1934 ACT FILE NO. 001-15264

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

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

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

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

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

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

Date  August 27, 2012       

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

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

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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

(Stock Code: 2600)

The Board of Directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") is pleased to announce the unaudited interim results of the Company and its subsidiaries (together the "Group") for the six months ended 30 June 2012. This announcement, containing the full text of the 2012 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. This 2012 interim results announcement of the Company is available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and of the Company at www.chalco.com.cn.

CORPORATE INFORMATION

1.

Registered name

:

Abbreviation of Chinese

:

   registered name

English name

:

ALUMINUM CORPORATION OF CHINA LIMITED

Abbreviation of English

:

CHALCO

   registered name

2.

First registration date

:

September 10, 2001

Registered address

:

No. 62 North Xizhimen Street,

Haidian District, Beijing, the PRC

(Postal Code: 100082)

Place of business

:

No. 62 North Xizhimen Street,

Haidian District, Beijing, the PRC

(Postal Code: 100082)

Principal place of business

:

6/F, Nexxus Building,

   in Hong Kong

41 Connaught Road,

Central, Hong Kong

Internet website of the Company

:

http://www.chalco.com.cn

E-mail of the Company

:

IR_FAQ@chalco.com.cn

3.

Legal representative

:

Xiong Weiping

Company (Board) Secretary

:

Liu Qiang

Telephone

:

(8610)8229 8103

Fax

:

(8610)8229 8158/8229 8090

E-mail

:

IR_FAQ@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District, Beijing, the PRC

(Postal Code: 100082)

Representative of the Company's

:

Shen Hui

   securities affairs

Telephone

:

(8610)8229 8560

Fax

:

(8610)8229 8158

E-mail

:

IR_FAQ@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District, Beijing, the PRC

(Postal Code: 100082)

Department for corporate

:

Secretarial Office to the Board

   information and inquiry

Telephone for corporate

:

(8610)8229 8560/8229 8456/8229 8157

   information and inquiry

4.

Share registrar and transfer office

H shares

:

Hong Kong Registrars Limited

17M Floor, Hopewell Centre,

183 Queen's Road East, Wanchai, Hong Kong

A shares

:

China Securities Depository and

Clearing Corporation Limited,

Shanghai Branch

3/F, China Insurance Building,

No. 166, Lujiazui Road (East),

Shanghai, the PRC

American Depositary Receipt

:

The Bank of New York Corporate Trust Office

101 Barclay Street, New York,

NY 10286 USA

5.

Places of listing

:

The Stock Exchange of Hong Kong Limited

New York Stock Exchange

Shanghai Stock Exchange

Stock name

:

CHALCO

Stock code

:

2600 (HK)

ACH (US)

601600 (PRC)

6.

Principal bankers

:

Industrial and Commercial Bank of China

China Construction Bank

7.

Independent auditors

:

Ernst & Young

22/F, CITIC Tower,

1 Tim Mei Avenue,

Central, Hong Kong

Ernst & Young Hua Ming

16/F, Ernst & Young Tower, Oriental Plaza,

1 East Chang'an Avenue, Dongcheng District,

Beijing, the PRC

(Postal Code: 100738)

8.

Legal advisers

:

as to Hong Kong law:

Baker & McKenzie

23/F, One Pacific Place,

88 Queensway,

Hong Kong

as to United States law:

Baker & McKenzie

23/F, One Pacific Place,

88 Queensway,

Hong Kong

as to the PRC law:

Jincheng Tongda & Neal

10/F, China World Trade Tower

Jianguomenwai Avenue, Chaoyang District,

Beijing, the PRC

The board of directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") announces the unaudited interim results of the Company and its subsidiaries (together the "Group") for the six months ended June 30, 2012. On behalf of the Board and all of its staff, the Board would like to express its gratitude to our shareholders for their attention and support to the Company.

BUSINESS REVIEW

In the first half of 2012, economic recovery in the Europe was hampered by the enduring and intensifying European debt crisis. Although the US economy has shown some signs of a modest recovery, the recovery is slow. Likewise, the emerging markets also suffered from a weakened growth momentum. Due to the global economic slowdown, as well as the impact of domestic policies relating to macro control and changes in the mode of economic development, China's economic growth was lower than expected. The recurrence of ups and downs during the global economic recovery process has triggered the fall in the prices of metals (including aluminum). In face of the grave challenges on its production and operation, the Group focused on exploring its own potentials and vigorously commenced special efforts to reduce cost and improve efficiency through operational transformation has sustained a steady growth in the production volume of its major products, continuously improved the indicators of its key technologies and facilitated a stable production and operation.

1.

The Group further deepened its operational transformation and enhanced the quality of its management. In the first half of 2012, the Group has extended operational transformation to 5 of its own enterprises. Currently, 22 enterprises of the Company have undergone operational transformation.

2.

The Group continued with benchmark analysis to continuously improve its production index and has achieved a solid increase in production volume. In the first half of 2012, the Group produced 5.97 million tonnes of metallurgical grade alumina, representing an increase of 11.2% over the corresponding period of the preceding year. The Group produced 2.04 million tonnes of primary aluminum products, representing an increase of 7.4% over the corresponding period of the preceding year. The Group produced 0.29 million tonnes of aluminum fabricated products, representing a decrease of 9.4% over the corresponding period of the preceding year.

3.

The Group increased the supply of bauxite from self-developed mines to mitigate the impact arising from the restriction on the bauxite export imposed by the Indonesian government. In the first half of 2012, the Group's production volume of the self-developed mines amounted to 7.44 million tonnes, representing an increase of 12.4% over the corresponding period of the preceding year. As a result of the impact of the change in Indonesia's export policy on the bauxite supply, the Group has promptly assessed the profitability of its alumina production lines by optimizing their schedules, and suspended the operation of certain alumina production lines.

4.

The Group has fully commenced special efforts to reduce cost and to improve capital utilization efficiency and by vigorously pressing ahead with cash flow operational transformation through diversified financing channels, continued to optimise its debt structure and reduced finance costs.

5.

The Group expedited the construction of structural adjustment and significant strategic transformation projects. While giving priority to the implementation of cost-reduction and efficiency-improvement projects such as fast and cost-efficient construction of mines etc., the Group pushed ahead the integrated coal-electricity-aluminum projects in regions such as Xinjiang and Inner Mongolia. Capturing market opportunities, the Group actively participated in the integration of local coal companies by investing in a number of coal companies. The long-term coking coal trading agreement for the supply of coal from the TT Mine was entered into between China Aluminum International Trading Co., Ltd ("Chalco Trading") (), a subsidiary of the Company, and Mongolia Erdenes MGL LLC and has entered into the implementation stage.

6.

The Group's self-developed technologies have contributed positively to profitability and loss control as well as in the Group's structural transformation. Six alumina enterprises adopted the enhanced high-efficiency Bayer technology and achieved remarkable improvement in performance. As the implementation of the newly structured electrolytic cell and the new cathode steel bar technologies has completed ahead of schedule, their applications would definitely facilitate the reduction in electricity consumption and boost economic profitability.

7.

The Group further stepped up its efforts in energy saving and emission reductions, with continuous improvement in its relevant indicators. In the first half of 2012, the Group witnessed a decrease of 6.25 kilograms of standard coal in the overall energy consumption in alumina production per ton and a reduction of 188 kWh/t in electricity consumption for aluminum ingot production. The Group's SO₂ and COD emission volumes outperformed the commissioned targets, accounting for 41% and 43% respectively of the total emission volumes set for the year. The recycling rate of industrial waste water reached 94.3% and rehabilitated mining area reached 1,074 hectares.

8.

The Group continued to promote exploration of overseas resources. Chalco Iron Ore Holdings Limited (), a subsidiary of the Company, has participated in and completed the capital contribution of US$1,350 million to the Simandou iron ore project in Guinea ("Simandou Project") after obtaining the approval of the governmental regulatory authorities. The application for mining permit of the bauxite mining area of the joint venture in Laos is progressing fully ahead.

MARKET REVIEW

ALUMINA

Due to the increase in aluminum price and then followed by the change in Indonesia's bauxite export policy, the alumina price in the first half of 2012 witnessed an initial rise followed by a fall. The FOB price of spot alumina in the international market rose from US$303 per tonne early this year to US$325 per tonne in early May, and followed by a decrease in the price of alumina, with the FOB price of spot alumina in the international market in late June at approximately US$305 per tonne. The trend of the alumina price in the domestic market generally aligned with the alumina price. It climbed up to RMB2,710 per tonne in early May, and fell continuously to RMB2,610 per tonne in late June.

Since the beginning of 2012, the global alumina operating production capacity had further increased. However, China's alumina enterprises saw a moderate decrease in the production capacity utilization rate due to the shutdown of part of their production capacities, which was caused by a change in Indonesia's bauxite export policy restricting the export of bauxite in April 2012. By the end of June, the production capacity utilization rate of global alumina was approximately 79.0% while that of China was approximately 81.6%. In the first half of 2012, the global output and consumption of alumina amounted to approximately 47.79 million tonnes and 44.89 million tonnes, respectively, representing an increase of 9.1% and 3.7% over the corresponding period of the preceding year. China's production volume of alumina was approximately 19.06 million tonnes, representing an increase of 9.0% over the corresponding period of the preceding year; imported alumina was approximately 2.47 million tonnes, representing an increase of 144.6% over the corresponding period of the preceding year; demand for alumina reached approximately 18.92 million tonnes, representing an increase of 12.0% over the corresponding period of the preceding year.

PRIMARY ALUMINUM

The global economic environment dragged down the growing demand from aluminum end-customers. As the aluminum prices hovered at low level, most of the aluminum enterprises have suffered losses. In the first half of 2012, the three-month aluminum futures price on London Metal Exchange (LME) reached a record of US$2,349 per tonne, representing a decrease of 16.0% over the corresponding period of the preceding year. The three-month aluminum futures price on LME bottomed at US$1,833 per tonne and averaged at US$2,116 per tonne, representing a decrease of 22.3% and 17.0% over the corresponding period of the preceding year respectively. In contrast, the domestic aluminum price performed better than the international aluminum price, with the three-month aluminum futures price on Shanghai Futures Exchange (SHFE) hitting a high of RMB16,390 per tonne, representing a decrease of only 6.0% over the corresponding period of the preceding year. The three-month aluminum futures price on SHFE bottomed at RMB15,040 per tonne and averaged at RMB16,112 per tonne, representing a decrease of only 8.3% and 4.5% over the corresponding period of the preceding year respectively.

In the first half of the year, the global operating production capacity of aluminum had further increased. As at the end of June 2012, the global production capacity utilization rate of aluminum was approximately 82.0% while that of China was approximately 79.9%. During the same period, primary aluminum production and consumptions increased both in China and around the globe. In the first half of 2012, the global output and consumption of primary aluminum were approximately 23.06 million tonnes and 23.10 million tonnes, representing an increase of 4.2% and 5.1% over the corresponding period of the preceding year, respectively. China's output and consumption of primary aluminum were approximately 9.49 million tonnes and 9.60 million tonnes, representing an increase of 9.8% and 7.9% over the corresponding period of the preceding year, respectively.

ALUMINUM FABRICATION

Impacted by the slowdown in domestic economic growth and the enduring European debt crisis, the market demand from domestic aluminum fabrications downstream industries remained slack in the first half of 2012 and particularly in the second quarter. The export of aluminum fabrication products was affected by the fall in aluminum price and the additional production capacity coming into operation, resulting in intensified competitions in the aluminum fabrication market.

OUTLOOK AND PROSPECTS

In the second half of 2012, the global economy will remain full of complexities as rises and falls of the European debt crisis continue to shadow the global economic landscape. The risks in Europe's economy will be outstanding for at least a short period whilst a weakened momentum is foreseeable in the economic growth of the U.S.. As to China's economy, though a mild rebound is expected to take place in the fourth quarter under the "steady growth" stimulus policy, the growth will be within a narrow range. Despite a slight rebound in the demand for commodities (including aluminum), the aluminum price, affected by cost and restrained by the excessive production capacity, will fluctuate with costs and might be further exposed to volatile fluctuations as impacted by the macroeconomic conditions. The Group will focus its efforts on operational transformation, cost reduction and efficiency promotion as well as strategic transformation and structural adjustment and step up its efforts on the following:

1.

The Group will strive to deepen its operational transformation by enhancing and expanding its operational transformation work and strive to build up its business system. It will resolutely commence cost reduction and efficiency enhancement and through vertical and horizontal comparative analysis, to continuously improve its major production technology indicators.

2.

The Group will further enhance its management and the construction of mines, in a bid to secure its mine supply. With a keen eye on the changes in Indonesia's bauxite export policy, the Group will proactively strive for the export quotas of bauxite from Indonesia through a variety of approaches, including correlating the bauxite export quotas to cooperative bauxite suppliers with a view to resuming the supply of exported bauxite as soon as possible.

3.

The Group will forge ahead with the construction of cost reduction and efficiency promotion projects as well as structural adjustment and strategic transformation projects. It will further optimise the work flow of its production technologies and expedite the migration of its aluminum business to western China and the construction of self-provided power generation plants. It will also actively innovate the investment management mechanism, initiate the operational transformation of investment management to adequately control the investment scale and cautiously assess its investment projects.

4.

The Group will strengthen its market research to capture market opportunities and to enhance its product sales. The Group will fully leverage the advantages of e-platform for commercial procurement and centralized procurement to increase the proportion of direct purchase of raw material commodities, such as coal etc., with a view to minimizing its procurement cost.

5.

The Group will reduce receivables, facilitate liquidity and improve the efficiency of its liquid fund, with a view to enhancing the utilization efficiency of its working capital. It will fully promote a lean cash flow management by formulating month-end inventory targets of working capital and notes of its subsidiaries as well as to research and develop the standards for a safe inventory volume.

6.

The Group will secure the coal resources and mining rights for integrated projects in Xinjiang and Inner Mongolia and expedite its existing coal cooperation projects to strive for commencement of production as early as possible.

7.

The Group will actively explore the technology for combined fly ash application. The Company has started the adoption of technology for the production of alumina from fly ash via the Company's self-developed proprietary technology of alkali leaching with high temperature. Its has started the construction of a demonstration project for the use and industrialization of fly ash for alumina production with an annual capacity of 200,000 tonnes in Ordos, Inner Mongolia.

8.

The Group will continue to expedite technological innovation by focusing on the development of key technology projects, and will facilitate the effects of technology in leading transformation and industrial upgrade as well as in cost reduction and efficiency promotion.

9.

With deepened efforts in reforms and following an innovative development mode, the Group will revitalize its inventory assets and improve the level of return on its assets.

INTERIM RESULTS

The revenue of the Group for the six months ended June 30, 2012 amounted to RMB71,698 million, representing an increase of 8.7% over the corresponding period of the preceding year. The loss attributable to equity holders of the Company amounted to RMB3,253 million. Loss per share attributable to equity holders of the Company was RMB0.241.

INTERIM DIVIDEND

The Company will not distribute interim dividend for the six months ended June 30, 2012.

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

BUSINESS SEGMENTS

The Group principally engages in alumina refining, primary aluminum smelting, aluminum fabricated products production and the trading of related products. The Group's businesses comprise the following business segments:

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

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

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

Trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabricated products, other non-ferrous metal products and raw materials and supplemental materials to the Group's internal manufacture plants and external customers outside the Group in the PRC.

Corporate and other operating segments, which mainly include management of corporate, research and development activities.

RESULTS OF OPERATIONS

The Group's net loss attributable to equity holders of the Company for the first half of 2012 was RMB3,253 million, representing a significant decrease from a net profit of RMB413 million of the corresponding period of the preceding year. This was mainly attributable to the continuous decline in sales prices of major products and an increase in cost attributable to the surge in the cost of raw materials, fuels and powers, resulting in the lowering of the profit margin of sales of the Group's major products together with the rise in finance costs arising from the consecutive interest hikes under the macro control of the PRC and the increase in the size of interest-bearing debts of the Company.

REVENUE

The Group's revenue for the first half of 2012 was RMB71,698 million, representing an increase of RMB5,728 million or 8.7% from RMB65,970 million of the corresponding period of the preceding year. This was mainly attributable to the increase in the external sales of the Group's major products and trading volume.

COST OF SALES

Cost of sales of the Group was RMB71,475 million for the first half of 2012, representing an increase of RMB9,744 million or 15.8% from RMB61,731 million of the corresponding period of the preceding year. This was mainly attributable to the increase in the prices of raw materials and fuels and powers of the Group's major products and the increase in external sales of the Group's major products and trading volume.

SELLING AND DISTRIBUTION EXPENSES

The Group's selling and distribution expenses for the first half of 2012 were RMB957 million, representing an increase of RMB195 million or 25.6% from RMB762 million of the corresponding period of the preceding year. This was mainly attributable to the increase in external sales of the Group's major products and coal trading, which led to an increase in storage and transportation expenses.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses for the first half of 2012 of the Group were RMB1,347 million, representing an increase of RMB92 million or 7.3% from RMB1,255 million of the corresponding period of the preceding year. This was mainly attributable to the establishment of investees and the establishment of new businesses by the Group.

OTHER INCOME

The Group's other income represents government grants which amounted to RMB269 million for the first half of 2012, representing an increase of RMB249 million from RMB20 million of the corresponding period of the preceding year.

OTHER (LOSSES)/GAINS, NET

The net amount of other losses of the Group was RMB203 million for the first half of 2012, representing a decrease of RMB306 million from net gains of RMB103 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in gains from commodity futures contracts, option contracts and foreign currency forward contracts of the Group.

Given the major factors described as above, the Group's operating loss was RMB2,085 million for the first half of 2012, representing a decrease of RMB4,078 million from the operating profit of RMB1,993 million of the corresponding period of the preceding year.

FINANCE COSTS, NET

The Group's net finance costs for the first half of 2012 were RMB2,252 million, representing an increase of RMB760 million or 50.9% from RMB1,492 million of the corresponding period of the preceding year. This was mainly attributable to a sharp increase in the size of interest-bearing debt and the increase of the weighted average interest rate of interest-bearing debt of the Group as compared with that of the corresponding period of the preceding year due to upward adjustments of interest rates by the central bank.

SHARE OF PROFIT OF JOINTLY CONTROLLED ENTITIES

For the six months ended June 30, 2012, the Group's share of profit of jointly controlled entities amounted to RMB13 million, representing a decrease of RMB54 million from RMB67 million of the corresponding period of the preceding year, primarily due to a decrease in the share of profit from Guangxi Huayin Aluminum Co., Ltd.

SHARE OF PROFIT OF ASSOCIATES

For the six months ended June 30, 2012, the Group's share of profit of associates amounted to RMB143 million, representing a decrease of RMB119 million from RMB262 million of the corresponding period of the preceding year, primarily due to the decrease in the share of profit of Jiaozuo Coal Group Zhaogu (Xinxiang) Energy Corporation Co., Ltd..

INCOME TAX

The Group's income tax expense for the first half of 2012 was negative RMB757 million, representing a decrease of RMB896 million from RMB139 million of the corresponding period of the preceding year. This was mainly attributable to a significant loss incurred by the Group for the first half of 2012, which led to an increase in deferred tax assets resulted from the recognition of the tax losses.

DISCUSSION OF SEGMENT OPERATIONS

ALUMINA SEGMENT

Revenue

The Group's revenue from the alumina segment for the first half of 2012 was RMB15,895 million, representing an increase of RMB837 million or 5.6% from RMB15,058 million of the corresponding period of the preceding year.

The revenue from internal sales of alumina segment for the first half of 2012 was RMB14,551 million, representing an increase of RMB922 million or 6.8% from RMB13,629 million of the corresponding period of the preceding year.

The revenue from external sales of alumina segment for the first half of 2012 was RMB1,345 million, representing a decrease of RMB83 million or 5.8% from RMB1,428 million of the corresponding period of the preceding year.

Segment Loss

The Group's loss in the alumina segment for the first half of 2012 was RMB1,560 million, representing a decrease of RMB1,924 million from the profit of RMB364 million of the corresponding period of the preceding.

PRIMARY ALUMINUM SEGMENT

Revenue

The Group's revenue from the primary aluminum segment for the first half of 2012 was RMB28,259 million, representing an increase of RMB560 million or 2.0% from RMB27,699 million of the corresponding period of the preceding year.

The revenue from internal sales of the primary aluminum segment for the first half of 2012 was RMB12,734 million, representing an increase of RMB162 million or 1.3% from RMB12,572 million of the corresponding period of the preceding year.

The revenue from external sales of primary aluminum segment for the first half of 2012 was RMB15,526 million, representing an increase of RMB399 million or 2.6% from RMB15,127 million of the corresponding period of the preceding year.

Segment Loss

The Group's loss in the primary aluminum segment for the first half of 2012 was RMB1,216 million, representing a decrease of RMB1,808 million from the profit of RMB592 million of the corresponding period of the preceding year.

ALUMINUM FABRICATION SEGMENT

Revenue

The Group's revenue from the aluminum fabrication segment for the first half of 2012 was RMB4,997 million, representing a decrease of RMB873 million or 14.9% from RMB5,870 million of the corresponding period of the preceding year.

Segment Loss

The Group's loss in the aluminum fabrication segment for the first half of 2012 was RMB553 million, representing an increase of loss of RMB507 million from the loss of RMB46 million of the corresponding period of the preceding year.

TRADING SEGMENT

Revenue

The Group's revenue from the trading segment for the first half of 2012 was RMB56,892 million, representing an increase of RMB8,954 million or 18.7% from RMB47,938 million of the corresponding period of the preceding year.

The revenue from internal sales of trading segment was RMB6,929 million for the first half of 2012, representing an increase of RMB2,673 million or 62.8% from RMB4,256 million of the corresponding period of the preceding year, among which, the revenue from the internal sales of products purchased from internal sources of the Group was RMB890 million, whereas the revenue from the internal sales of products purchased from external sources of the Group was RMB6,039 million.

The revenue from external sales of trading segment was RMB49,962 million in the first half of 2012, representing an increase of RMB6,280 million or 14.4% from RMB43,682 million of the corresponding period of the preceding year, among which, the revenue from the external sales of self-produced products and sold through the trading segment was RMB19,463 million, whereas the revenue from the external sales of products sourced from external suppliers of the Group was RMB30,499 million.

Segment Profit

The Group's profit in the trading segment for the first half of 2012 was RMB274 million, representing a decrease of RMB127 million or 31.7% from RMB401 million of the corresponding period of the preceding year.

CORPORATE AND OTHER OPERATING SEGMENTS

Revenue

The Group's revenue from the corporate and other operating segments for the first half of 2012 was RMB253 million, representing an increase of RMB172 million from RMB81 million of the corresponding period of the preceding year.

Segment Loss

The Group's segment loss in corporate and other operating segments for the first half of 2012 was RMB1,101 million, representing an increase of loss of RMB620 million from the loss of RMB481 million of the corresponding period of the preceding year, mainly due to a net increase of RMB461 million in finance costs as a result of continued interest rate raises by the government for macro control and increase in the Group's interest-bearing debt.

STRUCTURE OF ASSETS AND LIABILITIES

Current Assets and Liabilities

As of June 30, 2012, the Group's current assets amounted to RMB60,365 million, representing an increase of RMB10,395 million from RMB49,970 million as of the beginning of the year.

As of June 30, 2012, the Group's cash and cash equivalents amounted to RMB9,808 million, representing a decrease of RMB783 million from RMB10,591 million as of the beginning of the year.

As of June 30, 2012, the Group's net balance of inventories amounted to RMB26,422 million, representing an increase of RMB2,298 million from RMB24,124 million as of the beginning of the year, primarily due to an increase in inventories upon an expansion of the Group's newly commissioned capacity.

As of June 30, 2012, the Group's current liabilities amounted to RMB84,149 million, representing an increase of RMB21,789 million from RMB62,360 million as of the beginning of the year, primarily due to the replenishment of working capital resulting from the Group's efforts in optimization of its debt portfolio and an increase in short-term borrowings.

As of June 30, 2012, the liquidity ratio of the Group was 0.72, representing a decrease of 0.08 from 0.80 as of the end of 2011, and the quick ratio was 0.40, representing a decrease of 0.01 from 0.41 as of the end of 2011.

Non-current Liabilities

As of June 30, 2012, the Group's non-current liabilities amounted to RMB41,088 million, representing an increase of RMB4,469 million from RMB36,619 million as of the beginning of the year, primarily due to the new long-term borrowings for Simandou Project and the issuance of the non-public debt financing instruments.

As of June 30, 2012, the debt to asset ratio of the Group was 69.54%, representing an increase of 6.55 percentage points from 62.99% as of the end of 2011.

MEASUREMENT OF FAIR VALUE

The Group strictly adopted policy for recognition, measurement and disclosure of fair value in accordance with the requirements on fair value under the relevant accounting standards, and undertook responsibility for the truthfulness of the measurement and disclosure of fair value. Currently, save as its financial assets and liabilities at fair value through profit or loss (including derivative instruments) are accounted at fair value, others are stated at historical cost.

As of June 30, 2012, the foreign currency forward contracts held by the Group, which were accounted for as financial assets at fair value through profit or loss, amounted to RMB4 million, representing an increase of RMB2 million as compared with the balance as of the end of 2011. The fair value change was recognized as gain. The amount of the commodity futures contracts decreased by RMB4 million as compared with the balance as of the end of 2011. The fair value change was recognized as loss. The amount of the Group's commodity futures contracts and European options measured at fair value and accounted for as financial liabilities were RMB196 million and RMB16 million, respectively, representing an increase of RMB194 million and RMB15 million as compared with the balances as at the end of 2011, respectively. The fair value changes were recognized as loss.

PROVISION FOR INVENTORY IMPAIRMENT

On June 30, 2012, the Group assessed the net realizable value of its inventories. Upon assessment, the provisions for inventory impairment for inventories held as of June 30, 2012 amounted to RMB680 million, representing an increase of RMB305 million as compared with the provisions for impairment of RMB375 million at the end of 2011, of which additional provisions for inventory impairment amounted to RMB496 million and reversal of inventory impairment amounted to RMB191 million through the cost of sales upon the sales of the inventories.

The Group has always adopted the same approach to determine the net realizable value of the inventories and the provisions of inventories impairment on a consistent basis for the relevant accounting policy.

CAPITAL EXPENDITURES, CAPITAL COMMITMENTS AND INVESTMENTS UNDERTAKINGS

For the six months ended June 30, 2012, the Group's accumulated project investment expenditures amounted to RMB4,280 million, which mainly consisted of investments in energy saving and consumption reduction, environmental protection, resources acquisition and scientific research, which mainly included Liancheng branch's project in relation to the phasing out of obsolete capacity and renovation project, the second phase of aluminum renovation project of Fushun Aluminum, the Guanxi Branch's technological renovation project of 0.48 million tonnes of capacity expansion through alumina exploration, the innovation project of alumina exploration of Shanxi branch and the alumina project of Shanxi Huaxing in Xing County.

As of June 30, 2012, the Group's capital commitment of property, plant and equipment amounted to RMB40,353 million, of which those contracted but not provided for amounted to RMB4,929 million and those authorized but not contracted for amounted to RMB35,424 million.

As of June 30, 2012, the Group's investment commitment amounted to RMB1,590 million, comprised mainly of the capital contributions of RMB915 million, RMB193 million, RMB183 million, RMB131 million and RMB101 million to Gansu Huayang Mining Development Company Limited (), Guizhou Yuneng Mining Co., Ltd. (), Xingshengyuan Coal Co., Ltd. of Huozhou Coal Group (), Chalco Liupanshui Hengtaihe Co., Limited () and Chalco Zunyi Alumina Co., Ltd. (), respectively.

CASH AND CASH EQUIVALENTS

As of June 30, 2012, the Group's cash and cash equivalents amounted to RMB9,808 million, including foreign currency deposits of RMB522.34 million, RMB12.43 million, RMB5.49 million and RMB1.09 million denominated in US dollars, Hong Kong dollars, Australian dollars and Euro, respectively.

CASH FLOWS FROM OPERATING ACTIVITIES

For the first half of 2012, the Group's net cash used for operating activities amounted to RMB1,815 million, representing a decrease of RMB6,639 million from the net cash inflow of RMB4,824 million of the corresponding period of the preceding year, mainly attributable to a decrease in the profit margin of the Group's major products, as well as the increase in trading volume and its business expansion and an increase in utilisation of liquidity fund attributable to newly commissioned production capacity.

CASH FLOWS FROM INVESTING ACTIVITIES

For the first half of 2012, the Group's net cash used in investing activities amounted to RMB16,068 million, representing an increase of RMB10,819 million from the net outflows of RMB5,249 million for the corresponding period of the preceding year, which was mainly attributable to additional investment in Simandou Project for the current period.

CASH FLOWS FROM FINANCING ACTIVITIES

For the first half of 2012, the Group's net cash flows generated from financing activities amounted to RMB17,140 million, representing an increase of RMB16,100 million from the net cash inflows of RMB1,040 million for the corresponding period of the preceding year. This was mainly due to a loan amount of RMB3,442 million in Simandou Project by minority shareholders and an increase of external debt by the Group.

INVESTMENT OF THE COMPANY

USE OF PROCEEDS

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

PROJECTS NOT FUNDED BY PROCEEDS

(1)

The proposed investment of Shanxi Xing County's 800,000-tonne alumina project () is RMB4.46 billion. The project is expected to be completed and to commence production by 2013, with an annual alumina production capacity of 800,000 tonnes. By the end of June 2012, the Company had invested RMB1.167 billion in total. The construction in general of the major part of alumina project has been completed and the project currently has entered into the phase of steel structure manufacturing and installation and installation of cells and equipment.

(2)

The proposed investment of Shanxi branch's alumina exploration and renovation project () is RMB0.782 billion. As at the end of June 2012, the Company had invested RMB0.605 billion in total in the project. The project has commenced loading and production in May 2012, with an additional alumina production capacity of 530,000 tonnes.

DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

In accordance with Articles 104 and 145 of the Company's Articles of Association, all Directors and Supervisors of the Company were appointed for a term of three years, eligible for re-appointments after expiry of their respective terms of office. The Directors of the fourth session of the Board and the shareholder-representative supervisors of the fourth session of the Supervisory Committee were elected at the 2009 annual general meeting held on June 22, 2010. The employee-representative supervisor of the fourth session of the Supervisory Committee of the Company was elected by the employee-representatives of the Company's headquarters and each of its subsidiaries and branches.

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

Executive Directors

:

Xiong Weiping, Luo Jianchuan,

Liu Caiming and Liu Xiangmin

Non-executive Directors

:

Shi Chungui and Lv Youqing

Independent Non-executive Directors

:

Zhang Zhuoyuan, Wang Mengkui and Zhu Demiao

Supervisors

:

Ao Hong, Yuan Li and Zhang Zhankui

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

EMPLOYEES, PENSION PLANS AND WELFARE FUND

The Group had approximately 103,319 employees as of June 30, 2012. For the first half of 2012, the Group had accrued total remuneration of approximately RMB3,331 million to its employees. The remuneration package of the employees includes salaries, bonuses, subsidies, allowances and welfare benefits including medical care, housing subsidies, childbirth, unemployment, work injury, pension and other miscellaneous items. In accordance with the applicable regulations of the PRC, the Group has participated in pension contribution plans organized by the provincial and municipal governments, under which each of the Group's plants is required to contribute an amount equivalent to a specified percentage of the sum of its employees' salaries, bonuses and various allowances to the pension fund. The amount of contribution of each plant was in the region of 30% of the employees' salary. As at June 30, 2012, the Group had not paid any retirement benefits directly to its employees.

PARTICULARS OF SHARE CAPITAL STRUCTURE, CHANGES AND SHAREHOLDERS

SHARE CAPITAL STRUCTURE

As of June 30, 2012, the share capital structure of the Company was as follows:

As of June 30, 2012

Percentage to

Number of

issued share

shares held

capital

(in million)

(%)

Holders of A shares

9,580.52

70.84

Among which:

Aluminum Corporation of China ("Chinalco")

5,214.41

38.56

Baotou Aluminum (Group) Co., Ltd. (Note 1)

347.87

2.57

Lanzhou Aluminum Factory (Note 1)

79.47

0.59

Shanxi Aluminum Plant (Note 1)

7.14

0.05

Guiyang Aluminum Magnesium

   Design and Research Institute (Note 1)

4.12

0.03

Holders of H shares

3,943.97

29.16

Total

13,524.49

100

Note 1: These are subsidiaries of and/or enterprises controlled by Chinalco.

SUBSTANTIAL SHAREHOLDERS WITH SHAREHOLDING OF 5% OR MORE

So far as the Directors are aware, as at June 30, 2012, the following persons (other than the Directors, Supervisors and Chief Executive of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance ("Hong Kong SFO") or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the Hong Kong SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange").

Percentage in

the relevant class

Percentage in

Name of substantial

Class of

Number of

of issued share

total share

shareholder

shares

shares held

Capacity

capital

capital in issue

Chinalco

A Shares

5,653,005,687(L)

Beneficial owner and

59.01%(L)

41.80%(L)

(Note 1)

   interests of controlled

   corporations

China Cinda

A Shares

800,759,074(L)

Beneficial owner

8.36%(L)

5.92%(L)

   Asset Management Co., Ltd.

China Construction Bank

A Shares

613,109,054(L)

Beneficial owner

6.40%(L)

4.53%(L)

   Corporation Limited

Templeton Asset

H Shares

988,244,800(L)

Investment manager

25.06%(L)

7.31%(L)

   Management Ltd.

BlackRock, Inc.

H Shares

271,819,723(L)

Interests of

6.89%(L)

2.01%(L)

45,437,433(S)

   controlled corporations

1.15%(S)

0.36%(S)

(Note 2)

(L)

The letter "L" denotes a long position.

(S)

The letter "S" denotes a short position.

Notes:

1.

These interests included a direct interest of 5,214,407,195 A shares held by Chinalco, and an aggregate interests in 438,598,492 A shares held by various controlled corporations which are subsidiaries of and/or enterprises controlled by Chinalco, comprising 347,866,183 A shares held by Baotou Aluminum (Group) Co., Ltd., 79,472,482 A shares held by Lanzhou Aluminum Factory, 4,119,573 A shares held by Guiyang Aluminum Magnesium Design and Research Institute and 7,140,254 A shares held by Shanxi Aluminum Plant.

2.

These interests were held directly by various companies controlled by BlackRock, Inc.. Among the aggregate interests in the short position in H shares, 201,462 H shares were derivative interests.

Save as disclosed above and so far as the Directors are aware, as of June 30, 2012, no other person had an interest or short position in the shares or underlying shares of the Company (as the case may be) which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the Hong Kong SFO and as recorded in the register required to be kept under section 336 of the Hong Kong SFO, or was otherwise a substantial shareholder of the Company.

CHANGES IN SHARE CAPITAL

During the reporting period, there were no changes in the share capital of the Company.

APPROVAL OF CHANGES IN SHAREHOLDINGS

Not applicable.

TOTAL NUMBER OF SHAREHOLDERS AT THE END OF THE REPORTING PERIOD

As at June 30, 2012, the Company had 539,133 shareholders (including 538,229 holders of A shares and 904 holders (registered shareholders) of H shares).

SHAREHOLDINGS OF THE TOP TEN SHAREHOLDERS

Unit: shares

Percentage of

Total

Increase/decrease

total issued

number of

of shares in the

Name of shareholder

Nature of shareholder

shares

shares held

reporting period

Note

(%)

Chinalco#

State-owned legal person

38.56

5,214,407,195

HKSCC Nominees Limited

Overseas legal person

29.02

3,924,353,900

Decreased by 748,998

China Cinda Asset Management Co., Ltd.

State-owned legal person

5.92

800,759,074

China Construction Bank Corporation

State-owned legal person

4.53

613,109,054

Decreased by 73,786,643

Guokai Financial Limited Company

State-owned legal person

3.07

415,168,145

Decreased by 10,000,000

Baotou Aluminum (Group) Co., Ltd.

State-owned legal person

2.57

347,866,183

Decreased by 2,371,612

Lanzhou Aluminum Factory

State-owned legal person

0.59

79,472,482

Guizhou Provincial Materials Development

State-owned legal person

0.49

66,549,065

43,000,000

   and Investment Corporation

(pledged)

Guangxi Investment Group Co., Ltd.

State-owned legal person

0.31

41,372,956

ICBC - Shanghai 50 ETF Index

Domestic non

0.20

26,657,614

Decreased by 2,587,605

   Securities Investment Fund

   state-owned legal person

#

This figure does not include the A shares indirectly held by Chinalco through its subsidiaries and/or controlled entities.

INTERESTS IN SHARES HELD BY DIRECTORS, CHIEF EXECUTIVE AND SUPERVISORS

As of June 30, 2012, none of the Directors, Chief Executive, or Supervisors and their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO) which are (a) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the Hong Kong SFO; or (b) required to be recorded in the register kept by the Company pursuant to Section 352 of the Hong Kong SFO; or (c) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. For the six months ended June 30, 2012, none of the Directors, Chief Executive, Supervisors, senior management or their spouses or children under the age of 18 was given the right to acquire any shares in or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO).

REPURCHASE, SALE AND REDEMPTION OF THE COMPANY'S SHARES

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

CHARGE ON GROUP ASSETS

As of June 30, 2012, the Group pledged assets with total amount of RMB5,678 million, including property, plant and equipment, land use rights, inventories, trade and notes receivable and time deposits, for bank and other loans.

EXTERNAL GUARANTEES PROVIDED BY THE COMPANY

As at June 30, 2012, the Company provided a joint liability guarantee in favor of Shanxi Huaze Aluminum and Power Co., Ltd. (Shanxi Huaze) for an outstanding amount of RMB370 million. In 2004, the Company and China Construction Bank, Shanxi Aluminum Sub-branch entered into a Guarantee Contract, whereby the Company provided a several liabilities guarantee for a loan of RMB1,120 million made to Shanxi Huaze, a subsidiary of the Company. The guarantee would expire two years after the expiry of the debt performance period under the principal contract.

In November 2011, the Company entered into a Guarantee Agreement with Natixis, being the agent for a consortium of lender, by providing a several liabilities guarantee in respect of a loan of USD300 million by the lenders to Chalco Trading Hong Kong Co., Limited, a wholly-owned subsidiary of the Company, the guarantee period of which will expire upon full repayment of debts under the principal contract.

In April 2012, the Company entered into a "China Development Bank Co., Ltd. US Dollars Facility Guarantee Contract" with the China Development Bank, pursuant to which, the Company will provide several liabilities guarantee in respect of a loan of USD702 million by the lender to Chalco Hong Kong Limited, a wholly-owned subsidiary of the Company. The guarantee period is two years from the date of expiry of the term for performance of loan under the principal contract. As of June 30, 2012, Chalco Hong Kong Limited drew down a loan of USD438.75 million, and the Company provided a several liabilities guarantee in respect of the loan of USD438.75 million.

Save as aforesaid, there were no other external guarantees provided by the Company which are required to be disclosed.

CORPORATE GOVERNANCE

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

During the reporting period, except for the roles of Chairman and CEO being performed by the same person, the Board is of the opinion that the Company has complied with the code provisions of the CG Code (both before and after amendments (effective from April 1, 2012)) and the requirements under the Internal Control Guidelines stipulated by the Shanghai Stock Exchange. The Board is of the view that the arrangement for the roles of Chairman and CEO being performed by the same person enables better coordination between the Board and the administrative management, which is beneficial to the long term development of the Company's business.

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

For clarity, the Company has adopted a Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees (the "Required Standards") on terms no less exacting than the required standard of dealings set out in the "Model Code for Securities Transactions by Directors of Listed Companies" in Appendix 10 of the Hong Kong Listing Rules. Specific employees who are likely to be in possession of unpublished price sensitive information of the Group are also subject to compliance with the Required Standards. All Directors, Supervisors and Relevant Employees, upon specific enquiries, have confirmed that they have complied with the Required Standards during the six months ended June 30, 2012.

AUDIT COMMITTEE

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

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

The Audit Committee and the management have reviewed the accounting policies and practices adopted by the Group and discussed auditing, internal control and financial statements matters including the review of the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2012.

In the first half of 2012, the Audit Committee convened four meetings in total, including the eleventh meeting of Audit Committee of the fourth session of the Board held on January 4, 2012, at which the proposal in relation to the "Work Summary of Implementation of Internal Control Standards of Aluminum Corporation of China Limited" () was considered and approved; the twelfth meeting of the Audit Committee of the fourth session of the Board held on March 12, 2012, at which fifteen proposals including the 2011 Financial Report were considered; the thirteenth meeting of the Audit Committee of the fourth session of the Board held on April 24, 2012, at which two proposals including the 2012 First Quarterly Financial Report were considered; the fourteenth meeting of the Audit Committee of the fourth session of the Board held on June 29, 2012, at which the proposal in relation to consider the independence of Ernst & Young Hua Ming and Ernst & Young.

SIGNIFICANT EVENTS

1.

CORPORATE GOVERNANCE

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

During the reporting period, the chairman of the Supervisory Committee was responsible for organizing and implementing self-examination and correction for the Company, in order to comply with the requirements of the "Notice of Implementation of Self-examination and Correction in Standardizing Operation of Listed Companies in Beijing Jurisdiction" () issued by Beijing Securities Regulatory Bureau. The inspection addressed four major aspects including performance of duties by the Supervisory Committee, performance of duties by the Board of Directors, and senior management and information disclosure. Through examination of records and classification of rules, and under the principle of "Objectiveness, Fairness and Responsibility", the Supervisory Committee conscientiously inspected the Company's corporate governance and information disclosure on an item-by-item basis. The Committee prepared a work report on the self-examination and correction based on the inspection results in compliance with the regulatory requirements. The report was submitted to Beijing Securities Regulatory Bureau upon signing by all of the Supervisors.

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

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

2.

ASSETS TRANSACTIONS

There were no significant assets transactions of the Group subjected to disclosure requirements during the reporting period.

3.

DISTRIBUTION OF FINAL DIVIDEND FOR THE YEAR 2011

The non-distribution of the 2011 final dividend by the Company was considered and approved at the 2011 annual general meeting on June 29, 2012.

4.

MATERIAL LITIGATION AND ARBITRATION

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

5.

MATERIAL CONNECTED TRANSACTIONS OF THE GROUP DURING THE REPORTING PERIOD

Connected transactions related to daily operations

During the reporting period, the total amount of major and continuing connected transactions between the Group and connected persons was approximately RMB9,789 million, of which purchase transactions amounted to RMB5,478 million and sales transactions amounted to RMB4,311 million (including product sales and service provision).

All of the above connected transactions during the reporting period have been conducted under the relevant agreements which have been published by way of announcement. The continuing connected transactions of the Group were mainly transactions between the Company and Chinalco.

Connected transactions as a result of acquisition and disposal of assets

There was no disclosable connected transaction as a result of substantial acquisition and disposal of assets during the reporting period.

6.

PERFORMANCE OF UNDERTAKINGS

Chinalco's Undertakings

The following undertakings by Chinalco were made during or subsisting in the reporting period:

During the initial issuance A Shares of the Company, Chinalco provided undertakings principally in relation to non-competition, including:

(1)

Chinalco will arrange to dispose of its aluminum fabrication business, or the Company will acquire the aluminum fabrication business from Chinalco, and acquire the pseudo-boehmite business from Chinalco within a certain period of time following the listing of the Company's A shares.

(2)

the injection of quality aluminum assets (including but not limited to assets and equity interest of its aluminum, aluminum fabrication and other businesses) as and when appropriate, in order to further optimize the Company's industry chain.

The Company's Undertakings

In August 2011, the Company undertook to use its best endeavors to eliminate by proper means the competition in aluminum business with Jiaozuo Wanfang Aluminum Manufacturing Company Limited () ("Jiaozuo Wanfang") within five years.

Up till now, both Shanxi Aluminum Plant, a wholly-owned subsidiary of Chinalco, and the Shandong branch of the Company had minor activities in the pseudo-boehmite market. However, as the pseudo-boehmite business is not among the principal activities of the Company, the revenue from this segment made up a relatively low portion of the Company's revenue and as the sales locations of pseudo-boehmite of Shandong branch and Shanxi Aluminum Plant are different, the competition between Chinalco and the Company in respect of pseudo-boehmite business is limited.

Since the market conditions for pseudo-boehmite are immature, Chinalco does not propose to inject its pseudo-boehmite business to the Company's portfolio for the time being.

When condition becomes mature, both Chinalco and the Company will continue to duly implement the matters undertaken within the time limit.

7.

OTHER SIGNIFICANT EVENTS

Acquisition of interest in Winsway Coking Coal (Stock Code at the Hong Kong Stock Exchange: 01733)

The Company agreed with Winsway Resources Holding and its shareholder, Mr. Wang Xingchun, pursuant to which the Company has conditionally agreed to purchase 1,128,186,410 shares of Winsway Coking Coal Holdings Limited legally and beneficially held by Mr. Wang Xingchun, representing 29.9% of the issued share capital of Winsway Coking Coal Holdings Limited, at a total cash consideration of HK$2,391,755,189.20. The acquisition proposal was approved at the 2011 annual general meeting of the Company, and relevant submission for approval to the relevant governmental departments has been commenced. For the details in relation to this transaction, please refer to the announcements of the Company dated April 24, 2012, June 7, 2012 and June 29, 2012.

Acquisition of interest in SouthGobi Resources (Stock Code at the Hong Kong Stock Exchange: 01878)

The Company proposed to make a proportional take-over bid of not more than USD1 billion for up to 60%, but not less than 56%, of the issued and outstanding common shares of SouthGobi Resources Ltd. The proposal for acquisition of such interest was approved at the 2011 annual general meeting of the Company. According to the consensus formed by the Company and Ivanhoe Mines Ltd. (now with its name changed to Turquoise Hill Resources), both parties will continue to engage with the Mongolian Government and re-assess the terms and conditions of the transaction before September 4, 2012. For details in relation to this event, please refer to the announcements of the Company dated April 5, 2012, April 17, 2012, April 26, 2012, June 7, 2012, June 29, 2012, July 4, 2012 and August 2, 2012.

Non-public Offering of A shares

On March 8, 2012, the twenty-third meeting of the fourth session of the Board of the Company resolved to terminate the non-public issue plan for the issuance of not more than 1 billion A shares which had been approved by China Securities Regulatory Commission at September 20, 2011 and at the same time proposed to issue not more than 1.25 billion A shares in the PRC to qualified legal persons, natural persons, or other legally qualified investors. On April 5, 2012, the Company received from the State-owned Assets Supervision and Administration Commission of the State Council (the "SASAC") the approval for such resolution. At the 1st Extraordinary General Meeting for 2012, 1st Class Meeting for Holders of A Shares for 2012 and 1st Class Meeting for Holders of H Shares for 2012 held on May 4, 2012, the shareholders also approved the non-public issue plan and the related matters. On August 24, 2012, at the twenty-ninth meeting of the fourth session of the Board of the Company, the Board resolved to revise the plan of non-public issue on March 8, 2012, by proposing to issue not more than 1.45 billion A shares in the PRC to qualified legal persons, natural persons, or other legally qualified investors. For details of this transaction, please refer to the announcements of the Company dated April 5, 2012, May 5, 2012 and August 24, 2012.

8.

APPOINTMENT OR DISMISSAL OF ACCOUNTANTS

According to the relevant regulations issued by the Ministry of Finance of China and the SASAC, there are restrictions in respect of the number of years of audit services that an accounting firm can continuously provide to a state-owned enterprise and its subsidiaries (the "SASAC Rotation Requirements").

In accordance with the SASAC Rotation Requirements and as approved at the 2011 annual general meeting of the Company on June 29, 2012, the Company no longer re-appointed PricewaterhouseCoopers Zhong Tian CPAs Company Limited ("PwC Zhong Tian") and PricewaterhouseCoopers ("PwC") as the domestic and international auditors of the Company. Ernst & Young Hua Ming and Ernst & Young have been appointed as the Company's domestic and international auditors respectively for the year 2012.

PwC Zhong Tian and PwC have confirmed that there are no matters in relation to their retirement which should be brought to the attention of the shareholders of the Company.

Report on Review of Unaudited Interim Condensed Consolidated Financial Statements

To the shareholders of Aluminum Corporation of China Limited

(Established in the People's Republic of China with limited liability)

Introduction

We have reviewed the accompanying interim condensed consolidated financial statements of Aluminum Corporation of China Limited (the "Company") and its subsidiaries (together the "Group") set out on pages 42 to 96, which comprise the interim condensed consolidated statement of financial position as at June 30, 2012 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting ("IAS 34").

The directors are responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young

Certified Public Accountants

22/F, CITIC Tower,

1 Tim Mei Avenue, Central

Hong Kong

August 24, 2012

Unaudited Interim Condensed Consolidated Statement of Financial Position

As at June 30, 2012

(Amounts expressed in thousands of RMB unless otherwise stated)

June 30,

December 31,

Note

2012

2011

ASSETS

Non-current assets

   Intangible assets

6

4,133,304

4,148,770

   Property, plant and equipment

6

94,449,867

93,775,373

   Land use rights and leasehold land

2,750,801

2,558,312

   Investments in jointly controlled entities

7

1,564,812

1,457,229

   Investments in associates

7

11,566,486

2,492,586

   Available-for-sale financial investments

72,278

44,878

   Deferred tax assets

2,356,478

1,517,339

   Other non-current assets

2,829,737

1,169,962

119,723,763

107,164,449

Current assets

   Inventories

26,421,876

24,124,379

   Trade and notes receivables

8

7,489,116

5,631,765

   Other current assets

11,369,025

7,665,985

   Financial assets at fair value through profit or loss

3,527

5,807

   Restricted cash and time deposits

4,376,601

1,053,435

   Cash and cash equivalents

9,807,916

10,591,306

59,468,061

49,072,677

   Assets of disposal groups classified as held for sale

897,031

897,031

60,365,092

49,969,708

Total assets

180,088,855

157,134,157

EQUITY AND LIABILITIES

Equity

   Share capital

13,524,488

13,524,488

   Other reserves

19,836,391

19,714,708

   Retained earnings

15,333,548

18,586,803

   Equity attributable to equity holders

      of the Company

48,694,427

51,825,999

   Non-controlling interests

6,157,695

6,328,687

Total equity

54,852,122

58,154,686

Liabilities

Non-current liabilities

   Interest-bearing loans and borrowings

9

40,579,328

35,968,526

   Deferred tax liabilities

-

4,456

   Other non-current liabilities

508,693

646,091

41,088,021

36,619,073

Current liabilities

   Financial liabilities at fair value through profit or loss

211,144

2,280

   Interest-bearing loans and borrowings

9

63,828,298

46,737,845

   Other payables and accrued expenses

10,803,284

7,168,325

   Trade and notes payables

10

9,271,453

8,401,310

   Income tax payable

34,533

50,638

84,148,712

62,360,398

Total liabilities

125,236,733

98,979,471

Total equity and liabilities

180,088,855

157,134,157

Net current liabilities

(23,783,620)

(12,390,690)

Total assets less current liabilities

95,940,143

94,773,759

The accompanying notes are an integral part of the financial statements.

Xiong Weiping

Liu Caiming

Director

Director

Unaudited Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended June 30, 2012

(Amounts expressed in thousands of RMB unless otherwise stated)

For the six months ended June 30

Note

2012

2011

Revenue

5

71,697,781

65,969,749

Cost of sales

(71,475,469)

(61,730,772)

Gross profit

222,312

4,238,977

Selling and distribution expenses

11

(956,885)

(761,507)

General and administrative expenses

12

(1,347,432)

(1,254,937)

Research and development expenses

(69,604)

(77,285)

Impairment loss on property, plant and equipments

-

(275,225)

Other income

13

269,332

19,512

Other (losses)/gains, net

13

(202,730)

103,175

Operating (loss)/profit

(2,085,007)

1,992,710

Interest income

14

120,061

59,019

Finance costs

14

(2,372,315)

(1,550,555)

Share of profit of jointly controlled entities

7

12,500

67,373

Share of profit of associates

7

143,410

262,464

(Loss)/profit for the period before income tax

(4,181,351)

831,011

Income tax benefit/(expense)

15

756,583

(139,180)

(Loss)/profit for the period

(3,424,768)

691,831

Other comprehensive loss, net of tax:

   Currency translation differences

(6,306)

(15,674)

Total other comprehensive loss

   for the period, net of tax

(6,306)

(15,674)

Total comprehensive (loss)/income for the period

(3,431,074)

676,157

(Loss)/profit for the period attributable to:

   Equity holders of the Company

(3,253,255)

412,580

   Non-controlling interests

(171,513)

279,251

(3,424,768)

691,831

Total comprehensive (loss)/ income

   for the period attributable to:

   Equity holders of the Company

(3,259,561)

396,906

   Non-controlling interests

(171,513)

279,251

(3,431,074)

676,157

(Loss)/earnings per share:

   Basic and diluted (loss)/earnings per share

      for (loss)/profit attributable to ordinary

      equity holders of the parent

      (expressed in RMB per share)

16

(0.241)

0.031

The accompanying notes are an integral part of the financial statements. 

Unaudited Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended June 30, 2012

(Amounts expressed in thousands of RMB unless otherwise stated)

Attributable to equity holders of the Company

Capital reserves

Other

Statutory

Currency

Non-

Share

Share

capital

surplus

Special

translation

Retained

controlling

Total

capital

premium

reserves

reserve

reserve

differences

earnings

Total

interests

equity

13,524,488

12,846,728

945,777

5,867,557

90,780

(36,134)

18,586,803

51,825,999

6,328,687

58,154,686

Loss for the period

-

-

-

-

-

-

(3,253,255)

(3,253,255)

(171,513)

(3,424,768)

   Currency translation differences

-

-

-

-

-

(6,306)

-

(6,306)

-

(6,306)

Total other comprehensive loss

-

-

-

-

-

(6,306)

-

(6,306)

-

(6,306)

-

-

-

-

-

(6,306)

(3,253,255)

(3,259,561)

(171,513)

(3,431,074)

   Release of deferred

      governmental subsidies

-

-

106,340

-

-

-

-

106,340

-

106,340

   Capital injection from

      non-controlling shareholders of

      subsidiaries

-

-

-

-

-

-

-

-

5,300

5,300

   Other appropriations

-

-

-

-

16,185

-

-

16,185

3,318

19,503

   Share of reserve of associates

-

-

-

-

5,464

-

-

5,464

9,404

14,868

   Dividend paid by non-wholly

      owned subsidiaries

-

-

-

-

-

-

-

-

(17,501)

(17,501)