remuneration of each director and supervisor of the Company for the year ended December 31, 2020 is set out below: Discretionary Pension Names of directors and supervisorsFeesSalariesbonusescostsTotalExecutive Directors: Lu Dongliang — — — — —He Zhihui — 866 — 37 903Jiang Yinggang — 562 — 31 593Zhu Runzhou — 894 — 44 938 — 2,322 — 112 2,434Non-executive Directors: Ao Hong(i) — — — — —Wang Jun 50 — — — 50Chen Lijie(x) 211 — — — 211Lie-A-Cheong Tai-Chong, David(x) 211 — — — 211Hu Shihai(x) 211 — — — 211 683 — — — 683Supervisors: Ye Guohua — — — — —Ou Xiaowu(iii) — 134 — 7 141Shan shulan — — — — —Guan Xiaoguang — 770 — 44 814Yue Xuguang — 770 — 44 814Total — 1,674 — 95 1,769 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 242 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9131 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED)(a)Directors’ and supervisors’ remuneration (Continued)The remuneration of each director and supervisor of the Company for the year ended December 31, 2019 is set out below: Discretionary Pension Names of directors and supervisorsFeesSalariesbonusescoststotalExecutive Directors: Lu Dongliang —————He Zhihui —885—73958Jiang Yinggang —889—88977Zhu Runzhou—833—88921—2,607—2492,856Non-executive Directors:Ao Hong(i)—————Wang Jun 150———150Chen Lijie(x)210———210Lie-A-Cheong Tai-Chong, David(x)210———210Hu Shihai(x)210———210 780———780Supervisors: Ye Guohua —————Ou Xiaowu(iii) —————Shan shulan—————Guan Xiaoguang—710—88798Yue Xuguang—770—88858Wu Zuoming —578—88666Total —2,058—2642,322Notes:(i)On June 29, 2021, Mr. Ao Hong was resigned as an non-executive Director of the Company.(ii)On June 29, 2021, Mr. Liu Jianping was appointed as an executive Director of the Company in the seventh session of the Board of the Company.(iii)On June 29, 2021, Mr. Ou Xiaowu was appointed as an executive Director in the seventh session of the Board of the Company.(iv)On June 29, 2021, Mr. Jiang Tao was appointed as an executive Director of the Company in the seventh session of the Board of the Company.(v)On June 29, 2021, Mr. Zhang Jilong was appointed as an non-executive Director of the Company in the seventh session of the Board of the Company.(vi)On June 29, 2021, Mr. Qiu Guanzhou was appointed as an independent non-executive Director in the seventh session of the Board of the Company.(vii)On June 29, 2021, Mr. Yu Jinsong was appointed as an independent non-executive Director in the seventh session of the Board of the Company. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 243 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9231 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED)(a) Directors’ and supervisors’ remuneration (Continued)(viii)On June 29, 2021, Ms. Chan Yuen Sau Kelly was appointed as an independent non-executive Director in the seventh session of the Board of the Company(ix)On December 21, 2021, Ms. Lin Ni was appointed as the supervisor in the seventh session of the supervisory Committee of the Company.(x)On June 29, 2021, Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai-Chong, David were resigned as non-executive Directors of the Company.The remuneration of the directors and supervisors of the Company fell within the following band:Number of individualsDecember 31, 2019December 31, 2020December 31, 2021Nil to RMB1,000,000 14 14 14During the year, no options were granted to the directors or the supervisors of the Company (2020: Nil, 2019: Nil).During the year, no emoluments were paid to the directors or the supervisors of the Company (among which included the five highest paid employees) as an inducement to joinor upon joining the Company or as compensation for loss of office (2020: Nil, 2019: Nil).Director Wang Jun waived his director’s remuneration with effect from May 2020. The annual remuneration before tax as a non-executive director of the Company isRMB150,000 for 2021.(b) Five highest paid individualsDuring the year ended December 31, 2021, the five highest paid individuals of the Group include three directors (2020: three directors, 2019: three directors) whoseremuneration is reflected in the analysis presented above. The remuneration payable to the remaining two individuals during 2021 (2020: two, 2019: two) is as follows: For the years ended December 31 2019 2020 2021Basic salaries, housing fund, other allowances and benefits in kind 1,670 1,594 1,699Discretionary bonuses———Pension costs 137 88 186 1,807 1,682 1,885The number of the remaining two highest paid individuals during 2021 (2020: two) whose remuneration fell within the following band is as follows:Number of individualsDecember 31, December 31, December 31, 2019 2020 2021Nil to RMB1,000,000 2 2 2 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 244 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9332 INCOME TAX EXPENSEFor the years ended December 31201920202021 (Restated) (Restated) Current income tax expense 726,198 820,947 2,342,124Deferred tax benefit (94,686) (230,924) 47,637 631,512 590,023 2,389,761In general, the Group’s PRC entities are subject to PRC corporate income tax at the standard rate of 25% (2020: 25%, 2019: 25%) on their respective estimated assessableprofits for the year. Certain branches and subsidiaries of the Company located in the western regions of the PRC are granted tax concessions including a preferential tax rate of15% (2020: 15%, 2019: 15%).A reconciliation of the tax expense applicable to profit before tax at the statutory rates for the countries in which the Company and the majority of its subsidiaries are domiciledto the tax expense at the effective tax rates, and a reconciliation of the applicable rates to the effective tax rates, are as follows:For the years ended December 31 2019 2020 2021(Restated)(Restated)Profit before income tax 1,865,604 2,189,271 10,178,780Tax expense calculated at the statutory tax rate of 25% (2020: 25%, 2019: 25%) 466,401 547,318 2,544,695Tax effects of: Different income tax rates applicable to certain branches and subsidiaries (464,912) (357,018) (1,018,602)Impact of change in income tax rate 4,594 (52,177) 32,107Net impact of unrecognized temporary differences and tax losses for current and prior years 861,896 620,001 1,166,082Expenses subject to additional deduction (50,921) (42,958) (142,326)Interest expenses of perpetual bonds — (86,034) (76,807)Expenses not deductible for tax purposes56,44851,58342,786Non-taxable income(173,686)——Profits and losses attributable to joint ventures and associates (79,720) (70,577) (156,762)Others11,412(20,115)(1,412)Income tax expense 631,512 590,023 2,389,761Effective tax rate 34%27% 23% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 245 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9433 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANYFor the years ended December 312019 2020 2021 (Restated) (Restated) Profit attributable to owners of the Company (in thousands of RMB) 595,643 764,306 5,079,562Adjustment: cumulative distribution reserved of other equity instruments (in thousands of RMB) (219,249) (261,168) (209,500)Adjusted profit attributable to ordinary shares holders of the Company 376,394 503,138 4,870,062For the purpose of calculating basic earnings per share, the Group adjusted the profit attributable to owners of the Company by deducting the after-tax amounts of cumulativedistribution reserved for the year for other equity instruments, which were issued by the Group and classified as equity instrument (Note 41).Number of ordinary shares in issue (thousands) as of January 114,903,79817,022,67317,022,673Issuance of share capital (thousands)2,118,875——Weighted average number of ordinary shares in issuance17,022,67317,022,67317,022,673Basic earnings per share (RMB)0.0220.0300.286The Group had no potentially dilutive ordinary shares in issuance during the years ended December 31, 2021, 2020 and 2019, thus the diluted earnings per share were the sameas basic earnings per share.Basic earnings per share was calculated by dividing the adjusted profit attributable to ordinary shares holders of the Company by the weighted average number of shares inissue during the year.34 DIVIDENDSAccording to the articles of association of the Company, the Company considers the maximum limit of profit appropriation to its shareholders is the lowest of:(i)the sum of the net profit less statutory surplus reserve and the opening retained earnings for the current period in accordance with IFRSs;(ii)the sum of the net profit less statutory surplus reserve and the opening retained earnings for the current period in accordance with the PRC Accounting Standards forBusiness Enterprises; and(iii)the amount limited by the Company Law of the PRC.According to the resolution of the Board of Directors dated March 22, 2022, the directors proposed a final dividend of RMB545 million for the year ended December 31, 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 246 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9535 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS(a) Reconciliation of profit before taxation to cash generated from operationsFor the years ended December 31 Notes 2019 2020 2021 (Restated) (Restated) Cash flows generated from operating activitiesProfit before income tax 1,865,604 2,189,271 10,178,780Adjustments for:Share of profits of joint ventures 9 (a)(270,115) (180,502) (164,100)Share of profits of associates 9 (b)(48,767)(145,737) (272,584)Depreciation of property, plant and equipment 77,106,7657,161,476 7,375,559Depreciation of investment properties 826,55924,405 24,450Depreciation of right-of-use assets201,075,825767,553744,511Amortization of intangible assets 6338,938459,482 377,714Amortization of prepaid expenses included in other non-current assets248,145274,745192,148Loss/(gain) on write-off and disposal of property, plant and equipment and intangible assets, net (243,622)(319,796) 650,711Impairment loss on property, plant and equipment 259,354416,842 2,328,131Impairment loss of investment properties 87— —Impairment loss of intangible assets —416 196,426Impairment loss of right-of-use assets201,44815,790 90,090Impairment loss of inventory 1,163,272 1,321,387 456,538Impairment loss of trade and notes receivables 154,409 338,972 327,131Impairment loss of other currents assets 16,607640,189 1,042,041Impairment loss of non-current assets——15,716Realized and unrealized gains on futures, option and forward contracts 28(50,820) (512,984) 604,734Loss/(gain) on disposal of subsidiaries28(261,187)(11,305)27,404Loss on factoring of accounts receivable——83,293Gain on disposal of investment in a joint venture(159,514)——Gain on acquisition of associates(295,288)— —Dividends from other financial assets measured at fair value(97,775)(82,794) (10,912)Finance cost 294,921,5414,420,438 3,846,101Others(146,171)5,106 127,68015,605,29516,782,95428,241,562Changes in working capital:Decrease/(increase) in inventories (233,278) (1,667,622)727,363Increase in trade and notes receivables (1,173,422) (4,524,806) (1,294,952)Decrease/ (increase) in other current assets (382,938) 230,869 125,731Decrease in restricted cash 859,507 249,744 (268,711)(Increase)/decrease in other non-current assets 547,856 (70,637) 25,803Increase/(decrease) in trade and notes payables (1,400,318) 3,004,899 1,318,486Increase/(decrease) in other payables and accrued liabilities (555,890) 1,884,283 1,702,821(Decrease)/increase in other non-current liabilities (206,354) (177,045) (62,592)Cash generated from operations13,060,45815,712,63930,515,511PRC corporate income taxes paid (554,582) (805,171) (2,285,126)Net cash generated from operating activities12,505,87614,907,46828,230,385Major non-cash transactions of investing activities and financing activitiesAcquisition of minority interests for nil consideration149,322——Notes receivables endorsed as payment for purchase of property, plant and equipment and lease liabilities1,504,1622,276,7823,135,322Acquisition of other financial assets measured at fair value through other comprehensive income by exchanging equity in a subsidiary350,911——Increase/(decrease) of right of use assets—(7,361)6,269,450Acquisition of business—42,230—2,004,3952,311,6519,404,772(b) Reconciliation of liabilities arising from financing activitiesThe table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities areliabilities for which cash flows was, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 247 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9635 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)(b) Reconciliation of liabilities arising from financing activities (Continued)Liabilities from financing activitiesOther assetsOther payablesarising fromMedium-termfinancingCash/bank Borrowings notes and bonds Leases activities Sub Total Overdraft TotalNet debt as of January 1, 2020 60,074,05333,086,8528,369,26210,791,507112,321,674—112,321,674Financing cash flows2,909,944(11,689,958)(1,748,202)(4,021,065)(14,549,281)—(14,549,281)New leases and modification of contract ——(7,361)—(7,361)—(7,361)Foreign exchange adjustments(131,358)(178,972)——(310,330)—(310,330)Other changes ———————Non-cash financing activities —168,713472,4524,282,4034,923,568—4,923,568Transfer between bank deposits and overdrafts —————899,955899,955 Net debt as of December 31, 2020 62,852,63921,386,6357,086,15111,052,845102,378,270899,955103,278,225 Financing cash flows (11,477,586)3,276,882(639,675)(3,966,393)(12,806,772)—(12,806,772)New leases and modification of contract ——6,269,450—6,269,450—6,269,450Foreign exchange adjustments (30,537)(143,597)——(174,134)—(174,134)Other changes ———————Non-cash financing activities —143,080(121,471)3,677,5073,699,116—3,699,116Transfer between bank deposits and overdrafts —————(899,955)(899,955) Net debt as of December 31, 2021 51,344,51624,663,00012,594,45510,763,95999,365,930—99,365,930(c) Total cash outflow for leasesThe total cash outflow for leases included in the statement of cash flows is as follows: For the years ended December 31201920202021Within operating activities 65,426 91,537 51,739Within financing activities 3,032,106 1,748,202 639,675 3,097,532 1,839,739 691,414 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 248 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9736 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCESThe Company is controlled by Chinalco, the parent company and a state-owned enterprise established in Mainland China. Chinalco itself is controlled by the PRC government,which also owns a significant portion of the productive assets in Mainland China. In accordance with IAS 24 Related Party Disclosures, government-related entities and theirsubsidiaries, directly or indirectly controlled, jointly controlled or significantly influenced by the PRC government are defined as related parties of the Group. On that basis,related parties include Chinalco and its subsidiaries (other than the Group), other government-related entities and their subsidiaries (“other state-owned enterprises”), otherentities and corporations over which the Company is able to control or exercise significant influence and key management personnel of the Company and Chinalco as well astheir close family members.For the purposes of the related party transaction disclosures, the directors of the Company consider that meaningful information in respect of related party transactions has beenadequately disclosed.In addition to the related party information and transactions disclosed elsewhere in the consolidated financial statements, the following is a summary of significant related partytransactions in the ordinary course of business between the Group and its related parties during the year. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 249 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9836 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(a)Significant related party transactionsFor the years ended December 31 Notes 2019 2020 2021(Restated)Sales of goods and services rendered:Sales of materials and finished goods to:(i)Chinalco and its subsidiaries (ix) 13,612,817 13,986,133 19,261,538Associates of Chinalco 514,414 520,485 1,497,639Joint ventures 5,676,548 6,694,824 9,071,474Associates 3,812,565 9,232,432 672,403Non-controlling shareholder of a subsidiary and its subsidiaries—42,298— 23,616,344 30,476,172 30,503,054Provision of utility services to:(ii)Chinalco and its subsidiaries(ix)687,2901,104,542910,655Associates of Chinalco4,0623,26814,380Joint ventures263,436470,984250,525Associates35,65018,568375990,4381,597,3621,175,935Rental revenue of land use rights and buildings from: (vi)Chinalco and its subsidiaries (ix) 52,571 39,284 34,221Associates of Chinalco65237237Joint ventures 1,967 1,426 1,446Associates775365507 55,378 41,312 36,411Purchases of goods and services:Purchases of engineering, construction and supervisory services from: (iii)Chinalco and its subsidiaries(ix)2,949,8661,755,092746,966Associates of Chinalco—265192Joint ventures69,332—251Associates218,61612,23312,413 3,237,814 1,767,590 759,822Provision of social services and logistics services by:(v)Chinalco and its subsidiaries(ix)309,180475,532480,828309,180475,532480,828Purchases of primary and auxiliary materials, equipment and finished goods from: Chinalco and its subsidiaries (iv) 8,161,223 6,176,513 5,526,965Associates of Chinalco(ix)182,58637,187Joint ventures 2,647,234 5,501,158 8,141,929Associates 1,893,449 10,576,907 7,407,805Non-controlling shareholder of a subsidiary and its subsidiaries—30,101— 12,701,924 22,287,265 21,113,886Purchases of utility services from:(ii)Chinalco and its subsidiaries(ix)763,812644,638731,222Associates of Chinalco100,83585,46998,966Joint ventures280,523443,290820,031Associates8,326——1,153,4961,173,3971,650,219Purchases of other services by:(vii)A joint venture272,220373,655270,972 272,220 373,655 270,972Rental expense of land use rights and buildings from: (vi)Chinalco and its subsidiaries(ix)499,191661,888734,097499,191661,888734,097 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 250 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-9936 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(a)Significant related party transactions (Continued)For the years ended December 31 Notes 2019 2020 2021(Restated)New right-of-use assets in current periodAdditionsChinalco and its subsidiaries1,95022,93683,249Contract modificationChinalco and its subsidiaries(91,351)(43,395)6,147,096Other significant related party transactions:Borrowing from subsidiaries of Chinalco (viii), (ix) 3,890,000 1,925,000 3,370,000Repayment of borrowings from subsidiaries of Chinalco(viii) 4,677,000 1,676,000 5,318,000Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco141,99187,98561,878Investment in subsidiaries of Chinalco2,137,608—320,000Disposal of aluminum capacity quota to a subsidiary of Chinalco 800,000 — —Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco (x) 500,000 — —Finance lease under a sale and leaseback contract from a subsidiary of Chinalco(x), (ix)558,924——Trade receivable factoring arrangement from a subsidiary of Chinalco(ix)136,656—1,566,707Interest income from cash and cash equivalents deposited(viii)68,45551,16367,269Discounted notes receivable to a subsidiary of Chinalco(viii)679,51736,750128,000 Provision of financial guarantees to a joint venture 12,450 — —All transactions with related parties were conducted at prices and on terms mutually agreed by the parties involved, which are determined as follows:(i)Sales of materials and finished goods comprised sales of alumina, primary aluminum, copper and scrap materials. Transactions entered into are covered by generalagreements on a 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 no state-prescribed price, state-guidance price is adopted;3.If there is neither state-prescribed price nor state-guidance price, then the market price (being price charged to and from independent third parties) is adopted; and4.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).(ii)Utility services, including electricity, gas, heat and water, are provided at the state-prescribed price.(iii)Engineering, project construction and supervisory services were provided for construction projects. The state-guidance price or prevailing market price (including thetender price where by way of tender) is adopted for pricing purposes.(iv)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. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 251 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10036 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(a) Significant related party transactions (Continued)(v)Social services and logistics services provided by Chinalco Group cover public security, fire services, education and training, school and hospital services, cultural andphysical education, newspaper and magazines, broadcasting and printing as well as property management, environmental and hygiene, greenery, nurseries andkindergartens, sanatoriums, canteens and offices, public transport and retirement management and other services. Provisions of these services are covered by theComprehensive Social and Logistics Services Agreement. The pricing policy is the same as that set out in (i) above.(vi)Pursuant to the Land Use Right Lease Agreements entered into between the Group and Chinalco Group, operating leases for industrial or commercial land are charged atthe market rent rate. The Group also entered into a building rental agreement with Chinalco Group and paid rents based on the market rate for its lease of buildings ownedby Chinalco.(vii)Other services are environmental protection operation services. The prevailing market price is adopted for pricing purposes.(viii)Chinalco Finance Company Limited (“Chinalco Finance”) (中鋁財務有限責任公司), a wholly-owned subsidiary of Chinalco and a non-bank financial institutionestablished in the PRC, provides deposit services, credit services and miscellaneous financial services to the Group. The terms for the provision of financial services to theGroup are no less favorable than those of the same type of financial services provided by Chinalco Finance to Chinalco and other members of its group or those of the sametype of financial services that may be provided to the Group by other financial institutions.As of December 31, 2021, the Group derecognized accounts receivable of RMB1,650 million (December 31, 2020: Nil, December 31 2019: RMB137 million) by factoringtransaction with Chinalco Finance, and the related fees incurred were RMB83 million recognized in other losses (December 31, 2020: Nil, December 31 2019: RMB5million).(ix)These related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules.In September 2021, Pursuant to the agreement entered into between China Rare Earth Co., Ltd. (“China Rare Earth”, “中國稀有稀土有限公司”，a subsidiary of Chinalco),Zunyi Aluminum Co., Ltd. ( “Zunyi Aluminum”, “遵義鋁業股份有限公司”, “ a subsidiary of the Company”), Chalco Mining Co., Ltd. (“Chalco Mining”, “中鋁礦業有限公司”, “a subsidiary of the Company”), the Group acquired the gallium business of China Rare Earth for a consideration of RMB396 million in cash. This transaction is regardedas a business combination under common control.The English names represent the best effort made by management of the Group in translating the Chinese names of the companies as they do not have any official Englishnames. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 252 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10136 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(b) Balances with related partiesOther than those disclosed elsewhere in the consolidated financial statements, the outstanding balances with related parties at the year-end are as follows: December 31, 2020December 31, 2021(Restated)Cash and cash equivalents deposited withA subsidiary of Chinalco (i) 3,561,9977,832,441Trade and notes receivablesChinalco and its subsidiaries 762,4891,476,833Associates of Chinalco 44,95845,180Joint ventures 761,392628,231Associates 2,2871Non-controlling shareholder of a subsidiary and its subsidiaries46,45024,4651,617,5762,174,710Provision for impairment of receivables (103,592)(80,102) 1,513,9842,094,608(i)On August 26, 2011, the Company entered into an agreement with Chinalco Finance, pursuant to which, Chinalco Finance agreed to provide deposit services, creditservices and other financial services to the Group. On August 24, 2012, April 28, 2015, October 26, 2017 and April 27, 2020, the Company renewed the financial serviceagreement with Chinalco Finance with a validation term of three years ending October 25, 2023. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 253 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10236 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(b) Balances with related parties (Continued)December 31, 2020 December 31, 2021Other current assets(Restated)Chinalco and its subsidiaries818,318325,247 Associates of Chinalco21,75321,820Joint ventures1,364,6151,486,510 Associates421,947359,917 Non-controlling shareholder of a subsidiary and its subsidiaries 11,7007,450 Provision for impairment of other current assets (496,703)(1,310,379) 2,141,630890,565 Other non-current assetsAssociates 111,845111,845 Interest-bearing loans and borrowings:Subsidiaries of Chinalco (including lease liabilities) 8,887,42213,028,565 Associates of Chinalco—2,2458,887,42213,030,810Trade and notes payablesChinalco and its subsidiaries 437,732301,386 Associates of Chinalco 1,51126,288 Joint ventures561,508229,994Associates10,56232,668Non-controlling shareholder of a subsidiary and its subsidiaries—105,174 1,011,313695,510 Other payables and accrued liabilitiesChinalco and its subsidiaries 2,193,3441,054,724 Associates of Chinalco 1,01942,659 Associates 28,42419,926 Joint ventures 3,94049,618 2,226,7271,166,927Contract liabilities:Chinalco and its subsidiaries17,460150,730Associates of Chinalco13,45327,190Associates79139Joint ventures519535Non-controlling shareholder of subsidiary and its subsidiaries656— 32,167178,594 As of December 31, 2021, included in long-term loans and borrowings and short-term loans and borrowings were from other state-owned enterprises amounting to RMB37,287million (December 31, 2020: RMB35,029 million) and RMB4,906 million (December 31, 2020: RMB29,781 million), respectively.The terms of all balances were unsecured. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 254 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10336 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)(c) Compensation of key management personnelFor the years ended December 31 2019 2020 2021Fees 780 683 580Basic salaries, housing fund, other allowances and benefits in kind 6,945 5,810 6,225Pension costs 715 301 634 8,440 6,794 7,439Key management includes directors, supervisors and members of senior management.(d) Commitments with related partiesAs of December 31, 2021 and 2020, except for the other capital commitments disclosed in Note 43(b) to these financial statements, the Group had no significant commitmentswith related parties. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 255 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10437 FINANCIAL AND CAPITAL RISK MANAGEMENT37.1 Financial risk managementThe Group’s activities expose it to a variety of financial risks, including market risk (including foreign currency risk, interest rate risk and commodity price risk), credit risk andliquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize the potential adverse effects on theGroup’s financial performance.Risk management is carried out by the treasury management department (the “Group Treasury”) under policies approved by the Board of Directors of the Company. The GroupTreasury identifies, evaluates and hedges financial risks through close cooperation with the Group’s operating units.(a) Market risk(i) Foreign currency riskThe Group’s foreign currency risk arose from transaction conducted in currency other than the functional currency of the group entities. The Group’s foreign currency riskprimarily arises from foreign currency deposits, trade receivables, trade payables and short-term and long-term loans denominated in United States dollars (“USD”), Euro(“EUR”), Japanese yen (“JPY”), and Hong Kong dollars (“HKD”). Related exposures are disclosed in Notes 16, 14, 23, 15 and 19 to the financial statements, respectively. TheGroup Treasury closely monitors the international foreign currency market on the change of exchange rates and takes these into consideration when investing in foreigncurrency deposits and borrowing loans. As of December 31, 2021, the Group only had significant exposure to USD.As of December 31, 2021, if RMB had strengthened/weakened by 5% against USD with all other variables held constant, the profit for the year would have been approximatelyRMB28 million higher/lower (2020: RMB74 million higher/lower), mainly as a result of foreign exchange gains and losses arising from translation of USD denominatedborrowings, other payables and medium term notes.As the assets and liabilities denominated in other foreign currencies other than USD were relatively minimal to the total assets and liabilities of the Group, the directors of theCompany are of the opinion that the Group was not exposed to significant foreign currency risk arising from other assets and liabilities denominated in currency other than thefunctional currency of the group entities as of December 31, 2021 and 2020. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 256 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10537 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.1 Financial risk management (Continued)(a) Market risk (Continued)(ii) Interest rate riskAs of December 31, 2021 and 2020, as the Group had no significant interest-bearing assets or liabilities except for bank deposits (Note 16), entrusted loans (Note 15) andInterest-bearing loans (Note 19).Most of the bank deposits are maintained in savings and time deposit accounts in the PRC. The interest rates are regulated by the People’s Bank of China and the GroupTreasury closely monitors the fluctuation on such rates periodically. The interest rates of entrusted loans are fixed. As the interest rates applied to the entrusted loans were fixed,the directors of the Company are of the opinion that the Group was not exposed to any significant interest rate risk for its financial assets held as of December 31, 2021 and2020.The interest rate risk for the Group’s financial liabilities primarily arises from interest-bearing loans. Loans borrowed at floating interest rates expose the Group to cash flowinterest rate risk. The Group enters into debt obligations to support general corporate purposes including capital expenditures and working capital needs. The Group Treasuryclosely monitors market interest rates and maintains a balance between variable rate and fixed rate borrowings in order to reduce the exposures to the interest rate risk describedabove.As of December 31, 2021, if interest rates had been 100 basis points (December 31, 2020: 100 basis points) higher/lower for bank and other loans borrowed at floating interestrates with all other variables held constant, net profit for the year would have been RMB421 million lower/higher (2020: RMB430 million), respectively, mainly as a result ofthe higher/ lower interest expense on floating rate borrowings.The fair value interest rate risk of the Group mainly arises from medium term notes and short term bonds issued at fixed rates. As the fluctuation of comparable interest rates ofcorporate bonds with similar terms was relatively low, the directors of the Company are of the opinion that the Group was not exposed to any significant fair value interest raterisk for its fixed interest rate borrowings held as of December 31, 2021 and 2020.(iii) Commodity price riskThe Group uses futures and option contracts to reduce its exposure to fluctuations in the price of primary aluminum and other products. The Group uses the futures contract foroffsetting other than speculation. With reference to the hedging of primary aluminum, production company hedges the output of primary aluminum and trading company hedgesthe quantities of buyout and self-supporting.The Group uses mainly futures contracts and option contracts traded on the Shanghai Futures Exchange and London Metal Exchange (“LME”) to hedge against fluctuations inprimary aluminum prices. As of December 31, 2021, the fair values of the outstanding futures contracts amounting to RMB0 million (December 31, 2020: RMB17 million) andRMB69 million (December 31, 2020: RMB27 million) were recognized in financial assets and financial liabilities at fair value through profit or loss, respectively.As of December 31, 2021, if the commodity futures prices had increased/ decreased by 3% (December 31, 2020: 3%) and all other variables held constant, profit for the yearwould have changed by the amounts shown below: December 31, 2021 December 31, 2020 Primary aluminumDecrease/increase RMB6 millionDecrease/increase RMB5 million Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 257 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10637 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.1 Financial risk management (Continued)(b) Credit riskCredit risk arises from balances with banks and financial institutions, trade and notes receivables, other current and non-current receivables as well as credit exposures ofcustomers, including outstanding receivables and committed transactions.The Group maintains substantially all of its bank balances and cash and short-term investments in several major state-owned banks in the PRC. With strong support from thePRC government to these state-owned banks, the directors of the Company are of the opinion that there is no significant credit risk on such assets being exposed to losses.The Group applies the simplified approach to most of its trade receivables to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetimeexpected loss provision for trade receivables. The Group has made individual assessment for trade receivables from clients with top rating and those receivables with pledgedassets separately and impairment provisions are made.To measure the expected credit losses of trade receivables other than those assessed individually as mentioned above, trade receivables have been grouped based on sharedcredit risk characteristics and the days past due. The expected credit loss model also incorporates forward-looking information.For other current and non-current receivables, the Group considers the probability of default upon initial recognition of an asset and whether there has been a significantincrease in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of adefault occurring on the asset as of the reporting date with the risk of default as of the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated:●internal credit rating●external credit rating●actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability tomeet its obligations●actual or expected significant changes in the operating results of individual clients●significant changes in the expected performance and behavior of the clientsThe Group measures expected credit loss rates on the basis of a loss rate approach by segmenting its portfolio into appropriate groupings based on shared credit riskcharacteristics. At the end of each year, the Group updates its historical loss information with forward-looking information. As the historical credit loss rates werecomparatively stable and no significant changes were expected to the forward-looking information after the consideration of reasonable and supportable forecasts ofcomparatively stable customer relationship and customers’ credit ratings, the expected credit loss rates remained consistent during 2021. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 258 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10737 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.1 Financial risk management (Continued)(b) Credit risk (Continued)The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unlessother information is available without undue cost or effort, and year-end staging classification as of December 31, 2021. The amounts presented are carrying amounts forfinancial assets and the exposure to credit risk for the financial guarantee contracts. Stage 1 Stage 2 Stage 3 Simplified TotalTrade receivables — — — 3,066,654 3,066,654Financial assets in other current assets 1,940,482 180,611 153,814 — 2,274,907Restricted cash 1,324,748 — — — 1,324,748Notes receivable———3,838,1963,838,196Cash and cash equivalents 17,853,244 — — — 17,853,244Financial assets in other non-current assets 111,848 — — — 111,848Total 21,230,322 180,611 153,814 6,904,850 28,469,597The carrying amounts of short-term investments and these receivables included in Notes 12, 14, 15 and 16 represent the Group’s maximum exposure to credit risk in relation toits financial assets. The directors of the Company are of the opinion that the Group was not exposed to any significant concentration of credit risk as of December 31, 2021 and2020.(c) Liquidity riskCash flow forecast is performed in the operating entities of the Group and aggregated by the Group Treasury. The Group Treasury monitors rolling forecasts of the Group’sliquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at alltimes so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. This forecast takes into consideration of the Group’sdebt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements, for example,currency restrictions.Management also monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash flows.As of December 31, 2021, the Group’s current liabilities exceeded its current assets by approximately RMB3,467 million (December 31, 2020 (restated): RMB16,364 million),please refer to Note 2.1.2 for the assessment made by the Company.The table below analyses the maturity profile of the Group’s financial liabilities as of the end of the reporting period. The amounts disclosed in the table are the contractualundiscounted cash flows. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 259 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10837 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.1 Financial risk management (Continued)(c) Liquidity risk (Continued) Within 1 year 1 to 2 years 2 to 5 years Over 5 years TotalAs of December 31, 2021 Lease liabilities, including current portion 1,590,204 1,473,711 4,347,713 15,394,370 22,805,998Long-term bank and other loans, including current portion 5,859,115 11,837,652 9,771,437 14,656,982 42,125,186Medium-term notes and bonds, including current portion 3,000,000 4,400,000 9,875,700 2,000,000 19,275,700Short-term bonds 5,400,000 — —— 5,400,000Short-term bank and other loans 9,219,330 — — — 9,219,330Interest payables for loans and borrowings 2,620,867 2,147,795 3,941,541 1,680,396 10,390,599Financial liabilities at fair value through profit or loss 68,871 — — — 68,871Financial liabilities included other payables and accrued liabilities,excluding accrued interest 6,497,831 — — — 6,497,831Financial liabilities included in other non-current liabilities 234,900 202,231 147,002 885,208 1,469,341Trade and notes payables 15,505,443 — — — 15,505,443 49,996,561 20,061,389 28,083,393 34,616,956 132,758,299 Within 1 year 1 to 2 years 2 to 5 years Over 5 years TotalAs of December 31, 2020 (Restated)Lease liabilities, including current portion 1,151,332 473,410 1,263,824 9,708,710 12,597,276Long-term bank and other loans, including current portion 3,629,014 6,702,688 15,638,088 17,044,774 43,014,564Medium-term notes and bonds, including current portion 7,109,960 3,000,000 6,900,000 2,000,000 19,009,960Short-term bonds 2,400,000 —— — 2,400,000Short-term bank and other loans 20,738,030— — — 20,738,030Interest payables for loans and borrowings 2,935,356 2,105,844 4,046,106 2,039,075 11,126,381Financial liabilities at fair value through profit or loss 26,684 — — —26,684Financial liabilities included other payables and accrued liabilities,excluding accrued interest 7,972,469 — — — 7,972,469Financial liabilities included in other non-current liabilities 460,101 194,609 74,367 767,941 1,497,018Trade and notes payables 15,444,354 — — — 15,444,354 61,867,300 12,476,551 27,922,385 31,560,500 133,826,736 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 260 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-10937 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments(a)Financial instruments by categoryThe carrying amounts of each of the categories of financial instruments of the Group as of the end of the reporting period are as follows:Financial assetsAs of December 31, 2021DebtEquityinstrumentsFinancial instruments atat fair value assets at fair fair valuethrough value throughFinancialthrough otherotherprofit or loss-assets atcomprehensivecomprehensiveheld for tradingamortized costincome income TotalCurrentTrade receivables — 3,066,654 ——3,066,654Notes receivable—1,140,930—2,697,2663,838,196Restricted cash — 1,324,748 ——1,324,748Cash and cash equivalents — 17,853,244 ——17,853,244Financial assets included in other current assets — 2,274,907 ——2,274,907Subtotal — 25,660,483 —2,697,26628,357,749Non-current Other financial assets measured at fair value——239,538—239,538Other non-current assets — 111,848 ——111,848Subtotal — 111,848 239,538—351,386Total — 25,772,331 239,5382,697,26628,709,135Financial liabilitiesAs of December 31, 2021 Financial assets at fair Financial value through profit orliabilities atloss-held for tradingamortized costTotalCurrentFinancial liabilities at fair value through profit or loss 68,871 — 68,871Interest-bearing loans and borrowings — 24,506,122 24,506,122Financial liabilities included in other payables and accrued liabilities (Note 22) — 7,166,216 7,166,216Trade and notes payables—15,505,44315,505,443Subtotal 68,871 47,177,781 47,246,652Non-current Financial liabilities included in other non-current liabilities (Note 21)—880,864880,864Interest-bearing loans and borrowings — 64,095,849 64,095,849Subtotal—64,976,71364,976,713 Total 68,871 112,154,494 112,223,365 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 261 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11037 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments (Continued)(a)Financial instruments by category (Continued)Financial assetsAs of December 31, 2020 (Restated)EquityDebtinstrumentsinstrumentsFinancialat at fair value assets at fairfair valuethroughvalue throughFinancialthrough otherotherprofit or loss-assets atcomprehensive comprehensive held for trading amortized cost income income Total CurrentTrade receivables — 4,753,210 —— 4,753,210Notes receivable———4,560,4374,560,437Financial assets at fair value through profit or loss 17,311 — —— 17,311Restricted cash — 1,056,037 —— 1,056,037Cash and cash equivalents — 9,671,477 —— 9,671,477Financial assets included in other current assets — 3,982,308 —— 3,982,308Subtotal17,31119,463,032—4,560,43724,040,780 Non-currentOther financial assets measured at fair value — — 1,526,703— 1,526,703Other non-current assets—127,754——127,754Subtotal — 127,754 1,526,703— 1,654,457 Total17,31119,590,7861,526,7034,560,43725,695,237 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 262 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11137 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments (Continued)(a)Financial instruments by category (Continued)Financial LiabilitiesAs of December 31, 2020 (Restated)Financial assets at fair valueFinancialthrough profit or loss- heldliabilities at for trading amortized cost Total CurrentFinancial liabilities at fair value through profit or loss 26,684 — 26,684Interest-bearing loans and borrowings — 34,707,283 34,707,283Financial liabilities included in other payables and accrued liabilities (Note 22) — 8,965,952 8,965,952Trade and notes payables — 15,444,354 15,444,354Subtotal26,68459,117,58959,144,273 Non-currentFinancial liabilities included in other non- current liabilities (Note 21) — 1,036,917 1,036,917Interest-bearing loans and borrowings—57,518,09757,518,097Subtotal — 58,555,014 58,555,014 Total26,684117,672,603117,699,287(b)Fair value and fair value hierarchyFair valueThe carrying amounts and fair values of the Group’s financial instruments at amortized cost, other than those with carrying amounts that reasonably approximate to fair valuesand those carried at fair value, are as follows:Carrying amountsFair valuesDecember 31,December 31,December 31,December 31,2020202120202021Financial liabilities Financial liabilities included in other non-current liabilities (Note 21)880,8641,036,917767,922903,141Long-term interest-bearing loans and borrowings, excluding lease liability (Note 19) 52,489,058 51,260,218 49,233,629 49,729,54853,369,92252,297,13550,001,55150,632,689Except for financial assets and financial liabilities mentioned above, management has assessed that the fair values of cash and cash equivalents, restricted cash and timedeposits, trade and notes receivables, financial assets included in other current assets, entrusted loans, trade and notes payables, financial liabilities included in other payablesand accrued liabilities, short-term and the current portion of interest-bearing loans and borrowings, interest payable and the current portion of long-term payables approximateto their carrying amounts largely due to the short term maturities of these instruments.The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties,other than in a forced or liquidation sale. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 263 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11237 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments (Continued)(b) Fair value and fair value hierarchy (Continued)The fair values of the financial assets included in other non-current assets and financial liabilities included in other non-current liabilities and long-term interest bearing loansand borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk andremaining maturities.The Group’s own non-performance risk for financial liabilities included in other non-current liabilities and long-term interest-bearing loans and borrowings as of December 31,2021 and 2020 were assessed to be insignificant.Fair value hierarchyThe following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:Assets measured at fair valueAs of December 31, 2021Fair value measurement usingSignificantSignificantQuoted prices inobservableunobservableactive marketsinputsinputs(Level 1)(Level 2)(Level 3)TotalFinancial assets at fair value through profit or loss: Notes receivable——2,697,2662,697,266Listed equity investments7,674 — — 7,674Other unlisted investment——231,864231,8647,674 — 2,929,130 2,936,804As of December 31, 2020Fair value measurement usingSignificantSignificant Quoted prices inobservableunobservable active marketsinputsinputs (Level 1)(Level 2)(Level 3)TotalFinancial assets at fair value through profit or loss: Futures contracts 17,311 — — 17,311Notes receivable— — 3,343,880 3,343,880Listed equity investments 8,812——8,812Other unlisted investment——1,517,8911,517,891 26,123 — 4,861,771 4,887,894 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 264 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11337 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments (Continued)(b)Fair value and fair value hierarchy (Continued)Liabilities measured at fair valueFair value measurement usingSignificantSignificant Quoted prices in observableunobservable active marketsinputsinputs As of December 31, 2021(Level 1)(Level 2)(Level 3)Total Financial liabilities at fair value through profit or loss: Futures contracts 68,871 — — 68,871 68,871 — — 68,871Fair value measurement usingSignificantSignificant Quoted prices in observableunobservable active marketsinputsinputs As of December 31, 2020(Level 1)(Level 2)(Level 3)Total Financial liabilities at fair value through profit or loss: Futures contracts 26,684 — — 26,684 26,684 — — 26,684Liabilities for which fair values are disclosed：As of December 31, 2021Fair value measurement usingQuotedprices inSignificantSignificant activeobservableunobservable marketsinputsinputs (Level 1) (Level 2) (Level 3) TotalFinancial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 767,922 — 767,922Long-term interest-bearing loans and borrowings — 49,233,629 — 49,233,629 — 50,001,551 — 50,001,551As of December 31, 2020Fair value measurement usingQuotedprices inSignificantSignificantactiveobservableunobservable marketsinputsinputs (Level 1) (Level 2) (Level 3) TotalFinancial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 903,141 — 903,141Long-term interest-bearing loans and borrowings — 49,729,548 — 49,729,548 — 50,632,689 — 50,632,689During the year ended December 31, 2021 the Group had no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for bothfinancial assets and financial liabilities (2020: Nil). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 265 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11437 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED)37.2 Financial instruments (Continued)(b)Fair value and fair value hierarchy (Continued)Below is a summary of significant unobservable inputs to the valuation of financial instruments as of December 31, 2021: SignificantValuation Techniqueunobservable inputOther equity investments December 31, 2021Discounted Cashflow modelDiscounted rateNotes receivable December 31, 2021Discounted Cashflow modelDiscounted rate37.3 Capital risk managementThe Group’s capital management objectives are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits forother stakeholders, and to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debts.Consistent with other entities in the industry, the Group monitors capital on the basis of its gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt iscalculated as total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) less restricted cash, time deposits and cash and cashequivalents. Total capital is calculated as equity, as shown in the consolidated statement of financial position, plus net debt less non-controlling interests.The gearing ratio as of December 31, 2020 and 2021 are as follows: December 31, December 31,20202021 (Restated)Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants)121,816,774117,492,000Less: Restricted cash and cash and cash equivalents10,727,51419,177,992Net debt111,089,26098,314,008Total equity71,305,16472,783,497Add: Net debt111,089,26098,314,008Less: Non-controlling interests16,855,84715,518,810Total capital attributable to owners of the Company165,538,577155,578,695Gearing ratio67%63% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 266 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11538 NON - CONTROLLING INTERESTSOther than the senior perpetual securities issued by a subsidiary of the Group that presented as non-controlling interests in the consolidated financial statements and disclosed inNote 40, details of the Group’s subsidiaries that have material non-controlling interests are set out below: December 31,December 31,20202021 Percentage of equity interest held by non-controlling interestsNingxia Energy29.18% 29.18%Shanxi Zhongrun60.00% 60.00% Guizhou Huaren60.00% 60.00% Profit/(loss) for the year allocated to non-controlling interestsNingxia Energy 48,040 (90,237)Shanxi Zhongrun147,747745,212Guizhou Huaren420,737558,020 Dividends distributed to non-controlling interestsNingxia Energy — 115,380Shanxi Zhongrun——Guizhou Huaren—252,837Accumulated balances of non-controlling interests at the year end Ningxia Energy 5,178,314 5,055,069Shanxi Zhongrun1,277,6022,020,621Guizhou Huaren1,359,7161,642,061 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 267 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11638 NON - CONTROLLING INTERESTS (CONTINUED)The following tables illustrate the summarized financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations:Ningxia Energy2020 2021 Revenue 6,932,7087,670,316Total expenses 6,768,0737,979,557Profit for the year 164,635(309,241)Total comprehensive (loss)/ income for the year 164,635(309,241)Current assets 6,037,6322,912,805Non-current assets 31,242,07029,086,775Current liabilities 9,779,4618,256,229Non-current liabilities 16,256,07312,710,354Net cash flows from operating activities 2,617,4635,458,921 Net cash flows used in investing activities (652,297)(802,678)Net cash flows used in financing activities (1,792,661)(5,381,480)Effect of foreign exchange rate changes, net—— Net (decrease)/increase in cash and cash equivalents172,505(725,237)Shanxi Zhongrun 2020 2021Revenue3,561,8318,028,780Total expenses3,315,5856,786,760Profit for the year246,2461,242,020Total comprehensive income for the year246,2461,242,020Current assets643,121375,567Non-current assets4,138,2113,945,351Current liabilities2,595,397890,245Non-current liabilities45,36525,773Net cash flows from operating activities418,5281,895,610Net cash flows used in investing activities(188,504)(365,340)Net cash flows used in financing activities(404,548)(1,530,330)Effect of foreign exchange rate changes, net——Net decrease in cash and cash equivalents(174,524)(60) Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 268 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11738 NON - CONTROLLING INTERESTS (CONTINUED)Guizhou Huaren 2020 2021Revenue6,094,811 7,284,585Total expenses5,393,582 6,354,551Profit for the year701,229 930,034Total comprehensive income for the year701,229 930,034Current assets1,610,363 2,150,014Non-current assets2,601,807 2,529,274Current liabilities1,003,650 1,026,955Non-current liabilities932,570 530,531Net cash flows from operating activities992,304 1,677,338Net cash flows used in investing activities(27,475) (16,069)Net cash flows used in financing activities(612,892) (974,588)Effect of foreign exchange rate changes, net— —Net increase in cash and cash equivalents351,937 686,68139 BUSINESS COMBINATION UNDER COMMON CONTROL(a)Acquisition of gallium businessIn September 2021, Pursuant to the agreement entered into between China Rare Earth, Zunyi Aluminum and Chalco Mining, the Group acquired the gallium business of ChinaRare Earth, a subsidiary of Chinalco, for a cash consideration of RMB396 million. This transaction is regarded as a business combination under common control. Theconsolidated financial statements for the year ended December 31, 2021 has combined the financial statements of the acquired gallium business from the beginning of theearliest period presented (Note 2.3(a)). The comparative financial data have been restated accordingly.Revenue and net profit of the gallium business for the period from January 1, 2021 to the acquisition date and for the year ended December 31, 2020 are as follows: For the period from January 1, 2021 to theacquisition date2020Revenue 178,229 112,428Net profit 32,315 26,219Details of the purchase consideration, the net assets acquired are as follows:Purchase consideration: Cash paid 395,624Total purchase consideration 395,624 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 269 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11839 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED)(a)Acquisition of gallium business (continued)The carrying amounts of assets, liabilities and equity of the gallium business at the acquisition date and December 31, 2020 are as follows: December 31,Acquisition date2020Current assets 103,353 66,215Non-current assets 70,660 74,270Current liabilities (3,770) (7,037)Non-current liabilities (4,480) —Net assets – closing balance 165,763 133,448Net assets – beginning balance 133,448 95,389The adjustment on the beginning balance of the Group's total equity amounting to RMB95 million and RMB133 million for the year ended December 31, 2020 and 2021,respectively, represented the net assets of the gallium business at the same date which were combined to the consolidated balance sheet of the Group. The consideration ofRMB396 million paid in 2021 was treated as a decrease in capital reserves.(b)Acquisition of Henan Zhongzhou LogisticsIn April 2020, pursuant to the agreement entered into between Chalco Logistics Group Zhongzhou Co., Ltd. (“Chalco Logistics Zhongzhou”, “中鋁物流集團中州有限公司”, asubsidiary of Chalco Logistics), Henan Zhongzhou Logistics Co., Ltd. (“Henan Zhongzhou Logistics”, “河南中州物流有限公司”, a subsidiary of Zhongzhou AluminumFactory prior of the transaction), Chalco Logistics Group Co., Ltd. (“Chalco Logistics”, “中鋁物流集團有限公司”, a subsidiary of the Company), Henan ZhongzhouAluminum Factory Co., Ltd. (“Zhongzhou Aluminum Factory”, “河南中州鋁廠有限公司”, a subsidiary of Chinalco) and Chalco Zhongzhou Aluminum Industry Co., Ltd.(“Zhongzhou Aluminum Industry”, “中鋁中州鋁業有限公司”), Chalco Logistics Zhongzhou merged Henan Zhongzhou Logistics, which was a 100% owned subsidiary ofZhongzhou Aluminum Factory prior to the transaction, by issuing new shares of Chalco Logistics Zhongzhou to Zhongzhou Aluminum Factory.(c)Acquisition of Chongqing Xinan TransportationPursuant to the agreement entered into between Chalco Logistics, Southwest Aluminum Industry (Group) Co., Ltd. (“Southwest Aluminum Industry”, “西南鋁業（集團）有限責任公司”, a subsidiary of Chinalco) and Chongqing Southwest Aluminum Transportation Co., Ltd. (“Southwest Aluminum Transportation”, “重慶西南鋁運輸有限公司”,a subsidiary of Southwest Aluminum Industry prior to the transaction), Chalco Logistics acquired Chongqing Xinan Transportation on June 30, 2020 by subscription of its 51%newly issued shares for a cash consideration of RMB8.189 million. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 270 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-11939 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED)(d)Acquisition of Suzhou ZhongcaiOn April 29, 2019, Chinalco Shanghai Company Limited (“Chinalco Shanghai”) (“中鋁上海有限公司”), a subsidiary of the Company, entered into an equity transfer agreement with ZhongseTechnology Co., Ltd.* (“Zhongse Technology”) (“中色科技股份有限公司”) and Suzhou Research Institute of Non-ferrous Metals Co., Ltd.* (“Suzhou Research Institute”) (“蘇州有色金屬研究院有限公司”), pursuant to which, Chinalco Shanghai acquired 70% and 30% equity interests in Suzhou Zhongse Metal Materials Technology Co., Ltd.* (“Suzhou Zhongcai”) (“蘇州中色金屬材料科技有限公司”) from Zhongse Technology and Suzhou Research Institute, respectively. The consideration for the acquisition was RMB237 thousand, which was determined based on theappraisal value of the 100% equity interest in Suzhou Zhongcai. Chinalco Shanghai has paid the consideration in full as of June 30, 2019. The acquisition date was June 1, 2019, which was thedate that the Group obtained control of Suzhou Zhongcai. Before and after the acquisition, both Suzhou Zhongcai and Chinalco Shanghai were controlled by Chinalco, and the control was nottemporary. Thus, the acquisition of the 100% equity interest in Suzhou Zhongcai is considered to be a business combination under common control, other than significant influence or joint control.The carrying amounts of the assets and liabilities of Suzhou Zhongcai as of the acquisition date and the comparative financial figures were as follows: December 31, 2018 June 1, 2019Assets Property, plant and equipment 55,747 55,746Land use rights 26,574 —Right-of-use assets — 26,318Other current assets 2,561 2,229Deferred tax assets 86 143Trade and notes receivables 3,485 2,758Cash and cash equivalents 183 136Liabilities Deferred tax liabilities 111 —Interest-bearing loans and borrowings 51,908 51,908Other payables and accrued expenses 34,536 33,404Trade and notes payables 1,664 1,564Net assets 417 454Non-controlling interests — —Net assets acquired — 454Difference recognized in equity — (217)Total purchase consideration — 237* The English names represent the best effort by management of the Group in translating the Chinese names of the companies as they do not have any official English names.  Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 271 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-12040 DISPOSAL OF SUBSIDIARIES(a)Disposal of 75% equity of Shandong Shanlv Electronic Ltd.In July 2020, the Group entered into a Capital Contribution Agreement with a third party on disposal of 75% equity interest of Shandong Shanlv Electronic Ltd.. A gain ofRMB10.72 million from partial disposal of the subsidiary was recognized.(b)Disposal of 100% equity of China Aluminum Nanhai AlloyIn January 2019, the Company entered into a Capital Contribution Agreement with Chinalco and its subsidiary Chinalco Innovative, pursuant to which the Company shall makea capital contribution to Chinalco Innovative in form of its 100% equity interests in China Aluminum Nanhai Alloy Co., Ltd. ("China Aluminum Nanhai Alloy"). After thetransaction, the Company holds 19.4852% in Chinalco Innovative. As of the date of deemed disposal, the Company re-measured the equity of China Aluminum Nanhai Alloyto a fair value of RMB350 million and recognized the fair value gain of RMB258 million accordingly.(c)Disposal of 40% equity interest of Inner Mongolia Fengrong and disposal of 60% equity interest of Ningxia FenghaoOn February 20, 2019, Chalco Energy Co., Ltd., a wholly-owned subsidiary of the Company, entered into equity transfer agreements with Chinalco Environment ProtectionCo., Ltd. on the partial disposal of 40% equity interests in Inner Mongolia Fengrong Co., Ltd. and 60% equity interests in Ningxia Fenghao Co., Ltd., respectively. A gain ofRMB3,014 thousands from partial disposal of the two subsidiaries was recorded by the Group.(d)Deregistration of Shanghai KailinChalco Trade, a subsidiary of the Company, held 100% equity interest of Shanghai Chalco Kailin Aluminum Co., Ltd. * (上海中鋁凱林鋁業有限公司) ("Shanghai Kailin"). InJuly 2019, Shanghai Kailin was deregistered, from which the Company recorded a gain of RMB160 thousands.(e)Disposal of Ruzhou JinhuaZhongzhou Aluminum, a subsidiary of the Company, held a 51% equity interest in Ruzhou Chinalco Jinhua Mining Co., Ltd. * (汝州中鋁金華礦業有限公司) ("RuzhouJinhua"). In July 2019, Zhongzhou Aluminum disposed all of its equity interests of Ruzhou Jinhua, and a gain of RMB113 thousands from the disposal was included in othergains during the year ended December 31, 2019.* The English name represents the best effort made by management of the Group in translating its Chinese name as it does not have any official English names. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 272 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-12141 OTHER EQUITY INSTRUMENTSOn November 19, 2019, the Company issued RMB1,500 million perpetual medium-term notes with an initial distribution rate at 4.20% (the “2019 Perpetual Medium-termNotes”). The proceeds from the issuance of the 2019 Perpetual Medium-term Notes were RMB1,499 million. The proceeds were used for the repayment of interest-bearingloans and borrowings. Coupon payments of 4.20% per annum on the 2019 Perpetual Medium-term Notes have been made annually in arrears from November 19, 2019 and maybe deferred at the discretion of the Company. The 2019 Perpetual Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on November 20,2022 or any coupon distribution date after November 20, 2022 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. Thecoupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 1.31 percent, (b) the China Treasury Rate, and (c) a margin ofmaximum 300 Bps every five years after November 20, 2022. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends toshareholders or decrease the share capital or make material fixed asset investments.On December 2, 2020, the Company issued RMB1,000 million perpetual medium-term notes with an initial distribution rate at 4.45% (the “2020 Perpetual Medium-termNotes”). The proceeds from the issuance of the 2020 Perpetual Medium-term Notes were RMB1,000 million. The proceeds were used for the repayment of interest-bearingloans and borrowings. Coupon payments of 4.45% per annum on the 2020 Perpetual Medium-term Notes have been made annually in arrears from December 2, 2020 and maybe deferred at the discretion of the Company. The 2020 Perpetual Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on December 3,2022 or any coupon distribution date after December 3, 2022 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. Thecoupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 1.42 percent, (b) the China Treasury Rate, and (c) a margin ofmaximum 300 Bps every five years after December 3, 2022. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends toshareholders or decrease the share capital or make material fixed asset investments.Pursuant to the terms and conditions of the 2019 Perpetual Medium-term Notes and the 2020 Perpetual Medium-term Notes, the Group has no contractual obligations to repaytheir principal or to pay any coupon distributions. Thus, in the opinion of the directors of the Company, they do not meet the definition of financial liabilities according to IAS32 Financial Instruments: Presentation, and are classified as equity and subsequent distributions declared will be treated as distributions to equity owners.On October 21, 2021, the Group redeemed RMB2 billion of the 2018 Perpetual Medium-term Notes and paid the principal amounts together with any accrued, unpaid ordeferred coupon distribution payments.On November 7, 2021, the Group redeemed USD500 million of the 2016 Senior Perpetual Securities and paid the principal amounts together with any accrued, unpaid ordeferred coupon distribution payments. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 273 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-12242 CONTINGENT LIABILITIESAs of December 31, 2021 and the date of this report, the Group is in process of application with related government departments for re-verifying carbon emission data forcertain coal-fired power plants to avoid unnecessary obligations of excessive emission, the conclusion of which will not result in material additional liabilities to be recognizedby the Group.The Group is a defendant in a number of lawsuits arising in the ordinary course of business. While the outcomes of such lawsuits cannot be determined at present, managementbelieves that any resulting liabilities will not have a material adverse effect on the financial position or operating results the Group.43 COMMITMENTS(a) Capital commitments December 31, 2020 December 31, 2021(Restated)Property, plant and equipment 1,437,354 1,375,405(b) Other capital commitmentsAs of December 31, 2021, the commitments to make capital contributions to the Group’s joint ventures and associates were as follows: December 31, 2020 December 31, 2021(Restated)Joint ventures and associates 761,800 441,80044 EVENTS AFTER THE REPORTING PERIOD(a)On January 19, 2022, the Group completed an issuance of short-term bonds with a total face value of RMB2 billion at par value of RMB100.00 per unit which will mature inOctober 2022 for working capital needs and repayment of bank borrowings. The fixed annual coupon interest rate of these bonds is 2.49%.(b)On February 21, 2022, the Group completed an issuance of short-term bonds with a total face value of RMB1 billion at par value of RMB100.00 per unit which will mature inNovember 2022 for working capital needs and repayment of bank borrowings. The fixed annual coupon interest rate of these bonds is 2.20%.(c)On January 26, 2022, the Group completed an issuance of medium-term bonds with a total face value of RMB2 billion, an annual interest rate of 3% which will mature inJanuary 2025. The above medium-term notes will pay interest once a year from January 26, 2022, and the Company intends to use the proceeds from the offering to refinanceexisting debt.(d)On February 22, 2022, the Group completed an issuance of medium-term bonds with a total face value of RMB400 million, an annual interest rate of 2.68% which will maturein February 2025. The above medium-term notes will pay interest once a year from February 23, 2022, and the Company intends to use the proceeds from the offering torefinance existing debt.(e)On March 22, 2022, the Board of Directors proposed a final dividend of RMB545 million for the year ended December 31, 2021, which is subject to the approval of theshareholders of the Company at the forthcoming annual general meeting. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231x20f.htm Type: 20-F Pg: 274 of 274 Table of ContentsALUMINUM CORPORATION OF CHINA LIMITEDNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the years ended December 31, 2019 ,2020 and 2021(Amounts expressed in thousands of RMB unless otherwise stated)F-12345 COMPARATIVE AMOUNTCertain comparative amounts have been restated as a result of the business combinations under common control as disclosed in Note 39 and changes in accounting policies(Note 2.1.6).46 APPROVAL OF THE FINANCIAL STATEMENTThe financial statements were approved and authorised for issue by the Board of Directors on April 22, 2022. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex8d1.htm Type: EX-8.1 Pg: 1 of 1 Exhibit 8.1List of Subsidiaries of Aluminum Corporation of China Limited as of December 31, 2021A list of Aluminum Corporation of China Limited’s principal subsidiaries is provided in Note 1 to consolidated financial statements included in this annual report following Item 19. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex12d1.htm Type: EX-12.1 Pg: 1 of 1 Exhibit 12.1CERTIFICATIONI, ZHU Runzhou, certify that:1.I have reviewed this annual report on Form 20-F of Aluminum Corporation of China Limited (the “Company”);2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of thecircumstances under which such statements were made, not misleading with respect to the period covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the Company as of, and for, the periods presented in this report;4.The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which thisreport is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;(c)Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and(d)Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materiallyaffected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and5.The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and theaudit committee of the Company’s board of directors (or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect theCompany’s ability to record, process, summarize and report financial information; and(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.Date:April 22, 2022By:/s/ Zhu RunzhouName:Zhu RunzhouTitle:Executive Director and President Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex12d2.htm Type: EX-12.2 Pg: 1 of 1 Exhibit 12.2CERTIFICATIONI, GE Xiaolei, certify that:1.I have reviewed this annual report on Form 20-F of Aluminum Corporation of China Limited (the “Company”);2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of thecircumstances under which such statements were made, not misleading with respect to the period covered by this report;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the Company as of, and for, the periods presented in this report;4.The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that materialinformation relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which thisreport is being prepared;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accountingprinciples;(c)Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosurecontrols and procedures, as of the end of the period covered by this report based on such evaluation; and(d)Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materiallyaffected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and5.The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and theaudit committee of the Company’s board of directors (or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect theCompany’s ability to record, process, summarize and report financial information; and(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.Date:April 22, 2022By:/s/ Ge XiaoleiName:Ge XiaoleiTitle:Chief Financial Officer and Secretary to the Board Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex13d1.htm Type: EX-13.1 Pg: 1 of 1 Exhibit 13.1CERTIFICATIONIn connection with the annual report on Form 20-F of Aluminum Corporation of China Limited (the “Company”) for the year ended December 31, 2021 as filed with the Securitiesand Exchange Commission on the date hereof, I, ZHU Runzhou, Executive Director and President of the Company, certify, pursuant to Rule 13a-14(b) under the Securities ExchangeAct of 1934, as amended (the “Exchange Act”), and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of myknowledge:(1)The annual report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(2)The information contained in the annual report fairly presents, in all material respects, the financial condition and results of operations of the Company.Date:April 22, 2022By:/s/ Zhu RunzhouName:Zhu RunzhouTitle:Executive Director and PresidentThe foregoing certification is being furnished solely pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350 and will not be deemed “filed” for purposes ofSection 18 of the Exchange Act, or otherwise subject to the liability of that section. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex13d2.htm Type: EX-13.2 Pg: 1 of 1 Exhibit 13.2CERTIFICATIONIn connection with the annual report on Form 20-F of Aluminum Corporation of China Limited (the “Company”) for the year ended December 31, 2021 as filed with the Securitiesand Exchange Commission on the date hereof, I, GE Xiaolei, Chief Financial Officer and Secretary to the Board of the Company, certify, pursuant to Rule 13a-14(b) under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to thebest of my knowledge:(1)The annual report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and(2)The information contained in the annual report fairly presents, in all material respects, the financial condition and results of operations of the Company.Date:April 22, 2022By:/s/ Ge XiaoleiName:Ge XiaoleiTitle:Chief Financial Officer and Secretary to the BoardThe foregoing certification is being furnished solely pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350 and will not be deemed “filed” for purposes ofSection 18 of the Exchange Act, or otherwise subject to the liability of that section. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 1 of 108 IExhibit 96.1Technical Report Summary of Mineral Reservesand Mineral Resources for Boffa Mine in GuineaApril 2022 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 2 of 108 IIDeclarationI, Shengfa Tu, am a member of the Australasian Institute of Mining and Metallurgy (AusIMM) (Membership Number 320442). I have sufficient experience in estimating resourcesand reserves of weathered bauxite deposits and mine construction, which enables me to prepare the Technical Report Summary of Mineral Reserves and Mineral Resources for BoffaMine in Guinea. I am regarded as a Qualified Person in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORCCode 2012 Edition) and a Qualified Person as defined under Subpart 1300 of U.S. Securities and Exchange Commission Regulation S-K (“Regulation S-K 1300”). I have preparedthis report based on relevant information and rules including Regulation S-K 1300 and Item 601(b)(96) of Regulation S-K, and I promise to be fully responsible for this report.I have no financial interest with the registrant, such as equity interest, except the fees charged for technical services in preparing this report.Signature:/s/ Shengfa TuTitle:AusIMM FellowDate:April 21, 2022 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 3 of 108 IIIContents1 Executive Summary11.1 Introduction to Mineral Properties11.2 Geology of Deposit11.3 Exploration41.4 Development and Operations61.5 Mineral Resources61.6 Mineral Reserves71.7 Capital and Operating Costs81.8 Permitting81.9 Conclusions and Recommendations82 Introduction102.1 About the Registrant102.2 Scope of Application of this Summary102.3 Types and Sources of Data102.4 Qualifications and Declaration103 Property Description124 Accessibility, Infrastructures and Physiography144.1 Topography, Elevation and Vegetation144.2 Accessibility144.3 Climate144.4 Infrastructures145 Exploration and Development History of the Mine165.1 Prior and Current Operators165.2 Exploration and Development165.2.1 BHP Exploration165.2.2 Due Diligence by Mining One195.2.3 CINF’s Technical and Resource Report195.2.4 CINF’s Feasibility Study and Design195.2.5 Mine Construction and Production of Chalco Guinea Company196 Geological Background and Mineralization Characteristics216.1 Regional Geology216.2 Mine Geology226.3 Deposit Type257 Exploration267.1 Survey Evaluation267.2 Geological Logging267.3 Drilling267.4 Sampling and QAQC287.5 Hydrogeological Evaluation297.6 Geotechnical Assessment298 Preparation, Analysis and Quality of Samples308.1 Preparation Process and Quality Assessment of Samples308.2 QAQC of Sample Assay308.2.1 Comparison of Analytical Methods and Results308.2.2 Analysis and QAQC318.3 Data Management339 Data Verification349.1 Verification Method349.2 Verification Results349.3 Analysis of Duplicate Samples349.3.1 Distribution of Boreholes of Duplicate Samples349.3.2 Comparison of Duplicate Sample Analysis359.4 Verification Conclusions3710 Beneficiation Performance Test3810.1 Digestion Test Results3810.1.1 Test Results of Zhengzhou Non-Ferrous Metals Research Institute3810.1.2 Test Results of Shandong Branch of Chalco39 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 4 of 108 IV11 Estimation of Mineral Resource4011.1 Estimation Method and Parameter Selection4011.1.1 Data and Databases4011.1.2 Parameter Selection for Resource Estimation4011.1.3 Resource Estimation Method4211.1.3.1 Orebody Classification4211.1.3.2 Solid Model4211.1.3.3 Grade Estimation Method and Block Modeling4611.2 Estimation of Resources4711.2.1 Resources4711.2.2 Grade and Resources4911.3 Analysis of Reliability of Resources and Influence factors4912 Mineral Reserves5012.1 Selection of Parameters and Method for Reserves Estimation5012.1.1 Analysis of Relevant Factors in Economic and Technological Study50Mine design and planning50Laboratory test50Environmental compliance5012.1.2 Parameters and Method for Reserves Estimation5112.1.2.1 Preferred Stope5112.1.2.2 Parameters and Method for Reserves Estimation5112.1.2.3 Principles and Conditions for Converting Resources to Reserves5212.1.2.4 Calculation Equation for Converting Resources to Reserves5212.2 Reserves Estimation Result5312.3 Related Notes5413 Mining Methods5513.1 Geotechnical Investigation5513.2 Hydrogeological Condition Study5513.3 Mining Methods5513.4 Mining Index5513.5 Production Capacity and Service Life5613.6 Equipment and Staffing5913.6.1 Main Mining and Stripping Equipment and Quantity5913.6.2 Bauxite Transport Automobiles5913.6.3 Main Reclamation Equipment5913.6.4 Organization and Staffing5914 Beneficiation and Recovery Method6015 Infrastructure6115.1 Plot Plan and Transportation6115.2 Site Selection6215.3 General Arrangement6315.3.1 Stope and High grade ore Yard6315.3.2 Low Grade Ore Yard6415.3.3 Water Source6415.3.4 Belt Conveyor and its Maintenance Road6415.3.5 Ferries Wharf6415.3.6 Wharf Yard and Living Area6515.3.7 Heavy Oil Power Station6515.3.8 Temporary Waste Dump6615.3.9 Others6615.3.10 Internal and External Transportation6615.3.11 Power System6715.3.12 Water Supply and Drainage6716 Market Studies6816.1 Forecast of Product Supply and Demand6816.2 Product Price Forecast6816.3 Signed or Potential Contracts6817 Environmental Studies, Permits and Social Impacts6917.1 Results of Environmental Studies69 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 5 of 108 V17.2 Disposal of Three Types of Wastes6917.2.1 Waste Gas Treatment6917.2.2 Wastewater Treatment6917.2.3 Solid Waste Treatment6917.2.4 Environmental Investment and Staffing7017.3 Environmental Permit for the Project7017.4 Planning, Consultation, or Agreement with Local Individuals or Groups7017.5 Mine Closure Plan7017.6 Related Notes7118 Capital and Operating Costs7218.1 Investment estimation7218.1.1 Basis of compilation7218.1.2 Project investment estimation7218.2 Operating costs7518.2.1 Notes for cost planning7518.2.2 Operating cost estimation7518.2.3 Notes for capital and operating cost7619 Financial Analysis7819.1 Basis and principles of financial analysis7819.2 Profit and profit distribution7819.2.1 Product sales and revenue7819.2.2 Value-added tax7819.2.3 Ore export tax and Mineral tax7819.2.4 Profit and distribution7819.3 Analysis of project profitability7919.4 Cash flow calculation7919.5 Solvency analysis and project benefits7919.6 Economic efficiency analysis9119.7 Risk analysis9120 Adjacent Properties9221 Other Relevant Data and Information9422 Interpretation and Conclusions9523 Recommendations9724 References9825 Dependence on Data Provided by Registrant103 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 6 of 108 11 Executive Summary1.1 Introduction to Mineral PropertiesBoffa Bauxite Mine is located 8km north by east of the city of Boffa, Boffa Prefecture, BOKE Region in Guinea, consisting of the Boffa North and Boffa South mines (Fig. 1-1). Themining permit number of Boffa North is Presidential Decree No. D/2018/105/PRG/SGG, and the mining permit number of Boffa South is Presidential Decree No.D/2018/106/PRG/SGG. Boffa North covers an area of 653.55km2, and Boffa South covers an area of 594.61km2. Both mining permits are valid for 15 years (from July 9, 2018 toJuly 8, 2033), and the period can be extended. The single mined mineral is bauxite.Chalco Guinea Ltd. possesses 85% stock shares and the Government of Guinea possesses the remaining 15%.At present, the mine is a production mine. The produced bauxite (AAl2O3≥39%) is shipped to China. The produced bauxite (35%≤AAl2O3≤39%) is stored in situ, which will betreated in an alumina refinery planned to be built in the future.The production scale of the mine is 12Mt per year of bauxite.Fig.1-1 Distribution of Mineral Properties of Boffa Bauxite Mine1.2 Geology of DepositGuinea is located in the West African Carton. Except Cenozoic cap-rocks and late Paleozoic terrigenous clastic rocks along the Western Atlantic coast, the rest are Precambrianbasement strata. More than 90% of the surface is covered by weathering residual iron caps in the Boke region. The basement strata in this area consist of Precambrian metamorphicrock series and mixed granite and diabase belts. The Ordovician-Silurian/Devonian quartz sandstone and siltstone are the cap-rocks, forming the Wenduboru-Fria synclinal structure.In Mesozoic era, the magmatic activity in the area was intense, and the mafic hypabyssal intrusive rocks intruded into the Ordovician-Silurian/Devonian strata, with the distribution ofmafic volcanic rocks. These mafic intrusive rocks and volcanic rocks are the ore-forming parent rocks of laterite bauxite. Under tropical humid climate, laterite bauxite was formed byweathering and oxidation, desiliconization and aluminum enrichment. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 7 of 108 2In the litho-logic profile of the Boffa bauxite, they are soil layer, upper red soil layer, bauxite layer, lower red soil layer and clay layer from top to bottom, and bauxite characteristicand grade are different in different areas.The orebody is irregular in plane, and the Boffa North is composed of five ore-bodies of No.47, No.10, No.11, No.12 and No.26, and the Boffa South is composed of 10 ore-bodies ofNo.27, No.28 and No. 35, No.36, No.37, No.38, No.39, No.40, No.45 and No. 46, as shown in Fig. 1-2.The section of the orebody is in stratiform or stratoid (Fig. 1-3).Fig. 1-3 Diagram of the Orebody in Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 8 of 108 3Fig.1-2. Orebody Distribution in Boffa MineThe main mineral in the ore is gibbsite (61%), al-goethite (17%) and hematite (15%), kaolinite (3.5%), quartz (1%), anatase (1.5%) and rutile (1%).The main chemical composition in the ore is Al2O3, Fe2O3, SiO2, TiO2, with a small amount of S, CaO, MgO, Na2O, K2O and P2O5. The associated beneficial element in the ore isGa (the average content upon combination analysis is 0.0061%), the associated deleterious element is organic carbon (the average content upon combination analysis is 0.13%). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 9 of 108 4The ore structure is argillaceous and massive and earthy.The average content of AAl2O3 is 26.89%- 32.38% and the average content of RSiO2 is 0.28 - 3.28% in Topsoil Layer. The average content of AAl2O3 is 27.29% -30.44% and theaverage content of RSiO2 is 1.85-5.40% in the Bottom.The thickness of the intercalated rock of the orebody is 1-3m, the average thickness is 0.31m, in which the average AAl2O3 is 28.73% - 33.49% and the average RSiO2 is 0.30-1.92%.1.3 ExplorationIn 2005-2012, BHP Billiton carried out geological exploration in Boffa, Santou and Houda blocks, with 13,596 boreholes (footage of 177,003.5m). Most of them were drilled byauger drills and a few were drilled by diamond drills.The borehole grid in Boffa includes 150m × 150m, 300m × 300m and 600m × 600m. Most of the grid in orebody #38 reached 150m × 150m. The grid in 0.36km2 area was in-filled to50m × 50m and in the 0.09km2 area was in-filled to 25m × 25m.In 2012, BHP submitted Boffa Santou Houda Project Close Out Report, establishing orebody model and ore block model, estimating 3.14 billion tons of the bauxite resources inBoffa area, with 39.82% AAl2O3 and 1.06% RSiO2.In November 2016, a technical due diligence on the BOFFA bauxite project in Guinea was carried out by Mining One Consulting, commissioned by Chalco Hong Kong Limited. TheTechnical Due Diligence-Resource Assessment Report for the Boffa Bauxite Project was submitted in January 2017 on the basics of review of document and on-site investigations.Mining One developed a block model during due diligence to validate the resources in the BHP withdrawal report, estimating 3.52 billion tons of the bauxite resources in Boffaregion, with 38.57% AAl2O3 and 0.84% RSiO2.The major findings of Mining One during due diligence are as follows:1) Due to unavailability of the original laboratory assay data, the assay data in the database cannot be verified.2) Due to unavailability of the original ore density test data, the ore density is assumed to be 2.1g/m3.3) Due to failure to provide original QAQC data, the QAQC in the BHP withdrawal report cannot be verified.4) There are some deviations in the data accuracy of spectral test results, such as the higher AAl2O3 assay results and the lower RSiO2 assay results.From 15 February 2017 to 22 May 2017, CINF Engineering Co., Ltd. (“CINF”) conducted resource assessments.(1) Collection of basic data1) Boffa Santou Houda Project Close Out Report (BHP, 2012)2) BHP Billiton Block model file (text file)3) Borehole coordinates (PDF)4) Borehole survey table (excel)5) Assay data table (excel)6) Logging of boreholeWithout topographic and geological maps, profiles, solid models and block models.(2) Completion of validation and submission of The Technical Report on Resources of Boffa Bauxite Development Project in GuineaIncluding 25 verification boreholes of 255m, 5 of verification pits of 34m, 30 re-checking and surveying points, 300 basic analyses, 404 duplicate sample analyses, and 2 solubilitytests.The report passed the expert review organized by the Mineral Resources Management Department of Chalco and Chalco Hong Kong Limited.(3) Main outcomes Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 10 of 108 5① Coordinate survey of boreholeThe original borehole coordinate accuracy has into three types. The plane and elevation errors of high-precision instruments are within 20cm respectively, medium-precisioninstruments within 4.58m and 2.12m, and low-precision instruments within 5m and 10m respectively.② Validation boreholes and pitsWithin 5.5m from original borehole, 30 boreholes were drilled with diamond drills for verification. The results are as follows:The orebody thickness defined by the verification boreholes is 19.0% less than that defined by the original boreholes, which may be caused by the pollution of the original augerdrills.The average AAl2O3 content of the ore body defined by the verification boreholes is 42.05%, and 41.56% defined by the original boreholes, with absolute deviation of 0.49% andrelative error of 1.17%. The orebody assay data of the original borehole is basically reliable.③ Duplicate sample analysisBy comparing the analysis of 404 duplicate samples with the original samples, the results of two analyses in different AAl2O3 content intervals are close and the deviation is small.The comparative data show that the original assay data is reliable.④ Dissolution testThe bauxite ore has good dissolution performance. The dissolution rate of alumina is over 85.0%, and the A/F in the dissolved red mud is about 0.22.⑤ Verification of ore densityThe ore density of wet ores taken from 4 pits in orebody #38 is 2.18 t/m3, the average moisture content of 8 samples of bauxite beds is 8.28%, the calculated ore density of dry ores is2.02 t/m3.⑥ Verification and analysis on rarefying of gridThe blocks with grid reaching 25m × 25m (0.09km2) and 50m × 50m (0.36km2) in orebody #38 are selected for verification and analysis. The verification results show that the grid of150m×150m can meet the requirements of the measured resources, and the grid of 300m×300m can meet the requirements of the indicated resources.⑦ 3D geological modeling and resource estimationWith the SURPAC software, a terrain model, orebody solid model and block model are built. Block estimation is carried out by Distance Power Inverse Ratio method. The measured+ indicated + inferred resources (cut-off grade AAl2O3 35%) is estimated as 2107.97MT, with average AAl2O3 of 39.11% and average RSiO2 of 1.11%.⑧ Main problems1) The geological exploration is generally low, and the ore orebody shape, geological continuity and resource may change to some extent.2) The auger drills are used in BHP exploration, and the thickness of the delineated bauxite ore body may be slightly thicker.3) The accuracy of the coordinates surveyed by medium precision and low precision device is not enough, which may cause the spatial position of the orebody to be changed4) The ore density used in this resource estimation is 2.02 t/m3, which is calculated by combining the weight of the samples from 4 verification pits in orebody #38 with the moisturecontent of the ore. The sample distribution and representativeness are insufficient.5) The rainy season in Guinea is from June to October, with heavy precipitation. The laterite bauxite in the mine has water absorption nature. This field sampling is conducted duringthe dry season, so the moisture content of the tested ore is lower than that in the rainy season.6) According to statistics, about 30% of the boreholes are intercalated with rock, with a thickness of 1 ~ 3m. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 11 of 108 61.4 Development and OperationsIn August 2017, CINF submitted the Feasibility Study Report of BOFFA Bauxite Mine Project in Guinea to Chalco Hong Kong Limited.In May 2018, CINF submitted the Specifications for Detailed Design of the First Stage of BOFFA Bauxite Mine Project in Guinea to Chalco Hong Kong Limited. In the design, theopen-pit mining was adopted, and the scale of 12Mt/a high-grade ore (AAl2O3≥39%) and the 11.04Mt/a dry ore was considered at the first stage of Phase I. The low-grade ore (35%≤AAl2O3< 39%) was temporarily stored on site for future treatment after the alumina refinery put into production. The total service life of the mine is 60a. A total of 775.04Mt ofhigh-grade ore could be produced from BOFFA bauxite mine.The project is commenced on October 28, 2018, and commissioned on April 30, 2020.In April 2020, the 23km belt conveyor was commissioned successfully under load. The supporting port project was successfully completed. The output reached 8.06 million tons in2020.On March 20, 2021, the first 300,000 tons of high-grade bauxite were shipped to Rizhao Port in Shandong Province.A total of 12,303,700 tons of high-grade Bauxite were produced in 2021, achieving the goal in terms of output, standard and efficiency 3 years ahead of schedule.1.5 Mineral ResourcesIn May 2017, CINF submitted the Technical Report on Resources of Boffa Bauxite Development Project in Guinea. In December, 2021, apart from the reserves, the measured +indicated + inferred bauxite resources in Boffa mine is 1954.90Mt, with average AAl2O3 of 38.92 % and average RSIO2 of 1.10%, as shown in Table 1-1.Table 1-1 Resource Summary (December, 2021)MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Boffa NorthIndicated40.9237.540.75Measured28.6637.250.81Inferred1475.96390.98Ind. + Mea.69.5837.420.77Ind.+ Mea. + Inf.1545.5438.930.97Boffa South -Plateau #27Indicated000Measured23.6391.76Inferred214.8239.21.67Ind. + Mea.23.6391.76Ind.+ Mea. + Inf.238.4239.181.68Boffa South -Plateau #38Indicated28.4637.462.06Measured26.4737.431.08Inferred116.0138.991.38Ind. + Mea.54.9337.451.59Ind.+ Mea. + Inf.170.9438.51.45Boffa SouthIndicated28.4637.462.06Measured50.0738.171.4Inferred330.8339.121.56Ind. + Mea.78.5339.891.43Ind.+ Mea. + Inf.409.3639.271.53 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 12 of 108 7MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Boffa-in totalIndicated69.3837.511.29Measured78.7337.841.19Inferred1806.7939.021.09Ind. + Mea.148.1137.691.24Ind.+ Mea. + Inf.1954.938.921.1Note: the cut-off grade of AAl2O3 is ≥35%, and the loading price of bauxite is 22.02USD/WT.1.6 Mineral ReservesAccording to the design, Boffa South Block 38 was selected as the preferred stope. Part of the infrastructure has been completed at present. According to the geological continuity,mining, transportation conditions and modifying factors, the Measured resources have the conditions to be converted into the Proven reserves, and the Indicated resources have theconditions to be converted into the Probable reserves. Its reserves are shown in Table 1-2Table 1-2 Reserve Summary (May 2017)MineOrebody No.AAl2O3(%)ClassificationReserve (Mt)AAl2O3(%)RSiO2(%)Boffa North10≥39%Proven16.6241.141.03Probable11.5941.461.1826≥39%Proven16.6141.350.81Probable10.8342.040.88Boffa North-in total≥39%Proven33.2241.240.92Probable22.4241.741.04Proven + Probable55.6441.440.97Boffa South27≥39%Probable28.0541.621.737≥39%Probable0.9442.011.1638≥39%Proven46.5942.341.26Probable15.9542.011.26Proven + Probable62.5342.261.2639≥39%Proven0.0439.970.92Probable0.0940.051.29Proven + Probable0.1340.021.1745≥39%Probable4.3141.641.1146≥39%Probable1.4641.440.99Boffa South-in total≥39%Proven46.6342.341.26Probable50.841.741.48Proven + Probable97.4342.031.37BoffaTotal≥39%Proven79.8541.881.12Probable73.2241.741.34Proven + Probable153.0841.821.23Note: the cut-off grade of AAl2O3 is ≥39%, and the loading price of bauxite is 22.02USD/WT.From 2019 to the end of 2021, a total of 21.67Mt of high grade ore was produced in Boffa South - Block 38. By the end of 2021, Boffa mine had (Proven + probable) reserves of131.41Mt, with average AAl2O3 of 41.82% and RSiO2 of 1.23%, among which the Proven reserves were 58.19Mt with average AAl2O3 of Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 13 of 108 841.71% and RSiO2 of 1.07%, and the probable reserves were 73.22Mt with average AAl2O3 of 41.74% and RSiO2 of 1.35%.1.7 Capital and Operating CostsFor cost estimation, the time node is August 2017, and the commodity price takes the average price in the past three to five years prior to August 2017.The total investment of the project is 474,014.92KUSD, of which the construction investment is 435,292.22KUSD, the interest during the construction period is 14,382.05KUSD andthe working capital is 24,340.64KUSD.The average annual operating cost of the project is estimated to be 240,528KUSD /a, with 74,568KUSD /a for mining, 55,318KUSD for belt conveyor, 7,785KUSD for wharf yard,22,980KUSD /a for administration, 5,285KUSD /a for business expenses, 2,708KUSD /a for financial and 22,242KUSD /a for value added tax, 17,570KUSD /a for export duty,17,570KUSD /a for mineral tax, 10,318KUSD /a for income tax, and 4,184KUSD /a for stock dividend.The ROI is 8.63%, and the ROE is 16.48%.The financial internal rate of return before income tax is 11.85%, the payback period of investment is 8.44 years (including the construction period). The financial internal rate ofreturn after income tax is 8.72%, the payback period is 10.10 years (including the construction period).The financial internal rate of return on capital of the project is 10.16%.The repayment period of the loan is 7.92 years (including the construction period) according to the maximum repayment ability of the project, which indicates that the project hasgood repayment ability.1.8 PermittingThe mining permit is valid for 15 years (from July 9, 2018 to July 8, 2033), and can be renewed upon expiry. An EIA permit is granted to Chalco by the Government of Guinea, witha valid period of one year, and the period may be extended if the evaluation of the implementation of the Social Environmental Management Plan is acceptable.1.9 Conclusions and RecommendationsThe report summarizes the basic situation of mineral properties and the status of mining operation. This is an operating open-pit mine, whose products are sold to China. The designedannual capacity is 12Mt, and the service life is 60 years. The current reserves can meet the mine production for 12 years. The output in 2021 was 12.32Mt, reaching the designedproduction scale.The quality of drilling and sampling, processing and testing is high, and the exploration data is credible. The principle of delineation of ore bodies and the resource classification arereasonable. The resource is estimated by the Distance Power Inverse Ratio method. The resource estimation data is reliable.The feasibility study of the deposit and the design of the mine have been carried out, the comprehensive investigation of the modifying factors related to the reserve estimation hasbeen carried out, and the mining design has been completed. The reserves have been estimated and the data are reliable.This report reviewed the capital and operating cost of the mine. The principle of estimation and the selection of main parameters is reasonable, and the conclusion is credible. Theprecision requirement of the feasibility study is achieved.The economic analysis of the project has been carried out, and the discount cash flow method is used in the analysis. The main parameters are demonstrated in detail. Majorcommodity prices have been demonstrated, using the average three to five-year prior to August 2017. The equipment price is quoted from the contract price. The conclusion isreliable.It is estimated that the loading price of bauxite (water content 8%) is 22.02USD/t (wet basis).The Bauxite is mainly sold to the alumina plant of Chalco, and the commodity market is guaranteed.The construction fund and operation cost is as follows:① The total investment of the project is 474,014.92KUSD, of which the construction investment is 435,292.22KUSD, the interest is 14,382.05KUSD and the working capital is24,340.64KUSD.② The ROI is 8.63% and the ROE is 16.48% . Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 14 of 108 9③ The financial internal rate of return before income tax is 11.85%. The payback period of investment is 8.44 years (including the construction period). The financial internal rate ofreturn after income tax is 8.72%, the payback period is 10.10 years (including the construction period).④ The capital financial internal rate of return of this project is 10.16% .⑤ The repayment period of the loan is 7.92 years (including the construction period) according to the maximum repayment ability of the project, which indicates that the project hasgood repayment ability.All the above conclusions are reliable.The main risk for the project is high political risk, however, the coup d'état happened in September 2021 in Guinea has little impact on the operation of the project.The project market, economic and other risks is moderate and controllable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 15 of 108 102 Introduction2.1 About the RegistrantAluminum Corporation of China Limited (Chalco) was incorporated in the People’s Republic of China on September 10, 2001, and is controlled by China Aluminum Group Co., Ltd.Chalco is a large-scale aluminum production and operation enterprise in China, which integrates exploration and exploitation of bauxite and coal resources, production, sale, technicalresearch and development of alumina and aluminum alloy products. Chalco is listed at the New York Stock Exchange, the Hong Kong Stock Exchange and the Shanghai StockExchange (Stock code: New York ACH, Hong Kong 2600, Shanghai 601600).Chalco Hong Kong Limited (hereinafter referred to as “Chalco Hong Kong”) is the investor of the project, as designated and authorized by Chalco. Chalco Hong Kong is a whollyowned subsidiary of Chalco, which is responsible for the development of overseas bauxite resources and aluminum industry projects. Chalco Hong Kong will be the entity to sign thefinal agreement with the Government of Guinea.2.2 Scope of Application of this SummaryCommissioned by Chalco, the purpose of this Summary is to prepare the annual report of the listed company and to disclose to the public the status of the bauxite resources of Year2021 of Chalco.2.3 Types and Sources of DataThe types of the data provided by the registrant are resource report, feasibility study report, mine project design report and their databases. The data comes from the original data anddatabase provided by the Government of Guinea and the resource report, feasibility study report and mine project design report prepared by CINF2.4 Qualifications and DeclarationThe Qualified Person, Shengfa Tu, is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) (Membership Number 320442). He has sufficient experience inestimating resources and reserves of weathered bauxite deposits and mine construction, which enables him to prepare this report. He is regarded as a Qualified Person in accordancewith the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition).The Qualified Person has no financial interest with the registrant, such as equity interest, except the fees charged for technical services in preparing the report.The Qualified Person has consulted the resource report, the feasibility study report and the mine project design information, and has been informed of the mining permit, the requisitelicenses, the relevant Guinean mining laws and regulations and tax laws. The coordinates survey of sampling engineering, sampling, processing and analysis QAQC and the existingproblems are understood in detail. The process of the database verification, geological interpretation, orebody model, resource classification rules and resource estimation isunderstood. The consideration of modifying factor and the estimation of reserves in the process of reserves conversion are understood.The focus is given to the chapters of market analysis and economic analysis in the feasibility study report, and comparison is made among the parameters, analysis process andanalysis results of relevant economic analysis according to the requirements of the specification.The mine is a production mine, and the construction of infrastructure, auxiliary facilities and production have been verified.The references are:① Technical Report on Resources of Boffa Bauxite Development Project in Guinea of Chalco Hong Kong Limited and its database submitted by CINF in May 2017.② Feasibility Study Report of BOFFA Bauxite Mine Project in Guinea of Chalco Hong Kong Limited submitted by CINF in August 2017③ Specifications for Detailed Design of the First Stage of BOFFA Bauxite Mine Project in Guinea of Chalco Hong Kong Limited submitted by CINF in May 2018.④ Information submitted by CINF’s BOFFA Bauxite Mine Exploration Team in terms of infrastructure and auxiliary facilities and recent production. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 16 of 108 11⑤ Information on adjacent mining property provided by registrant. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 17 of 108 123 Property DescriptionBoffa Bauxite Mine is located in 8km north by east of the city of Boffa, the capital of Boffa Prefecture. The southwest corner of the mine is about 25km from the Atlantic Ocean.On July 9, 2018, Guinean President Conte signed a decree granting mining permits for Boffa North (Presidential Decree No. D/2018/105/PRG/SGG) and Boffa South (PresidentialDecree No. D/2018/106/PRG/SGG) to Chalco Guinea Ltd. Boffa North covers an area of 653.55km2, and Boffa South covers an area of 594.61km2. Both mining permits are valid for15 years (from July 9, 2018 to July 8, 2033), and the period can be extended. The single mined mineral is bauxite.Chalco Guinea Ltd. possesses 85% stock shares and the Government of Guinea possesses the remaining 15%.Table 3-1 Coordinates of Mining Rights Inflection Point in Boffa MineLatitudeLongitudeAreaNDegreeMinuteSecondWDegreeMinuteSecondkm2Boffa South1N101857.37W-135113.34653.552N10150.40W-135250.343N10150.40W-135959.344N10333.30W-135959.335N103824.26W-135459.326N10370.27W-135044.327N102131.36W-135044.33Boffa North1N10550.15W-134459.31594.612N10370.26W-134459.323N10370.27W-135044.324N103824.26W-135459.325N10550.16W-135459.31 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 18 of 108 13Fig. 3-1 Location of Boffa Property Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 19 of 108 144 Accessibility, Infrastructures and Physiography4.1 Topography, Elevation and VegetationThe mine is located in the low mountain area of Guinea, where the gully is developed and the landform is of the structure denudation and local accumulation landform.The elevation of the mine changes from 40m south to 462m in the north of the BOFFA mine. The slope is between 0-10% in the south and more than 10% in the north.The vegetation in the region is developed, mostly grasses and shrubs, gully bottom and hillside for secondary forest, the peak for grassland. Grasses and shrubs grow on iron bauxite.4.2 AccessibilityThe mine is located about 8km north by east of the city of Boffa, the capital of Boffa Prefecture (Fig. 3-1), about 86km from the capital Conakry, and about 25km from the AtlanticOcean in the southwest corner of the mine. Conakry is connected to Boffa City by the highway N3, which is about 150km away and is an asphalt road with a surface width of about6m. The southern part of the mine is connected to the highway N3 by a simple road, which is about 5km away.There are two main railways in Guinea. A railway links Conakry and the Fria smelter at the east of BOFFA. The other railway, which runs from the CBG mine near Sangaredi to theport of Kamsar, has a large capacity.Guinea has two major ports. One is the port of Conakry, adjacent to the City of Conakry. The port handles container shipments and exports alumina and bauxite. The other is KamsarCBG, which exports bauxite and has two smaller terminals for other bulk cargo.4.3 ClimateGuinea has a tropical marine climate, which is hot and humid, with two distinct seasons. November to May is the dry season, June to October is the rainy season. It has an annualaverage precipitation of 2,212mm, and an annual average evaporation of 1,473mm. The annual humidity in the region is relatively high, ranging from 70% to 78%.The average monthly minimum temperature in the mine from January to December is about 24℃, and the average maximum is 30℃. The highest temperature was 44℃ in April,while the lowest temperature was 10℃ in January.The extreme weather in the project area is mainly storms, which is normally accompanied by tornadoes and strong winds (more than 75 kilometers per hour). Severe storms usuallyoccur at the beginning and end of the rainy season, with the strongest winds usually occurring in June and October.The Boke region had an annual average of 72 storms in 1991-2000, with most of the rain between June and October (about 10 times per month). The highest annual storm rainfallrecorded during this period was 102 in 1992; the lowest rainfall was 43 in 2000.According to the most recent meteorological data collected from the mine, the rainy season lasts for five months, with about 20 days of daily rainfall above 10mm in July, August andSeptember and about 10 days of daily rainfall above 10mm in June and October, all the rain in rainy season is heavy and lasts a short while. The weather turns to fine soon after therain.4.4 InfrastructuresGuinea has an underdeveloped electricity system and no large national grid. The Capital and main cities have regional grids, which are limited in supply scope. There is a lack ofelectricity in large areas outside the cities, and the main factories and mines rely on their own power generation. The local hydropower resources are abundant, but the utilization levelis low.The mine area consists of three watersheds: Cogon, Rio Nunez and Fatala, forming a dense network of waterways. Rain and dry seasons are distinct, the rainy season is full of water,the dry season almost has no rainfall, and streams are dried in dry season. In the sandstone and clastic rock area, there is good quality groundwater, which is used as water source formine operation and local inhabitants.There is no steel mill in Guinea, and domestic steel are provided for construction industry. All other steel products are imported. Guinea imports power fuel and has gas stations intowns and on major roads. There is no coal in Guinea, which needs to be imported. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 20 of 108 15Guinean has one civil airport, which is in the capital Conakry. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 21 of 108 165 Exploration and Development History of the Mine5.1 Prior and Current OperatorsFrom August 2005 to May 2006, 10 exploration rights were granted to BHP Billiton in Guinea. The exploration rights are mainly distributed in Boffa (2,159km2), Santou (2,014km2)and Houda (202km2). In 2008 and 2011, BHP Billiton applied to the Government of Guinea to reduce the area of the mine. In 2012, BHP Billiton submitted Boffa Santou HoudaProject Close Out Report to the Government of Guinea and returned the exploration rights back to the Government of Guinea.On 31 October 2016, Aluminum Corporation of China signed cooperation framework agreements with the Government of Guinea and Guinean State Mining Company for thedevelopment of the Boffa Mine. On June 8, 2018, Chalco Hong Kong Limited and the Guinean government signed a mining agreement for the Boffa project in Conakry, Guinea.Chalco Hong Kong Limited funded the establishment of Chalco Guinea Company in Guinea. On July 9, 2018, Guinean President Conte signed a decree granting mining permits ofBoffa North and Boffa south to Chalco Guinea Company.The Boffa Bauxite Project follows the principle of overall consideration and step-by-step implementation of bauxite-alumina integration. At first, only the high-grade bauxite ismined, at the same time, the feasibility study of building local alumina refinery is carried out. In accordance with the laws of Guinea, during the bauxite transportation of the miningproject, the Guinean Government holds 15% of the shares, and Chalco Hong Kong holds 85% of the shares. When the project entered the alumina production stage, the GuineanGovernment accounts for 5% of the share and Chalco Hong Kong accounts for 95% of the share. Finally, it was arranged based on the mining agreement signed by both parties.At present, only high-grade bauxite is produced. The Government of Guinea has 15% of the share and Chalco Hong Kong has 85% of the share.5.2 Exploration and Development5.2.1 BHP ExplorationIn 2005-2012, BHP Billiton carried out five geological explorations in Boffa, Santou and Houda blocks, with 13,596 boreholes (footage of 177,003.5m). Most of them were drilled byauger drills and a few were drilled by diamond drills. The annual drilling is shown in tables 5-1 and 5-2.Fourier Transform Infrared (FTIR) was used to analyze available aluminum and reactive silicon in most of the samples in 2006, 2007 and 2008. All samples in 2009 and 2010 wereanalyzed using the American Bayer Extractable Alumina (ABEA) method. In addition, 19,843 samples from 3,813 boreholes analyzed by FTIR in 2009 were analyzed by ABEmethod again.Table 5-1 Annual Exploration and Drilling WorksYearNumber of boreholesFootage (m)20062,49626,726.5020073,17040,099.0020083,71256,948.4520092,17225,214.2020102,03427,833.00201112182.3Total13,596177,003.50 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 22 of 108 17Table 5-2 Number of Different Types of BoreholesDrilling methodNumber of boreholesFootage (m)Auger drill13,492175,805Diamond drill891,101.45Other methods1297Total13,596177,003.50A total of 7,821 boreholes were drilled in the Boffa mine. Among them, the borehole grid in # 38 mine, # 26 mine and # 10 mine generally reached 150m × 150m, and in # 27 mine300m × 300m. The borehole grid in 0.36km2 area of # 38 mine was infilled to 50m × 50m, and in 0.09km2 area 25m × 25m. See Fig. 5-1. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 23 of 108 18Fig.5-1 Distribution of Boreholes in Boffa Mine(The area in purplish red is the borehole grid of 150m×150m)In 2012, BHP submitted Boffa Santou Houda Project Close Out Report, establishing orebody model and block model, estimating the resources in Boffa South, Boffa North and Houdaarea. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 24 of 108 19Table 5-3 Bauxite Resources in BHP Exploration AreaAreaCut-off grade(AAl2O3%)Minimum minable thickness(m)Resources(billion tons)AAl2O3(%)RSiO2(%)Boffa North, Boffa South and Houda3526～939～420.85～0.905.2.2 Due Diligence by Mining OneIn November 2016, a technical due diligence on the BOFFA bauxite project in Guinea was conducted by Mining One Consulting, commissioned by Chalco Hong Kong. Based onliterature review and field investigation, The Technical Due Diligence -Resource Assessment Report for the Boffa Bauxite Project was submitted in January 2017. Mining One duediligence establish a block model to validate the resources in the BHP withdrawal report, estimating 3.52 billion tons of bauxite resources in Boffa North and Boffa South, 38.57% ofAAl2O3 and 0.84% of RSiO2, as shown in Table 5-4.Table 5-4 Boffa North and Boffa South Bauxite ResourcesAreaResources(Billion tons)Grade(%)Thickness(m)AAl2O3RSiO2Boffa North2.4838.740.593.9Boffa SouthPlateau #270.638.341.552.7Plateau #380.4437.931.283.4Total3.5238.570.84Note： AAl2O3 cut-off grade ≥35%，the minimum minable thickness≥ 1m.5.2.3 CINF’s Technical and Resource ReportFrom February to May 2017, CINF was commissioned by Chalco Hong Kong to prepare the technical and resource report, by carrying out 25 verification boreholes (diamonddrilling) of 255m, 5 verification pits of 34m, 30 re-checking and surveying points, 300 core sampling analyses, 404 duplicate sample analyses, 2 solubility tests. On 22 May 2017, TheTechnical Report on Resources of Boffa Bauxite Development Project in Guinea was submitted, estimating the resources of Measured + Indicated + Inferred (cut-off gradeAAl2O3≥35%) in the BOFFA mine of 2,410Mt, with average AAl2o3 39.09% and average RSiO2 1.10%.5.2.4 CINF’s Feasibility Study and DesignFrom March 2017 to May 2019, commissioned by Chalco Hong Kong, CINF undertook the feasibility study, basic design, and detail design of BOFFA project.According to the design, the output of the first stage of Phase I is 12Mt/a high grade ore (AAl2O3≥39%) and 3Mt/a lower grade ore (35% ≤ AA2O3 < 39%). For Phase II, the output ofthe high-grade ore is 18Mt/a, the output of the lower grade ore is 12Mt/a, and the total output is 30Mt/a. The lower grade ore is temporarily stored on site for future treatment after thealumina refinery put into production. The mine is designed to be an open-pit mine with belt conveying system for hauling.5.2.5 Mine Construction and Production of Chalco Guinea CompanyOn October 28, 2018, the construction of the BOFFA bauxite project was officially started. On October 6, 2019, the BOFFA bauxite project began filed mining operations. In 2021, atotal of 12.3037Mt of high-grade bauxite was mined, achieving the production goal (Fig.5-2, Fig.5-3). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 25 of 108 20Fig.5-2 Boffa preferred stopeFig. 5-3 Wharf and Wharf Yard in Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 26 of 108 216 Geological Background and Mineralization Characteristics6.1 Regional GeologyAs Boke is located at the western edge of the West African Craton, more than 90% of the surface is covered by weathered eluvial gossan. The basement of the area is composed ofPrecambrian metamorphic rock series, mixed with granite and diabase zone. Overlying the bedrock, the Ordovician-Silurian/Devonian quartz sandstone and siltstone formedWendubron-Fria syncline. In Mesozoic era, magmatic activity was intensive in the area, mafic hypabyssal intrusive rocks intrude into cap rocks and basement strata, where maficvolcanic rocks are distributed (Fig. 6-1).Fig. 6-1 Regional Geological Map of BokeThese mafic hypabyssal intrusive rocks and volcanic rocks are metallogenic mother rocks of laterite bauxite. The laterite bauxite was formed by oxidation weathering, desalinizationand aluminum enrichment under tropical humid and hot climate. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 27 of 108 226.2 Mine GeologyThe Mesozoic mafic hypabyssal intrusive rocks and volcanic rocks are the mother rocks of laterite bauxite. In Quaternary, laterite bauxite was formed by oxidation weathering anddesalinization and aluminum enrichment under the tropical humid and hot climate.From top to bottom, the lithological characteristic of the bauxite profile in Boffa mine are: soil layer, upper laterite layer, bauxite layer, lower laterite layer and clay layer, and thetypical lateritic profile is shown in Fig. 6-2.Fig. 6-2 Generalized Bauxite Profile in Boffa MineBoffa North is composed of 5 ore-bodies (Fig. 6-3) #47, #10, #11, #12 and #26. Boffa South-Plateau #27 is composed of 3 ore-bodies #27, #28 and #35, Boffa South-Plateau #38 iscomposed of 7 ore-bodies: #36, #37, #38, #39, #40, #45 and #46.The ore-bodies are irregular in surface and stratified or quasi-stratified in cross section.The smallest orebody in the area is #28 (with an area of 0.36km2), the largest one is #11 (with an area of 92.53km2). The orebody with the smallest thickness is #36 (with an averagethickness of 1.31m), and with the largest one is #12 (with an average thickness of 6.11m). The orebody with the smallest overburden is #46 (with an average overburden thickness of1.56m), and with the largest overburden is #36 (with an average overburden thickness of 2.95m); the orebody with the lowest average AAl2O3 content is #28 (with an average contentof 36.29%), and with the highest average AAl2O3 content is #35 (with an average content of 40.49%). The orebody with the largest bauxite resources of 1,040.7068Mt is #11, andwith the smallest bauxite resources of 1.1304Mt is #28, as shown in Table 6-1.The characteristics of orebody #38, orebody #45 and orebody #46 in the preferred mine are as follows:1) Orebody #38Generally, the orebody is south-north trend, with a length 10.62km, and has unstable dip, with an angle of 0°-15°. The orebody has irregular surface and stratified and quasi-stratifiedcross section. The highest elevation is 211.26m and the lowest elevation are 31.84m. The thickness of the orebody in a single borehole is 1.0m-17.8m, and the average thickness is4.32m, and the variation coefficient is 73.68%. The AAl2O3 content is 35.0-53.1% in a single borehole, the average AAl2O3 content is 39.73%, the variation coefficient is 8.14%; theRSIO2 content is 0.10-7.95%, the average content is 1.37%, and the variation coefficient is 66.49%. The overburden thickness is 0m-14.0m and the average thickness is 1.67m. Theestimated measured + indicated + inferred bauxite resources is 167Mt, which is 29.62% of the total resources in Boffa South. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 28 of 108 232) Orebody #45Generally, the orebody is south-north trend, with a length 4.12km, and has unstable dip, with an angle of 0°-15° generally. The orebody has irregular surface and stratified and quasi-stratified cross section. The highest elevation is 244.90m and the lowest elevation are 78.56m. The thickness of the orebody in a single borehole is 1.0m-11.7m, the average thicknessis 5.47m, and the variation coefficient is 60.75%. The AAl2O3 content is 35.20～48.78% in a single borehole, the average AAl2O3 content is 40.40% and the variation coefficient is7.78%, the RSIO2 content is 0.15～3.12%, the average content is 1.32%, and the variation coefficient is 61.51%. The overburden thickness is 0m-9.0m and the average thickness is1.81m. The estimated indicated + inferred bauxite resources are 35Mt, which is 6.14% of the total resources in Boffa South.3) Orebody #46Generally, the orebody is south-north trend, with a strike length 5.09km, and has unstable dip with an angle of 0-12° generally. The orebody has irregular surface and stratified andquasi-stratified cross section. The highest elevation is 195.39m and the lowest elevation are 67.68m. The thickness of the orebody in a single borehole is 1.0m-9.9m, the averagethickness is 3.05m, and the variation coefficient is 66.69%. The content of AAl2O3 is 35.00-48.29% in a single borehole, the average AAl2O3 content is 39.28%, the variationcoefficient is 7.97%, the RSIO2 is 0.10-2.50%, the average content is 1.12%, and the variation coefficient is 59.81%. The overburden thickness is 0m-8.0m and the average thicknessis 1.56m. The estimated indicated + inferred bauxite resources 332+333 are 35Mt, which is 3.83% of the total resources in Boffa South.Table 6-1 List of Orebody CharacteristicMineOrebody No.Area (km2)Average thickness (m)ResourcesAverage grade (%)Overburden thickness (m)(Mt)AAl2O3RSiO2Al2O3SiO2Fe2O3TiO2Boffa North1030.044.81291.9238.541.1242.331.8430.152.251.781192.535.571040.71390.9542.841.9929.802.241.691212.66.11155.5039.871.2743.702.1028.322.252.1226483.28317.9338.910.8842.311.8930.892.101.61473.336.0840.8439.720.4543.291.2928.842.322.31Average /Total4.91846.90390.9842.751.9429.892.221.9Boffa SouthPlateau #272732.874.09271.7039.191.6443.913.1126.072.051.81280.361.551.1336.291.2943.542.8027.292.132.52353.342.7818.7140.492.0143.723.4726.671.861.59Average /Total3.95291.5439.261.6643.903.3628.022.041.98Plateau #38361.711.314.5138.531.1839.432.2833.102.032.95373.822.6520.4238.831.2942.301.8830.601.982.663819.134.32167.0139.731.3744.061.7928.322.091.67390.434.513.9637.151.2340.022.4034.232.202.55403.273.0420.0637.431.4441.562.5330.632.222.83453.145.4734.6540.41.3242.351.4131.162.181.81463.513.0521.6239.281.1242.541.8129.442.121.56Average /Total3.85272.2439.491.3443.271.8229.282.102.29 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 29 of 108 24Fig. 6-3 Orebody Distribution of Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 30 of 108 25The main minerals are gibbsite (61%), goethite (17%) and hematite (15%), and a small amount of kaolinite (3.2%), quartz (1%), anatase (1.5%) and rutile (1%).The main chemical composition is Al2O3, Fe2O3, SiO2, TiO2, and a small amount of S, CaO, MgO, Na2O, K2O and P2O5. The beneficial elements in the minerals are Ga (the averagecontent of combination analysis is 0.0061%), the deleterious element is organic carbon (the average content of combined analysis was 0.13%).The ore texture is mainly argillaceous, and the ore structure is mainly massive and earthy.6.3 Deposit TypeThe deposit consists of laterite bauxite.Ore type: the mineral is mainly gibbsite with a content of 72%-96%, and a small amount of diasporite. The average AAl2O3 content is 39.11%, the average RSIO2 content is 1.11%,which has low silicon content. The average Fe2O3 is 29.47%, which has super-high Fe content. The results of chemical analysis and spectral semi-quantitative analysis show that thesulfur content is very low. According to the above characteristic, the bauxite industry type in the area consists of gibbsite with high Fe content and low sulfur content. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 31 of 108 267 Exploration7.1 Survey EvaluationDuring BHP Billiton’s exploration from 2005 to 2011, no topographic survey of the mine was carried out. The coordinate system is Mercator projection, Clarke 1880 datum spheroid,six-degree zoning, the band sign is 28, the central longitude is west 15°, and scale factor of the central longitude is 0.9996.According to the design coordinates, the technician use hand-held GPS to locate and measure boreholes. There are three kinds of borehole coordinate precision: the coordinates planeand elevation error surveyed by the high precision GPS is within 20cm, the coordinates plane and elevation error surveyed by the medium precision GPS is within 4.58m and 2.12mrespectively, and the coordinates plane and elevation error surveyed by the low precision GPS is within 5m and 10m respectively.The precision of coordinate surveyed by medium precision and low precision GPS survey is low, which will affect the position and shape of orebody.7.2 Geological LoggingIn the orebody, each one-meter sample is logged in the field by a geologist based on codes set for litho-logy, color, physical properties, hardness and humidity (Figure 7-1), while inthe base clay, each two-meter sample is logged. Borehole number, plateau, coordinates, date, driller, and depth of holes are recorded. Logs are field checked by the senior geologist.The recorded log data is input into a spreadsheet at the laboratory at Sangaredi. The original sheets are also scanned and submitted to the geologist in charge of the digitized data. Thedata is validated by the senior geologist and then submitted to the database manager.The senior geologist in Guinea checked the data.Fig. 7-1 BHP AUGER DRILLING LOG7.3 DrillingBetween 2005 and 2011, BHP Billiton conducted 5 geological explorations in Boffa, Santou and Houda, with 13,596 boreholes (177,003.5m footage) drilled, most of them weredrilled by Auger and a few of them were drilled by diamond drills. In 2008, the coring rate was checked by weighting samples of 1/20 boreholes drilled by auger drills, and the resultshows that the coring rate is high.The annual drilling is shown in Table 7-1. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 32 of 108 27Table 7-1 Number of different types of boreholesDrilling MethodNumber of boreholesFootage (m)Auger13,492175,805Diamond891,101.45Other methods1297Total13,596177,003.50A total of 7,821 boreholes were carried out in the Boffa mine. Among them, the grid of zones # 38, #26 and #10 was 150m × 150m, and the grid of zone # 27 was 300m × 300m. Inorder to compare the exploration grids, the grid in 0.36km2 area of zone #38 was 50m × 50 m and that in 0.09km2 area was 25m × 25m. See Fig. 7-2 for details. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 33 of 108 28Fig. 7-2 Distribution of Boreholes in Boffa Mine7.4 Sampling and QAQCThe auger borehole samples were collected through a wooden tray from the rock debris broken by Auger blade, with a length of 1m. The weight of each auger sample is about 25kg,and after reduction, the weight is about 2kg. Each sample was air dried at the site, and then was transferred to the sample warehouse.Before 2007, the codes of the boreholes and samples were marked on site. Since 2007, the sample codes were prepared in advance.1 in 20 duplicate samples were prepared. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 34 of 108 29Since the second stage of drilling, auger borehole samples and diamond borehole samples were compared 13 times. After comparison of each sample, there are obvious differencesbetween the two drilling methods, but the overall deviation is not large. The quality of diamond boreholes is not high (non-triad pipe), the recovery rate is low, and the validitycomparison results are not reliable.The coring rate of auger drilling is high and the representativeness of samples is better.In May 2017, diamond drilling was used to verify the sampling quality of auger drilling. The verification result showed that the orebody thickness delimited by auger boreholesamples sampling is greater than that defined by diamond borehole samples, and this is because of contamination of the auger drilling.7.5 Hydrogeological EvaluationThe mine is located in the highlands, north of the Rio Pongo River, which flows into the Atlantic Ocean in the Boffa. The Fatala River is the main river flowing through the mine,where it joins the Rio Pongo River 20km to the south at the Boffa bridge. There are many small streams which feed into the river.The water level varies greatly during the rainy and dry seasons. During the rainy season, the lowlands and valleys are flooded. During the dry season, the small streams on the hillsdry up and the flow of water from the big rivers drops sharply.A great deal of rain drains through surface channels. Some precipitation could not reach rivers and streams, including those blocked by vegetations, evaporation, and seepage, waterstorage in puddles on the ground, and long-term water storage on the ground.Erosion is very common in the area, including vast stretches of erosion, stream erosion, gully erosion, and torrent erosion. In April, on the east side of Bindan village in the lowerreaches of Fatala river, the calculated average discharge at the 13 positions was about 2.95m3/s. Due to the influence of tide, the water level and discharge of the river vary greatly, thehigh tide head is far lower than the quaternary overburden in the mine. Therefore, it has no effect on the runoff and drainage of groundwater in the quaternary overburden.According to the results of drilling and hydrogeological investigation, the strata in this area are mainly quaternary eluvial layer, Mesozoic intrusive rocks and Ordovician littoralsediments.According to the seepage test results, the upper gossan layer of Quaternary residual layer has a large cellular pore structure, which is favorable for surface water infiltration. It hasstronger permeability, and the permeability coefficient is between 1.70×10-3 and 2.94×10-3 (cm/s), and the permeability is medium. In combination with the results of water injectiontest and pumping test, it can be considered that the permeability of the bauxite layer is from top to bottom, from medium permeability to weak permeability. The kaolinized relativewaterproof layer at the bottom of quaternary residual layer is slightly permeable.Most of the minerals of Mesozoic diabase (βμ) are weathered and metamorphic, and the rock can be easily broken by hand. The structure is loose and the core is half rock and halfsoil.Ordovician siltstone (O): Most of the minerals have weathered and metamorphosed, the blocks can be broken by hand, and the cores are half rock and half soil.The aquifer in the area is shallow pore phreatic water, and the groundwater is mainly from atmospheric precipitation. The velocity of runoff in the field area is slow and the intensityis weak. All streams in the area are controlled by the topography which is high in the west and low in the east and flow to the Fatara River in the east. The deposit is the first type ofdirectly water-filled porous aquifer deposit with simple hydrogeological conditions.7.6 Geotechnical AssessmentSlope stability is the main geotechnical concern in an open pit mining. The eluvial diabase soil distributed in the area is easy to soften after being soaked, easy to disintegrate after lossof water, with a sharp decrease in strength and poor stability. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 35 of 108 308 Preparation, Analysis and Quality of Samples8.1 Preparation Process and Quality Assessment of Samples1) PreparationThe sample was prepared in the sample preparation area, and the 2kg sample was broken up to 95% through 100-mesh screen. After the second reduction, 100g of the sample wastaken for analysis, and 250g was taken as a duplicate sample.8.2 QAQC of Sample Assay8.2.1 Comparison of Analytical Methods and ResultsThe assay data provided by the Government of Guinea, 13,596 boreholes were drilled in Boffa South, Boffa North and Houda and 175,004 samples were analyzed. There were113,069 FTR analytical data and 81,280 ABE analytical dataWith FTR and ABE methods, 2,8087 samples were analyzed. After comparison of the results, it has been found that average AAl2O3% of FTR was 0.36% (absolute value) higherthan that of ABE and average RSiO2 of FTR was 0.41% (absolute value) lower than that of ABE. A total of 15856 samples with AAl2O3 content ≥35% were selected and analyzed byFTR and ABE methods. The results showed that the content of AAl2O3% was 0.73% higher (absolute value) and RSiO2 was 0.33% lower (absolute value) than ABE’s.The results of AAl2O3 and RSiO2 analyzed by FTR and ABE are compared in Fig. 8-1 and 8-2.Fig. 8-1 Correlation Diagram of AAl2O3 Analysis by FTR and ABE Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 36 of 108 31Fig. 8-2 Correlation Diagram of RSiO2 Analysis by FTR and ABE8.2.2 Analysis and QAQC1) Standard sample analysisThe standard samples have been routinely inserted in the drill sample batches at the ratio of 1 in 50 samples. A total of 12 standard samples were added. These standard samples wereobtained from a variety of internal sources and commercially available bauxite.In the fourth quarter of 2008, 3 standard samples (AMS Bauxite D, E and F) were produced in three items. All standard samples have been analyzed by XRF, only 6 standard samplescontain AAl2O3 and RSiO2 content.The standard sample was analyzed 7,699 times by FTR and 2691 times by ABE. The results show that the deviation range of FTR is slightly larger, and the RSiO2 results of ABE areconcentrated. The AAl2O3 analytical results obtained by FTR and ABE have positive deviation, but the deviation value has not been calculated. Fig. 8-3 shows low AAl2O3 resultsfrom ABE, and Fig. 8-4 shows high AAl2O3 results from ABE. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 37 of 108 32Fig. 8-3 Standard Sample AAl2O3 Results by ABE and FTRFig. 8-4 Correlation Diagram of Standard AMS Bauxite E, AAl2O3 Results by FTIR and ABEA2) External Check Analysis1 in 50 external check analysis were sent to an external laboratory for analysis by ABE and FTR.A total of 9,327 external check samples were analyzed, and the analysis results showed that the deviation of FTIR was slightly larger than that of ABE. The results of ABE arerelatively consistent. ABE was used in the two laboratories. The AAl2O3 standard deviation was 0.34%, as shown in Table 8-1. The statistical ABE analysis of AAl2O3 and RSIO2showed that the sample assay results varied little within 95% confidence level. The results from two laboratories show that accuracy of ABE is within the confidence level. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 38 of 108 33Table 8-1 Results of External Check AnalysisCompositionSample No.Average of laboratory A %Standard deviation of laboratory AAverage of Laboratory B %Standard deviation of laboratory BTotalAAl2O372331.110.3430.380.340.111378RSiO27241.550.081.790.08-0.15773) Field duplicate samples and pulp duplicate samplesField duplicate samples and pulp duplicate samples are included at the rate of 1 in 20 samples and 1 in 50 samples respectively. 5,404 field duplicate samples and 2,773 pulp duplicatesamples are recorded in the database. The analysis results showed that the variation values of the two types of duplicate samples were within the confidence level, but the variation ofthe field duplicate samples was slightly larger. This shows the sampling has good representativeness and the analysis results have good repeatability.8.3 Data ManagementThe samples are sent to the office in Conakry from the preparation laboratory in batches and each batch has approximately 2,000 samples. The relevant sample details, logging andsurvey data are sent electronically to the database manager and stored in the database. The database is then validated by automated routines to check the hole number (againstplanned), the depth of hole and consistency of the logged data. Problems and queries are submitted to the senior geologist in Guinea for verification. The chemical analyses are inputinto the database by the database manager once he has received the results electronically from the laboratory. The QAQC data have been visually checked by the senior geologist onthe automated graphing system in the database. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 39 of 108 349 Data Verification9.1 Verification Method(1) Field validation of BHP coordinates, drilling quality, sample processing and assay quality.① Field survey of borehole coordinates.② Verification to verify the quality of drilling, sampling and processing, and assay. Sampling in the validation borehole to test the density and moisture content of the ore.③ Duplicate samples from BHP’s borehole to check the assay quality .④ Random check of geological logs .⑤ Geotechnical and hydrogeological investigation.(2) On the basics of confirming the reliability of the data, the integrity of the previous exploration data has been checked. The data checked included:1) Boffa Santou Houda Project Close Out Report (BHP, 2012);2) BHP Billiton Block Model (text);3) Borehole Coordinates (PDF);4) Borehole Survey (excel);5) Sample Assay Data Table (excel);6) Drilling Logging Table.(3) Using SURPAC software , a geological database are created with the above data. The cut-off grade and the geologic interpretation principle are determined. The engineeringrarefaction test is carried out to determine the grid of different resource classification. The results of rarefaction test show that 300m × 300m grid could meet the geologic continuityrequirements of indicated resource, and 150m × 150m grid could meet the requirements of measured resource. 600m × 600m grid is determined for inferred resource.(4) Based on the database, the geological model is created and resources are estimated according to the principle of geologic interpretation and the grid of resource classification. Thecut-off grade of AAl2O3 is ≥35%.(5) Al2O3 solubility test was carried out by taking two test samples.(6) The methods and processes of 3D model and resource estimate are reviewed.9.2 Verification Results1) The results for samples validation and duplicate samples analysis indicate that the exploration data provided by the Government of Guinea are reliable.2) The verification results show that the orebody thickness defined by diamond drilling is smaller than that defined by auger drilling.3) The recheck results of borehole coordinates showed that the results of high-precision instruments are reliable, and that of medium and low precision instruments are not reliable.4) The results of solubility test show that the ore digestion rate is greater than 85%.5) Through 3D modeling, the measured + indicated + inferred (cut-off grade of AAl2O3 ≥35%) of resources is 2,410Mt, with AAl2O3 content of 39.11% and RSIO2 content of 1.11%.6) Through the grid rarefaction verification, it has been determined that the grid of the measured resource is 150m × 150m, and that of the indicated resource is 300m × 300m.9.3 Analysis of Duplicate Samples9.3.1 Distribution of Boreholes of Duplicate SamplesAt the Boffa mine, BHP Billiton drilled 7,821 boreholes, of which 4,304 have intersected orebody. A total of 404 duplicate samples from 45 boreholes (about 1% intersected orebodyboreholes) (Fig. 9-1) were Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 40 of 108 35taken for duplicate samples. The samples were distributed widely and could represent the characteristic of all samples in the mine.Fig. 9-1 Borehole Distribution Diagram for Duplicate Sample9.3.2 Comparison of Duplicate Sample AnalysisThe correlation of AAl2O3 and RSIO2 contents between 404 duplicate samples and the original samples is shown in Figures 9-2 and 9-3. The results of the two analyses are close andthe deviation is small. After comparison of both the duplicate samples and ABE results, the absolute value of average AAl2O3 deviation was 0.19% and that of average RSIO2deviation was -0.16%. After comparison of both the Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 41 of 108 36duplicate samples and FTR results, the absolute value of average AAl2O3 deviation was 0.19% and that of average RSIO2 deviation was 0.32%. After comparison of both theduplicate samples and all original results, the absolute value of the average AAl2O3 deviation was 0.18% and the average RSIO2 deviation was 0.0%.The comparison of data show that the exploration data are reliable.Fig. 9-2 Results of the AAl2O3 Duplicate Sample Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 42 of 108 37Fig. 9-3 Results of the RSIO2 Duplicate Samples9.4 Verification ConclusionsThe results of verification show that:① The results of verification samples and duplicate samples analysis show that the assay data provided by the Government of Guinea are reliable.② The survey data are complete except that there is no topographic survey data.③ The results of verification samples show that the orebody thickness has certain negative deviation.④ The solubility test results show that the total aluminum digestion rate is more than 85% . The ore has better digestion property.⑤ The coordinates survey showed that the results of high-precision instruments are reliable, that of medium and low-precision instruments are unreliable, which will affect the shapeand position of ore body.⑥ According to the review of the 3D orebody modeling, estimate method and process of resources, the resource in Boffa mine estimated by CINF in 2017 is reliable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 43 of 108 3810 Beneficiation Performance TestIn April 2017, the Engineering Survey Branch Company of CINF collected two groups of samples (Each group of samples is 61.6kg) for the solubility test, which was conducted byZhengzhou Non-Ferrous Metals Research Institute Co., Ltd. and Shandong Branch of Chalco. Low-temperature Bayer method was used for digestion test.Each group of samples was collected from 44 samples (with a length of 1m) in deposit and roofs and floors in 6 verification boreholes in orebody # 38, each sample was collectedwith a weight of 1.4kg.According to the sample results of Zhengzhou Non-Ferrous Metals Research Institute Co., Ltd., the AAl2O3 content is 38.70%, and the RSIO2 content is 1.40%. The content ofgibbsite and quartz in the ore is 61% and 1.0% respectively, as shown in Tables 10-1 and 10-2.According to the sample results of Shandong Branch of Chalco, the AAl2O3 content is 39.91%, and the RSIO2 content is 1.34%. The content of gibbsite and quartz is 61.5% and1.0%, as shown in Tables 10-3 and 10-4.Compared with the pre-feasibility study report (the average content of AAl2O3 and RSIO2 are 40.33% and 1.41% respectively), the difference of AAl2O3 content is less than 4%, theerror is within the allowable range, and the samples are representative.Tables 10-1 Chemical Composition of Samples Tested by Zhengzhou Institute (%)Al2O3SiO2Fe2O3TiO2K2ONa2OCaO43.602.5226.672.510.0760.0400.038MgOMnOP2O5SGaVZn0.110.0130.130.0330.00480.0430.0034C totalC organicLOIAAl2O3RSiO20.240.1824.5938.71.40Tables 10-2 Mineral Composition of Samples Tested by Zhengzhou Institute (%)GibbsiteAluminum GoethiteHematiteKaoliniteQuartzAnataseRutile6117153.21.01.51.0Tables 10-3 Chemical Composition of Samples Tested by Shandong Branch. (%)SiO2Fe2O3Al2O3TiO2LOIAAl2O3RSIO22.6525.6144.32.3824.6239.911.34Tables 10-4 Mineral Composition of Samples Tested by Shandong Branch (%)GibbsiteAluminum GoethiteHematiteKaoliniteQuartzBoehmite61.517.511.02.891.02.110.1 Digestion Test ResultsThe test results show that the bauxite ore has good digestion properties, the digestion rate of Al2O3 is more than 85.0%, and the A/F of digested red mud is about 0.22.10.1.1 Test Results of Zhengzhou Non-Ferrous Metals Research Institute1) The bauxite mainly consists of gibbsite, where main iron-bearing minerals include aluminum goethite and hematite, the main silicon-bearing minerals include kaolinite and quartz,and the main Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 44 of 108 39titanium-bearing minerals include anatase and rutile. The results show that the AAl2O3 is 38.70% and the RSIO2 is 1.40%.2) The Bond work index of the ball mill is 17.38 KW h/t when the particle size of bauxite is 50 microns.3) The recommended pre-desiliation conditions of bauxite are as follows: the pre-desiliation temperature is 105℃; lime addition is 1% of the ore; pre-desiliation time is 8-10 hours;pre-desiliation slurry solid is about 800g/l; the concentration of caustic soda in circulating mother liquor is 160-180 g/l. Under the recommended pre-desilionization conditions, thepre-desilionization rate is about 51%.4) The recommended digestion conditions of bauxite are: grinding size is 20 microns; digestion solution αk is 1.35; addition of lime 1.0% of the ore; concentration of caustic soda incirculating mother liquor 160-180g/l; digestion temperature 145℃; digestion time 30 min. Under the recommended digestion conditions, the digestion rate of aluminum oxide isgreater than 85.0% and the A/F of red mud is about 0.22.5) Under the recommended pre-desilionization and digestion conditions, the digested slurry was diluted to the concentration of caustic soda of 145g/l-160 g/l, and the silicon index ofthe solution can reach about 200 when the desilionization temperature is 105℃ and desilionization time is 2 hours.6) Under the recommended conditions of pre-desilionization of bauxite, when there is 160g/L diluted Nk and 80g/L diluted solid, the settling velocity of flocculant Nalco85252 canreach 9.49-11.58m/h when 155-176g/ t-dry red mud is added; the compression liquid-solid ratio of the bottom flow is 4.56-4.66 and the suspended matter content of the supernatant is0.04-0.05g/l after settling for 30min. If 192-250g/t dry red mud is added, the settling velocity of domestic ZX-650 reaches 4.67-4.93m/h, and the average settling velocity reaches1.31-1.36m/h in the first 5 minutes, and the compression liquid-solid ratio of the bottom flow is 4.73-4.83 and the suspended matter content of the supernatant is 0.03g/L.7) When the diluted Nk is 145g/l and diluted solid content is 100g/l, the settling velocity of flocculant Nalco85252 can reach 8.03-12.34m/h when 81-132g/t of dry red mu is added;the compression liquid-solid ratio of the bottom flow is 3.44-3.66 and the suspended matter content of the supernatant is 0.04-0.05g/L after settling for 30min. If 132-198g/t-dry redmud is added, the setting velocity of the domestic flocculants ZX-650 can reach 4.72-5.14m/h, and the average settling velocity is 1.36-1.43m/h in the first 5 minutes, the compressionliquid-solid ratio of the bottom flow is 3.76-3.88 and the suspended matter content of the supernatant is 0.04 -0.05g/l.8) As compared with domestic flocculants, foreign flocculants are more suitable for Guinean Bauxite. When foreign flocculants are used for Guinean bauxite, in terms of settlingvelocity and dosage of flocculants, 145g/l is more suitable than 160g/l.10.1.2 Test Results of Shandong Branch of Chalco1) Al2O3 content is 44.3% and AAl2O3 content is 39.91% ,61.5% gibbsite and 2.1% boehmite.2) When αk is 1.36, the initial digestion rate is 87.6% and the relative digestion rate is 97.2%. The digestion of the ore is better.3) In order to meet the demand of the subsequent separation, the digestion of αk shall be controlled at 1.36-1.42.4) The red mud has good settlement and compression properties. It is suggested that ISEN 232 flocculants and 185g/t dry red mud shall be used in the process of separating andsettling dilution slurry. The control temperature of the separation washing system is ±95℃.5) In order to ensure the silicon index and recovery rate of aluminum oxide, it is suggested that the ore shall be mixed with good desiliation property ore in practical production.6) The main economic and technical indexes of ore: the mineral consumption is 2.634 t/t-AO, chemical loss is 36.7Kg-Na2O3/t-AO, and the red mud yield is 42%. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 45 of 108 4011 Estimation of Mineral Resource11.1 Estimation Method and Parameter Selection11.1.1 Data and DatabasesThe data are based on BHP Billiton exploration data. There are 7,821 boreholes and 94,030 samples in Boffa mine.The AAl2O3 and RSiO2 are analyzed in two ways: ABE (low-temperature Bayer method) and FTR (Fourier Transform Infrared Spectroscopy). 54，953 samples were analyzed byABE and 57154 samples were analyzed by FTR, among which 18,077 samples were analyzed by two methods. The data selection principle in resource estimate is that ABE datashould be used firstly, and FTR data should be used for samples without ABE assay.Based on the data, the geological database is created by SURPAC software, and the following data tables are created: collar, survey and assay. All the data tables are saved as .CSVformat. Three-dimensional terrain model of the mine is based on the data of the borehole coordinates.11.1.2 Parameter Selection for Resource Estimation(1) Industrial indices① Cut-off grade: AAl2O3 ≥35%.② Minimum minable thickness ≥1m.③ Interlayer thickness ≥1m.(2) Volumetric weight: 2.02t/m3.(3) Grid for resource classification① 150m×150m grid for Measured Resources.② 300m×300m grid for Indicated Resources.③ 600m×600m grid for Inferred Resources.(4) Principle of delineation of orebody① Delineation of single drill orebodyFrom the top to bottom, the first and last samples to reach the cut-off grade (AAl2O3≥35%) is used as the boundary of the orebody (Fig. 11-1).Fig. 11-1 Sketch Map of Orebody Delineation in Single Borehole Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 46 of 108 41② Delineation of plane boundary of orebodyA. Finite extrapolationThe finite extrapolation of the orebody depends on the spacing between the borehole intersected by orebody and the borehole not intersected by orebody. When the spacing is lessthan the grid of the corresponding resource classification, the extended distance is 1/4 the spacing between two drills. When the spacing is great than the grid of the correspondingresource classification, the extended distance is 1/4 grid of the corresponding resource classification.B. Infinite extrapolationWhen there is no external drill control, the extended distance is 1/4 grid of the corresponding resource classification. (Fig. 11-2)Fig. 11-2 Diagram of Delineation and ExtrapolationC. InterlayerIn the block model estimate, the interlayer in center of orebody is delineated by extrapolating 1/2 the distance between the block, or the interlayer in the side of orebody is delineatedby extrapolating to the boundary of the orebody (Fig. 11-3)Fig. 11-3 Interlayer Definition Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 47 of 108 4211.1.3 Resource Estimation Method11.1.3.1 Orebody ClassificationThe estimated resource scope includes 15 ore-bodies in Boffa mine. Among them, Boffa North include ore-bodies #10, #11, #12, #26 and #47, Boffa South includes ore-bodies #27,#28, #35, #36, #37, #38, #39, #40, #45 and #46 (Fig. 11-4,11-5).11.1.3.2 Solid Model1) Digital terrain modelThe digital terrain model is created by using borehole coordinates.2) Orebody model① Through the constraint conditions (AAl2O3≥35%, thickness ≥1m) in the database, the boreholes intersected by the orebody and not interested by the orebody are screened out.② According to the delineation principle of the plane boundary of the orebody, the plane boundary of the orebody is established in AUTOCAD software, and then input intoSURPAC to establish the solid model of the plane boundary.③ The top and bottom points of intersected orebody in drilling are fitted by SURPAC software to establish the roof and floor models (.dtm)④ The final orebody model is established through the entity intersection (Figure 11-6).⑤ Rejection zoneThe area using the parameters of BHP’s report is rejected, namely:1) 400m off the village area; 2) 100m off the river; 3) 100m off the lake;In the block model, the attribute of the ‘rejection zone’ is created, the value of the overlaid orebody area is 1, and the value of the exclude orebody area is 2. The rejection zone isshown in Figure 11-7. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 48 of 108 43Fig. 11-4 Orebody Distribution of Boffa North Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 49 of 108 44Fig. 11-5 Orebody Distribution of Boffa South Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 50 of 108 45Fig. 11-6 Plan of Orebody Model in Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 51 of 108 46Fig. 11-7 Plan of Rejection Zone11.1.3.3 Grade Estimation Method and Block ModelingThe distance power inverse ratio method is used to estimate grade.Due to the large volume of data involved in the assessment area, the resources estimate divides the ore-bodies in the area into five estimated blocks, Boffa North ore-bodies #10, #12and #47 (Boffa North-orebody #10), Boffa North-orebody #11, Boffa North-block #26, Boffa South -block #27, and Boffa South-block #38. The basic block size is 12.5m (x) ×12.5m (Y) × 0.5m (Z), and the minimum block size is 6.25m (x) × 6.25m (Y) × 0.25m (Z). The block model is not rotated. Each block model is established according to the scope ofthe orebody distribution. The minimum and maximum coordinates are shown in Table 11-1. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 52 of 108 47Table 11-1 Block Model Coordinate RangeModelCoordinateXYZBoffa North-orebody #10 orebody #12and orebody #47 block model(Boffa North-10)Minimum value61820011900000Maximum value6369001207000500Boffa North-orebody #11 block modelMinimum value61800011820000Maximum value6370001203500500Boffa North-orebody #26 block modelMinimum value61840011738000Maximum value6369001189800500Boffa South Plateau #27 block modelMinimum value60970011530000Maximum value6264001176000500Boffa South- Plateau #38 block modelMinimum value61020011334000Maximum value626300115590050011.2 Estimation of Resources11.2.1 ResourcesAccording to the block model estimation, in May 2017, the Measured + Indicated + Inferred bauxite resources of Boffa mine were 2410Mt, with the average content of AAl2O3 andRSiO2 being 39.09% and 1.10% respectively. The bauxite resources overlaid (protected) by villages and rivers that need to be excluded were 303Mt, the average content of AAl2O3was 38.91%, and the average content of RSiO2 was 1.05%. Apart from the bauxite resources overlaid (protected) by villages and rivers, the Measured + Indicated + Inferred bauxiteresources of Boffa mine were 2108Mt, with the average content of AAl2O3 and RSiO2 being 39.11% and 1.11% respectively. The estimated bauxite resources of Boffa mine areshown in Table 11-2.Table 11-2 Estimation of Resources (May 2017)MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Boffa NorthMeasured74.1439.20.96Indicated51.0839.221.1Inferred1475.96390.98Measured+ Indicated125.2239.211.02Measured+ Indicated + Inferred1601.1839.020.99Boffa South- Plateau #27Measured000Indicated51.6539.711.74Inferred214.8239.21.67Measured+ Indicated51.6539.711.74Measured+ Indicated + Inferred266.4739.31.68Boffa South- Plateau #38Measured75.0940.491.28Indicated49.2239.391.27Inferred116.0138.991.38Measured+ Indicated124.3140.051.28Measured+ Indicated + Inferred240.3239.541.33Boffa SouthMeasured75.0940.491.28 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 53 of 108 48MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Indicated100.8839.551.51Inferred330.8339.121.56Measured+ Indicated175.9739.951.41Measured+ Indicated + Inferred506.839.411.51Boffa in totalMeasured149.2339.851.12Indicated151.9639.441.37Inferred1806.7939.021.09Measured+ Indicated301.1939.641.25Measured+ Indicated + Inferred2107.9839.111.11On December 31, 2021, apart from reserves, the Measured + Indicated + Inferred bauxite resources were 1954.90Mt with the average content of AAl2O3 and RSiO2 being 38.92%and 1.10% respectively. The resources in Boffa mine (December 31, 2021) are shown in Table 11-3.The assumption conditions of resources are product price and cut-off grade. The loading price of bauxite is 22.02USD/WT, and the corresponding CIF price of ore arriving in China is53.16 USD/DT The price is determined by the feasibility study and is close to the average price of bauxite imported from Guinea by China from 2017 to 2021. The price is still usedon December 31, 2021 (See 16.2 product price forecast). The cut-off grade of resources estimation is AAl2O3≥35%, and the minimum minable thickness is 1m. The reference pointfor resources estimation is the point where bauxite is delivered to wharf yard and available for use by alumina refineries. The metallurgical recovery is 85%.Table 11-3 Resources Apart from Reserves (December 31, 2021)MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Boffa NorthMeasured40.9237.540.75Indicated28.6637.250.81Inferred1475.9639.000.98Mea. + Ind.69.5837.420.77Mea. + Ind. + Inf.1545.5438.930.97Boffa South - Plateaus # 27MeasuredInferred23.6039.001.76Inferred214.8239.201.67Mea. + Ind.23.6039.001.76Mea. + Ind. + Inf.238.4239.181.68Boffa South - Plateaus # 38Measured28.4637.462.06Inferred26.4737.431.08Inferred116.0138.991.38Mea. + Ind.54.9337.451.59Mea. + Ind. + Inf.170.9438.501.45Boffa SouthMeasured28.4637.462.06Inferred50.0738.171.40Inferred330.8339.121.56Mea. + Ind.78.5339.891.43Mea. + Ind. + Inf.409.3639.271.53 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 54 of 108 49MineClassificationResources(Mt)AAl2O3(%)RSiO2(%)Boffa in totalMeasured69.3837.511.29Inferred78.7337.841.19Inferred1806.7939.021.09Mea. + Ind.148.1137.691.24Mea. + Ind. + Inf.1954.938.921.1011.2.2 Grade and ResourcesCurve of Grade and Resources (Fig 11-8), the curve shows that in the range of 35-42%, with the increase of the cut-off grade, the resources of the deposit decrease obviously, whichreflects that most of the ore block grade is in this range, and the slight adjustment of the cut-off grade is related to great change of the resources.Fig. 11-8 Curves of Grade and Resources11.3 Analysis of Reliability of Resources and Influence factorsThe resources were estimated with SURPAC software in the Distance Power Inverse Ratio method. In order to determine the reliability of estimated resources, the infilled 25m× 25mgrid area (0.09km2) of orebody #38 was selected, and the resources were re-estimated in the horizontal projection geological block method, which were compared with the resourcescalculated in the method of arithmetic weighting average (Table 11-4), the relative error was less than 2% , which showed that the estimation method was reasonable and theestimation result was reliable.Table11-4 Comparison of Recourses Calculated in the Two Estimation MethodsMethodResources (t)Average grade(%)AAl2O3RSiO2Arithmetic average206924944.261.82SURPAC(IDW)211348444.31.84Relative error(%)-2%0%-1% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 55 of 108 5012 Mineral Reserves12.1 Selection of Parameters and Method for Reserves EstimationAccording to the Detailed Design Phase I (Preliminary Design) Specification of Guinea Boffa Bauxite Mine Project, open pit mining was adopted with a capacity of 12Mt/a exportedfinished ROM ore (AAl2O3≥39%) (dry ore output 11.04Mt/a), and the low grade ore (35% ≤AAl2O3 ≤39%) would be temporarily stockpiled and supplied for the alumina productionwhen it is commenced.The design covers all scope from mining to the loading of ore at port wharfs, including all of production, auxiliary production and office and living facilities, such as mining, yard forexported finished products of mines, ROM ore road transportation, ROM ore belt transportation, wharf yard, power station, low-voltage power distribution room, etc.12.1.1 Analysis of Relevant Factors in Economic and Technological StudyRelevant factors in economic and technological study are summarized in the following table.Table 12-1 Relevant Factors in Economic and Technological StudyFactorFeasibility Study Scheme and ImplementationMine infrastructureThe mine road and truck- belt conveying system is adopted, which has been built at present.68 numbers of 60t dump trucks are needed in the initial stage, and more large transport vehicles are needed after capacity expansion in the later stage.At present, equipment has been put into operation.The local ground water quality is conforming and may be used as the water source for mine production and domestic use. Power is supplied by self-built heavy oil power station.Mine design and planningThe mining method for Boffa bauxite is open pit mining. The exported finished ROM ore (AAl2O3≥39%) is shipped to China and the low grade ore(35% ≤ AAl2O3 < 39%) is temporarily stockpiled. Mining is commenced. The detailed layout of the mine has been designed and is underconstruction.Laboratory testThe laboratory test of bauxite solubility has been completed. The test results show that the bauxite has good solubility and the ROM ore has goodquality. No aluminum oxide plant will be constructed in the first phase.Environmental compliance and permitsThe waste, noise, pollution and ecology that affect the environment have been analyzed and an environmental protection programme has beenprepared in accordance with the requirements of the report Environment and Social Impact assessment of the Boffa Bauxite Project in Guinea (PPT)(ERM). The cost of the environmental protection counts for 1.77% of the construction investment. The way of land reclamation is greening whilemining. The environmental permits have been obtained.Other relevant factors(1) Government: A development cooperation agreement has been signed with the Government of Guinea, a company has been registered in Guinea asrequired by law, mining permits and environmental permits have been obtained, and detailed due diligence on the relevant Guinean laws has beenconducted; the Project has survived the coup in Guinea in September, 2021.(2) Community: Conflicts between mine project and the community, and the favorable factors of the mine project to the community have beencarefully analyzed with countermeasures prepared. In addition, it is required to restrain and slow down the unfavorable factors, and magnify thefavorable factors, so as to increase community employment, develop community economy and establish a mining enterprise that are popular amongthe local people.(3) Land use: Land for infrastructure has been acquired.(4) Labor: It is required to train and hire local staff as far as possible.(5) Operating Environment: The risk is low based on the analysis. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 56 of 108 51FactorFeasibility Study Scheme and Implementation(6) Financing: Equity funds count for 30% of the total investment and bank financing counts for 70%. The capital is mainly financed from Chinesebanks.InvestmentProject capex: 435292.22KUSD, of which: direct cost: 306007.55KUSD, accounting for 70.30% of total investment; indirect cost: 97953.09KUSD,accounting for 22.50% of the capex; entry cost of construction period: 5000KUSD, accounting for 1.15% of the capex; contingency: 26331.58KUSD,accounting for 6.05% of the capex.The total investment of the Project is 474014.92KUSD, of which the construction investment is 435292.22KUSD, the interest during the constructionperiod is 14382.05KUSD and the working capital is 24340.64KUSD.Tolerance: ± 15%, probability: ≤10%.Operating costsThe average total cost of the project with the production goal satisfied is estimated to be 240528KUSD/a. Where: 74568KUSD/a for mining,55318KUSD/a for belt conveying, 7785KUSD/a for wharf yard, 22980KUSD/a for administration, 5285KUSD/a for business operating,2708KUSD/a for finance, 22242KUSD/a for value added tax, 17570KUSD/a for export duty, 17570KUSD/a for mineral tax, 10318KUSD/a forincome tax and 4184KUSD/a for stock dividend.Economic analysisROI is 8.63%, and ROE is16.48%.The financial internal return rate before income tax is 11.85%, the payback period of investment is 8.44 years (including the construction period), thefinancial internal return rate after income tax is 8.72%, the payback period is 10.10 years (including the construction period)The financial internal return rate on capital of the Project is 10.16%.The repayment period of the loan is 7.92 years (including the construction period) according to the maximum repayment ability of the Project, whichindicates that the Project has good repayment ability.12.1.2 Parameters and Method for Reserves Estimation12.1.2.1 Preferred StopeAccording to comprehensive analysis and comparison, the Boffa South Orebody #38 is determined as the preferred stope for mining.12.1.2.2 Parameters and Method for Reserves EstimationDemarcation of ore-bodies and estimation of reserves may be completed using SURPAC software based on constraints. The process is as follows:(1) Reserves estimation parameters① Bauxite selling price: loading price 22.02USD/WT.② Mining dilution rate: 1.95% for high grade ore and 3.64% for low grade ore. The mining loss rate is 8.85%.③ Recovery: initial dissolution rate is 87.6%, and relative dissolution rate is 97.2%.④ The average annual mining unit cost for years with the production goal satisfied is 6.21USD/t.⑤ The average annual unit cost for belt conveying is 4.61USD/T.⑥ The average annual unit cost for wharf yard is 0.65 USD/T.⑦ Period cost: 22980KUSD/a for company administration, 2708KUSD/a for financial cost, 5285KUSD/a for business operating.⑧ Taxes: mineral tax is 17570KUSD/a, value added tax is 22242KUSD/a, export duty is 17570KUSD/a, and income tax is 10318KUSD/a.⑨ Stock dividend cost: 4184KUSD/a.(2) The method of demarcating open pit shell by computer Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 57 of 108 52The orebody model and economic model of the deposit are created and the open pit shell is demarcated by computer in the LG method supplemented by the floating cone method.① Orebody ModelBased on the drilling data provided by Mining one close report database, the 3D model of orebody is created on SURPAC platform.Orebody Model: The size of orebody unit is 12.5m × 12.5m × 0.5m, and the size of secondary block is 6.25m × 6.25m × 0.25m(length × width × height).Ore Density: γ = 2.02 t/m3.② Economic ModelAn economic model is created by inputting of economic parameters. The main economic parameters are: anticipated bauxite selling price (excluding tax price), mining dilution rate,loss rate, recovery rate, administration fee and financial cost, mining cost, stripping cost, period cost and mineral tax, etc.③ The main constraint conditionThe surface constraint condition of the designed mining boundary is the Measured and Indicated resource ore-bodies area.12.1.2.3 Principles and Conditions for Converting Resources to Reserves① Only the Measured and Indicated resources may be converted into reserves.② After the resources are analyzed by modifying factors, only the conforming resources may be converted into reserves.③ The reserves shall be classified into Proven and probable reserves.On the basics of the above principles, the Measured and Indicated resources in BOFFA mine may be converted into reserves.12.1.2.4 Calculation Equation for Converting Resources to ReservesThe section of the orebody in Boffa mine is shown in Fig. 12-1. The average total thickness of the orebody is 6.28 m. The average thickness of the low grade ore in the top is 0.93m,accounting for 14% of the whole orebody, the average thickness of the High grade ore is 4.53m, accounting for 67% of the whole orebody, and the average thickness of the low gradeore in the bottom is 0.82m, accounting for 13% of the whole orebody. The average mining recovery is 91.15%.Currently, the reserves are the resources portion (Measured + Indicated) that may be converted into High grade ore (AAl2O3≥39%). According to the mining design, the reserves ofore-bodies are counted respectively. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 58 of 108 53Fig. 12-1 Diagram of the Orebody12.2 Reserves Estimation ResultReserves estimation result in May, 2017 as shown in table 12-2.From December 31, 2019 to December 31, 2021, the mine had produced 21.67Mt High grade ore in total. By December 31, 2021, Boffa mine had 131.41Mt Proven + probablereserves, the average content of AAl2O3 was 41.82% and the average content of RSiO2 was 1.23%. Where, the Proven reserves were 58.19Mt, the average content of AAl2O3 was41.71% and the average content of RSiO2 was 1.07%; the probable reserves were 73.22Mt, the average content of AAl2O3 was 41.74% and the average content of RSiO2 was 1.35%.The assumption conditions of reserves estimation are product price and cut-off grade. The loading price of bauxite is 22.02USD/WT, and the corresponding CIF price of ore arrivingin China is 53.16 USD/DT. The price is determined by the feasibility study and is close to the average price of bauxite imported from Guinea by China from 2017 to 2021. The priceis still used on December 31, 2021 (See 16.2 product price forecast). The cut-off grade of reserves estimation is AAl2O3≥39%, and the minimum minable thickness is 1m.The reference point for reserves estimation is the point where bauxite is delivered to wharf yard and available for use by alumina refineries. The metallurgical recovery is 85%. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 59 of 108 54Table12-2 Reserve Estimation Result (May 2017)MineOrebody No.AAl2O3(%)ClassificationReserves(Mt)AAl2O3(%)RSiO2(%)Boffa North10≥39%Proven16.6241.141.03Probable11.5941.461.1826≥39%Proven16.6141.350.81Probable10.8342.040.88Boffa NTotal≥39%Proven33.2241.240.92Probable22.4241.741.04Proven + Probable55.6441.440.97Boffa South27≥39%Probable28.0541.621.7037≥39%Probable0.9442.011.1638≥39%Proven46.5942.341.26Probable15.9542.011.26Proven + Probable62.5342.261.2639≥39%Proven0.0439.970.92Probable0.0940.051.29Proven + Probable0.1340.021.1745≥39%Probable4.3141.641.1146≥39%Probable1.4641.440.99Boffa South inTotal≥39%Proven46.6342.341.26Probable50.841.741.48Proven + Probable97.4342.031.37BoffaTotal≥39%Proven79.8541.881.12Probable73.2241.741.34Proven + Probable153.0841.821.2312.3 Related NotesAt present, mining has been commenced in BOFF south mine, mining stope and mine roads, low grade ore stacking yard and surface soil stacking yard have been built according todesign requirements, the truck- belt conveying system has been completed and operated, and inland river wharf has been completed, the High grade ore has been shipped to China.According to the current design capacity, reserves in BOFF mine may meet mine production for 12 years, where, reserves in BOFF south mine may meet mine production for 8 years;since the repayment period of the loan is 8 years (including the construction period), the reserves in BOFF south mine may meet the mine production in investment repayment periodof the loan. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 60 of 108 5513 Mining MethodsAccording to the mining technical conditions of the deposit, open-pit mining is applicable.13.1 Geotechnical InvestigationAccording to the geotechnical data, the bauxite is covered under the iron-cap layer, and the massive bauxite is mainly produced in the weathering residual slope sediment layer ofquaternary, the hardness is medium and the compressive strength of 7.1-27.9MPa.13.2 Hydrogeological Condition StudyWater in the aquifer in the mine is shallow pore phreatic water, and the recharge source of underground water is mainly atmospheric precipitation. The velocity of runoff in the field isslow; therefore the impact force of the aquifer is weak. The water is discharged to the surface in the form of gravity spring and collects into a stream at the bottom of the gully. Allstreams in the area flow to the eastern part of Fatala due to the topography and landform that the western part is higher than that of the eastern part. The deposit is the water directfilling porous aquifer of Class I with simple hydrogeological conditions.13.3 Mining MethodsOpen pit mining. The 2500SM opencast mining machine technology (Fig. 13-1) is adopted based on the economic comparison of mining technologies.13.4 Mining IndexThe mining recovery is 91.15%, and the ore dilution rate is 1.95%. The unit area of mining is 600m × 100m.Fig. 13-1 Operation of the 2500SM Opencast Mining Machine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 61 of 108 5613.5 Production Capacity and Service LifeProduction capacity: the annual production of High grade ore is12MT.The annual working time is 270 (days) with three shifts a day, and each shift lasts for 8 hours.The present reserves may meet the mine production 12 years, and the anticipated service life of the mine is 60 years.The production schedule is shown in Table 13-1. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 62 of 108 57Table13-1 Production Schedule of Boffa Bauxite for the First 20 YearsItemUnitConstruction ScheduleProduction ScheduleYear 1Year 1Year2Year3Year4Year5Year6Year7Year8Year9Year10Year11Stripping quantity for constructionm31183770t2391215Total of mining and stripping (dry)t23912151497300017112000171120001711200017112000171120001714798217112000170820001698418317455911Topsoil strippedDryt186135741440004636000463600046360004636000463600034245044100000440472036505913773711Originalt202321445043485039130503913050391305039130503913037222874456522478773939680344101860Intercalated rockeliminatedDry0386400441600441600441600441600441600295218331200331200459017428889Originalt0420000480000480000480000480000480000320889360000359999498931466184low grade oreDryt52985811690001436000143600014360001436000143600026834791972000163728022935922642200Originalt57593312706521560870156087015608701560870156087029168252143478177965224930352871957High grade oreDryt966000011040000110400001104000011040000110400001104000011040000110400001104000011040000Originalt1050000012000000120000001200000012000000120000001200000012000000120000001200000012000000Gradeof low grade oreAAl2O3%36.1236.1236.1236.1236.1236.1235.6735.3935.4035.4435.44RSiO2%1.631.631.631.631.631.631.451.741.891.831.83Al/Si22.1922.1922.1922.1922.1922.1924.6420.2918.7219.3419.34GradeOf High grade oreAAl2O3%41.0441.0441.0441.0441.0441.0441.0541.2640.8240.7340.40RSiO2%1.441.441.441.441.441.441.451.591.411.811.77Al/Si28.4828.4828.4828.4828.4828.4828.3326.0329.0022.4522.78Stripping-mining ratiot/t0.590.590.590.590.590.590.580.580.580.580.62Area of land leased annuallym253795214014501567839156783915678391567839156783915645141744577187745713625021408454Roads built per yearkm7.56.25.56.85.95.58.77.56.25.64.55.0Belt going northwardkm555 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 63 of 108 58Table13-1 (Cont’d) Production Schedule of Boffa Bauxite for the First 20 YearsItemUnitProduction ScheduleYear 12Year13Year14Year15Year16Year17Year18Year19Year20Year21 End of termStripping quantity for constructionm3tTotal of mining and stripping (dry)t174559111745591117455911174559111745591117455911174559111701424317112000840436230Topsoil strippedDryt377371137737113773711377371137737113773711377371157092933407520173908263Originalt410186041018604101860410186041018604101860410186062057543703826189030721Intercalated rock eliminatedDry42888942888942888942888942888942888942888942895733120025521455Originalt46618446618446618446618446618446618446618446625736000027740712Low grade oreDryt26422002642200264220026422002642200264220026422002649502664480110910154Originalt28719572871957287195728719572871957287195728719572879892896174120554515High grade oreDryt110400001104000011040000110400001104000011040000110400001104000011040000555617813Originalt120000001200000012000000120000001200000012000000120000001200000012000000603932406Gradeof low grade oreAAl2O3%35.4435.4435.4435.4435.4435.4435.4435.4435.4635.45RSiO2%1.831.831.831.831.831.831.831.831.071.21Al/Si19.3419.3419.3419.3419.3419.3419.3419.3419.3429.32GradeOf High grade oreAAl2O3%40.4040.4040.4040.4040.4040.4040.4040.3440.1640.18RSiO2%1.771.771.771.771.771.771.771.570.931.00Al/Si22.7822.7822.7822.7822.7822.7822.7825.7643.0540.33Stripping-mining ratiot/t0.620.620.620.620.620.620.620.580.580.56Area of land leased annuallym214084541408454140845414084541408454140845414084542210408184171566898916Roads built per yearkm5.05.05.05.05.08.55.55.05.4Belt going northwardkm55 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 64 of 108 5913.6 Equipment and Staffing13.6.1 Main Mining and Stripping Equipment and QuantityAccording to the designed mining and stripping process, for continuous ore-bodies with wide distribution, the mining and stripping equipment shall be opencast mining machine, andfor independent small orebody demarcated by single-hole controlled or double-hole controlled orebodies, the mining and stripping equipment shall be hydraulic excavator.According to the technical conditions of mining, production scale and reasonable allocation of automobiles, 2500SM opencast mining machine and 2.8m3 hydraulic excavator arerecommended. By calculation, a total of six 2500SM opencast mining machines and two 40t hydraulic excavators are required.Bulldozer: based on years of mining experience, D10t high-power bulldozer of CATERPILLAR and SD220 bulldozer auxiliary hydraulic excavator are selected.Excavator: based on the actual situation of similar mine, 2 sets of 40t class hydraulic excavators are selected for auxiliary operation.Loader: as auxiliary equipment required for limited workload, ZL-50 loader is selected.13.6.2 Bauxite Transport Automobiles68 sets of 60t 12-wheel heavy dump trucks with double front axles (4 wheels) and double rear axles (8 wheels) are required annually based on the production calculation.13.6.3 Main Reclamation EquipmentThe main equipment for reclamation includes bulldozer, loader and dump truck. Imported or domestic mature bulldozers with larger power and good performance, such as high-powerbulldozers of Caterpillar D series or SD220 bulldozers shall be selected. Zl-50 loader, which is widely used in Chine with strong climbing ability and a capacity of 3M3 shall beselected. Dump truck of the same type with mining shall be selected.Based on the characteristics of production technology of the Project, 664 people including 586 operators, 78 administration (including technical personnel) and service personnel shallbe arranged.13.6.4 Organization and StaffingA summary of the organization and the staffing is shown in Table 13-2.Table 13-2 Organization and StaffingNo.Name of StructureStaffingRemarksTotalProduction workersAdministration personnelService personnel1Mining Workshop46443430Work area2Repair Shop71683Work area3Integrated Workshop59572Work area4Mine Departments49841Administration5Belt conveyor12111Work area6Wharf Yard981Work areaTotal66458678 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 65 of 108 6014 Beneficiation and Recovery MethodThe product of the mine project is bauxite. Processing plant will not be built in the local area. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 66 of 108 6115 Infrastructure15.1 Plot Plan and TransportationThe objective of the design is a mining project with the capacity of 12Mt/a (Phase I). The exported product is bauxite, which is transported from the open stope to the wharf yard ofFatala River by belt conveyors, and then transported to the marine berth platform by transfer barges.The plot plan includes mining stope, raw ore yard, low-grade ore yard, water source, belt conveyor, maintenance road, wharf yard and living area, heavy oil power station, temporarywaste dump, etc.The ore is transported by automobiles in the open stope, and then transported to the wharf yard of Fatala River by belt conveyors (Fig. 15-1, 15-2).Fig. 15-1 Plot Plan and Logistics in Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 67 of 108 62Fig. 15-2 plan of the Preferred Stope in Boffa Mine15.2 Site SelectionThe principle of site selection(1) The production area and the office area are independent and arranged separately, and the office area is located in upstream direction of the dominant wind, so as to avoid theproduction pollution to environment and living quarters;(2) Under the premise of satisfying the production process, conditions shall be created for the mechanization and automation of production;(3) It is required to select effective means of transport and arrange reasonable transport routes to ensure work safety;(4) To minimize the energy loss of power facilities during transport, all kinds of power supply equipment should be arranged close to the load center or the main load center as far aspossible.(5) The layout of buildings and structures should be compact and reasonable with reasonable channel width and spacing, so as to meet the requirements of various specifications, andsave land. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 68 of 108 63(6) Good ventilation and daylighting conditions among the buildings shall be maintained, and the interferences of harmful factors such as waste gas and waste water shall beprevented.15.3 General Arrangement15.3.1 Stope and High grade ore YardAccording to the requirement of mine transportation, a 1Mt storage yard (Fig. 15-2, 15-3) is arranged on the west side of the site. The size of the yard is 450m × 148m and the area is6.66 hm2 with roof provided, which may prevent rainwater from entering the ore yard and reduce the water content of the ore. The ore shall be unloaded through the transfer fleetfrom the north and south sides into the yard, stockpiled through the stacker-reclaimer stockpiling, and transferred to the main conveyor belt through two horizontal and one verticalbelts after being taken out by the reclaimer, belt conveyor stations are arranged at the belt transfer points.The mine machinery parking lot (Fig. 15-2) is located on the east side of the storage yard with sufficient area for the parking demand of the vehicles. The method for site curing is thesame as that for roads.The living area of the stope is arranged on the east side of the machinery parking lot is set up as (Fig. 15-2), the site area is about 1.5 hm2. The living area is equipped with 7dormitories, an office building, a dining hall, two basketball courts; the dormitory area covers 5650m2, which may satisfy the living demand of 500 people based on their shifts in thestope. The lower part of the northwest side of the site is provided with an initial rainwater tank and a domestic sewage treatment facility.In order to reduce the influence of dust and noise on the living area, a large arbor shelter belt is arranged between the living area and the storage yard.Fig. 15-3 Picture of the Preferred Stope Site in BoffaThe repair shop of automobile engineering machinery, the spare parts warehouse of mining equipment, the heavy oil power station, reserve oil depot, gas station and other facilitiesare arranged in turn on the south side of the living area (Fig. 15-2), which may provide power source for mining. The heavy oil power station includes heavy oil generator shop andlow-voltage distribution room; the reserve oil depot includes oil pump room and underground oil storage tank; and the gas station is equipped with refueling island to facilitate therefueling of mining machinery. A protective forest is also provided between the site and the living area against noise and dust.In addition to the High grade ore yard, other sites are equipped with solid walls and accesses, to ensure the safety of materials and personnel. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 69 of 108 6415.3.2 Low Grade Ore YardThe low-grade ore storage yard (Fig. 15-3) is located at 500m to the northeast of the mine compound. The yard has a design volume of 12Mt, a design bottom elevation of 89– 145m,a storage slope ratio of 1:2, and an area of 70.41 hm2. Intercepting ditches are arranged around the yard. The yard is arranged by steps, with a step width of 60m, a step height of 30m,and an overall slope ratio of 1:2. At the slope toe of the yard, a rock-retaining dam is set up to prevent people and animals from being injured by falling ore. The dam body is 6m wideand 10m high, with a slope ratio of 1:1.5.15.3.3 Water SourceA reservoir was designed as the water source, while now water is taking from wells.15.3.4 Belt Conveyor and its Maintenance RoadThe belt conveyor is about 23km long (Fig. 15-4), most part of which is laid overhead. The designed line covers an area of 21.17 hm2, 5m wide on both sides of the central line. Thewhole line runs downhill in general, part of which runs uphill. The line is divided into two sections. The belt conveyor is driven by the head end. The belt drive motor and thesubstation are arranged on the belt head.The belt maintenance road starts from the mine compound and extends along the west side of the belt to the wharf yard. The pavement is 6.0m wide, and the roadbed is 7.0m wide.The pavement consists of a 3cm thick wearing course and a 15cm thick macadam. For some sections with soft foundation, soft materials are removed and replaced with boulders(forming a 3m thick foundation) to increase the bearing capacity of the foundation. The road route is arranged basically parallel to the belt, but there are local curves and detours dueto the undulation of the terrain. The road has a total length of 23, an area of 22.88 hm2, and a maximum longitudinal slope of 8%. Double-slope pavement is designed, and drainageditches are arranged on both sides of the road to prevent ponding on the pavement.Fig. 15-4 Belt Conveyor and its Maintenance Road15.3.5 Ferries WharfThe Ferries Wharf was designed for vehicles crossing the Fatala River. Now a cable-stayed bridge (Fig. 15-5) has been built to substitute the Ferries Wharf. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 70 of 108 65Fig. 15-5 The Cable-Stayed Bridge Crossing the Fatala River15.3.6 Wharf Yard and Living AreaThe wharf yard (Fig. 15-6) has a capacity of 0.5Mt, an area if 12 hm2, and a ground elevation of 11m. Materials will be unloaded with the belt, then fed to the ship belt with thestacker-reclaimer, and finally lifted with the ship belt to the corner point at 26m.The living area is located on the north side of the Wharf Yard, with an elevation of 13.50m and an area of 4.18 hm2. There are dormitories, canteens, laundry rooms, recreation centerand office buildings. To the west side of the living area is a machine repair site with the same elevation as the living area. There are office rooms, substations, machine repairworkshops and warehouses. To the west side of the machine repair site is the ship repair slipway and berth for inspection and repair of ships.Fig. 15-6 Wharf and Wharf Yard in Boffa Mine Area15.3.7 Heavy Oil Power StationA centralized heavy oil power station (Fig. 15-7) is designed in the Project. The station is arranged to the northeast of the living area. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 71 of 108 66The heavy oil power station has an oil tank area, main and auxiliary equipment rooms, comprehensive water treatment facilities, radiators, electric rooms, step-up transformers, andstarter diesel generator set. There is 2.2m high solid brick wall around the power station to ensure the safety of materials and personnel.Fig. 15-7 Heavy Oil Power Station15.3.8 Temporary Waste DumpA temporary waste dump is arranged near the two stope areas in the north and the south, respectively, which is used for surface soil storage. The dumps will be reclaimed with topsoilafter the stope-out and landscaping of the site. The design capacity of the temporary waste dump is 1Mt, and the waste will be stored from bottom to top.15.3.9 OthersThis mine is an open stope. In order to reduce the influence of the muddy water caused by the rain scouring the bare ground on the river, three low dams are set up in the lowerreaches of this mine to collect, store, clarify muddy water in the rainy season.15.3.10 Internal and External TransportationFrom the stope to the high-grade ore storage yard, the ore is transferred by the 60t dump truck. Stripped topsoil and the low-grade ore are also transported by dump trucks to thetemporary waste dumps and the low grade ore yard respectively via mine road.The external transportation uses the belt conveyor.Transportation workload is shown in Table 15-1。Table1 15-1 Transportation WorkloadNo.MaterialUnitAnnual ConsumptionRemarks1Diesel oilt/a14884Oil for mining, transported by tankers2Engine oilt/a23Washing oilt/a824Turbine oilt/a1385Butter oilt/a3526Wiping materialt/a87Auxiliary oilt/a1444 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 72 of 108 67No.MaterialUnitAnnual ConsumptionRemarksTotalt/a169101high grade oreMt/a12Belt conveyor, 23km2Low grade oreMt/a3Mean haul: 2.3km3Stripped topsoilMt/a4.08Mean haul: 200mTotalMt/a19.0815.3.11 Power SystemA power station is set up for the Project. It consists of 4 × 4,340kW/ 10kV generators, 3 in use and 1 standby. According to the load calculation results and load distributionrequirements, a 35kV step-up substation with 1 × 8,000kVA,35/10kV step-up transformer is installed near the wharf power station. The wharf loads are directly powered by the 10kVgrade line at the generator outlet.From the 35kV wharf substation introduces a 35kV circuit to the middle of the belt and the stope. A 35kV step-down substation is set up near the head of the C08 belt. The step-downsubstation is equipped with 1 × 5,000kVA, 35/10kV step-down transformer and supplies power at 10kV to C08 belt head motor, C07 belt tail drive motor and the auxiliarytransformer.A 35kV step-down substation with 1 × 4,000kVA, 35/10kV step-down transformer is set up near the tail of C08 belt in the stope, which supplies power to the C08 tail drive motor, thedistribution transformer in the stope and the distribution transformer in the water source site.The lighting along the belt is powered by solar energy facilities, and the installation and maintenance of the belt are powered by small mobile generators.15.3.12 Water Supply and Drainage(1) Production water supply systemThe production water demand in the stope is 700m3/d, and the water will be supplied by the 1000M3 elevated tank (with a bottom elevation of 210, φ22m × 3.5m) set up in stopethrough D219 × 8 welded steel pipes. A water intake is arranged near the road of the stope to connect the water truck.(2) Domestic water supply systemIn order to meet the domestic water requirement, the water should be further purified. The domestic water demand is 100m3/d. The water comes from the elevated tank in the stopeand is treated by the JYSBI-10 integrated domestic water processor (with a capacity of 10m3/h). The water is first disinfected by the dioxidochlorine, then flows into the clean watertank, and then flows through the DN65 composite steel and plastic water supply pipe to each water point.(3) DrainageThe drainage demand in the Project is 26m3/d, and the wastewater is discharged after treatment in the grease trap.The sewage discharge demand is 85m3/d, and the sewage is treated by septic tank and sent to outdoor sewage pipe network and SEJ-100 integrated buried sewage treatmentequipment (with a capacity of 100m3/d). The effluent is discharged after it meets the first grade standard given in the Integrated Wastewater Discharge Standard (GB8978－1996).Domestic sewage quality: BOD - 150mg/l, SS - 220mg/l, ammonia nitrogen - 45mg/l.After treatment, the quality of domestic sewage is as follows: BOD - 20mg/l, SS - 70mg/l, ammonia nitrogen - 15mg/l. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 73 of 108 6816 Market Studies16.1 Forecast of Product Supply and DemandSince the beginning of the 21st century, domestic consumption of bauxite has counted for 44.77% of the world. China has been the world’s largest importer of bauxite since 2007,overtaking United States.From 2008 to 2016, the annual growth rate of domestic bauxite imports was as high as 17%. From 2010 to 2016, the proportion of imported bauxite in total bauxite was 49.66%. Thedata show that the annual import of bauxite is increasing, and the bauxite imported counts for a large proportion of the total bauxite. The bauxite resources are highly dependent onother countries. Bauxite has become one of the scarcest minerals in China and has been listed in the strategic mineral catalogue.According to Antech data, from 2012 to 2015, global aluminum production grew at a rate of 7.2%, bauxite production 7.9%, and aluminum consumption 7.5%. These figures showthat global demand for aluminum is still growing strongly.According to Antech data, from 2010 to 2015, domestic aluminum output grew at a rate of 14.1%, bauxite output 20.0%, and aluminum consumption 21.8%, all of which are higherthan the world averages.With the development of industrialization, urbanization and informationization in China, the demand of aluminum is still strong, and it will still grow strongly in the future.According to the July 2017 data of the Ministry of Commerce, from January to May 2017, China’s total bauxite import from Guinea ranked first, and Guinea has surpassed Australiato become China’s largest bauxite exporter.16.2 Product Price ForecastThe relevant data of bauxite price comes from the Asian metal net, USGS and Chalco Shandong Co., Ltd. Combined with the specific situation of Boffa Project, after considering the8% moisture content of bauxite, the data collected for the five years before July 2017 were converted to the bauxite CIF price trend (8% moisture content) by country. The FOB priceof Capesize ship is 32.5USD/WT, and after the cost of wharf and inland waterway and platform transship is deducted, the loading price of bauxite is 22.02USD/t. The forecast periodis 20 years.From 2017 to 2021, the five-year average price of bauxite (AAl2O3 40%, RsiO2 3%) imported from Guinea by China is 55.8 USD/DT (CIF). See Table 16-1 for details.Price of Bauxite Imported from Guinea by China Table 16-1Year20172018201920202021Five-year averagepriceUSD/DT555558555655.8The loading price of Boffa mine in the feasibility study is 22.02 USD/WT, and that of ROM ores (AAl2O3 39%, RsiO2 1%) is 53.16 USD/DT (48.91 USD/WT, moisture content:8%).The current market price is slightly higher than that determined in the feasibility study, and fluctuates within a reasonable range. Therefore, as of December 31, 2021, we still usethe bauxite loading price of 22.02 USD/WT.16.3 Signed or Potential ContractsThe Boffa Bauxite Project in Guinea has rich resources, better mining conditions, excellent economic indicators and better development prospects. Against the background of thecontradiction between the development of domestic economy and the shortage of resources, the development of Boffa Bauxite Project in Guinea and the establishment of an overseasbauxite supply base will provide a stable and reliable bauxite resource guarantee for the development of domestic economy.The high-grade bauxite will be sold to Chalco’s aluminum oxide plant, so the off-take is secured. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 74 of 108 6917 Environmental Studies, Permits and Social Impacts17.1 Results of Environmental StudiesThe mine sites include open stope, ore storage yard, mine compound, belt conveyor and wharf storage yard. The impacts on the environment mainly include impacts on the terrestrialecosystems (terrestrial animals, terrestrial plants, amphibians and reptiles), freshwater ecosystems, mangroves and living areas of dwarf gorillas. The main pollutants are dischargedwaste fuel oil, equipment operation noise and waste water.Effective control measures for all kinds of pollutants will be been taken, which can greatly reduce the discharge of pollutants. At the same time, prevention and mitigation measuresare proposed for possible impacts on or damages to surface water, terrestrial ecosystems and freshwater ecosystems during the construction and operation of the project. Therefore,after the Project is put into production, its regional environmental impact is not large. The specific extent and scope of the environmental impact shall be determined by theenvironmental impact assessment of the Project.17.2 Disposal of Three Types of Wastes17.2.1 Waste Gas TreatmentThe waste gas in the Project mainly comes from the dust of mining, loading and unloading, fuel gas (tail gas) of mining machinery equipment and the waste gas of heavy oil powerstation.The dust produced during the loading and unloading of ore will be treated with bag dust collectors. The waste gas generated by the heavy oil power station will be discharged into theatmosphere through a 30m high exhaust cylinder after it is cooled in the waste heat boiler and denitrified with the SCR method.17.2.2 Wastewater TreatmentThe project wastewater is mainly wastewater from the repair workshop, cooling system sewage from the heavy oil power station and domestic sewage.The wastewater from the repair workshop will be discharged after being treated by the grease trap; the mine living area and the wharf living area will be equipped with a sewagetreatment system, respectively, and the domestic sewage will be first pre-treated by septic tanks, then discharged into the underground integrated sewage treatment plant to treat to theGuinea’s sewage discharge standards. The effluent from the cooling system of the heavy oil power station is clean and can be discharged directly.In order to prevent pollution caused by the muddy water resulted from washing of the bare ground by rainfall in the rainy season, three rock dams will be set up near the lower reachesof the mine to clear the muddy water. A dam will be 100m long. The muddy water will be collected, stored and set before discharge.17.2.3 Solid Waste TreatmentTwo temporary dumps will be set up during the construction period, with the capacity of 1.76 million m3 and 0.46 million m3, respectively, for storing the stripped materials. Thetemporary dump is equipped with a roller compacted rock fill dam, and a trapezoidal trench with a bottom width of 1m and a depth of 1m, and a trapezoidal rubble drainage trenchwith a bottom width of 0.6m and a depth of 0.6m will be arranged around the dump to direct the drainage of rainwater during the rainy season.The stripped topsoil is the main reclamation soil source, which will be used for reclamation and backfilling of goaf. When mining, the stripped topsoil will be piled near the stope andthen backfilled to the goaf during reclamation.Because the public infrastructure of the project site is not perfect and there is no disposal site for domestic waste, a set of buried garbage station with a capacity of 6m3 will be set upin the mine living area. Two garbage collection transfer vehicles will be arranged. The domestic waste will be collected by the garbage station and transferred to a specialenvironment-friendly closed incinerator for incineration. Domestic waste slag will be collected in special containers and disposed of properly to meet the correspondingenvironmental protection requirements in Guinea.During the operation of the heavy oil power station, the heavy oil residue will be produced, which is a hazardous waste and will be disposed of by a closed incinerator set in the powerstation. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 75 of 108 7017.2.4 Environmental Investment and StaffingThe environmental protection investment in the Project is 2147.86KUSD, accounting for 0.485% (exchange rate: 6.37) of the project capex. See Table 17-1 for details of theenvironmental investment estimates.Table 17-1 Environmental Investment EstimatesItemInvestment(KUSD)DescriptionRemarksWaste gas treatment420.00Pulse cleaning bag filter and automatic dust removal device for belt transferSewage treatment430.86Grease trap, underground integrated sewage treatment plant, etc.Noise control85.71Muffler, base damping, etc.Solid waste treatment224.29Underground garbage station, environment-friendly garbage bin, garbagetransport vehicle, special closed incinerator, etc.Landscaping644.14Landscaping area: 47,928m2Final acceptance342.86Total2147.86When starting mining, an environmental protection department shall be set up to take charge of the daily environmental management work. Two full-time environmental managementpersonnel will be arranged, and a part-time environmental protection officer will be appointed in each workshop/shift to work with the environmental protection department.17.3 Environmental Permit for the ProjectThe design follows the requirements of the laws and regulations of the Republic of Guinea and complies with local environmental quality standards and pollutant emission standards.Environmental protection codes are governed by the laws and regulations of the Republic of Guinea, international conventions and relevant international assessment standards.In September 2017, the Government of Guinea adopted the Environmental Social Assessment Report and held a public consultation meeting with the local community and a publichearing with the technical committee on environmental assessment. Then, the Government of Guinea granted an EIA permit to Chalco Hong Kong Limited, which is valid for oneyear. The term may be extended if the implementation of the Social Environmental Management Plan is satisfactory.17.4 Planning, Consultation, or Agreement with Local Individuals or GroupsThe implementation of the project involves environmental permits, water, land, employment, and living services, all of which have to be dealt with the local communities, and manyof them are complex and sensitive. In order to resolve these issues, local residents will be arranged to involve in the Project as much as possible, so that the residents of thecommunity can realize that the Project can be conducive to the sustainable economic and social development of the community, and that the community can support the developmentof the Project to reduce potential risks.17.5 Mine Closure PlanProject reclamation is the focus in the design. According to the technical conditions of land reclamation, the overburden layer is 1.30m thick on average, which can be stripped andused for land reclamation, thus complying with the requirement for an overburden soil thickness of more than 0.5m.According to the design, reclamation starts from the second year of mine production, and then the mining and reclamation will be carried out simultaneously year by year, so that thegoaf can be reclaimed in time the vegetation restored as soon as possible, and the ecological environment protected. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 76 of 108 7117.6 Related NotesThe Qualified Person considers that① The project has been designed to meet the environmental requirements of the laws and regulations of the Republic of Guinea, the international conventions and the relevantinternational assessment standards.② Based on the analysis of the factors that may affect the environment, the waste gas, waste water, solid waste and noise treatment plans, the ecological protection schemes and thereclamation scheme have been put forward.③ Agreements have been reached with the local communities on the effects and possible conflicts brought by the environmental issues, with coping methods provided.④ The project has obtained an environmental permit from the Government of Guinea.⑤ The project has arranged personnel and expense to deal with environmental issues.The environmental protection design complies with the standard and the working plan is detailed and effective. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 77 of 108 7218 Capital and Operating Costs18.1 Investment estimation18.1.1 Basis of compilation(1) Quantities and pricing parameters basisQuantities and pricing parameters are based on the design quantities and the design technical parameters.(2) Quota indicator basis① Building worksAs for the steel structures used for the project, in consideration of the material costs in China, the domestic production costs, the intermediate freight costs, the bank charges, the siteinstallation costs, etc. , the construction materials including the cement, sand, stone, brick and timber will be purchased in Guinea.② Installation worksThe installation cost will be adjusted according to the principle of charging installation works in China and the price of labor and main materials in Guinea.(3) Other notes① Exchange rate1USD=6.70￥；1€=7.85￥。② CurrencyThe investment estimate is made in KUSD.18.1.2 Project investment estimationThe project cost mainly includes the infrastructure survey and stripping, the mining equipment, the mine roads, the surface cleaning, the mine buildings and structures, the oreproducts yard, the communication system, the belt conveyor, the power station and substation, plot plan and transportation, the water source and watercourse structures, thesuspension bridge, the head tank, the oil tank foundation and walls, the ventilation and dust removal, the vehicle maintenance workshop, the welfare and the service facilities.The construction investment is 435,292.22KUSD, including the direct cost: 306,007.55KUSD, accounting for 70.30% of the construction investment; indirect cost: 97,953.09KUSD,accounting for 22.50% of the construction investment; entry cost during the infrastructure construction period: 5,000KUSD, accounting for 1.15% of construction investment; reservefund: 26,331.58KUSD, accounting for 6.05% of the construction investment. The investment estimation is shown in Table 18-1.Table 18-1 Investment EstimationNo.Works and Cost DescriptionEstimated cost( KUSD )Proportion of the total cost%ConstructionEquipmentInstallationToolsOthersTotal1Major production works91548.57129965.5822415.21243929.3656.041.1Infrastructure survey13428.21397.4567.2113892.871.2Open pit38332.6265670.813115.23107118.661.2.1Infrastructure stripping17226.5017226.501.2.2Mining equipment54431.4954431.491.2.3Roads3402.993402.991.2.4Drainage works470.15470.15 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 78 of 108 73No.Works and Cost DescriptionEstimated cost( KUSD )Proportion of the total cost%ConstructionEquipmentInstallationToolsOthersTotal1.2.5Surface cleaning3613.113613.111.2.6Mining structures5420.905420.901.2.7ROM yard8154.957934.222143.1518232.321.2.8Communication system44.033305.09972.094321.201.3ROM conveying system andstorage yard39787.7463897.3219232.77122917.831.3.1Belt #1 and #23927.402165.78636.996730.171.3.2Belt #7# and #825484.6241998.9412369.2379852.791.3.3Belt #65662.761137.29338.437138.481.3.4Belt #5216.5863.70280.281.3.5Feeder and stacker-reclaimer6589.891938.208528.091.3.6250m suspension bridge3056.723056.721.3.7C08 belt conveyor head substation263.22955.60297.861516.691.3.8Stope substation261.12714.60244.461220.171.3.9Wharf power station886.059029.302878.1912793.541.3.10Wharf substation245.861089.34465.701800.902Auxiliary production and utilityworks41655.654281.823890.7549828.2211.452.1Plot Plan and transportation36831.722185.8339017.552.1.1Transportation equipment2185.832185.832.1.2Plot Plan36831.7236831.722.2Water supply and drainage2979.1889.54417.343486.072.2.1Water source51.66372.91424.572.2.2Watercourse structures2524.002524.002.2.3Domestic water treatment room35.6530.4666.112.2.4Sewage treatment room2.245.577.812.2.5Head tank343.288.40351.692.2.6Settling tank111.90111.902.3Integrated pipe network (powersupply, water supply and heatsupply)11.582571.162582.752.4Maintenance and storage1419.94352.57239.882012.382.4.1Vehicle maintenance workshop668.11169.9251.32889.35 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 79 of 108 74No.Works and Cost DescriptionEstimated cost( KUSD )Proportion of the total cost%ConstructionEquipmentInstallationToolsOthersTotal2.4.2Spare parts warehouse144.2738.3421.80204.412.4.3Gas stations and auxiliary oil depot607.55144.31166.76918.622.5Automation instrumentation847.06246.721093.782.6Ventilation and dust removal666.37244.93911.302.7Laboratory424.81128.86170.72724.403Welfare and Service7706.201861.71891.0210458.932.403.1Office building1376.5730.251406.813.2Canteen799.601077.05301.852178.503.3Dormitory5530.03784.66558.926873.614Smart factory597.011194.031791.040.41Subtotal(1+2+3+4)141507.44137303.1427196.98306007.555Other construction expenses2736.7295216.3797953.0922.505.1Land requisition13800.0013800.005.2Management by the Employer19227.7719227.775.3Construction supervision3184.693184.695.4Feasibility study776.12776.125.5Environmental impact assessment1671.641671.645.6Environmental protection358.21358.215.7consulting for soil and waterconservation298.51298.515.8Temporary facilities1767.031767.035.9Assessment of labor safety andhealth293.34293.345.10Tests and studies298.51298.515.11Engineering investigation4038.934038.935.12Design11110.2511110.255.13Preparation of the constructiondrawings1111.031111.035.14Preparation of the as-builtdrawings888.82888.825.15Joint commissioning1712.241712.245.16Training1910.451910.455.17Office and living furniture678.38678.385.18Tools and furniture2058.342058.345.19Bidding agency184.11184.11 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 80 of 108 75No.Works and Cost DescriptionEstimated cost( KUSD )Proportion of the total cost%ConstructionEquipmentInstallationToolsOthersTotal5.20Investment insurance andengineering insurance4705.614705.615.21Due diligence in early stage(resources, laws, taxes, risks,lawyers)1013.431013.435.22Headquarters building26865.6726865.676Entry fee5000.005000.001.157Reserve fund26331.5826331.586.058Construction investment(1~7)141507.43137303.1427196.982736.72126547.95435292.22100.0032.5131.546.250.6329.07100.0018.2 Operating costs18.2.1 Notes for cost planning(1) The cost of this project includes the manufacturing cost, the administration cost, the business expenses and the financial cost. The administration cost refers to the expensesincurred when the administrative department of an enterprise manages and organizes the business activities.(2) The bauxite produced in the project needs to be shipped to China for sale. It is estimated that the bauxite yield is 9Mt in the first year and 12Mt/a from the second year.(3) The consumption quota of the materials in the manufacturing cost estimation is specified based on the conditions provided by the relevant specialties with reference to the actualconsumption quota of similar projects; the unit price of the auxiliary materials and power is forecasted to the end of the infrastructure construction period according to the CIF price orthe local market price.(4) The quantity of material consumed in the process is provided by each discipline.(5) The material quota is calculated in accordance with the international price.(6) The depreciation of the project is calculated by the straight-line method, and the composite depreciation rate is 6%.(7) The calculation period of the project is 21.5 years, including the construction period lasting for 1.5 years and the operation period lasting for 20 years.(8) The cost of land and vegetation restoration will be 1,000KUSD/a and the cost for road construction and surface cleaning will be 2,400KUSD /a.(9) The diesel price is 1,200USD/T (tax excluding) .(10) The heavy oil rice is 550USD/T (tax excluding).(11) The repair cost is estimated at 2% for construction and 6% for equipment.(12) The operating cost is estimated at 2% of the operating income.(13) The Guinean Mining Code provides for a three-year exemption from the wage package tax and a single property tax during the mining phase.(14) Equity fund: Based on “Resources for loan”, the entry fee is 30,000KUSD. The down payment is 5,000KUSD after the mineral properties are granted, and the rest is paid via theform of equity fund at 0.208USD/t, which is paid according to the actual export bauxite in the first 9 years and then according to the amount of the equity balance in the 10th year.18.2.2 Operating cost estimationThe total operating cost of the project is shown in Table 18-2. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 81 of 108 76The annual average operating cost of the project is estimated to be 240,528KUSD/a, which includes: 74,568KUSD /a for mining, 55,318KUSD/a for belt conveying, 7,785KUSD/afor wharf yards, 22,980KUSD /a for management, 5,285KUSD /a for business, 2,708KUSD /a for finance and 22,242KUSD /a for value added tax, 17,570KUSD /a for export tax,17,570KUSD /a for mineral tax, 10,318KUSD /a for income tax and 4184KUSD /a for stock dividends.Table 18-2 Annual Average Total Cost Estimate for the ProjectNo.ItemUnitCostUnit cost USD/tRemarksTotal costKUSD24052820.04Annual average of reaching the design capacity1Direct costKUSD16864314.05Annual average of reaching the design capacity1.1Mining and manufacturingKUSD745686.21Annual average of reaching the design capacity1.2Belt conveyingKUSD553184.61Annual average of reaching the design capacity1.3YardKUSD77850.65Annual average of reaching the design capacity1.4ManagementKUSD229801.92Annual average of reaching the design capacityTaxKUSD74240.62Annual average of reaching the design capacityInsuranceKUSD18920.16Annual average of reaching the design capacityEquity fundKUSD12170.10Annual average of reaching the design capacity1.5Operating costKUSD52850.44Annual average of reaching the design capacity1.6Finance costKUSD27080.23Annual average of reaching the design capacity2Value-added taxKUSD222421.85Annual average of reaching the design capacity3Export taxKUSD175701.46Annual average of reaching the design capacity4Mineral taxKUSD175701.46Annual average of reaching the design capacity5Income taxKUSD103180.86Annual average of reaching the design capacity6Stock dividendsKUSD41840.35Annual average of reaching the design capacity18.2.3 Notes for capital and operating costEach of sub-item investment of the project has been estimated. The price of the equipment is quoted by the vendor, and the freight is estimated at a certain proportion. Detailed studieswere carried out on the materials supplying places and prices, and on Guinea’s tax laws and charging rules. According to the agreement with the Government of Guinea, the relevantexpenses have been charged, which are calculated in a detailed and reasonable manner.The consumption quota of the materials in the manufacturing cost estimation is specified based on the conditions provided by the relevant specialties with reference to the actualconsumption quota of similar projects; the unit price of the auxiliary materials and power is forecasted to the end of the infrastructure construction period according to the CIF price orthe local market price. A historical analysis and Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 82 of 108 77reasonable estimation of the price of the various materials and commodities during the operation have been carried out. Dividends and other costs have been withdrawn in accordancewith Guinea’s tax laws and charging rules. The calculations are detailed and reasonable.In the view of the Qualified Person, the estimation method for the project capital and operating cost is feasible. The estimation of the commodity price parameters is reasonable, andthe estimation precision meets the requirements of the feasibility study, i. e. the error is within ± 15% and the accidental error is less than or equal to 10%. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 83 of 108 7819 Financial Analysis19.1 Basis and principles of financial analysis(1)The financial evaluation of the feasibility study is based on the third edition of Economic Evaluation Methods and Parameters of Construction Projects issued jointly by theNational Development and Reform Commission and the Ministry of Housing and Urban-Rural Development.(2)The basic data of calculating cost is provided by each discipline.(3)Reference is made to the Mining Code of Guinea for the taxes.(4)This economic calculation only considers the benefits of the mines in Guinea. The bauxite FOB price (Capesize-class ships) is 32.5USD/WT. After deducting the transportationcosts such as port cost, inland water transport and other transfer costs, the loading price is 22.02USD/t. The period calculated is 20 years.(5)The stock dividends are calculated at 15%.(6)The Mining Code of Guinea provides for a three-year exemption from wage package tax and a single property tax during the mining phase.19.2 Profit and profit distribution19.2.1 Product sales and revenueThe main product of the project is bauxite. The bauxite yield of the first year during the production period is 9,000kt and 12,000kt since the second year.The bauxite loading price is 22.02USD/t, based on which the annual revenue is estimated to be 264,240KUSD/a. The annual operating revenue of the project is shown in Table 19-1.19.2.2 Value-added taxAccording to the Guinean tax laws, the value-added tax rate on the import of raw materials for the project is 18%. The value-added tax of the project cannot be offset since it onlyconsiders incomes, and the VAT will be listed separately. It is estimated that the annual value-added tax paid is 22,242KUSD/a.19.2.3 Ore export tax and Mineral taxAccording to the calculation, the annual average export tax is 17,570KUSD /a and the annual mineral tax is 17,570KUSD /a after reaching the design capacity.19.2.4 Profit and distributionAccording to the calculation, the annual average profit of the project is 38,214KUSD/a, the annual average income tax is 10,318KUSD/a, the annual average net profit is27,896KUSD/a, the annual average stock dividends are 4,184KUSD/a and the net profit after deducting the stock dividends is 23,712KUSD/a.The annual profit analysis is shown in table 19-1.Table19-1 Annual Profit AnalysisNo.ItemUnitValue (KUSD)Unit value USD/tRemarksIOperating revenueKUSD26424022.02Annual average value after reaching the design outputIITotal costKUSD24052820.041Direct costKUSD16864314.051.1Mining and manufacturingKUSD745686.211.2Belt conveyingKUSD553184.611.3YardKUSD77850.651.4ManagementKUSD229801.92TaxesKUSD74240.62 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 84 of 108 79No.ItemUnitValue (KUSD)Unit value USD/tRemarksInsuranceKUSD18920.16Equity fundKUSD12170.101.5Operating costKUSD52850.441.6Financial costKUSD27080.232Value added taxKUSD222421.853Export taxKUSD175701.464Mineral taxKUSD175701.465Income taxKUSD103180.866Stock dividendsKUSD41840.35IIIProfits to ChalcoKUSD237121.98IVFinancial internal rate of return%8.728.72After income tax19.3 Analysis of project profitabilityRefer to Table 19-2 for the annual profit and profit distribution of the project.The ROI is 8.63%, and the ROE is 16.48%.19.4 Cash flow calculationThe calculation of the total investment cash flow of the project is shown in Table 19-3 and the calculation of the capital cash flow is shown in Table 19-4.19.5 Solvency analysis and project benefitsThe assets and liabilities of the project during the calculation period are shown in Table 19-5 and the estimated debt service is shown in Table 19-6.The repayment period of the loan is 7.92 years (including the construction period) according to the maximum repayment ability of the project, which indicates that the project is ofgood repayment ability.The cash flow of the project financial plan is shown in Table 19-7.Preferential tax policy: After the mine is put into commercial operation, ① the income tax will be exempted for 8 years; ② the single property tax will be exempted for 8 years; ③the registration tax (registration fee) will be exempted for 8 years; ④ the value -added tax will be exempted.The after-tax financial index of the project considering the tax preference is as follows: The financial internal rate of return of the project is 12.86%, and the payback period of theinvestment is 8.45 years (including the construction period) Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 85 of 108 80Table19-2 Annual Profit and Profit Distribution of the ProjectNo.ItemUnitAverageOperating period34567891011121Operating revenueKUSD/a264240198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.002Value-added taxKUSD/a2224216850.1821335.4321335.4321335.4321335.4321855.1121783.6321775.5821748.6021780.943Total costKUSD/a168643153824.53168275.26165020.05164141.99160733.63168912.61165808.37165359.53165722.07166614.844Ore export taxKUSD/a1757013285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.6917594.255Mineral taxKUSD/a1757013285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.6917594.256Gross profitKUSD/a38214933.9539200.8542456.0643334.1246742.4738043.8141209.6441503.3541511.9440655.727Reserve fundKUSD/a382193.393920.084245.614333.414674.253804.384120.964150.344151.194065.578Taxable incomeKUSD/a34392840.5535280.7638210.4539000.7142068.2334239.4337088.6737353.0237360.7536590.159Income taxKUSD/a10318252.1710584.2311463.1411700.2112620.4710271.8311126.6011205.9111208.2310977.0410NET profitKUSD/a27896681.7828616.6230992.9231633.9134122.0127771.9830083.0330297.4530303.7229678.6811Stock dividendsKUSD/a4184102.274292.494648.944745.095118.304165.804512.464544.624545.564451.8012Net profit afterdeducting the stockdividendsKUSD/a23712579.5124324.1326343.9826888.8229003.7023606.1925570.5825752.8325758.1625226.8713Undistributed profitKUSD/a23712579.5124324.1326343.9826888.8229003.7023606.1925570.5825752.8325758.1625226.8714Total undistributed profitKUSD/a246125579.5124903.6451247.6278136.44107140.15130746.33156316.91182069.74207827.90233054.7815Earnings before interestand taxKUSD/a4092118911.5255563.4455802.7353545.7153786.8441796.1741939.9241503.3541511.9440655.7216Earnings before interest,tax, depreciation andamortizationKUSD/a6443445704.5482356.4682595.7580338.7380579.8669411.6269555.3669118.8069127.3968271.17 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 86 of 108 81Table19-2 (Cont’d) Annual Profit and Profit Distribution of the ProjectNo.ItemUnitAverageOperating period131415161718192021221Operating RevenueKUSD/a264240264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.002Value-added taxKUSD/a2224222642.8422642.8422642.8422642.8422642.8423162.5223162.5223162.5222795.7622823.203Total costKUSD/a168643172622.69172937.12173267.25173613.87173977.79168922.02169323.19169744.40169395.71169831.514Ore export taxKUSD/a1757017464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.735Mineral taxKUSD/a1757017464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.736Gross profitKUSD/a3821434046.2333731.8033401.6733055.0632691.1337227.2236826.0536404.8437167.9136849.847Reserve fundKUSD/a38213404.623373.183340.173305.513269.113722.723682.603640.483716.793684.988Taxable incomeKUSD/a3439230641.6130358.6230061.5029749.5529422.0233504.5033143.4432764.3533451.1133164.869Income taxKUSD/a103189192.489107.599018.458924.868826.6110051.359943.039829.3110035.339949.4610NET profitKUSD/a2789624853.7524624.2124383.2224130.1923864.5327175.8726883.0126575.5327132.5726900.3911Stock dividendsKUSD/a41843728.063693.633657.483619.533579.684076.384032.453986.334069.894035.0612Net profit afterdeducting the stockdividendsKUSD/a2371221125.6920930.5820725.7420510.6620284.8523099.4922850.5622589.2023062.6922865.3313Undistributed profitKUSD/a2371221125.6920930.5820725.7420510.6620284.8523099.4922850.5622589.2023062.6922865.3314Cumulativeundistributed profitKUSD/a246125254180.46275111.05295836.78316347.44336632.29359731.78382582.35405171.55428234.23451099.5615Earnings before interestand taxKUSD/a4092134046.2333731.8033401.6733055.0632691.1337227.2236826.0536404.8437167.9136849.8416Earnings before interest,tax, depreciation andamortizationKUSD/a6443460909.5960595.1660265.0359918.4259554.5050663.2550262.0749840.8650603.9350285.87 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 87 of 108 82Table19-3 Financial Cash Flow of the Total Project Investment (Unit: KUSD)No.ItemConstruction periodOperating period12345678910111Cash inflow 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.1Operating revenue 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.2Residual value ofrecovered fixed assets 1.3Recovery of workingcapital 2Cash outflow174116.89261175.33174528.96188565.45186293.18188646.35208636.41198994.18199197.09199665.82199658.172.1Construction investment174116.89261175.33 2.2Working capital 21951.232389.42 2.3Operating costs 109053.94125119.65124880.35127137.37126896.24137544.81137462.64137744.09138106.632.4Value-added tax 16850.1821335.4321335.4321335.4321335.4321855.1121783.6321775.5821748.602.5Maintenance investment 19857.97 2.6Stock dividends 102.274292.494648.944745.095118.304165.804512.464544.624545.562.7Ore export tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.692.8Mineral tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.693Net cash flow beforeincome tax-174116.89-261175.3323651.0475674.5577946.8275593.6555603.5965245.8265042.9164574.1864581.834Total net cash flow beforeincome tax-174116.89-435292.22-411641.18-335966.6-258019.8-182426.2-126822.6-61576.83466.168040.3132622.25Adjusted income tax 5645.4415493.0115467.1414763.6914733.7811397.5411345.6911205.9111208.236Net cash flow afterincome tax-174116.89-261175.3318005.6160181.5462479.6860829.9640869.8153848.2853697.2253368.2853373.617Total net cash flow afterincome tax-174116.89-435292.22-417286.61-357105.07-294625.39-233795.44-192925.63-139077.35-85380.12-32011.8521361.768Indicator calculatedbefore income tax IRR:11.85% Pt：8.44a 9Indicator calculated afterincome tax IRR:8.72% Pt：10.10a Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 88 of 108 83Table19-3 (Cont’d) Financial Cash Flow of the Total Project Investment (Unit: KUSD)No.ItemOperating period 12131415161718192021221Cash inflow264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00324289.571.1Operating revenue264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.2Residual value of recovered fixed assets 35708.921.3Recovery of working capital 24340.642Cash outflow220278.61207058.47207338.47207632.45207941.11228123.15217653.13218010.38218385.47217705.95217989.192.1Construction investment 2.2Working capital 2.3Operating costs138999.40145759.33146073.76146403.89146750.50147114.43155485.99155887.17156308.38155959.68156395.482.4Value-added tax21780.9422642.8422642.8422642.8422642.8422642.8423162.5223162.5223162.5222795.7622823.202.5Maintenance investment19857.97 19857.97 2.6Stock dividends4451.803728.063693.633657.483619.533579.684076.384032.453986.334069.894035.062.7Ore export tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.732.8Mineral tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.733Net cash flow before income tax43961.3957181.5356901.5356607.5556298.8936116.8546586.8746229.6245854.5346534.04106300.384Total net cash flow before income tax176583.6233765.1290666.6347274.2403573.1439689.9486276.8532506.4578360.9624895.0731195.35Adjusted income tax10977.049192.489107.599018.458924.868826.6110051.359943.039829.3110035.339949.466Net cash flow after income tax32984.3547989.0547793.9447589.1047374.0227290.2436535.5236286.5936025.2336498.7196350.927Total net cash flow after income tax54346.11102335.16150129.10197718.20245092.23272382.46308917.98345204.57381229.80417728.51514079.428Indicator calculated before income taxIRR:11.85% Pt：8.44a 9Indicator calculated after income taxIRR:8.72% Pt：10.10a  Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 89 of 108 84Table19-4 Project Capital Cash Flow (Unit: KUSD)No.ItemConstruction periodOperating period12345678910111Cash inflow 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.1Operating revenue 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.2Residual value of recovered fixed assets 1.3Recovery of working capital 2Cash outflow54032.8290936.90220131.23266629.42264240.00264240.00284097.97264240.00223431.65210871.72210866.392.1Project capital54032.8290936.9021951.232389.42 2.2Repayment of principal on loan 27372.5351117.1553137.0053681.8455796.7251221.6312377.68 2.3Interest payments on loans 17977.5716362.5913346.6810211.597044.373752.36730.28 2.4Operating costs 109053.94125119.65124880.35127137.37126896.24137544.81137462.64137744.09138106.632.5Value-added tax 16850.1821335.4321335.4321335.4321335.4321855.1121783.6321775.5821748.602.6Income tax 252.1710584.2311463.1411700.2112620.4710271.8311126.6011205.9111208.232.7Maintenance investment 19857.97 2.8Stock dividends 102.274292.494648.944745.095118.304165.804512.464544.624545.562.9Ore export tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.692.10Mineral tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.693Net cash flow before income tax-54032.82-90936.90-21699.068194.8111463.1411700.21-7237.5010271.8351934.9564574.1864581.834Total net cash flow before income tax-54032.82-144969.72-166668.78-158473.97-147010.83-135310.62-142548.12-132276.30-80341.35-15767.1648814.675Net cash flow after income tax-54032.82-90936.90-21951.23-2389.42 -19857.97 40808.3553368.2853373.616Total net cash flow after income tax-54032.82-144969.72-166920.95-169310.36-169310.36-169310.36-189168.33-189168.33-148359.99-94991.71-41618.10Financial internal rate of return:10.16% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 90 of 108 85Table19-4 (Cont’d) Project Capital Cash Flow (Unit: KUSD)No.ItemOperating period12131415161718192021221Cash inflow264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00324289.571.1Operating revenue264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.2Residual value of recovered fixed assets 35708.921.3Recovery of working capital 24340.642Cash outflow231255.65216250.95216446.06216650.90216865.98236949.76227704.48227953.41228214.77227741.29227938.652.1Project capital 2.2Repayment of principal on loan 2.3Interest payments on loans 2.4Operating costs138999.40145759.33146073.76146403.89146750.50147114.43155485.99155887.17156308.38155959.68156395.482.5Value-added tax21780.9422642.8422642.8422642.8422642.8422642.8423162.5223162.5223162.5222795.7622823.202.6Income tax10977.049192.489107.599018.458924.868826.6110051.359943.039829.3110035.339949.462.7Maintenance investment19857.97 19857.97 2.8Stock dividends4451.803728.063693.633657.483619.533579.684076.384032.453986.334069.894035.062.9Ore export tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.732.10Mineral tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.733Net cash flow before income tax43961.3957181.5356901.5356607.5556298.8936116.8546586.8746229.6245854.5346534.04106300.384Total net cash flow before income tax92776.06149957.59206859.12263466.67319765.56355882.41402469.28448698.90494553.43541087.47647387.855Net cash flow after income tax32984.3547989.0547793.9447589.1047374.0227290.2436535.5236286.5936025.2336498.7196350.926Total net cash flow after income tax-8633.7539355.3087149.24134738.34182112.36209402.60245938.12282224.71318249.93354748.64451099.56Financial internal rate of return:10.16% Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 91 of 108 86Table19-5 Balance Sheet (Unit: KUSD)No.ItemConstruction periodOperating period12345678910111Assets175914.65449674.28447939.88424574.53397781.51370988.49364053.44336438.00349630.90375383.73401141.891.1Gross working capital 25058.6328486.3028486.3028486.3028486.3028486.3069294.64122662.92176036.531.1.1Account Receivable 9087.8310426.6410426.6410426.6410426.6410426.6410426.6410426.6410426.641.1.2Inventory 10904.1412692.4412692.4412692.4412692.4412692.4412692.4412692.4412692.441.1.3Cash 5066.665367.215367.215367.215367.215367.215367.215367.215367.211.1.4Accumulated surplus fund 0.000.0040808.3594176.62147550.231.2Works in progress175914.65449674.28 1.3Net value of fixed assets 403767.30379309.31354851.32330393.33325793.30300132.63274471.95248811.27223150.601.4Net value of intangible assets and otherassets 19113.9516778.9314443.9012108.879773.847819.075864.313909.541954.772Liabilities and owners 'equity175914.65449674.28447939.88424574.53397781.51370988.49364053.44336438.00349630.90375383.73401141.892.1Total current liabilities 3107.404145.654145.654145.654145.654145.654145.654145.654145.652.1.1Accounts payable 3107.404145.654145.654145.654145.654145.654145.654145.654145.652.1.2Working capital borrowings 2.2Construction investment loan121881.82304704.55277332.02226214.87173077.87119396.0363599.3112377.68 Subtotal of liabilities121881.82304704.55280439.42230360.53177223.53123541.6967744.9616523.334145.654145.654145.652.3Owner’s equity54032.82144969.72167500.46194214.00220557.99247446.81296308.48319914.67345485.25371238.08396996.242.3.1Capital fund54032.82144969.72166920.95169310.36169310.36169310.36189168.33189168.33189168.33189168.33189168.332.3.3Cumulative undistributed profit 579.5124903.6451247.6278136.44107140.15130746.33156316.91182069.74207827.90Indicator: Asset-liability ratio (%)69.2867.7662.6154.2644.5533.3018.614.911.19Current ratio (%) 806.42687.14687.14687.14687.14687.141671.502958.834246.29Quick ratio (%) 455.51380.97380.97380.97380.97380.971365.342652.673940.13 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 92 of 108 87Table19-5 (Cont’d) Balance Sheet (Unit: KUSD)No.ItemOperating period12131415161718192021221Assets446226.74467352.42488283.01509008.74529519.40569662.22592761.72615612.28638201.48661264.17684129.491.1Gross working capital228878.85276867.90324661.84372250.94419624.96466773.18503308.69539595.28575620.51612119.22648420.571.1.1Account receivable10426.6410426.6410426.6410426.6410426.6410426.6410426.6410426.6410426.6410426.6410426.641.1.2Inventory12692.4412692.4412692.4412692.4412692.4412692.4412692.4412692.4412692.4412692.4412692.441.1.3Cash5367.215367.215367.215367.215367.215367.215367.215367.215367.215367.215367.211.1.4Accumulated surplus fund200392.55248381.60296175.55343764.64391138.67438286.88474822.40511108.98547134.21583632.92619934.271.2Works in progress1.3Net value of fixed assets217347.89190484.53163621.16136757.80109894.44102889.0589453.0276017.0062580.9749144.9535708.921.4Net value of intangible assets and otherassets2Liabilities and owners’ equity446226.74467352.42488283.01509008.74529519.40569662.22592761.72615612.28638201.48661264.17684129.492.1Total current liabilities4145.654145.654145.654145.654145.654145.654145.654145.654145.654145.654145.652.1.1Account payable4145.654145.654145.654145.654145.654145.654145.654145.654145.654145.654145.652.1.2Working capital borrowings2.2Construction investment loan Subtotal of liabilities4145.654145.654145.654145.654145.654145.654145.654145.654145.654145.654145.652.3Owner’s equity442081.08463206.77484137.35504863.09525373.75565516.57588616.06611466.62634055.83657118.51679983.842.3.1Capital fund209026.31209026.31209026.31209026.31209026.31228884.28228884.28228884.28228884.28228884.28228884.282.3.3Cumulative undistributed profit233054.78254180.46275111.05295836.78316347.44336632.29359731.78382582.35405171.55428234.23451099.56Indicator: Asset-liability ratio (%)0.930.890.850.810.780.730.700.670.65 Current ratio (%)5520.936678.517831.388979.3110122.0411259.3412140.6313015.9313884.9114765.3215640.97 Quick ratio (%)5214.776372.357525.228673.149815.8810953.1711834.4712709.7613578.7514459.1615334.81 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 93 of 108 88Table19-6 Calculation of Debt Service (Unit: KUSD)No.ItemTotalCalculation period123456781Opening balance 121881.82304704.55277332.02226214.87173077.87119396.0363599.312Current year borrowing 121881.82182822.73 3Current year accrued interest 1797.7612584.3017977.5716362.5913346.6810211.597044.373752.36Interest incurred during construction14382.051797.7612584.30 4Current debt service320430.101797.7612584.3045350.1067479.7366483.6863893.4362841.0954973.99Repayment of principal185308.52 27372.5351117.1553137.0053681.8455796.7251221.63Payment of interest72280.481797.7612584.3017977.5716362.5913346.6810211.597044.373752.365Ending balance930133.27121881.82304704.55277332.02226214.87173077.87119396.0363599.3112377.686Source of repayment fund78489.68 27372.5351117.1553137.0053681.8455796.7251221.636.1Depreciation expense48915.98 24457.9924457.9924457.9924457.9924457.9925660.686.2Amortization charge4670.06 2335.032335.032335.032335.032335.031954.776.3Undistributed profit24903.64 579.5124324.1326343.9826888.8229003.7023606.197Surplus fund (226214.87)(173077.87)(119396.03)(63599.31)(12377.68)Calculation index: Loan repayment period:7.73 a Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 94 of 108 89Table19-7 Financial Plan Cash Flow (Unit: KUSD)No.ItemConstructionperiodOperating period1234567891011INet cash flow from operatingactivities 45350.1067479.7366483.6863893.4362841.0954973.9953916.3153368.2853373.611Cash inflow 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.1Operating revenue 198180.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.002Cash outflow 152829.90196760.27197756.32200346.57201398.91209266.01210323.69210871.72210866.392.1Operating costs 109053.94125119.65124880.35127137.37126896.24137544.81137462.64137744.09138106.632.2VAT 16850.1821335.4321335.4321335.4321335.4321855.1121783.6321775.5821748.602.3Income tax 252.1710584.2311463.1411700.2112620.4710271.8311126.6011205.9111208.232.4Stock dividends 102.274292.494648.944745.095118.304165.804512.464544.624545.562.5Ore export tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.692.6Mineral tax 13285.6717714.2317714.2317714.2317714.2317714.2317719.1817800.7717628.69IINet cash flow from investmentactivities-174116.89-261175.33-21951.23-2389.42 -19857.97 1Cash outflow174116.89261175.3321951.232389.42 19857.97 1.1Construction investment174116.89261175.33 1.2Maintenance investment 19857.97 1.3Working capital 21951.232389.42 IIINet cash flow from financingactivities174116.89261175.33-23398.88-65090.32-66483.68-63893.43-42983.12-54973.99-13107.96 1Cash inflow175914.65273759.6321951.232389.42 19857.97 1.1Project capital investment54032.8290936.9021951.232389.42 19857.97 1.2Construction investment loan121881.82182822.73 1.3Working capital borrowings 2Cash outflow1797.7612584.3045350.1067479.7366483.6863893.4362841.0954973.9913107.96 2.1Interest expense1797.7612584.3017977.5716362.5913346.6810211.597044.373752.36730.28 2.2Principal repayment 27372.5351117.1553137.0053681.8455796.7251221.6312377.68 Net cash flow(I＋II＋III) 0.00 40808.3553368.2853373.61Accumulated surplus fund 0.000.0040808.3594176.62147550.23 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 95 of 108 90Table19-7 (Cont’d) Financial Plan Cash Flow (Unit: KUSD)No.ItemOperating period1213141516171819202122INet cash flow from operatingactivities52842.3247989.0547793.9447589.1047374.0247148.2136535.5236286.5936025.2336498.7136301.351Cash inflow264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.001.1Operating revenue264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.00264240.002Cash outflow211397.68216250.95216446.06216650.90216865.98217091.79227704.48227953.41228214.77227741.29227938.652.1Operating costs138999.40145759.33146073.76146403.89146750.50147114.43155485.99155887.17156308.38155959.68156395.482.2VAT21780.9422642.8422642.8422642.8422642.8422642.8423162.5223162.5223162.5222795.7622823.202.3Income tax10977.049192.489107.599018.458924.868826.6110051.359943.039829.3110035.339949.462.4Stock dividends4451.803728.063693.633657.483619.533579.684076.384032.453986.334069.894035.062.5Ore export tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.732.6Mineral tax17594.2517464.1217464.1217464.1217464.1217464.1217464.1217464.1217464.1217440.3117367.73IINet cash flow from investmentactivities-19857.97 -19857.97 1Cash outflow19857.97 19857.97 1.1Construction investment 1.2Maintenance investment19857.97 19857.97 1.3Working capital IIINet cash flow from financingactivities19857.97 19857.97 1Cash inflow19857.97 19857.97 1.1Project capital investment19857.97 19857.97 1.2Construction investment loan 1.3Working capital borrowings 2Cash outflow 2.1Interest payment 2.2Principal repayment Net cash flow(I＋II＋III)52842.3247989.0547793.9447589.1047374.0247148.2136535.5236286.5936025.2336498.7136301.35 Accumulated surplus fund200392.55248381.60296175.55343764.64391138.67438286.88474822.40511108.98547134.21583632.92619934.27 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 96 of 108 9119.6 Economic efficiency analysisThe financial internal rate of return before income tax is 11.85%, and the payback period is 8.44 years (including the construction period). The financial internal rate of return afterincome tax is 8.72%, and the payback period is 10.10 years (including the construction period).The capital financial internal rate of return of the project is 10.16%.19.7 Risk analysisWith the world’s largest bauxite reserves, Guinea has great prospects for development in the bauxite industry. China and Guinea have maintained a stable development relationship.Currently, the Government of Guinea is working to improve the investment environment and attract foreign investment, hoping to promote the national economic developmentthrough the development in mining industry. According to the BOFFA Project Risk Assessment Report (Sinorating), the risk is high, mainly political risk. Close attention should bepaid to the risks of government stability and the indirect default and political violence risks arising from the domestic political pressure. After the coup in September 2021, thepolitical risks are under control.Economic and financial risks mainly include macroeconomic risks, fiscal deficits, government debt risks and inflation risks. According to the Risk Assessment Report, Guinea’seconomy has little impact on the project. On the one hand, Guinea’s economy is likely to show a slow recovery and the inflation has been effectively curbed, and the fiscal deficit isimproving gradually. The only concern is that Guinea’s debt levels, particularly the external debt, are expected to rise rapidly. On the other hand, the products of the project willmainly be shipped to China and will not be sold locally, which will not be affected by the local economy, but by the changes of government policies and the dissatisfaction of localresidents.Foreign exchange risk. Since the products of this project are mainly exported to China rather than being sold in Guinea, USD will be used as the settlement currency in accordancewith international practice. Therefore, the depreciation of Guinean Franc has no effect on the revenue from this project. However, holding a certain amount of local currency isrequired for the construction and operation of the project, which may increase the construction and operating costs of the project.Market risk. The project products are mainly supplies the Corporation, which will not face any market sale barriers. However, the world’s aluminum industry will still suffer hardtimes in the short term, and the liberalization of bauxite export controls in Indonesia may reduce the market competitiveness of the bauxite from Guinea, which reduces the number ofprojects that Chalco supplies. Besides, Chinese enterprises’ entering the traditionally western-dominated Guinean market is bound to provoke resistance. According to thecomprehensive assessment, the project is facing a market risk of the medium level.Policy risks on the infrastructure. According to the Mining Code, the infrastructure (including but not limited to the railway, highway, bridges, ports, airports, cities and auxiliaryfacilities, canals and power transmission network) built for mining activities in any way financing shall be handed over to the Government of Guinea 5 years free of charge after theinvestor has gained fair return on investment. After that, the mining company enjoys a preferential access to such infrastructure. According to the agreement with the Government ofGuinea, the mining company can continue to operate the infrastructure built for the mining projects or the Government of Guinea can specify independent operator to operate theinfrastructure shared by the mining company and other companies through bidding. Therefore, the right of managing the public infrastructure is at the risk of losing control if noagreement is reached with the Government of Guinea in advance.The bauxite price is largely based on average price of the five years before 2017, a period when the industry was at a low ebb. Now the bauxite price is on the rise. Currently, theloading price of bauxite is higher than that in the 2017 feasibility study report.The infrastructure has been completed as planned and has reached the design capacity 3 years ahead of schedule. The funds are in place and the construction cost is controlled withinthe budgeted cost.The operating cost is within the budget according to the current production.The results of the economic analysis are of a high precision and the economic risks are under control. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 97 of 108 9220 Adjacent PropertiesThe mining rights near the Boffa Mine are shown in Table 20-1 and Figure 20-1.① Henan International Mine, with an area of 486.4405km2 and a validity of 25 years from October 25, 2010 to October 24, 2035.② SPIC Mine, with an area of 124.8749km2+757.7357km2 and a validity from August 10, 2018 to August 9, 2043.③ Alcoa Guinea Mine, with an area of 578.55km2 and a validity from June 23, 1964 to June 22, 2039.④ EGA Mine (SOCIETE GLOBAL ALUMINA), with an area of 690.2km2 and a validity from November 21, 2005 to November 21, 2030.⑤ AXIS MINERALS RESOURCES SA, with an area of 425.3605km2 and a validity from November 2, 2018 to November 1, 2033.⑥ SOCIETE GUINEAN BRAIN TOUCH SARL, with an area of 175.5074km2 and a validity from November 2, 2018 to November 1, 2033⑦ Aluminum Company of Guinea (Rusal), with an area of 1,776.25km2 and a validity from August 13, 1964 to February 28, 2025.⑧ A Shapura Minex Resources Sau (India), with an area of 100.0002km2 and a validity from November 11, 2019 to November 10, 2034.⑨ Societe Minierede Boke (SMB)-SA (SMB-Winning Consortium), with an area of 261.1311km2 and a validity from June 8, 2021 to June 7, 2046.Table 20-1 Mining Rights Near the Boffa MineNo.Mining rights ownersArea(km2)Validity (year)Starting and ending time1Henan International486.44052525 Oct 2010 to 24 Oct 20352SPIC882.61062510 Aug 2018 to 9 Aug 20433Alcoa CBG (Aluminum Company of Guinea)578.557523 Jun 1964 to 22 Jun 20394Emirates Global Aluminum (SOIETE Global Alumina)690.22522 Nov 2005 to 21 Nov 20305Axis Minerals Resources SA, India425.3605152 Nov 2018 to 1 Nov 20336SOIETE GUINEAN BRAINTOUH SARL175.5074152 Nov 2018 to 1 Nov 20337Aluminum company of Guinea, Rusal1776.2560.513 Aug 1964 to 28 Feb 20258A Shapura, India100.00021511 Nov 2019 to 10 Nov 20349(SMB)Santou-Houda Mine261.1311258 June 2021 to 7 June 2046 Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 98 of 108 93Fig. 20-1 Mining Rights Near the Boffa Mine Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 99 of 108 9421 Other Relevant Data and InformationOther Relevant Data and Information include: five-year bauxite price (from 2017 to 2021) imported from Guinea by China offered by CINF, which are cited in 16.2. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 100 of 108 9522 Interpretation and ConclusionsBoffa Mine is composed of Boffa North and Boffa South with a total area of 1,248.16km2. The exploitation license and environmental certificate have been obtained. The exploitationlicense is valid for 15 years (July 9, 2018 to July 8, 2033,) and may be renewed upon expiry. It is mined for bauxite.Chalco Guinea has 85% shares and the Government of Guinea has 15% shares.Boffa Mine is a productive mine with an annual yield of 12Mt (AAl2O3≥39%), which is shipped to China.According to the survey, the drilling coordinates measured by the intermediate and low precision GPS are of poor accuracy.It is Proven that the quality of the drilling is acceptable, the quality of sampling, processing and assaying is reliable, and the assay results are credible.According to the review of the BHP Boffa Santou Houda Project Close Out Repot and the databases provided by Guinea, all data were complete except for the absence of topographicsurvey. 7,821 drilling works were carried out and 94,030 samples were taken in Boffa Mine. According to the verification and inspection, the Billiton survey data is credible.CINF has created the digital terrain model based on the drilling coordinates and re-created the resource model and ore block model and estimate the resources with the DistancePower Inverse Ratio method based on the Billiton survey data.According to the Technical Report for Boffa Bauxite Project in Guinea submitted by CINF in May 2017, the indicated and measured resources in Boffa Mine were 301.19Mt and theinferred resources were 1,806.79Mt, with an average AAl2O3 content of 39.02% and RSiO2 content of 1.09%. The total amount of the resources was 2,107.98Mt, and the averageAAl2O3 content was 39.11% and the average RSIO2 content was 1.11%. The method of estimation is appropriate and the results are credible.As of December 31, 2021, the (indicated + measured + inferred) bauxite resources at the Boffa Mine were reported 1,954.90Mt, with an average AAl2O3 content of 38.92% and anaverage RSIO2 content of 1.10%, excluding the reserves.In August 2017, CINF submitted the Feasibility Study Report on Chalco Hong Kong Guinea Boffa Bauxite Mine Project.In May 2018, CINF submitted the Phase I (Preliminary Design) Specification of Chalco Hong Kong Guinea Boffa Bauxite Mine Project.The mining method designed is open-pit mining. ROM with the AAl2O3 no less than 39% is mined and shipped to China.The related transforming factors were studied and analyzed in the estimation of reserves. The indicated and measured resources (AAl2O3≥39%) are converted into reserves. TheProven reserves in Boffa Mine are 79.85Mt, with an average AAl2O3 content of 41.88% and average RSiO2 content of 1.12%; the probable reserves in Boffa Mine are 73.22Mt, withan average AAl2O3 content of 41.74% and an average RSiO2 content of 1.34%; the Proven + Probable reserves in Boffa Mine are 153.08Mt, with an average AAl2O3 content of41.82% and an average RSiO2 content of 1.23%. The results of reserves estimation are credible.From 2019 to the end of 2021, 21.67Mt bauxite were mined from Boffa South-orebody #38. By the end of December 31, 2021, Boffa Mine had (Proven + probable) reserves of131.41Mt, with an average AAl2O3 content of 41.82% and an average RSIO2 content of 1.23%.The investment analysis and financial analysis methods are suitable, and the parameters used in the analysis are sufficient and reasonable.The total investment of the project is 474,014.92KUSD, including 435,292.22KUSD for the investment in the construction period, 13,831.95KUSD for the interest incurred during theconstruction period and 24,340.64KUSD for the working capital.The ROI is 8.63%, and the ROE is 16.48%.The financial internal rate of return before income tax is 11.85%, and the payback period is 8.44 years (including 1.5a construction period). The financial internal rate of return afterincome tax is 8.72%, and the payback period is 10.10 years (including 1.5a construction period). Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 101 of 108 96The financial internal rate of return on capital of the project is 10.16%.The repayment period of the loan calculated based on the maximum repayment ability is 7.73 years (including 1.5a construction period), which indicates that the project has goodrepayment ability.The reserves of Boffa South could produce in full scale for 8 years. The total Boffa reserves could produce in full scale for 12 years.The above conclusions are of high reliability and meet the precision of the feasibility study.The high political risks may be the main concern of the project. However after the coup in Guinea in September 2021, political factors have little influence on the project and the risksare basically under control.The economic and other risks are moderate and controllable. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 102 of 108 9723 Recommendations① The surveying of the borehole coordinates is of poor accuracy, which affects the shape and position of the orebody. It is suggested that high-accuracy surveying of the boreholecoordinates should be carried out.② High-accuracy topographic survey shall be carried out in the mine, and the wellhead coordinates of the borehole shall be corrected with the topographic model.③ The terrain model and orebody model shall be re-created based on the high-accuracy survey data for the mining design and production control to reduce the mining dilution rateand loss rate. Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 103 of 108 9824 ReferencesThe main references are as follows：① In May 2017, CINF submitted the and its database (hereinafter referred to as the "CINFTechnical Resources Report";② In August 2017, CINF submitted the Guinea Boffa Bauxite Mine Project Feasibility Study Report of Chalco Hong Kong (hereinafter referred to as the “CINF Feasibility StudyReport”);③ In May 2018, CINF submitted the Guinea Boffa Bauxite Mine Project Detailed Design Phase I Specification of Chalco Hong Kong (hereinafter referred to as the “CINF ProjectDetailed Design Phase I”;The specific sections are as follows:Table 24-1 Specific Sections for ReferencesTable of contentsReferencesPages1 Executive Summary1.1 Introduction to Mining PropertiesCINF feasibility study reportP19-P201.2 Property GeologyCINF Project Detailed Design Phase IP196-P2031.3 ExplorationCINF Resources Technical ReportP3-P81.4 Development and Operations1.5 Mineral ResourcesCINF Resources Technical ReportP86-P881.6 Mineral ReserveCINF Project Detailed Design Phase IP228-P2421.7Capital and Operating CostsCINF feasibility study reportP287-P3031.8 Permitting1.9 Conclusions and Recommendations2 Introduction2.1 About the RegistrantCINF Project Detailed Design Phase IP1-P22.2 Scope of Technical Report Summary2.3 Sources of InformationCINF feasibility study reportP18-192.4 Qualifications and Declaration3 Property DescriptionCINF Project Detailed Design Phase IP1954 Accessibility, Infrastructures and PhysiographyCINF feasibility study reportP20-P214.1 Topography, Elevation and Vegetation4.2 Accessibility4.3Climate4.4 Infrastructure5 The Project History5.1 Prior and Current OwnershipCINF feasibility study reportP94-P1015.2 Exploration and Development5.2.1 BHP Exploration5.2.2 Mining One Due Diligence5.2.3 CINF Technical and Resource Report5.2.4 CINF Feasibility Study and Design5.2.4 Chalco Guinean company Mine Construction and Production Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 104 of 108 99Table of contentsReferencesPages6 Geological Setting and MineralizationCINF Project Detailed Design Phase IP196-P2066.1 Regional Geology6.2 Property Geology6.3 Deposit Types7 ExplorationCINF Technical Resources ReportP22-P657.1Topographic Surveys, Coordinates and Datum7.2 Geological Log7.2 Drilling7.3 Sampling and QAQC7.4 HydrogeologyCINF Technical Resources Report P22-P657.5 Geotechnical Investigation8 Sample Preparation, Analysis And QAQC8.1 Sample processing flow and QAQC8.2 Analysis And QAQC8.2.1 comparison of analytical methods and results8.2.2 Analysis And QAQC8.3 Data Management9 Data VerificationCINF Technical Resources Report P51-P63 9.1 Verification method9.2 Verification results9.2 External Pulp Duplicates9.2.1 Distribution of Boreholes for Sampling9.2.2 Comparison of External Pulp Duplicates Sample Analysis9.3 Verification Conclusion10 The processing and metallurgical performanceCINF Technical Resources ReportP22-P2410.1 Solubility Test Results10.1.1 Test Results of Zhengzhou Nonferrous Metals Institute10.1.2 Test Results of China Aluminum Shandong11 Mineral Resource Estimation11.1 Estimation method of Resource and Parameter selectionCINF Technical Resources ReportP68-P10311.1.1 Data and Databases11.1.2 Parameter Selection for Resource EstimationCINF Technical Resources ReportP68-P10311.1.3 Resource Estimation Method11.1.3.1 Resource Estimation Scope11.1.3.2 Solid Model Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 105 of 108 100Table of contentsReferencesPages11.1.3.3 Grade Evaluation Method and Block Model11.2 Estimation of Resource11.2.1 Resource11.2.2 Relation Between Grade and Resources11.3 Analysis of Reliability and Influence factors of Resource12 Mineral Reserve EstimationCINF Project Detailed Design Phase IP228-P24212.1 Selection of Parameters and Methods for Reserves Estimation12.1.1 Analysis of Modifying Factors in Economic and Technological Study12.1.2 Parameter and Method of Reserves Estimation12.1.2.1 Preferred Area for Mining12.1.2.2 Parameter and Method of Reserves Estimation12.1.2.3 Conversion Conditions for Resources to Reserves12.1.2.3 Conversion of Resource to Reserve Calculation Formula12.2 Reserve Estimation Result12.3 Related Note13 Mining MethodsCINF Project Detailed Design Phase IP245-P29413.1 Geotechnical Investigation13.2 Hydrogeological Condition Study13.3 Mining Method13.4 Mining Index13.5 Mine Scope and Service Life13.6 Equipment and Staffing13.6.1 Main Mining Equipment and Quantity13.6.2Transport Vehicle13.6.3 Main Reclamation Equipment13.6.4 Organization and Staffing14 Beneficiation and Recovery Methods15 InfrastructureCINF Project Detailed Design Phase IP23-P2515.1 Plot Plan and Transportation15.1.2 Site Selection15.1.3 General Arrangements15.1.3.1 Stope and High grade Ore Yard15.1.3.2 Low Grade Ore Yard15.1.3.3 Water Source15.1.3.4 Belt Conveyor and its Service Road Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 106 of 108 101Table of contentsReferencesPages15.1.3.5 Ferries Wharf15.1.3.6 Wharf Yard and Living area15.1.3.7 Heavy Oil Power Station15.1.3.8 Temporary Waste Dump15.1.3.9 Others15.1.3.10 Internal and External Transportation15.1.3.11 Power SystemCINF Project Detailed Design Phase IP23-P2515.1.3.12 Water Supply and Drainage16 Market StudiesCINF feasibility study report P296-297 16.1 Forecast of Product Supply and Demand16.2 Product Price Forecast16.3 Signed or Potential Contract17 Environmental Studies, Permitting and Social ImpactsCINF feasibility study reportP267-P28417.1 Results of Environmental Studies17.2 Disposal of Three Wastes17.2.1 Waste Gas Treatment17.2.2 Sewage TreatmentCINF feasibility study reportP231-P23817.2.3 Solid Waste Treatment17.2.4 Environmental Investment and Staffing17.3 Environmental Permit for the Project17.4 Plan, Consultation, or Agreement with a Local person or Group17.5 Open Stope Closure PlanCINF feasibility study reportP155-P15617.6 Related Notes18 Capital and Operating Costs18.1 Investment estimationCINF feasibility study reportP287-P29818.1.1 Fees and Rates18.1. 2 Investment Estimation of Construction18.2 Operating costsCINF feasibility study reportP287-P29818.2.1 Statement of Cost Establishment18.2.2 Operating Cost Estimation18.2.3 Statement of Capital and Operating CostsCINF feasibility study reportP304-P32119 FINANCIAL ANALYSIS19.1 Basic Parameters of Economic Evaluation and Related Explanation19.2 Profit and Profit Distribution19.2.1 Product Selling and Revenue19.2.2 Value Added Tax19.2.3 Export duty and Mineral tax19.2.4 Profit and Distribution Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 107 of 108 102Table of contentsReferencesPages19.3 Analysis of Project Profitability19.4 Cash Flow Calculation19.5 Solvency Analysis and returns19.6 Economic Benefit Analysis19.7 Risk Analysis20 Adjacent PropertiesThe registrant submitted information on mineral properties21 Other Relevant Data and Information22 Interpretation and Conclusions23 Recommendations24 References Date: 04/22/2022 07:12 AMToppan MerrillProject: 21-35199-1 Form Type: 20-F Client: 21-35199-1_ALUMINUM CORP OF CHINA LTD_20-F File: ach-20211231xex96d1.htm Type: EX-96.1 Pg: 108 of 108 10325 Dependence on Data Provided by RegistrantThe technical summary report was prepared based on the following information.(1) Guinea’s database on the projects provided by Chalco① Boffa Santou Houda Project Close Out Report(BHP, 2012)② BHP Billiton Block model file (CSV format)③ Borehole Coordinates (PDF file)④ Borehole Survey Table (excel format)⑤ Sample Assay Table (excel format)(2) Technical Due Diligence and Resources Assessment Report on Bauxite Development Project in Boffa, Guinea of Mining One.① Boffa bauxite block model made by Mining one② From February to May 2017, CINF carried out on-site verification work for data (1) and (2), and under the condition that the data is reliable and complete, CINF re-modeled andestimated the resources, and submitted the Resources Technical Report on Boffa Bauxite Development Project in Guinea.(3) Technical Due Diligence for Boffa Bauxite Project - Review Comments on Resources Assessment Report" (Chalco, 2017)(4) The framework agreement signed between Chalco and the Guinean government.(5) Risk Assessment Report of Chalco Hong Kong Guinea Boffa Project (Sino Rating)(6) "Environmental and Social Impact Assessment (PPT) of Guinea Boffa Bauxite Project" (ERM)From March 2017 to May 2019, CINF undertook the feasibility study, preliminary design and construction drawing design of the Boffa project. In the feasibility study work anddesign, some achievements in the (2), (5), (6) reports were used. In the feasibility study work and design, some achievements in the (2), (5), (6) reports were used. In May 2018, CINFsubmitted the Detailed Design Phase 1 (Preliminary Design) of the Boffa Bauxite Project in Guinea of Chalco Hong Kong.The above information is the investigation and research information submitted by a third-party professional company commissioned by the Registrant, which is objective, reasonableand fair.The mineral resources part is mainly based on the Resources Technical Report of the Boffa Bauxite Development Project in Guinea" submitted by CINF.The part of mineral reserves and economic analysis is mainly based on the Feasibility Study Report of the Boffa Bauxite Project in Guinea of Chalco Hong Kong submitted by CINFand the Detailed Design Phase 1 (Preliminary Design) of the Boffa Bauxite Project in Guinea of Chalco Hong Kong.In addition, the Registrant submitted the information and drawings of the adjacent mining properties, and the preparation work of adjacent mining assets was mainly based on theinformation and drawings submitted by the Registrant.

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