Aluminum Corporation of China Limited (ALMMF) 20-F 19 Apr 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Entity Registrant Name	ALUMINUM CORP OF CHINA LTD
Entity Central Index Key	1,161,611
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Domestic Shares
Entity Common Stock, Shares Outstanding	10,959,832,268
H Shares
Entity Common Stock, Shares Outstanding	3,943,965,968

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Non-current assets
Intangible assets	$ 1,637,363	¥ 10,653,175	¥ 10,608,791
Property, plant and equipment	14,769,795	96,096,715	90,868,235
Investment properties	204,782	1,332,370	1,255,775
Land use rights	571,827	3,720,478	3,346,008
Investments in joint ventures	923,355	6,007,624	6,240,200
Investments in associates	1,065,895	6,935,030	5,926,533
Available-for-sale financial investments	296,359	1,928,201	164,393
Deferred tax assets	246,350	1,602,825	1,426,707
Other non-current assets	541,150	3,520,892	4,188,121
Total non-current assets	20,256,876	131,797,310	124,024,763
Current assets
Inventories	3,127,232	20,346,709	17,933,432
Trade and notes receivables	1,233,606	8,026,209	7,349,563
Other current assets	1,546,759	10,063,676	15,247,745
Financial assets at fair value through profit or loss	1,465	9,534	54,756
Restricted cash and time deposits	330,832	2,152,492	2,087,447
Cash and cash equivalents	4,265,202	27,750,686	23,813,736
Total current assets	10,505,096	68,349,306	66,486,679
Total assets	30,761,972	200,146,616	190,511,442
Equity attributable to owners of the parent
Share capital	2,290,672	14,903,798	14,903,798
Other reserves	4,294,722	27,942,747	27,901,030
Accumulated losses	(517,667)	(3,368,095)	(4,636,530)
Equity attributable to owners of the parent	6,067,727	39,478,450	38,168,298
Non-controlling interests	4,001,572	26,035,429	17,618,510
Total equity	10,069,299	65,513,879	55,786,808
Non-current liabilities
Interest-bearing loans and borrowings	6,192,414	40,289,703	47,322,748
Other non-current liabilities	518,327	3,372,390	3,237,741
Deferred tax liabilities	152,735	993,742	984,304
Total non-current liabilities	6,863,476	44,655,835	51,544,793
Current liabilities
Trade and notes payables	1,893,852	12,321,970	11,342,870
Other payables and accrued liabilities	2,244,399	14,602,731	13,017,319
Financial liabilities at fair value through profit or loss	13,745	89,426	3,575
Income tax payable	32,308	210,205	356,683
Interest-bearing loans and borrowings	9,644,893	62,752,570	58,459,394
Total current liabilities	13,829,197	89,976,902	83,179,841
Total liabilities	20,692,673	134,632,737	134,724,634
Total equity and liabilities	30,761,972	200,146,616	190,511,442
Net current liabilities	3,324,101	21,627,596	16,693,162
Total assets less current liabilities	$ 16,932,775	¥ 110,169,714	¥ 107,331,601

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2017CNY (¥)¥ / shares	Dec. 31, 2016CNY (¥)¥ / shares	Dec. 31, 2015CNY (¥)¥ / shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenue	$ 27,677,904	¥ 180,080,750	¥ 144,228,916	¥ 123,667,667
Cost of sales	(25,463,784)	(165,675,021)	(133,674,345)	(121,172,307)
Gross profit	2,214,120	14,405,729	10,554,571	2,495,360
Selling and distribution expenses	(360,033)	(2,342,484)	(2,069,430)	(1,787,815)
General and administrative expenses	(702,127)	(4,568,246)	(3,360,710)	(2,358,789)
Research and development expenses	(76,017)	(494,590)	(168,862)	(168,870)
Impairment loss on property, plant and equipment	(2,403)	(15,632)	(57,080)	(10,011)
Other income	52,591	342,171	745,269	1,787,774
Other gains, net	49,182	319,996	166,383	5,023,553
Finance income	108,556	706,299	815,729	812,459
Finance costs	(797,677)	(5,189,929)	(5,019,908)	(5,979,489)
Share of profits and losses of:
Joint ventures	1,253	8,151	(95,508)	23,238
Associates	(25,398)	(165,249)	115,091	284,531
Profit before income tax	462,047	3,006,216	1,625,545	121,941
Income tax benefit/(expense)	(98,715)	(642,267)	(404,172)	225,961
Profit for the year	363,332	2,363,949	1,221,373	347,902
Profit attributable to:
Owners of the parent	211,862	1,378,435	368,412	129,511
Non-controlling interests	151,470	985,514	852,961	218,391
Profit for the year	363,332	2,363,949	1,221,373	347,902
Available-for-sale investments:
Changes in fair value	(800)	(5,206)	104,103	57,940
Reclassification adjustments for gains included in profit or loss
Gain on disposal	(6,922)	(45,039)	(102,854)
Income tax effect	1,718	11,180	(13,288)
Share of /(transfer out) other comprehensive income of an associate			(4,658)	4,658
Exchange differences on translation of foreign operations	(97,566)	(634,793)	657,531	499,837
Net other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods	(103,570)	(673,858)	640,834	562,435
Total other comprehensive income/(loss), net of tax	(103,570)	(673,858)	640,834	562,435
Total comprehensive income for the year	259,762	1,690,091	1,862,207	910,337
Total comprehensive income for the year attributable to:
Owners of the parent	108,292	704,577	1,009,246	691,946
Non-controlling interests	151,470	985,514	852,961	218,391
Total comprehensive income for the year	$ 259,762	¥ 1,690,091	¥ 1,862,207	¥ 910,337
Basic and diluted earnings per share attributable to ordinary equity holders of the parent (expressed in RMB per share) | (per share)	$ 0.0138	¥ 0.09	¥ 0.02	¥ 0.01

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	TotalCNY (¥)	Share capitalCNY (¥)	Share premiumCNY (¥)	Other capital reservesCNY (¥)	Statutory surplus reserveCNY (¥)	Special reserveCNY (¥)	Gain on available-for-sale financial assetsCNY (¥)	Other equity instrumentsCNY (¥)	Foreign currency translation reserveCNY (¥)	Retained earnings (Accumulated losses)CNY (¥)	Non-controlling interestsCNY (¥)	USD ($)	CNY (¥)
At January 1, at Dec. 31, 2014	¥ 29,473,803	¥ 13,524,488	¥ 14,059,029	¥ 932,588	¥ 5,867,557	¥ 187,858			¥ (187,299)	¥ (4,910,418)	¥ 11,832,257		¥ 41,306,060
Add: Adjustment due to business combinations under common control	113,563		208,310							(94,747)			113,563
At December 31, at Jan. 01, 2015	29,587,366	13,524,488	14,267,339	932,588	5,867,557	187,858			(187,299)	(5,005,165)	11,832,257		41,419,623
At January 1, at Dec. 31, 2014	29,473,803	13,524,488	14,059,029	932,588	5,867,557	187,858			(187,299)	(4,910,418)	11,832,257		41,306,060
Profit for the year	129,511									129,511	218,391		347,902
Other comprehensive income for the year
Gain on available-for-sale financial assets	57,940						¥ 57,940						57,940
Transfer out of share of other comprehensive income of an associate	4,658						4,658						4,658
Exchange differences on translation of foreign operations	499,837								499,837				499,837
Total comprehensive income for the year	691,946						62,598		499,837	129,511	218,391		910,337
Issuance of A shares	7,897,472	1,379,310	6,518,162										7,897,472
Business combinations under common control	(37,662)		(37,662)										(37,662)
Disposal of subsidiaries	(5,405)					(5,405)					5,686		281
Dividends distribution by subsidiaries to non-controlling shareholders											(65,853)		(65,853)
Issuance of perpetual medium-term notes	2,000,000							¥ 2,000,000					2,000,000
Capital injection from non-controlling shareholders											261,000		261,000
Other appropriations	(80,364)					(80,364)					(16,081)		(96,445)
Share of reserves of joint ventures and associates	11,878					11,878							11,878
Partial disposal of Jiaozuo Wangfang	(13,949)					(13,949)							(13,949)
Other equity instruments' distribution								19,288		(19,288)	(297,766)		(297,766)
At December 31, at Dec. 31, 2015	40,051,282	14,903,798	20,747,839	932,588	5,867,557	100,018	62,598	2,019,288	312,538	(4,894,942)	11,937,634		51,988,916
At January 1, at Dec. 31, 2015	39,955,892	14,903,798	20,539,529	932,588	5,867,557	99,080	62,598	2,019,288	312,538	(4,781,084)	11,937,634		51,893,526
Add: Adjustment due to business combinations under common control	95,390		208,310			938				(113,858)			95,390
At December 31, at Jan. 01, 2016	40,051,282	14,903,798	20,747,839	932,588	5,867,557	100,018	62,598	2,019,288	312,538	(4,894,942)	11,937,634		51,988,916
At January 1, at Dec. 31, 2015	39,955,892	14,903,798	20,539,529	932,588	5,867,557	99,080	62,598	2,019,288	312,538	(4,781,084)	11,937,634		51,893,526
At January 1, at Dec. 31, 2015	40,051,282	14,903,798	20,747,839	932,588	5,867,557	100,018	62,598	2,019,288	312,538	(4,894,942)	11,937,634		51,988,916
Profit for the year	368,412									368,412	852,961		1,221,373
Other comprehensive income for the year
Gain on available-for-sale financial assets	90,815						90,815						90,815
Disposal of available-for-sale financial assets, net of tax	(102,854)						(102,854)						(102,854)
Transfer out of share of other comprehensive income of an associate	(4,658)						(4,658)						(4,658)
Exchange differences on translation of foreign operations	657,531								657,531				657,531
Total comprehensive income for the year	1,009,246						(16,697)		657,531	368,412	852,961		1,862,207
Release of deferred government subsidies	20,290			20,290									20,290
Business combinations under common control	(3,010,627)		(3,010,627)										(3,010,627)
Dividends distribution by subsidiaries to non-controlling shareholders											(8,941)		(8,941)
Issuance of senior perpetual securities											3,513,068		3,513,068
Capital injection from non-controlling shareholders	176,615		176,615								1,661,925		1,838,540
Other appropriations	22,523					22,523					(13,375)		9,148
Share of reserves of joint ventures and associates	8,969					8,969							8,969
Other equity instruments' distribution	(110,000)									(110,000)	(324,762)		(434,762)
At December 31, at Dec. 31, 2016	38,168,298	14,903,798	17,913,827	952,878	5,867,557	131,510	45,901	2,019,288	970,069	(4,636,530)	17,618,510		55,786,808
Equity other information
Other reserves													27,901,030
At January 1, at Dec. 31, 2016	38,107,649	14,903,798	17,705,517	952,878	5,867,557	131,231	45,901	2,019,288	970,069	(4,488,590)	17,479,840		55,587,489
Add: Adjustment due to business combinations under common control	60,649		208,310			279				(147,940)	138,670		199,319
At December 31, at Jan. 01, 2017	38,168,298	14,903,798	17,913,827	952,878	5,867,557	131,510	45,901	2,019,288	970,069	(4,636,530)	17,618,510		55,786,808
At January 1, at Dec. 31, 2016	38,107,649	14,903,798	17,705,517	952,878	5,867,557	131,231	45,901	2,019,288	970,069	(4,488,590)	17,479,840		55,587,489
At January 1, at Dec. 31, 2016	38,168,298	14,903,798	17,913,827	952,878	5,867,557	131,510	45,901	2,019,288	970,069	(4,636,530)	17,618,510		55,786,808
Profit for the year	1,378,435									1,378,435	985,514	$ 363,332	2,363,949
Other comprehensive income for the year
Changes in fair value of available-for-sale financial assets, net of tax	(4,758)						(4,758)						(4,758)
Disposal of available-for-sale financial assets, net of tax	(34,307)						(34,307)						(34,307)
Exchange differences on translation of foreign operations	(634,793)								(634,793)				(634,793)
Total comprehensive income for the year	704,577						(39,065)		(634,793)	1,378,435	985,514	259,762	1,690,091
Business combinations under common control	(242,564)		(242,564)										(242,564)
Disposal of subsidiaries	(6,149)					(6,149)					6,929		780
Disposal of equity interest in subsidiaries without loss of control	38,189		38,189								(38,189)
Deemed disposal of a subsidiary											(96,568)		(96,568)
Dividends distribution by subsidiaries to non-controlling shareholders											(311,911)		(311,911)
Capital injection from non-controlling shareholders	1,887,824		1,887,824								10,829,937		12,717,761
Acquisition of non-controlling interests	(980,725)		(980,725)								(432,564)		(1,413,289)
Acquisition of a subsidiary											416,353		416,353
Other appropriations	22,696					22,696					34,033		56,729
Share of reserves of joint ventures and associates	(3,696)					(3,696)							(3,696)
Repayment of senior perpetual securities											(2,584,682)		(2,584,682)
Other equity instruments' distribution	(110,000)									(110,000)	(391,933)		(501,933)
At December 31, at Dec. 31, 2017	¥ 39,478,450	¥ 14,903,798	¥ 18,616,551	¥ 952,878	¥ 5,867,557	¥ 144,361	¥ 6,836	¥ 2,019,288	¥ 335,276	¥ (3,368,095)	¥ 26,035,429	10,069,299	65,513,879
Equity other information
Other reserves												$ 4,294,722	¥ 27,942,747

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash flows from operating activities	$ 2,017,702	¥ 13,127,777	¥ 11,530,400	¥ 7,317,746
Investing activities
Purchases of intangible assets	(64,277)	(418,203)	(286,282)	(34,610)
Purchases of property, plant and equipment	(1,358,304)	(8,837,523)	(6,242,999)	(9,198,815)
Purchase of land use rights	(9,101)	(59,215)	(20,963)	(139,624)
Purchases of investment properties			(41,982)
Proceeds from disposal of property, plant and equipment	70,847	460,955	271,609	805,764
Proceeds from disposal of intangible assets	1,803	11,730
Proceeds from disposal of land use rights	895	5,824		554,554
Proceeds from disposal of an associate				1,857,993
Cash consideration paid for business combinations under common control	(27,181)	(176,848)	(2,456,512)	(30,000)
Proceeds from disposal and deemed disposal of subsidiaries and business, net of cash	865,515	5,631,298	6,200,670	4,839,699
Interest received from unpaid disposal proceeds	18,073	117,586	353,665	389,758
Interest received from loans and borrowings to others	18,139	118,015	31,657	14,639
Acquisition of a subsidiary	39,216	255,152
Investments in joint ventures	(2,369)	(15,414)	(1,134,512)	(10,263)
Investments in associates	(131,767)	(857,317)	(30,000)	(1,365,230)
Prepaid equity investment				(150,000)
Purchase of available for sale equity investments	(284,032)	(1,848,000)
Purchase of non-controlling interest	(217,219)	(1,413,289)
Proceeds from dividends and disposal of available-for-sale investments	19,141	124,536	490,309	4,449,249
Dividend received	6,910	44,960	65,083	320,857
(Increase)/ decrease in time deposits	11,174	72,700	(21,700)	(42,500)
Cash paid for settlement of futures, options and forward foreign exchange contracts, net	14,398	93,677	(2,006,583)	(680,685)
Loans to related parties	(245,915)	(1,600,000)	(547,957)	(140,000)
Loans repaid by related parties	155,260	1,010,169	213,354	111,000
Asset-related government grants received	22,413	145,825	164,547	840,769
Net cash flows from/(used in) investing activities	(1,096,381)	(7,133,382)	(4,998,596)	2,392,555
Financing activities
Proceeds from a gold leasing arrangement	1,199,466	7,804,083	3,000,000
Repayments of gold leasing arrangement	(614,789)	(4,000,000)
Proceeds from issuance of bonds and notes, net of issuance costs	534,643	3,478,550	11,070,660	20,988,166
Repayments of senior perpetual securities	(445,093)	(2,895,910)
Proceeds from issuance of perpetual securities, net of issuance costs			3,513,068	2,000,000
Repayments of bonds and notes	(2,505,264)	(16,300,000)	(13,500,000)	(32,000,000)
Distribution paid for other equity instruments	(77,146)	(501,933)	(434,762)	(297,766)
Drawdown of short-term and long-term loans	12,837,365	83,523,749	44,691,924	56,113,052
Repayments of short-term and long-term loans	(12,091,889)	(78,673,459)	(48,648,566)	(59,503,290)
Proceeds from sale and leaseback finance leases, net of deposit and transaction costs	153,703	1,000,036	1,527,085	5,657,694
Finance lease instalment paid	(378,441)	(2,462,250)	(1,580,986)	(472,902)
Proceeds from issuance of A shares, net of issuance cost				7,897,472
Capital injection from non-controlling shareholders	1,954,684	12,717,761	1,838,540	261,000
Dividends paid by subsidiaries to non-controlling shareholders	(47,564)	(309,465)	(20,481)	(20,045)
Interest paid	(801,844)	(5,217,040)	(5,128,402)	(6,071,394)
Net cash flows used in financing activities	(282,169)	(1,835,878)	(3,671,920)	(5,448,013)
Net increase in cash and cash equivalents	639,152	4,158,517	2,859,884	4,262,288
Cash and cash equivalents at beginning of year	3,660,104	23,813,736	20,762,306	16,385,252
Effect of foreign exchange rate changes, net	(34,054)	(221,567)	191,546	114,766
Cash and cash equivalents at December 31	$ 4,265,202	¥ 27,750,686	¥ 23,813,736	¥ 20,762,306

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
	Dec. 31, 2017
GENERAL INFORMATION
GENERAL INFORMATION	1. GENERAL INFORMATION Aluminum 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 the manufacture and distribution of alumina, primary aluminum and energy products. The Group is also engaged in the development of bauxite related resources, the production, fabrication and distribution of bauxite, carbon and relevant non-ferrous metal products and the trading and logistics and transport services of non-ferrous metal products and coal products. The Company is a joint stock company which is domiciled and was established on September 10, 2001 in the People’s Republic of China (the "PRC") with limited liability. The address 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 A shares on the Shanghai Stock Exchange in 2007. In the opinion of the directors, the ultimate holding company and parent of the Company is Aluminum Corporation of China ("Chinalco") (中國鋁業集團有限公司), a company incorporated and domiciled in the PRC and wholly owned by the State-owned Assets Supervision and Administration Commission of the State Council. Information about subsidiaries As at December 31, 2017, particulars of the Company’s principal subsidiaries are as follows: Percentage of equity attributable to the Place of registration Registered Company Name and business capital Principal activities Direct Indirect Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) ( 包頭鋁業有限公司 ) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 74.33 % — 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 % — Shanxi Huasheng Aluminum Co., Ltd. (“Shanxi Huasheng“) ( 山西華聖鋁業有限公司 ) PRC/Mainland China 1,000,000 Manufacture and distribution of primary aluminum, aluminum alloy and carbon-related products 51.00 % — 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,primary aluminum and anode carbon products and electricity generation and supply 85.98 % — Zunyi Aluminum Co., Ltd. ( 遵義鋁業股份有限公司 ) PRC/Mainland China 600,970 Manufacture and distribution of primary aluminum 62.10 % — Chalco Zunyi Alumina Co., Ltd. (“Zunyi Alumina“) ( 中國鋁業遵義氧化鋁有限公司 ) PRC/Mainland China 1,400,000 Manufacture and distribution of alumina 73.28 % — Shandong Huayu Alloy Materials Co., Ltd. (“Shandong Huayu”) ( 山東華宇 铝合金材料有限公司 ) PRC/Mainland China 1,627,697 Manufacture and distribution of aluminum alloy 55.00 % — 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 and export activities 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 of bauxite mines, limestone ore, manufacturing and distribution of alumina 18.86 % — Chalco Energy Co., Ltd. ( 中鋁能源有限公司 ) PRC/Mainland China 819,993 Thermoelectric supply and investment management 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 power generation, coal mining, and power-related equipment 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 % — Percentage of equity attributable to the Place of registration Registered Company Name and 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 214,858 Research and development services 100.00 % - Chalco Shandong Co., Ltd. ("Chalco Shandong“) ( 中鋁山東有限公司 ) PRC/Mainland 3,808,995 Manufacture and distribution of alumina 69.20 % - Chalco Zhongzhou Aluminum Co., Ltd. ("Zhongzhou Aluminum“) ( 中鋁中州鋁業有限公司 ) PRC/Mainland 5,071,235 Manufacture and distribution of alumina 63.10 % - China Aluminum Logistics Group Corporation Co., Ltd. ( 中鋁物流集團有限公司 ) PRC/Mainland 558,752 Logistic transportation 100.00 % — % 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 270,000 Manufacture and distribution of primary aluminum 33.00 % 33.00 % Chinalco Shanghai Company Limited (“Chinalco Shanghai“) ( 中鋁（上海）有限公司 ) PRC/Mainland 968,300 Trading and engineering project management 100.00 % - The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results of the year or formed a substantial part of the net assets of the Group. To give details of the other subsidiaries would, in the opinion of the directors, result in particulars of excessive of length.

BASIS OF PREPARATION AND SIGNIF

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") issued by the International Accounting Standards Board (the "IASB") and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared on a historical cost basis, except for available-for-sale financial investments and financial assets and liabilities at fair value through profit or loss which have been measured at fair value. These financial statements are presented in thousands of Chinese Renminbi ("RMB") unless otherwise stated. Going concern As at December 31, 2017, the Group’s current liabilities exceeded its current assets by approximately RMB21,628 (December 31, 2016: RMB16,693 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 2018; · Unutilized banking facilities of approximately RMB82,666 million as at December 31, 2017, of which amounts totaling RMB56,104 million will be subject to renewal during the next 12 months. The directors of the Company are confident that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; and · 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 operation for the foreseeable future of not less than 12 months from December 31, 2017. 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. Consolidation The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries for the year ended December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: · Power over the investee (i.e.existing rights that give it the current ability to direct the relevant activities of the investee); · Exposure, or rights, to variable returns from its involvement with the investee; and · The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: · The contractual arrangement with the other vote holders of the investee; · Rights arising from other contractual arrangements; and · The Group’s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: · Derecognizes the assets (including goodwill) and liabilities of the subsidiary; · Derecognizes the carrying amount of any non-controlling interests; · Derecognizes the cumulative translation differences recorded in equity; · Recognizes the fair value of the consideration received; · Recognizes the fair value of any investment retained; · Recognizes any surplus or deficit in profit or loss; and · Reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in which the common control combination occurs as if they had been 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 combined using the carrying amount from the ultimate holding company's perspective. No amount is recognized in consideration for goodwill or excess of the acquirers’ 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 of the ultimate holding company's interest. 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 when the 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 retrospectively adjusted to reflect the business combinations under common control occurred during this year as disclosed in note 38. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and etc., incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The considerations transferred for the acquisition of a subsidiary are the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The excess of the consideration transferred, the amount recognized for non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. (c) Subsidiaries A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Inter-company transactions, balances, income and expenses on transactions between group companies are eliminated. Profits and losses resulting from inter-company transactions that are recognized in assets are also eliminated. Amounts reported by subsidiaries have been changed where necessary in the consolidated financial statements to conform with the policies adopted by the Group. In the Company’s statement of financial position, as permitted under IFRS 1, the investments in subsidiaries acquired prior to January 1, 2008, being the date of transition to IFRS, are stated at deemed cost as required under the previously adopted accounting standards. Subsidiaries acquired after that date that are not classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are stated at cost less provision for impairment losses. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable. 2.2 Changes in accounting policies and disclosures The Group has adopted the following revised IFRSs for the first time for the current year’s financial statements. Amendments to IAS 7 Disclosure Initiative Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014-2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12 None of the above amendments to IFRSs has had a significant financial effect on these financial statements. Disclosure has been made in note 34(b) to the financial statements upon the adoption of amendments to IAS 7, which require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. The nature and the impact of the amendments are described below: Amendments to IAS 7 Disclosure Initiative Amendments to IAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Disclosure of the changes in liabilities arising from financing activities is provided in note 34 to the financial statements. Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses Amendments to IAS 12 clarify that an entity, when assessing whether taxable profits will be available against which it can utilize a deductible temporary difference, needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. The amendments have had no impact on the financial position or performance of the Group as the Group has no deductible temporary differences or assets that are in the scope of the amendments. Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014‑2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12 Amendments to IFRS 12 clarify that the disclosure requirements in IFRS 12, other than those disclosure requirements in paragraphs B10 to B16 of IFRS 12, apply to an entity's interest in a subsidiary, a joint venture or an associate, or a portion of its interest in a joint venture or an associate that is classified as held for sale or included in a disposal group classified as held for sale. The amendments have had no impact on the Group's financial statements as the Group did not have any disposal group held for sale at the end of the year. 2.3 Issued but not yet effective financial reporting standards The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective, in these financial statements: Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions 1 Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts 1 IFRS 9 Financial Instruments 1 Amendments to IFRS 9 Prepayment Features with Negative Compensation 2 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 IFRS 15 Revenue from Contracts with Customers 1 Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers 1 IFRS 16 Leases 2 IFRS 17 Insurance Contracts3 Amendments to IAS 19 Employee Benefits2 Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures2 Amendments to IAS 40 Transfers of Investment Property 1 IFRIC-Int 22 Foreign Currency Transactions and Advance Consideration 1 IFRIC-Int 23 Uncertainty over Income Tax Treatments 2 Annual Improvements 2014‑2016 Cycle Amendments to IFRS 1 and IAS 281 Annual Improvements 2015-2017 Cycle Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 232 1 Effective for annual periods beginning on or after January 1, 2018 2 Effective for annual periods beginning on or after January 1, 2019 3 Effective for annual periods beginning on or after January 1, 2021 4 No mandatory effective date yet determined but available for adoption Further information about those IFRSs that are expected to be applicable to the Group is described below. Of those standards, IFRS 9 and IFRS 15 will be applicable for the Group’s financial year ending December 31, 2018 and are expected to have some impact upon adoption. Whilst management has performed a detailed assessment of the estimated impacts of these standards, that assessment is based on the information currently available to the Group. The actual impacts upon adoption could be different to those below, depending on additional reasonable and supportable information being made available to the Group at the time of applying the standards. IFRS 9 Financial Instruments In July 2014, the IASB issued the final version of IFRS 9, bringing together all phases of the financial instruments project to replace IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment and hedge accounting. The Group will adopt IFRS 9 from January 1, 2018. The Group will not restate comparative information and will recognize any transition adjustments against the opening balance of equity at January 1, 2018. During 2017, the Group has performed a detailed assessment of the impact of the adoption of IFRS 9. The expected impacts relate to the classification and measurement and the impairment requirements and are summarized as follows: (a) Classification and measurement The Group does not expect that the adoption of IFRS 9 will have a significant impact on the classification and measurement of its financial assets. It expects to continue measuring at fair value all financial assets currently held at fair value. Equity investments currently held as available for sale will be measured at fair value through other comprehensive income as the investments are intended to be held for the foreseeable future and the Group expects to apply the option to present fair value changes in other comprehensive income. Gains and losses recorded in other comprehensive income for the equity investments cannot be recycled to profit or loss when the investments are derecognized. (b) Impairment IFRS 9 requires an impairment on debt instruments recorded at amortized cost or at fair value through other comprehensive income, lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under IFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group will apply the simplified approach and record lifetime expected losses that are estimated based on the present value of all cash shortfalls over the remaining life of all of its trade receivables. Furthermore, the Group will apply the general approach and record twelve-month expected credit losses that are estimated based on the possible default events on its other receivables within the next twelve months. The effect of adoption on the Group's financial statements is not expected to be material. Amendments to IFRS 10 and IAS 28 (2011) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognized in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to IFRS 10 and IAS 28 was removed by the IASB in January 2016 and a new mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However, the amendments are available for adoption now. IFRS 15 Revenue from Contracts with Customers and Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers IFRS 15, issued in May 2014, establishes a new five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach for measuring and recognising revenue. The standard also introduces extensive qualitative and quantitative disclosure requirements, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates. The standard will supersede all current revenue recognition requirements under IFRSs. Either a full retrospective application or a modified retrospective adoption is required on the initial application of the standard. In April 2016, the IASB issued amendments to IFRS 15 to address the implementation issues on identifying performance obligations, application guidance on principal versus agent and licences of intellectual property, and transition. The amendments are also intended to help ensure a more consistent application when entities adopt IFRS 15 and decrease the cost and complexity of applying the standard. The Group plans to adopt the transitional provisions in IFRS 15 to recognize the cumulative effect of initial adoption as an adjustment to the opening balance of accumulated losses at January 1, 2018. The Group’s principal activities consist of the manufacture and sale of alumina, the manufacture and sale of primary aluminium and aluminum alloy products, trading and logistics of non-ferrous metal products, coal, electric power and other energy businesses. During 2017, the Group has performed a detailed assessment on the impact of the adoption of IFRS 15 including completing a review of its customer contracts. Based on the contracts outstanding as of December 31, 2017, the Group expects that the transitional adjustment to be made on January 1, 2018 upon initial adoption of IFRS 15 will not be material. This is mainly because the Group recognizes revenue upon the transfer of significant risks and rewards, which coincides with the fulfilment of performance obligations. Additionally, the Group’s contracts with customers generally has only one performance obligation. However, the Group is in the process of identifying appropriate changes to its business processes and controls to ensure that all future customer contracts are properly evaluated under the new standard. Presentation and disclosure The presentation and disclosure requirements in IFRS 15 are more detailed than those under the current IAS 18. The presentation requirements represent a significant change from current practice and will significantly increase the volume of disclosures required in the Group’s financial statements. Many of the disclosure requirements in IFRS 15 are new. In particular, the Group expects that the notes to the financial statements will be expanded because of the disclosure of significant judgements made on, how the transaction prices have been allocated to the performance obligations, and the assumptions made to estimate the stand-alone selling price of each performance obligation. In addition, as required by IFRS 15, the Group will disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. It will also disclose information about the relationship between the disclosure of disaggregated revenue and revenue information disclosed for each reportable segment. IFRS 16 Leases IFRS 16, issued in January 2016, replaces IAS 17 Leases , IFRIC Interpretation 4 Determining whether an Arrangement contains a Lease , SIC‑15 Operating Leases - Incentives and SIC‑27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognize assets and liabilities for most leases. The standard includes two recognition exemptions for lessees – leases of low-value assets and short-term leases. At the commencement date of a lease, a lessee will recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The right-of-use asset is subsequently measured at cost less accumulated depreciation and any impairment losses unless the right-of-use asset meets the definition of investment property in IAS 40, or relates to a class of property, plant and equipment to which the revaluation model is applied. The lease liability is subsequently increased to reflect the interest on the lease liability and reduced for the lease payments. Lessees will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will also be required to remeasure the lease liability upon the occurrence of certain events, such as change in the lease term and change in future lease payments resulting from a change in an index or rate used to determine those payments. Lessees will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. Lessor accounting under IFRS 16 is substantially unchanged from the accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between operating leases and finance leases. IFRS 16 requires lessees and lessors to make more extensive disclosures than under IAS 17. Lessees can choose to apply the standard using either a full retrospective or a modified retrospective approach. The Group expects to adopt IFRS 16 from January 1, 2019 and is currently assessing the impact of IFRS 16 upon adoption and is considering whether it will choose to take advantage of the practical expedients available and which transition approach and reliefs will be adopted. As disclosed in note 42(b) to the financial statements, as at December 31, 2017, the Group had future minimum lease payments under non-cancellable operating leases in aggregate of approximately RMB15,315 million. Upon adoption of IFRS 16, certain amounts included therein may need to be recognized as new right-of-use assets and lease liabilities. Further analysis, however, will be needed to determine the amount of new rights of use assets and lease liabilities to be recognized, including, but not limited to, any amounts relating to leases of low-value assets and short term leases, other practical expedients and reliefs chosen, and new leases entered into before the date of adoption. Amendments to IAS 40 Transfers of Investment Property Amendments to IAS 40, issued in December 2016, clarify when an entity should transfer property, including property under construction or development, into or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. The amendments should be applied prospectively to the changes in use that occur on or after the beginning of the annual reporting period in which the entity first applies the amendments. An entity should reassess the classification of property held at the date that it first applies the amendments and, if applicable, reclassify property to reflect the conditions that exist at that date. Retrospective application is only permitted if it is possible without the use of hindsight. The Group expects to adopt the amendments prospectively from January 1, 2018. The amendments are not expected to have any significant impact on the Group's financial statements. IFRIC Int 22 Foreign Currency Transactions and Advance Consideration IFRIC-Int 22, issued in December 2016, provides guidance on how to determine the date of the transaction when applying IAS 21 to the situation where an entity receives or pays advance consideration in a foreign currency and recognizes a non-monetary asset or liability. The interpretation clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) is the date on which an entity initially recognizes the non-monetary asset (such as a prepayment) or non-monetary liability (such as deferred income) arising from the payment or receipt of the advance consideration. If there are multiple payments or receipts in advance of recognising the related item, the entity must determine the transaction date for each payment or receipt of the advance consideration. Entities may apply the interpretation on a full retrospective basis or on a prospective basis, either from the beginning of the reporting period in which the entity first applies the interpretation or the beginning of the prior reporting period presented as comparative information in the financial statements of the reporting period in which the entity first applies the interpretation. The Group expects to adopt the interpretation prospectively from January 1, 2018. The amendments are not expected to have any significant impact on the Group’s financial statements. IFRIC-Int 23 Uncertainty over Income Tax Treatments IFRIC-Int 23, issued in June 2017, addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the application of IAS 12 (often referred to as “uncertain tax positions”). The interpretation does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. The interpretation is to be applied retrospectively, either fully retrospectively without the use of hindsight or retrospectively with the cumulative effect of application as an adjustment to the opening equity at the date of initial application, without the restatement of comparative information. The Group expects to adopt the interpretation from January 1, 2019. The amendments are not expected to have any significant impact on the Group’s financial statements. Annual Improvements to IFRSs 2014‑2016 Cycle Annual Improvements to IFRSs 2014‑2016 Cycle, issued in December 2016, sets out amendments to IFRS 1, IFRS 12 and IAS 28. Except for the amendments to IFRS 12 which have been adopted by the Group for the current year's financial statements, the Group expects to adopt the amendments from January 1, 2018. None of the amendments are expected to have a significant financial impact on the Group. Details of the amendments to IFRS 1 and IAS 28 are as follows: IFRS 1 First-time Adoption of International Financial Reporting Standards Deletes the short-term exemptions for first-time adopters because the reliefs provided in the exemptions are no longer applicable. IAS 28 Investments in Associates and Joint Ventures Clarifies that a n entity that is a venture capital organisation, or other qualifying entity, may elect, at initial recognition on an investment-by-investment basis, to measure its investments in associates and joint ventures at fair value through profit or loss. If an entity that is not itself an investment entity has an interest in an associate or joint venture that is an investment entity, the entity may elect to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate’s or joint venture’s interests in subsidiaries when applying the equity method. This election is made separately for each investment entity associate or joint venture, at the later of the date on which (i) the investment entity associate or joint venture is initially recognized; (ii) the associate or joint venture becomes an investment entity; and (iii) the investment entity associate or joint venture first becomes a parent. These amendments should be applied retrospectively. 2.4 Investments in joint ventures and associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The Group’s investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goo

SIGNIFICANT ACCOUNTING ESTIMATE

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS
SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS	3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies and preparing the Group’s consolidated financial statements, management has made the following judgements, apart from those involving estimates, which have 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 rights At December 31, 2016 and 2017, the Group owned a 15% and 6.68% equity interest of Chalco Mineral Resources Co. Ltd. ("Chalco Resources”) (中鋁礦產資源有限公司), respectively. The Group considers 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 of the five directors of the board of directors of Chalco Resources. At December 31, 2016 and 2017, the Group owned a 14.62% equity interest of China Rare Earth Co., Ltd. ("China Rare Earth ”) (中國稀有稀土有限公司). The Group considers that it has significant influence over China Rare Earth even though it owns less than 20% of the voting rights, on the grounds that the Group can appoint one out of the seven directors of the board of directors of China Rare Earth. At December 31, 2016 and 2017, the Group owned 17.7% of the voting right of Chinalco Capital Holdings Co., Ltd.* ("Chinalco Capital ”) ( 中鋁資本控股有限公司 ). The Group considers that it has significant influence over Chinalco Capital since it can appoint one out of three directors of the board of directors of Chinalco Capital. At December 31, 2016 and 2017, the Group owned a 16% equity interest of Baise New Aluminum Power Co., Ltd. * (“New Aluminum Power ”) (百色新鋁電力有限公司). The Group considers 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 can appoint one out of the nine directors of the board of directors of New Aluminum Power. (b) Consolidation of entities in which the Group holds less than a majority of voting rights At December 31, 2017, the Group owned a 40.23% equity interest of Yinxing Energy (December 31, 2016: 40.44%). Since the remaining 59.77% (December 31, 2016: 59.56%) of the equity shares in Yinxing Energy are held by large number of individual shareholders, in opinion of the directors of the Company, the Group has control over Yinxing Energy, and Yinxing Energy continues to be included in the consolidation scope. As disclosed in note 37, as at December 31, 2017 , the Group had 18.86% equity interest in Chalco Mining. According to the “Investment Agreements" and “Debt to Equity Swap Agreements", other shareholders of Chalco Mining will exercise their voting rights in shareholders’ and board meetings in concert with the Group. Accordingly, the directors of the Company consider that the Group had control over Chalco Mining and included Chalco Mining in the consolidation scope. (c) Determination of control over structured entities As disclosed in note 10, in 2017, the Company initiated the establishment of Beijing Chalco Bocom Size Industry Investment Fund Management Partnership (Limited Partnership) (“Size Industry Investment Fund ”*) ( 北京中鋁交銀四則 產業投資基金管理合夥企業 ( 有限合夥 )). Pursuant to the Investment Agreements, the directors of the Company are of the opinion that as a limited partner,the Company neither had control over or joint control over nor significant influence over Size Industry Investment Fund. Therefore, the Company’s investment in the Size Industry Investment Fund was accounted for as an available-for-sale financial instrument. (d) Lease classification As disclosed in note 20, the Group has entered into several sales and lease back agreements with third party leasing companies and related party leasing companies. The Group assessed the terms in the agreements and considered that the Group had substantially all the risks and rewards of ownership and treated them as finance leases. * 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. Estimates and assumptions The 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 to the 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 when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. (a) Property, plant and equipment and intangible assets- recoverable amount In accordance with the Group’s accounting policy, each asset or cash-generating unit is evaluated in every reporting period to determine whether there are any indications of impairment. If any such indication exists, an estimate of the net recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the net recoverable amount. The net recoverable amount of an asset or cash-generating unit of assets is measured at the higher of fair value less costs of disposal 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 or by selling it to another market participant that would use the asset in its highest and best use. Value in use is generally determined as the present value of the estimated future cash flows of those expected to arise from the continued use of the asset in its present form and its eventual disposal. Present values are determined using a risk-adjusted pre-tax discount rate appropriate to the risks inherent in the asset. Future cash flow estimates are based on expected production and sales volumes, selling prices (considering current and historical prices, price trends and related factors) and operating costs. This policy requires management to make these estimates and assumptions which are subject to risk and uncertainty; hence there is a possibility that changes in circumstances will alter these projections, which may impact on the net recoverable amounts of the assets. In such circumstances, some or all of the carrying value of the assets may be impaired and the impairment would be charged against profit or loss. (b) Property, plant and equipment and intangible assets- estimated useful lives and residual values The Group’s management determines the estimated useful lives and residual values (if applicable) and consequently the related depreciation/amortization charges for its property, plant and equipment and intangible assets (excluding goodwill). These estimates are based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions, or based on value-in-use calculations or market valuations according to the estimated periods that the Group intends to derive future economic benefits from the use of intangible assets. Management will increase the depreciation/ amortization charge where useful lives are less 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 in depreciable lives and residual values and therefore change in depreciation/amortization expense in future periods. (c) Estimated impairment of trade and other receivables and inventories A provision for impairment of trade and other receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original repayment terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered as indicators that a trade receivable is impaired. The amount of provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to trade and other receivables are discounted if the effect of discounting is material. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. When a trade and other receivable is uncollectible, it is written off against the allowance account for trade and other receivables. Subsequent recoveries of amounts previously written off are recognized as income in profit or loss. The impairment is subject to management’s assessment at the end of the reporting period, and hence, the provision amount is subject to uncertainty. In accordance with the Group’s accounting policy, the Group’s management tests whether inventories suffered any impairment based on estimates of the net realisable amount of the inventories. For different types of inventories, it requires the estimation on selling prices, costs of conversion, selling expenses and the related tax expense to calculate the net recoverable amount of inventories. For inventories held for executed sales contracts, management estimates the net recoverable amount based on the contracted price; for other inventories, management estimates the realisable future price based on the actual prices during the period from the end of the reporting period to the date that these financial statements were approved for issue by the board of directors of the Company and takes into account the nature and balance of inventories and future estimated price trends. For raw materials and work-in-progress, management has established a model in estimating the net recoverable amount at which the inventories can be realized in the normal course of business after considering the Group’s manufacturing cycles, production capacity and forecasts, estimated future conversion costs and selling prices. Management also takes into account the price or cost fluctuations and other related matters occurring after the end of the reporting period which reflect conditions that existed 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 financial year would be significantly affected. (d) Coal reserve estimates and units-of-production depreciation for coal mining rights External qualified valuation professionals evaluate "economically recoverable reserves" based on the reserves estimated by external qualified exploration engineers in accordance with the PRC standards. The estimates of coal reserves are inherently imprecise and represent only the approximate amounts of the coal reserves because of the subjective judgements involved in developing such information. Economically recoverable reserve estimates are evaluated on a regular basis and have taken into account recent production and technical information about each mine. (e) Income tax The Group estimates its income tax provision and deferred taxation in accordance with the prevailing tax rules and regulations, taking into account any special approvals obtained 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 many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, the differences will impact on the income tax and deferred tax provisions in the period in which the determination is made. 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 losses deductible temporary difference can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies. An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except to the extent that both of the following conditions are satisfied: · the parent, investor or joint venturer 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. The Group considers it has recorded adequate current tax provision and deferred taxes based on the prevailing tax rules and regulations and its current best estimates and assumptions. 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 the Group’s results or financial position. (f) Goodwill - recoverable amount In accordance with the Group’s accounting policy, goodwill is allocated to the Group’s operating segments as it represents the lowest level within the Group at which the goodwill is monitored for internal management purposes and is tested for impairment annually by preparing a formal estimate of the recoverable amount. The recoverable amount is the higher of value in use and the fair value less costs of disposal. Similar considerations to those described above in respect of assessing the recoverable amount of property, plant and equipment also apply to goodwill. (g) Investment in joint ventures and associates - recoverable amount In accordance with the Group’s accounting policy, each investment in joint ventures and associates is evaluated in every reporting period to determine whether there are any indications of impairment. If any such indication exists, an estimate of the recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of the investment in a joint venture and an associate is measured at the higher of fair value less costs of disposal and value in use. 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 or by 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 form and its eventual disposal. Present values are determined using a risk-adjusted pre-tax discount rate appropriate to the risks inherent in the asset. Future cash flow estimates are based on expected production and sales volumes, commodity prices (considering current and historical prices, price trends and related factors) and operating costs. This policy requires management to make these estimates and assumptions which are subject to risk and uncertainty; hence there is a possibility that changes in circumstances will alter these projections, which may impact on the recoverable amounts of the investments. In such circumstances, some or all of the carrying value of the investments may be impaired and the impairment would be charged against profit or loss.

REVENUE AND SEGMENT INFORMATION

REVENUE AND SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2017
REVENUE AND SEGMENT INFORMATION
REVENUE AND SEGMENT INFORMATION	4. REVENUE AND SEGMENT INFORMATION (a) Revenue Revenue recognized during the years are as follows: 2015 2016 2017 Sales of goods (net of value-added tax) 121,255,842 141,534,738 177,872,845 Other revenue 2,411,825 2,694,178 2,207,905 123,667,667 144,228,916 180,080,750 Other revenue primarily includes revenue from the sale of scrap and other materials, the supply of heat and water and the provision of machinery processing, transportation and packaging and other services. (b) Segment information The presidents of the Company have been identified as the chief operating decision-makers. They are responsible for the review of internal reports in order to allocate resources to operating segments and assess their performance of these operating segments. The presidents monitor the business from a product perspective comprising alumina, primary aluminum and energy products which are identified as separate reportable operating segments. In addition, the Group’s trading business is identified as a separate reportable operating segment. The Group’s operating segments also include corporate and other operating activities. The presidents assess the performance of operating segments based on profit or loss before income tax in related periods. Unless otherwise stated below, the manner of assessment used by the presidents is consistent with that applied in these financial statements. Management has determined the operating segments based on the reports reviewed by the presidents that are used to make strategic decisions. The Group’s five reportable operating segments are summarized as follows: · The alumina segment, which consists of the mining and purchase of bauxite and other raw materials, the refining of bauxite into alumina, and the sale of alumina both internally to the Group’s aluminum enterprises and trading enterprises and externally to customers outside the Group. This segment also includes the production and sale of chemical alumina and metal gallium. · The primary aluminum segment, which consists of the procurement of alumina and other raw materials, supplemental materials and electricity power, and the smelting of alumina to produce primary aluminum which is sold to internal trading enterprises and external customers, including Chinalco and its subsidiaries. This segment also includes the production and sale of carbon products and aluminum alloy and other aluminum products. · The energy segment, which consists of the research and development, production and operation of energy products, mainly includes coal mining, electricity generation by thermal power, wind power and solar power, and new energy related equipment manufacturing business. Sales of coals are mainly made to the Group’s internal and external coals consuming customers; electricity is sold to regional power grid corporations. · The trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products, raw materials and supplemental materials and logistics and transport services to internal manufacturing plants and external customers in the PRC. The products are sourced from fellow subsidiaries of the Group, international and domestic suppliers of the Group. Sales of products manufactured by the Group’s manufacturing business are included in the total revenue of the trading segment and are eliminated with the segment revenue of the respective segments which supply the products to the trading segment. · Corporate and other operating segments, which mainly include corporate management, 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 operating segments were conducted on terms mutually agreed among group companies, and have been eliminated on consolidation. Year ended December 31, 2015 Corporate and other Inter- Primary operating segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 33,497,260 36,973,230 4,290,915 94,131,114 302,377 (45,527,229) 123,667,667 Inter-segment revenue (26,643,874) (8,861,390) (98,124) (9,908,906) (14,935) 45,527,229 — Sales of self-produced products (Note (i)) 23,294,776 Sales of products sourced from external suppliers 60,927,432 Revenue from external customers 6,853,386 28,111,840 4,192,791 84,222,208 287,442 — 123,667,667 Segment profit/(loss) before income tax 1,895,706 (1,386,922) (74,153) (1,234,554) 733,760 188,104 121,941 Income tax benefit 225,961 Profit for the year 347,902 Other items Finance income 204,580 20,820 39,231 265,372 282,456 — 812,459 Finance costs (1,081,381) (1,347,593) (1,016,869) (562,645) (1,971,001) — (5,979,489) Share of profits and losses of joint ventures — — 6,979 — 16,259 — 23,238 Share of profits and losses of associates — (2,027) 270,963 — 15,595 — 284,531 Amortization of land use rights (44,591) (28,989) (12,557) (15) (18,307) — (104,459) Depreciation and amortization (excluding the amortization of land use rights) (3,066,608) (2,871,447) (1,203,659) (27,526) (114,840) — (7,284,080) Gain/(loss) on disposal of property, plant and equipment and land use rights 218,384 1,747,796 (611) 56,120 296,168 — 2,317,857 Other income 316,536 1,369,644 79,611 12,816 9,167 — 1,787,774 Gain on disposal of Shanxi Huaxing 1,035,254 — — — 1,552,880 — 2,588,134 Partial disposal of Jiaozuo Wanfang — — — — 832,369 — 832,369 Impairment of property, plant and equipment — — (10,011) — — — (10,011) Change for impairment of inventories (Note (ii)) (219,997) 55,288 7,417 (459,575) — — (616,867) Reversal of provision for impairment of receivables, net 5,389 40,603 64,417 121,741 — — 232,150 Investments in associates 21,000 312,286 2,323,968 118,352 2,827,095 — 5,602,701 Investments in joint ventures 1,886,083 — 1,412,223 — 1,852,581 — 5,150,887 Capital expenditure in: Intangible assets 5,167 872 27,991 580 — — 34,610 Land use rights — 133,686 5,938 — — — 139,624 Property, plant and equipment (Note (iii)) 5,523,144 1,862,662 2,377,708 16,930 412,632 — 10,193,076 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB12,699 million, sales of self-produced primary aluminum amounting RMB8,099 million, and sales of self-produced other products amounting to RMB2,497 million. (ii) Change for impairment of inventories do not include change for impairment due to disposal of subsidiaries and transferred to non-current assets held for sale. (iii) The additions in property, plant and equipment under sale and leaseback contracts are not included in capital expenditure in property, plant and equipment. Year ended December 31, 2016 Corporate and other Inter- Primary operating segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 30,027,317 34,464,194 4,519,806 114,345,851 504,355 (39,632,607) 144,228,916 Inter-segment revenue (20,508,466) (4,981,936) (137,460) (13,906,423) (98,322) 39,632,607 — Sales of self-produced products (Note (i)) 18,292,949 Sales of products sourced from external suppliers 82,146,479 Revenue from external customers 9,518,851 29,482,258 4,382,346 100,439,428 406,033 — 144,228,916 Segment profit/(loss) before income tax 910,426 2,183,826 33,408 809,063 (1,993,161) (318,017) 1,625,545 Income tax expense (404,172) Profit for the year 1,221,373 Other items Finance income 302,230 36,139 51,897 226,941 198,522 — 815,729 Finance costs (1,016,455) (1,226,821) (987,422) (329,454) (1,459,756) — (5,019,908) Share of profits and losses of joint ventures (41,367) — (28,312) — (25,829) — (95,508) Share of profits and losses of associates — 958 87,359 (810) 27,584 — 115,091 Amortization of land use rights (43,523) (27,464) (11,172) (15) (17,550) — (99,724) Depreciation and amortization (excluding the amortization of land use rights) (2,847,343) (2,598,984) (1,298,483) (54,724) (88,095) — (6,887,629) Gain on disposal of property, plant and equipment and land use rights 191,364 361,155 253,566 2,890 7,746 — 816,721 Unrealized gains on futures, forward and option contracts, net — 16,778 — 109,906 27,901 — 154,585 Realized loss on futures, forward and option contracts, net (1,297) (271,000) — (457,702) (560,268) — (1,290,267) Other income 440,592 195,380 57,600 40,085 11,612 — 745,269 Impairment of property, plant and equipment (35,893) (18,239) (2,948) — — — (57,080) Changes for impairment of inventories 684,271 505,595 159 471,218 1,145 — 1,662,388 Reversal of provision/(provision) for impairment of receivables, net 53,144 198 (836) (5,838) — — 46,668 Gain on disposal of associates — — — — 128,833 — 128,833 Gain on disposal and dividends of available for sale — — 1,000 — 139,929 — 140,929 Investments in associates 69,000 313,244 2,351,845 146,926 3,045,518 — 5,926,533 Investments in joint ventures 2,631,546 — 1,559,966 — 2,048,688 — 6,240,200 Additions during the period: Intangible assets 336,603 3 6,857 509 127 — 344,099 Land use rights — 26 20,937 — — — 20,963 Investment properties 50,285 3,354 — 38,628 — — 92,267 Property, plant and equipment (Note (ii)) 2,455,064 4,118,544 1,582,039 42,476 143,736 — 8,341,859 Note: (i) (ii) Year ended December 31, 2017 Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 38,079,105 47,245,646 6,250,966 146,814,520 645,314 (58,954,801) 180,080,750 Inter-segment revenue (24,413,258) (10,693,678) (517,269) (23,159,115) (171,481) 58,954,801 — Sales of self-produced products (Note (i)) 23,158,952 Sales of products sourced from external suppliers 100,496,453 Revenue from external customers 13,665,847 36,551,968 5,733,697 123,655,405 473,833 — 180,080,750 Segment profit/(loss) before income tax 3,251,751 826,632 (171,310) 730,131 (1,728,563) 97,575 3,006,216 Income tax expense (642,267) Profit for the year 2,363,949 Other items Finance income 232,625 83,996 44,015 192,327 153,336 — 706,299 Finance costs (695,162) (1,212,249) (1,000,767) (467,090) (1,814,661) — (5,189,929) Share of profits and losses of joint ventures 82,619 — (383,263) 1,885 306,910 — 8,151 Share of profits and losses of associates — (16,887) (181,667) 9,463 23,842 — (165,249) Amortization of land use rights (47,263) (25,120) (6,376) (15) (17,300) — (96,074) Depreciation and amortization (excluding the amortization of land use rights) (2,085,476) (3,253,801) (1,514,495) (85,085) (86,201) — (7,025,058) Gain on disposal of property, plant and equipment and land use rights 47,595 40,106 (12,826) 1,673 543 — 77,091 Realized gain/(loss) on futures, forward and option contracts, net 3,398 (47,730) 1,585 (24,953) 43,749 — (23,951) Other income 179,736 79,038 37,940 31,060 14,397 — 342,171 Impairment of property, plant and equipment — — (15,632) — — — (15,632) Fair value loss — (17,033) — (92,719) (21,321) — (131,073) Changes for impairment of inventories (Note (ii)) 71,973 64,734 4,488 722 5,287 — 147,204 Reversal of/(provision for) impairment of receivables, net of bad debts recovered 26 269 (25,119) (18,396) — — (43,220) Gain on disposal and dividends of available for sale — 2,792 — — 76,616 — 79,408 Investments in associates 90,875 296,357 2,170,178 184,149 4,193,471 — 6,935,030 Investments in joint ventures 2,809,758 — 878,196 28,865 2,290,805 — 6,007,624 Additions during the period: Intangible assets — 197 284,509 372 89 — 285,167 Land use rights — — 27,956 25,199 6,060 — 59,215 Property, plant and equipment (Note (iii)) 2,558,737 5,533,168 1,268,051 60,805 256,093 — 9,676,854 Note: (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB13,187 million, sales of self-produced primary aluminum amounting RMB6,680, and sales of self-produced other products amounting to RMB3,292 million. (ii) Change for impairment of inventories do not include change for impairment due to disposal of subsidiaries. (iii) Corporate and other Primary operating Alumina aluminum Energy Trading segments Total As at December 31, 2016 Segment assets 75,022,795 46,680,908 38,078,969 14,927,762 37,040,630 211,751,064 Reconciliation: Elimination of inter-segment receivables (22,023,956) Other eliminations (746,586) Corporate and other unallocated assets: Deferred tax assets 1,426,707 Prepaid income tax 104,213 Total assets 190,511,442 Segment liabilities 42,562,213 30,023,322 24,927,277 11,298,129 46,596,662 155,407,603 Reconciliation: Elimination of inter-segment payables (22,023,956) Corporate and other unallocated liabilities: Deferred tax liabilities 984,304 Income tax payable 356,683 Total liabilities 134,724,634 Corporate and other Primary operating Alumina aluminum Energy Trading segments Total As at December 31, 2017 Segment assets 69,657,926 51,996,432 40,249,776 18,576,192 48,271,025 228,751,351 Reconciliation: Elimination of inter-segment receivables (30,077,354) Other eliminations (194,763) Corporate and other unallocated assets: Deferred tax assets 1,602,825 Prepaid income tax 64,557 Total assets 200,146,616 Segment liabilities 33,106,617 29,811,892 27,504,055 13,063,870 60,019,710 163,506,144 Reconciliation: Elimination of inter-segment payables (30,077,354) Corporate and other unallocated liabilities: Deferred tax liabilities 993,742 Income tax payable 210,205 Total liabilities 134,632,737 The Group mainly operates in the mainland of China. Geographical information of the operating segments is as follows: 2015 2016 2017 Segment revenue from external customers — Mainland China 121,421,378 141,393,123 171,014,419 — Outside of Mainland China 2,246,289 2,835,793 9,066,331 123,667,667 144,228,916 180,080,750 December 31, December 31, 2016 2017 Non-current assets (excluding financial assets and deferred tax assets) — Mainland China 120,696,743 127,621,039 — Outside of Mainland China 370,561 384,089 121,067,304 128,005,128 For the year ended December 31, 2017, revenues of approximately RMB39,759 million (2015: RMB31,818 million, 2016: RMB30,940 million) were derived from entities directly or indirectly owned or controlled by the PRC government including Chinalco. These revenues are mainly attributable to the alumina, primary aluminum, energy and trading segments. There were no other individual customer from which the Group has derived revenue of more than 10% of the Group’s revenue during the years ended December 31, 2015, 2016 and 2017.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2017
INTANGIBLE ASSETS
INTANGIBLE ASSETS	5. INTANGIBLE ASSETS Mining Mineral Computer rights and exploration software Goodwill others rights and others Total Year ended December 31, 2016 Opening net carrying amount 2,345,837 6,771,023 1,143,482 178,673 10,439,015 Additions — 341,687 1,190 1,222 344,099 Disposal — — — (6,827) (6,827) Amortization — (211,325) — (32,446) (243,771) Transfer from property, plant and equipment — 42,165 10,408 143 52,716 Reclassification — 36,686 (36,686) — — Currency translation differences 1,016 9,351 13,192 — 23,559 Closing net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 As at December 31, 2016 Cost 2,346,853 8,231,287 1,131,586 399,631 12,109,357 Accumulated amortization and impairment — (1,241,700) — (258,866) (1,500,566) Net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 Mining Mineral Computer rights and exploration software and Goodwill others rights others Total Year ended December 31, 2017 Opening net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 Additions — 280,340 — 4,827 285,167 Acquisition of a subsidiary — — — 188 188 Disposals — — — (11,168) (11,168) Disposal of subsidiaries — — — (562) (562) Amortization — (242,261) — (34,616) (276,877) Transfer from property, plant and equipment (note 6) — 53,565 — 22,614 76,179 Impairment losses — — — (8,134) (8,134) Currency translation differences (923) (7,433) (12,053) — (20,409) Closing net carrying amount 2,345,930 7,073,798 1,119,533 113,914 10,653,175 As at December 31, 2017 Cost 2,345,930 8,554,713 1,119,533 399,707 12,419,883 Accumulated amortization and impairment — (1,480,915) — (285,793) (1,766,708) Net carrying amount 2,345,930 7,073,798 1,119,533 113,914 10,653,175 For the years ended December 31, 2015, 2016 and 2017, the amortization expenses of intangible assets recognized in profit or loss are analyzed as follows: 2015 2016 2017 Cost of sales 223,068 211,325 242,261 General and administrative expenses 32,030 32,446 34,616 255,098 243,771 276,877 As at December 31, 2017, the Group has pledged intangible assets with a net carrying value amounting to RMB1,112 million (December 31, 2016: RMB1,114 million) for bank and other borrowings as set out in note 24 to the financial statements. As at December 31, 2017, the Group was in the process of applying for the certificates of mining rights with a carrying value amounting to RMB1,680 million (December 31, 2016: RMB1,577 million). There have been no litigations, claims or assessments against the Group for compensation with respect to the use of these rights to date. As at December 31, 2017, the carrying value of these rights only represented approximately 0.84% of the total asset value of the Group (December 31, 2016: approximately 0.83%). Management considers that it is probable that the Group can obtain the relevant ownership certificates from the appropriate authorities. The directors of the Company are of the opinion that the Group legally owns and has the rights to use the above mining rights, and that there is no material adverse impact on the overall financial position of the Group. Impairment tests for goodwill The lowest level within the Group at which goodwill is monitored for internal management purposes is the operating segment level. Therefore, goodwill is allocated to the Group’s cash-generating units ("CGUs") and groups of CGUs according to operating segments. A summary of goodwill allocated to each segment is presented below: December 31, December 31, 2016 2017 Primary Primary Alumina aluminium Alumina aluminium Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Branch — 1,924,259 — 1,924,259 PT. Nusapati Prima ("PTNP") 15,908 — 14,985 — 205,327 2,141,526 204,404 2,141,526 The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the 5‑year period are extrapolated using the estimated growth rate of 2% (2016: 2%) not exceeding the long-term average growth rate for the businesses in which the CGU operates. Other key assumptions applied in the impairment tests include the expected product price, demand for the products, product costs and related expenses. Management determined these key assumptions based on past performance and their expectations on market development. Furthermore, the Group adopts a pre-tax rate of 12.62% (2016: 12.62%) that reflects specific risks related to CGUs and groups of CGUs as the discount rate. The assumptions above are used in analysing the recoverable amounts of CGUs and groups of CGUs within operating segments. The directors of the Company are of the view that, based on their assessment, there was no impairment of goodwill as at December 31, 2017 (December 31, 2016: no impairment).

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2017
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	6. PROPERTY, PLANT AND EQUIPMENT Office Transportation and other Construction Buildings Machinery facilities equipment in progress Total Year ended December 31, 2016 Opening net carrying amount 27,097,190 51,266,390 818,625 124,497 12,682,514 91,989,216 Currency translation differences 239 258 159 39 — 695 Reclassifications and internal transfers 3,041,286 1,412,368 18,750 4,485 (4,476,889) — Transfer to intangible assets — — — — (52,716) (52,716) Transfer to land use rights — — — — (156,752) (156,752) Additions 4,755 1,403,380 17,335 7,261 8,408,684 9,841,415 Disposals (761,184) (3,098,579) (25,420) (3,238) (230,608) (4,119,029) Depreciation (1,491,627) (4,875,314) (176,383) (34,190) — (6,577,514) Impairment losses (28,670) (28,326) (59) (25) — (57,080) Closing net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 As at December 31, 2016 Cost 43,221,788 90,645,929 2,938,562 524,045 16,770,699 154,101,023 Accumulated depreciation and impairment (15,359,799) (44,565,752) (2,285,555) (425,216) (596,466) (63,232,788) Net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 Office Transportation and other Construction Buildings Machinery facilities equipment in progress Total Year ended December 31, 2017 Opening net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 Reclassifications and internal transfers 5,334,951 9,722,364 9,064 11,439 (15,077,818) — Transfer to intangible assets (note 5) — — — — (76,179) (76,179) Transfer to land use rights (note 8) — — — — (396,398) (396,398) Transfer to investment properties (note 7) (157,150) — — — — (157,150) Additions 8,224 1,027,337 32,257 7,052 9,602,020 10,676,890 Acquisition of a subsidiary 889,597 2,600,315 3,410 1,714 99,934 3,594,970 Disposal of subsidiaries (86,945) (62,814) (5,269) (2,114) (108,479) (265,621) Disposals (37,678) (1,140,081) (12,437) (1,123) (334,329) (1,525,648) Depreciation (1,575,776) (4,857,954) (144,508) (28,045) — (6,606,283) Impairment losses — (15,632) — — — (15,632) Currency translation differences (155) (196) (60) (58) — (469) Closing net carrying amount 32,237,057 53,353,516 535,464 87,694 9,882,984 96,096,715 As at December 31, 2017 Cost 48,882,784 101,507,889 2,860,597 502,779 9,994,982 163,749,031 Accumulated depreciation and impairment (16,645,727) (48,154,373) (2,325,133) (415,085) (111,998) (67,652,316) Net carrying amount 32,237,057 53,353,516 535,464 87,694 9,882,984 96,096,715 For the years ended December 31, 2015, 2016 and 2017, depreciation expenses recognized in profit or loss are analyzed as follows: 2015 2016 2017 Cost of sales 6,749,735 6,386,276 6,440,128 General and administrative expenses 172,524 181,708 159,230 Selling and distribution expenses 22,731 9,530 6,925 6,944,990 6,577,514 6,606,283 As at December 31, 2017, the Group was in the process of applying for the ownership certificates of buildings with a net carrying value of RMB6,942 million (December 31, 2016: RMB6,759 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of these buildings as at the date of approval of these financial statements. As at December 31, 2017, the carrying value of these buildings only represented approximately 3.47% of the Group’s total asset value (December 31, 2016: 3.55%). Management considers that it is probable that the Group can obtain the relevant ownership certificates from the appropriate authorities. The directors of the Company are of the opinion that the Group legally owns and has the rights to use the above property, plant and equipment, and that there is no material adverse impact on the overall financial position of the Group. For the year ended December 31, 2017, interest expenses of RMB344 million (2015: RMB522 million, 2016: RMB414 million) arising from borrowings attributable to the construction of property, plant and equipment during the year were capitalised at an annual rate ranging from 4.41% to 8.00% (2015: 4.90% to 6.55%, 2016: 3.85% to 6.00%) (note 28), and were included in additions to property, plant and equipment. As at December 31, 2017, the Group has pledged property, plant and equipment at a net carrying value amounting to RMB5,799 million (December 31, 2016: RMB6,541 million) for bank and other borrowings as set out in note 24 to the financial statements. As at December 31, 2017, the carrying value of temporarily idle property, plant and equipment of the Group was RMB2,530 million (December 31, 2016: RMB2,828 million). The net carrying amounts of the Group’s fixed assets held under finance leases included in the total amounts of the machinery and construction in progress at December 31, 2017 were RMB9,955 million (2016: RMB7,200 million) and RMB100 million (2016: RMB194 million), respectively. The accumulated depreciation of the Group’s fixed assets held under finance lease amounted to RMB1,908 million (2016: RMB1,703 million). Impairment tests for property, plant and equipment 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 are extrapolated using the same cash flow projections of the fifth year. Other key assumptions applied in the impairment testing include the expected product price, demand for the products, product cost and related expenses. Management determined these key assumptions based on past performance and their expectations on market development. Further, the Group adopts a pre-tax and non-inflation rate of 10.16% (2016: 10.16%) that reflects specific risks related to the CGUs as discount rates. The assumptions above are used in analysing the recoverable amounts of the CGUs within operating segments. For the CGUs with indicators of impairment identified, the assets were not further impaired during the current year based on the impairment testing (2016: nil). In addition to the CGUs for which impairment was tested based on value-in-use, the Group also assessed the recoverable amounts for property, plant and equipment about to be disposed or abandoned, and impairment losses of RMB16 million were provided during the year ended December 31, 2017 (2015: RMB10 million, 2016: RMB57 million).

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2017
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	7. INVESTMENT PROPERTIES Buildings Land use right Total Year ended December 31, 2016 Opening net carrying amount 10,902 — 10,902 Additions 88,913 966,625 1,055,538 Transfer from land use right — 190,761 190,761 Depreciation (160) (1,266) (1,426) Closing net carrying amount 99,655 1,156,120 1,255,775 As at December 31, 2016 Cost 102,242 1,181,942 1,284,184 Accumulated depreciation and impairment (2,587) (25,822) (28,409) Net carrying amount 99,655 1,156,120 1,255,775 Buildings Land use rights Total Year ended December 31, 2017 Opening net carrying amount 99,655 1,156,120 1,255,775 Transfer from property, plant and equipment and land use rights (note 6) (note 8) 157,150 6,896 164,046 Disposal — (73,346) (73,346) Depreciation (2,744) (11,361) (14,105) Closing net carrying amount 254,061 1,078,309 1,332,370 As at December 31, 2017 Cost 263,066 1,107,411 1,370,477 Accumulated depreciation and impairment (9,005) (29,102) (38,107) Net carrying amount 254,061 1,078,309 1,332,370 The Group’s investment properties consist of land use rights held for capital appreciation and buildings leased to third parties under operating leases. As at December 31, 2017, the Group was in the process of applying for the ownership certificates of investment properties with a net carrying value of RMB147 million (December 31, 2016: Nil). There have been no litigations, claims or assessments against the Group for compensation with respect to the use of these rights to date. As at December 31, 2017, the carrying value of these investment properties only represented approximately 0.07% of the total asset value of the Group (December 31, 2016: Nil). Management considers that it is probable that the Group can obtain the relevant ownership certificates from the appropriate authorities. The directors of the Company are of the opinion that the Group legally owns and has the rights to use the above investment properties, and that there is no material adverse impact on the overall financial position of the Group As at December 31, 2017, the fair value of the buildings was approximately RMB1,208 million (December 31, 2016: RMB125 million) which was estimated based on the market price of comparable buildings in the nearby area. The directors of the Company estimated that the fair value of the land use right is highly likely to be RMB1,182 million (December 31, 2016: RMB1,221 million), which was determined based on the transaction prices for similar lands nearby.

LAND USE RIGHTS

LAND USE RIGHTS	12 Months Ended
	Dec. 31, 2017
LAND USE RIGHTS
LAND USE RIGHTS	8. LAND USE RIGHTS Details of land use rights are as follows: December 31, December 31, 2016 2017 Operating leases : In the mainland of the PRC, held on: Leases less than 10 years 121,047 127,516 Leases between 10 to 50 years 3,089,734 3,475,023 Leases over 50 years 135,227 117,939 3,346,008 3,720,478 Operating leases prepayments 2016 2017 As at January 1, 3,471,604 3,346,008 Additions 20,963 59,215 Acquisition of a subsidiary — 31,833 Transfer from property, plant and equipment (note 6) 156,752 396,398 Disposals (12,826) (6,712) Disposal of subsidiaries — (3,294) Transfer to investment properties (note 7) (190,761) (6,896) Amortization (99,724) (96,074) As at December 31, 3,346,008 3,720,478 As at December 31, 2017, the Group was in the process of applying for the certificates of land use rights with a carrying amount of RMB516 million (December 31, 2016: RMB447 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of land parcels to date. As at December 31, 2017, the carrying value of these land parcels only represented approximately 0.26% of the total asset value of the Group (December 31, 2016: 0.23%). Management considers that it is probable that the Group can obtain the relevant ownership certificates from the appropriate authorities. The directors of the Company are of the opinion that the Group legally owns and has the right to use the above land, and that there is no material adverse impact on the overall financial position of the Group. For the year ended December 31, 2017, the amortization expenses of land use rights were recognized in "general and administrative expenses" in profit or loss amounting to RMB96 million (December 31, 2015: RMB104 million, December 31, 2016: RMB100 million). As at December 31, 2017, the Group has pledged land use rights at a net carrying value amounting to RMB177 million (December 31, 2016: RMB275 million) for bank and other borrowings as set out in note 24 to the financial statements.

INVESTMENTS IN JOINT VENTURES A

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	12 Months Ended
	Dec. 31, 2017
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	9. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (a) Investments in joint ventures Movements in investments in joint ventures are as follows: 2016 2017 As at January 1, 5,150,887 6,240,200 Capital injections 1,224,912 201,864 A joint venture changed into a subsidiary (note 38 (i)) — (315,706) A subsidiary changed into a joint venture (note 39 (f)) — 11,980 Share of profits and losses for the year (95,508) 8,151 Share of changes in reserves 8,373 (6,105) Cash dividends declared (48,464) (132,760) As at December 31, 6,240,200 6,007,624 As at December 31, 2016 and 2017, all joint ventures of the Group were unlisted. As at December 31, 2017, particulars of the Group’s material joint venture is as follows: Place of establishment Registered Effective equity interest held and and paid ‑ in Ownership Voting Profit Name operation capital Principal activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd.*(“Guangxi Huayin”) ( 廣西華銀鋁業有限公司 ) PRC/Mainland of China 2,441,987 Manufacturing 33 % 33 % 33 % Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method. * 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. The following table illustrates the summarized financial information in respect of Guangxi Huayin: 2016 2017 Cash and cash equivalents 444,104 259,280 Other current assets 1,519,522 1,056,431 Current assets 1,963,626 1,315,711 Non-current assets 6,253,828 5,921,936 Financial liabilities 2,642,830 942,641 Other current liabilities 199,885 258,858 Current liabilities 2,842,715 1,201,499 Non-current liabilities 1,866,613 1,383,866 Net assets 3,508,126 4,652,282 Non-controlling interests — — Reconciliation to the Group's interest in the joint venture: Proportion of the Group's ownership 33 % 33 % Group's share of net assets of the joint venture 1,157,682 1,535,253 Carrying amount of the investment 1,157,682 1,535,253 2015 2016 2017 Revenue 4,234,157 4,008,925 5,547,895 Gross profit 706,818 531,785 1,844,116 Interest income 5,004 2,944 31,754 Depreciation and amortization 524,436 509,510 524,090 Interest expenses 227,592 169,745 132,273 Profit before income tax 189,720 173,690 1,507,883 Income tax 47,914 35,312 214,264 Profit and total comprehensive income for the year 141,806 138,378 1,293,619 Other comprehensive income — — — Dividend received — — 40,260 The following table illustrates the aggregate financial information of the Group’s joint ventures that are not individually material: 2016 2017 Share of the joint ventures' profits and losses for the year (141,173) (418,743) Share of the joint ventures' total comprehensive income (141,173) (418,743) Aggregate carrying amount of the Group's investments in joint ventures 5,082,518 4,472,371 As at December 31, 2017, there were no proportionate interests of the Group in the joint ventures’ capital commitments (December 31, 2016: RMB3 million). There were no material contingent liabilities relating to the Group’s interests in the joint ventures and the joint ventures themselves. (b) Investments in associates Movements in investments in associates are as follows: 2016 2017 As at January 1, 5,602,701 5,926,533 Capital injections 511,151 857,317 Deemed disposal of a subsidiary (note 39 (e)) — 100,092 A subsidiary changed into an associate (note 39 (d)) — 240,258 An investment in an associate changed into an available-for-sale financial investment (176,774) — Share of profits and losses for the year 115,091 (165,249) Cash dividends declared (65,603) (26,330) Share of changes in reserves 596 2,409 Other decrease of investment in an associate (60,629) — As at December 31, 5,926,533 6,935,030 As at December 31, 2017, all associates of the Group were unlisted. As at December 31, 2016, particulars of the Group's material associate are as follows: Effective equity interest held Place of establishment Registered and and Principal Ownership Voting Profit Name operation paid ‑ in capital activities interest power sharing Ling Wu Power PRC/Mainland of China Registered capital 1,300,000 Paid-in capital 2,050,239 Thermal power generation 35 % 35 % 35 % Ling Wu Power, which is considered a material associate of the Group in 2016, is accounted for using the equity method. The following table illustrates the summarized financial information in respect of Ling Wu Power: 2016 2017 Cash and cash equivalents 26,191 10,629 Other current assets 705,994 948,443 Current assets 732,185 959,072 Non-current assets 8,781,399 8,151,428 Financial liabilities 1,521,912 1,885,097 Other current liabilities 6,011 18,129 Current liabilities 1,527,923 1,903,226 Non-current liabilities 4,126,278 3,469,266 Net assets 3,859,383 3,738,008 Non-controlling interests — — Reconciliation to the Group's interest in the associate: Proportion of the Group's ownership 35 % 35 % Group's share of net assets of the associate 1,350,784 1,308,303 Carrying amount of the investment 1,350,784 1,308,303 2015 2016 2017 Revenue 4,319,345 3,297,397 3,723,669 Gross profit 1,190,966 524,930 79,200 Interest income 2,140 1,320 1,513 Depreciation and amortization 610,910 608,345 609,240 Interest expenses 312,128 251,838 213,983 Profit/ (Loss) before income tax 629,564 327,481 (154,054) Income tax expense/ (benefits) 75,404 74,911 (32,679) Profit and total comprehensive income/ (loss) for the year 554,160 252,570 (121,375) Other comprehensive income — — - Dividend received 289,605 — - The following table illustrates the aggregate financial information of the Group’s associates that are not individually material: 2016 2017 Share of the associates' profits and losses 26,692 (122,768) Share of the associates' total comprehensive income 26,692 (122,768) Aggregate carrying amount of the Group's investments in the associates 4,575,749 5,626,727 As at December 31, 2017, the proportionate interests of the Group in the associates’ capital commitments amounted to RMB760 million (December 31, 2016: Nil) There were no material contingent liabilities relating to the Group’s interests in the associates and the associates themselves.

AVAILABLE-FOR-SALE FINANCIAL IN

AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS	12 Months Ended
	Dec. 31, 2017
AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS
AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS	10. AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS December 31, December 31, 2016 2017 Non current portion Stated at fair value Listed equity investments 93,893 9,701 Other unlisted investments (Note) — 1,848,000 93,893 1,857,701 Stated at cost Unlisted equity investments 73,211 73,211 Less: provision for impairment (2,711) (2,711) 70,500 70,500 164,393 1,928,201 The gross loss in respect of the Group’s available-for-sale investments recognized in other comprehensive income amounted to RMB5 million (2015: the gross gain amounted RMB58 million, 2016: the gross gain amounted to RMB104 million). During the year ended December 31, 2017, due to the disposal of available-for-sale investments, gains in fair value changes amounting to RMB45 million (2015: nil, 2016: RMB103 million) recognized in other comprehensive income were transferred to profit or loss. Note: In 2017, the Company entered into a series of agreements with Bank of Communications International Trust Co., Ltd. (“BOCOMMTRUST”) ( 交銀國際信託有限公司 ), Bocommtrust Asset Management Co., Ltd.* (“Bocommtrust Asset”) ( 交銀國信資 產管理有限公司 ), a subsidiary of BOCOMMTRUST, and Chinalco Jianxin Investment Fund Management (Beijing) Company Limited* (“Chinalco Jianxin”) ( 中鋁建信投資基金管理（北京）有限公司 ) to establish Beijing Chalco Bocom Size Industry Investment Fund Management Partnership (Limited Partnership)* (“Size Industry Investment Fund”) ( 北京中鋁交銀四則 產業投資基金管理合夥企業（有限合夥 )). According to these agreements, BOCOMMTRUST acted as the prioritised limited partner and the Company as the secondary limited partner of Size Industry Investment Fund, with the maximum amount of capital contribution of RMB6,700 million and RMB3,300 million, respectively. Bocommtrust Asset and Chinalco Jianxin are the general partner and the manager of Size Industry Investment Fund, respectively. The purpose of Size Industry Investment Fund is to invest in the Company’s subsidiaries, associates or joint ventures in the form of debt financing. As at December 31, 2017, Size Industry Investment Fund made four investments in two of the Company’s associates and two of the Company’s joint ventures amounting to RMB5,600 million in the form of debt. The Company and BOCOMMTRUST contributed capital of RMB1,848 million and RMB3,752 million to Size Industry Investment Fund, respectively. Because the variable return of Size Industry Investment Fund depends on the selection of investment targets, the timing and size of the investment fund and the rate of return, which are all determined by BOCOMMTRUST under its full authority, the directors of the Company are of the opinion that the Company did not have control or joint control over, or significant influence over Size Industry Investment Fund. Therefore, the Company’s investment in Size Industry Investment Fund was accounted for as an available-for-sale financial instrument. * The English names represent the best effort made by management of the Group in translating the Chinese names of the Companies as the companies do not have any official English names.

DEFERRED TAX

DEFERRED TAX	12 Months Ended
	Dec. 31, 2017
DEFERRED TAX
DEFERRED TAX	11. DEFERRED TAX Deferred 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 the deferred taxes relate to the same tax authority. The movements in deferred tax assets and liabilities during the year ended December 31, 2016 and 2017 without taking into consideration the offsetting of balances within the same tax jurisdiction, are as follows: Movements in deferred tax assets: Provision Unrealized for Accrued Tax profit at impairment expenses losses consolidation Others Total As at January 1, 2016 989,523 215,497 803,140 101,459 168,928 2,278,547 (Charged)/credited to profit or loss (436,751) (7,846) (166,943) 67,654 (48,119) (592,005) As at December 31, 2016 552,772 207,651 636,197 169,113 120,809 1,686,542 As at January 1, 2017 552,772 207,651 636,197 169,113 120,809 1,686,542 (Charged)/credited to profit or loss (30,715) 59,664 (94,978) (3,070) 47,838 (21,261) Disposal of subsidiaries — (3,106) (1,320) — — (4,426) As at December 31, 2017 522,057 264,209 539,899 166,043 168,647 1,660,855 Movements in deferred tax liabilities: Fair value Fair adjustments value arising from changes of Depreciation Unrealized acquisition Investment Investment Interest financial and losses of of in a in an capitalisation assets amortization consolidation subsidiaries subsidiary associate Total As at January 1, 2016 71,009 911 7,654 4,889 1,000,667 800,640 35,937 1,921,707 Exchange realignment — — — — 210 — — 210 Charged to other comprehensive income — 13,288 — — — — — 13,288 (Credited)/charged to profit or loss (9,843) 726 (180) (4,889) (23,535) (617,408) (35,937) (691,066) 61,166 14,925 7,474 — 977,342 183,232 — 1,244,139 As at January 1, 2017 61,166 14,925 7,474 — 977,342 183,232 — 1,244,139 Exchange realignment — — — — (1,830) — — (1,830) Credited to other comprehensive income — (11,180) — — — — — (11,180) Acquisition of a subsidiary — — — — 40,706 — — 40,706 (Credited)/charged to profit or loss (8,232) (1,414) 185 — (27,370) (183,232) — (220,063) As at December 31, 2017 52,934 2,331 7,659 — 988,848 — — 1,051,772 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 the deferred tax balances of the Group for financial reporting purposes: December 31, December 31, 2016 2017 Net deferred tax assets 1,426,707 1,602,825 Net deferred tax liabilities 984,304 993,742 As at December 31, 2017, the Group has not recognized deferred tax assets of RMB4,337 million (December 31, 2016: RMB5,220 million) in respect of accumulated tax losses amounting to RMB18,214 million (December 31, 2016: RMB21,991 million) arising in Mainland China that can be carried forward for offsetting against future taxable income, and deferred tax assets of RMB1,434 million (December 31, 2016: RMB1,860 million) in respect of deductible temporary differences amounting to RMB6,235 million (December 31, 2016: RMB7,660 million) as it was considered not probable that those assets would be realized. The above tax losses will expire in one to five years if not utilized. As at December 31, 2016 and 2017, the expiry profile of these unprovided tax losses was analyzed as follows: December 31, December 31, 2016 2017 Expiring in 2017 4,473,661 — 2018 7,880,303 7,689,663 2019 7,686,919 7,650,084 2020 880,805 711,878 2021 1,069,152 975,081 2022 — 1,186,914 21,990,840 18,213,620

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
	Dec. 31, 2017
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	12. OTHER NON-CURRENT ASSETS December 31, December 31, 2016 2017 Financial assets -Receivables from disposal of Guizhou Branch's aluminum properties 1,060,682 — -Other long-term receivables 305,677 261,156 1,366,359 261,156 Prepayment for mining rights 769,108 801,657 Long-term prepaid expenses 389,076 484,536 Deferred losses for sale and leaseback transactions (Note) 1,172,671 1,234,376 Others 490,907 739,167 2,821,762 3,259,736 4,188,121 3,520,892 Note: As disclosed in note 20, the Group entered into several sale and leaseback agreements which constitute finance leases during the year. The deferred losses resulted from the sale are classified as other non-current assets and were amortized over the useful lives of the assets leased back. As at December 31, 2017, all amounts were denominated in RMB (December 31, 2016, all amounts were denominated in RMB). As at December 31, 2017, except for other long-term receivables from Shanxi Huaxing Alumina Co., Ltd. (“Shanxi Huaxing”) amounting to RMB97 million (December 31, 2016: RMB 112million) which was an interest-bearing asset, all amounts in other non-current assets were non-interest-bearing (December 31, 2016: all non-interest-bearing).

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2017
INVENTORIES
INVENTORIES	13. INVENTORIES December 31, December 31, 2016 2017 Raw materials 8,853,776 7,547,870 Work-in-progress 5,830,213 8,122,072 Finished goods 3,095,633 4,354,676 Spare parts 818,769 731,621 Packaging materials and others 42,853 43,064 18,641,244 20,799,303 Less: provision for impairment of inventories (707,812) (452,594) 17,933,432 20,346,709 Movements in the provision for impairment of inventories are as follows: 2016 2017 As at January 1, 2,370,200 707,812 Provision for impairment of inventories 122,047 193,138 Reversal arising from increase in net realisable value (69,395) (80,778) Reversal upon sales of inventories (1,715,040) (259,564) Disposal of Subsidiaries — (108,014) As at December 31, 707,812 452,594 As at December 31, 2016 and 2017, the Group had no pledged inventories for bank and other borrowings.

TRADE AND NOTES RECEIVABLES

TRADE AND NOTES RECEIVABLES	12 Months Ended
	Dec. 31, 2017
TRADE AND NOTES RECEIVABLES
TRADE AND NOTES RECEIVABLES	14. TRADE AND NOTES RECEIVABLES December 31, December 31, 2016 2017 Trade receivables 4,649,107 4,794,017 Less: provision for impairment (462,571) (482,020) 4,186,536 4,311,997 Notes receivable 3,163,027 3,714,212 7,349,563 8,026,209 As at December 31, 2017, except for trade and notes receivables of the Group amounting to RMB1,094 million which were denominated in USD (December 31, 2016: RMB458 million denominated in USD and RMB5 million in EUR), all trade and notes receivables were denominated in RMB (December 31, 2016: all in RMB). Trade receivables are non-interest-bearing and are generally on terms of 3 to 12 months. Certain of the Group’s sales were on advance payments or documents against payment. In some cases, these terms are extended for qualifying long term customers that have met specific credit requirements. As at December 31, 2016 and 2017, the ageing analysis of trade and notes receivables was as follows: December 31, December 31, 2016 2017 Within 1 year 5,787,705 6,320,428 Between 1 and 2 years 557,602 505,493 Between 2 and 3 years 533,227 336,019 Over 3 years 933,600 1,346,289 7,812,134 8,508,229 Less: provision for impairment (462,571) (482,020) 7,349,563 8,026,209 As at December 31, 2016 and 2017, the ageing analysis of past due but not impaired trade and notes receivables was as follows: December 31, December 31, 2016 2017 Past due for 1 year 523,333 459,188 Past due for 1 to 2 years 505,774 295,928 Past due for over 2 years 412,028 781,832 1,441,135 1,536,948 Not past due 5,710,535 6,137,627 7,151,670 7,674,575 The credit quality of trade and notes receivables that are neither past due nor impaired is assessed by reference to the counterparties’ default history. As at December 31, 2016 and 2017, there was no history of default of these customers. The balances of trade and notes receivables that were past due but not impaired relate to a number of individual customers for who have good credit record or by whom there were securities have been provided. Based on past experience, the directors of the Company are of the opinion that no provision for impairment is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered recoverable within 12 months as at December 31, 2016 and 2017. Included in the Group’s trade and notes receivables are amounts due from the Group’s joint ventures and associates of RMB591 million (December 31, 2016: RMB38 million) and RMB97 million (December 31, 2016: nil), respectively, which are repayable on credit terms similar to those offered to the major customers of the Group. As at December 31, 2017, the Group had pledged trade receivables amounting to RMB22 million and notes receivable amounting to RMB82 million for bank and other borrowings and to exchange notes receivable (December 31, 2016: trade receivables amounting to RMB36 million and notes receivable amounting to RMB34 million for bank and other borrowings) as set out in note 24 to the financial statements. As at December 31, 2017, trade and notes receivables of RMB834 million (December 31, 2016: RMB660 million) of the Group were impaired and provisions of RMB482 million (December 31, 2016: RMB463 million) were made. The individually impaired receivables mainly relate to customers which are in unexpected difficult economic situations and it was expected that only a portion of these receivables would be recovered. The ageing analysis of these trade receivables is as follows: December 31, December 31, 2016 2017 Within 1 year 77,170 182,801 Between 1 and 2 years 34,269 46,305 Between 2 and 3 years 27,453 40,091 Over 3 years 521,572 564,457 660,464 833,654 Provision for impairment (462,571) (482,020) 197,893 351,634 Movements in the provision for impairment of trade and notes receivables are as follows: 2016 2017 As at January 1, 510,336 462,571 Provision for impairment 5,862 29,663 Written off (192) (15,341) Reversal (53,435) (6,395) Others — 11,522 As at December 31, 462,571 482,020 As at December 31, 2017, the Group derecognized notes receivable not yet due with a carrying amount in aggregate of RMB24,474 million (December 31, 2016: RMB11,456 million). In addition, as at December 31, 2017, the Group has not derecognized notes receivable not yet due with a carrying amount of RMB227 million (December 31, 2016: RMB479 million). The derecognized notes receivable had a maturity of one to six months at the end of the reporting period. In accordance with the Law of Negotiable Instruments in the PRC, the holders of the derecognized notes receivable have a right of recourse against the Group if the PRC banks default (the "Continuing Involvement"). In the opinion of the directors, the Group has transferred substantially all risks and rewards relating to the derecognized notes receivable. Accordingly, it has derecognized the full carrying amounts of the derecognized notes receivable and the associated trade payables. The maximum exposure to loss from the Group's Continuing Involvement in the derecognized notes receivable and the undiscounted cash flows to repurchase these derecognized notes receivable is equal to their carrying amounts. In the opinion of the directors, the fair values of the Group's Continuing Involvement in the derecognized notes receivable are not significant. During the year ended December 31, 2017, the Group has not recognized any gain or loss on the date of transfer of the derecognized notes receivable (2015: nil, 2016: nil). No gains or losses were recognized from the Continuing Involvement, both during the year or cumulatively. The endorsement has been made evenly throughout the year.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2017
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	15. OTHER CURRENT ASSETS December 31, December 31, 2016 2017 Financial assets — Deposits paid to suppliers 714,263 756,748 — Dividends receivable 148,546 267,331 — Receivables from disposal of businesses and assets 5,080,791 575,650 — Entrusted loans and loans receivable from third parties 1,631,624 1,615,429 — Entrusted loans and loans receivable from related parties 1,859,769 2,459,883 — Receivable from disposal of Shanxi Huaxing 1,646,035 — — Receivables from disposal of Guizhou Branch's aluminum properties 200,000 1,320,488 — Interest receivable 111,625 144,473 — Recoverable reimbursement for freight charges 37,069 13,944 — Other financial assets 899,946 1,006,189 12,329,668 8,160,135 Less: provision for impairment (1,666,182) (1,673,046) 10,663,486 6,487,089 Receivable of value-added tax refund 3,492 1,063 Advances to employees 31,869 46,890 Deductible input value added tax receivables 1,537,245 2,408,504 Prepaid income tax 104,213 64,557 Prepayments to related parties for purchases 118,777 61,150 Prepayments to suppliers for purchases and others 2,626,002 885,433 Others 168,714 113,145 4,590,312 3,580,742 Less: provision for impairment (6,053) (4,155) 4,584,259 3,576,587 Total other current assets 15,247,745 10,063,676 As at December 31, 2017, except for an amount included in other receivables amounting to RMB161 million, which were denominated in USD (December 31, 2016: receivables from disposal of business amounting to RMB2,867 million, other items amounting to RMB161 million, in advances and deposits paid to suppliers amounting to RMB1,686 million), remaining amounts in other current assets were denominated in RMB (December 31, 2016: remaining denominated in RMB). As at December 31, 2017, except for entrusted loans and loans receivable (December 31, 2016: except for entrusted loans and loans receivable, receivables from disposals of businesses and an amount included in advances and deposits paid to suppliers) which were interest-bearing assets, all amounts in other current assets were non-interest-bearing (December 31, 2016: all non-interest-bearing). As at December 31, 2016 and 2017, the ageing analysis of financial assets included in other current assets was as follows: December 31, December 31, 2016 2017 Within 1 year 1,911,115 2,581,750 Between 1 and 2 years 2,496,848 1,016,284 Between 2 and 3 years 1,365,830 1,689,050 Over 3 years 6,555,875 2,873,051 12,329,668 8,160,135 Less: provision for impairment (1,666,182) (1,673,046) 10,663,486 6,487,089 As at December 31, 2016 and 2017, the ageing analysis of past due but not impaired financial assets included in other current assets was as follows: December 31, December 31, 2016 2017 Past due for 1 year 613,140 1,214,509 Past due for 1 to 2 years 741,276 364,953 Past due for over 2 years 442,437 1,073,231 1,796,853 2,652,693 Not past due 8,609,164 3,695,391 10,406,017 6,348,084 The credit quality of other current assets that are neither past due nor impaired is assessed by reference to the counterparties' default history. As at December 31, 2016 and 2017, there was no history of default of these customers. The credit quality of other current assets that were not impaired is assessed by reference to the counterparties’ default history. Based on past experience, the directors of the Company are of the opinion that no provision for impairment is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are still considered recoverable. Included in the Group’s past due but not impaired financial assets are amounts due from the Group’s related parties of RMB1,545 million (December 31, 2016: RMB1,279 million). As at December 31, 2017, other current assets of RMB1,817 million (December 31, 2016: RMB1,906 million) of the Group were impaired and provisions of RMB1,677 million (December 31, 2016: RMB1,672 million) were made. The ageing analysis of these current assets is as follows: December 31, December 31, 2016 2017 Within 1 year 28,375 7,305 Between 1 and 2 years 38,234 1,775 Between 2 and 3 years 215,169 28,313 Over 3 years 1,624,207 1,779,306 1,905,985 1,816,699 Less: provision for impairment (1,672,235) (1,677,201) 233,750 139,498 Movements in the provision for impairment of other current assets are as follows: 2016 2017 As at January 1, 1,679,137 1,672,235 Provision for impairment 3,864 29,483 Write off (7,807) (10,921) Reversal (2,959) (9,531) Others — (4,065) As at December 31, 1,672,235 1,677,201

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS	12 Months Ended
	Dec. 31, 2017
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS	16. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS December 31, December 31, 2016 2017 Restricted cash 2,014,747 2,152,492 Time deposits 72,700 — Restricted cash and time deposits 2,087,447 2,152,492 Cash and cash equivalents 23,813,736 27,750,686 25,901,183 29,903,178 Restricted cash mainly represented deposits held for use in issued notes payable and letters of credit. As at December 31, 2016 and 2017, bank balances and cash on hand of the Group were denominated in the following currencies: December 31, December 31, 2016 2017 RMB 20,548,620 26,848,177 USD 5,343,559 3,045,228 HKD 6,252 7,029 EUR 24 56 AUD 2,625 2,688 IDR 103 — 25,901,183 29,903,178 Cash 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 with no recent history of default.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2017
SHARE CAPITAL
SHARE CAPITAL	17. SHARE CAPITAL Number of shares in issue (Note (a)) Share Share A shares H shares capital premium At January 1, 2016 10,959,832 3,943,966 14,903,798 20,747,839 Business combination under common control — — — (3,010,627) Capital injection from non-controlling shareholders — — — 176,615 At December 31, 2016 and January 1, 2017 10,959,832 3,943,966 14,903,798 17,913,827 Business combinations under common control (Note (b)) — — — (242,564) Capital injection from non-controlling shareholders (Note (c)) — — — 1,887,824 Acquisition of non-controlling interests (note 35(a) (xxvii)) (Note (d)) — — — (980,725) Disposal of equity interest in subsidiaries without loss of control (Note (e)) — — — 38,189 At December 31, 2017 10,959,832 3,943,966 14,903,798 18,616,551 Note: (a) As at December 31, 2016 and 2017, 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 ordinary shares was 14,903,798,236 at par value of RMB1.00 per share as at December 31, 2016 and 2017. There were 14,903,798,236 ordinary shares issued and outstanding as at December 31, 2016 and 2017, respectively. (b) As disclosed in note 38(g) and note 38(h), the acquisitions of 100% equity interest of Chinalco Qingdao Light Metal Co., Ltd. (“Qingdao Light Metal”) ( 中鋁青島輕金屬有限公司 ) and Sewage Treatment Plant of Chalco Shanxi Aluminum (“Shanxi Aluminum Sewage Treatment Plant ") ( 山西鋁廠汙水處理站 ) were considered to be business combinations under common control, which resulted to the decrease of share premium amounted to RMB162 million and RMB50 million, respectively. In November 2017, the Group and Chinalco adjusted the consideration of acquisition of Xinghua Technology, which was considered to be a business combination under common control in 2016. The adjustment of consideration was agreed by both parties within the measurement period. Accordingly, share premium was reduced by RMB31 million. (c) December 2017, the Company entered into “Investment Agreements” and “Debt to Equity Swap Agreements” with eight investors (the "Investors“), including Huarong Ruitong Equity Investment Management Co., Ltd. ( 華融瑞通股權投資管理有限公司 ), China Life Insurance Co., Ltd. ( 中國人壽保險股份有限公司 ), Shenzhen Zhao Ping Aluminum Investment Center (limited partnership) ( 深圳市招平中鋁投資有限（有限合夥） ), China Pacific Life Insurance Co., Ltd. ( 中國太平洋人壽保險股份有限公司 ), China Cinda Asset Management Co., Ltd. ( 中國信達資 產管理股份有 限公司 ), BOC Financial Asset Investment Co, Ltd. ( 中銀金融資 產投資有限公司 ), ICBC Financial Asset Investment Co., Ltd. ( 工銀金融資 產投資有限公 司) and ABC Financial Asset Investment Co., Ltd. ( 農銀金融資 產投資有限公司 ). The "Investment Agreements" and the "Debt to Equity Swap Agreements" were approved by the second extraordinary general meeting of shareholders of the Company on December 20, 2017. Pursuant to the "Investment Agreements" and the "Debt to Equity Swap Agreements", the Investors respectively agreed to invest in the following subsidiaries of the Company, Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and Chalco Mining (“Target Companies”) by cash or debt-to-equity swap amounting to RMB12,600 million in aggregate. The investment did not result in a loss of the Company's control over the subsidiaries. On the capital injection date, the carrying amount of the net assets of Target Companies attributed to the Investors was RMB10,736 million, therefore, the difference amounting to RMB1,864 million was recorded in share premium. In July 2017, Jiaozuo Wanfang Aluminum Co., Ltd.* (“Jiaozuo Wanfang") ( 焦作萬方鋁業股份有限公司 ) made a capital contribution to Chinalco Xinjiang Aluminum Power Co., Ltd.* (“Xinjiang Aluminum”) ( 中鋁新疆鋁電有限公司 ) of RMB27 million. After the capital contribution, the carrying amount of the net assets of Xinjiang Aluminum attributed to Jiaozuo Wanfang was RMB4 million and the difference amounting to RMB23 million was recorded in share premium. (d) 山西漳澤電力股份有限公司 ), pursuant to which the Company made a capital contribution into Shanxi Huaze Aluminum and Power Co., Ltd. (" Shanxi Huaze”) by injecting the net assets of Shanxi branch of the Company with the appraisal value amounting to RMB3,426 million and Shanxi Huaze was renamed as Chalco Shanxi New Material Co., Ltd.* (“Shanxi New Material ") ( 中鋁山西新材料有限公司 ). After the capital contribution, the Company’s equity interest in Shanxi New Material increased from 60.00% to 85.98%. Zhangze Electric Power’s non- controlling equity interests in Shanxi New Material was reduced to 14.02%, resulting in a decrease in non-controlling interests and an increase in share premium amounting to RMB45 million, respectively. (e) 北京意科能源技 术有限公司 ). Upon the liquidation administrators took control over Beijing Yike, and therefore, the directors of the Company considered the Group lost control over Beijing Yike and deconsolidated Beijing Yike since then. Beijing Yike held 29.06% equity interest of Ningxia Yike Solar Energy Power Co., Ltd. ( 寧夏意科太陽能發電有限公司 ), and the Group directly held other 70.94% equity interests. After the liquidation, the 29.06% equity interest was accounted for as a non-controlling interest due to the Group's loss of control over Beijing Yike. * The English names represent the best effort by the management of the Group in translating their Chinese names as they do not have any official English names.

RESERVES

RESERVES	12 Months Ended
	Dec. 31, 2017
RESERVES
RESERVES	18. RESERVES The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of shareholders’ equity on pages F10 to F12 of the financial statements.

INTEREST BEARING LOANS AND BORR

INTEREST BEARING LOANS AND BORROWINGS	12 Months Ended
	Dec. 31, 2017
INTEREST BEARING LOANS AND BORROWINGS
INTEREST BEARING LOANS AND BORROWINGS	19. INTEREST-BEARING LOANS AND BORROWINGS December 31, December 31, 2016 2017 Long-term loans and borrowings Finance lease payables (note 20) 6,692,302 5,607,570 Bank and other loans (Note (a)) — Secured (Note (f)) 13,415,140 14,716,175 — Guaranteed (Note (e)) 2,088,327 3,191,277 — Unsecured 16,196,805 22,575,882 31,700,272 40,483,334 Medium-term notes and bonds and long-term bonds and private placement notes (Note (b)) — Guaranteed (Note (e)) 1,998,833 — — Unsecured 22,058,281 15,696,961 24,057,114 15,696,961 Total long-term loans and borrowings 62,449,688 61,787,865 Current portion of finance lease payables (note 20) (2,008,716) (2,115,644) Current portion of medium-term bonds and long-term bonds (8,393,073) (12,492,378) Current portion of long-term bank and other loans (4,725,151) (6,890,140) Non-current portion of long-term loans and borrowings 47,322,748 40,289,703 December 31, December 31, 2016 2017 Short-term loans and borrowings Bank and other loans (Note (c)) — Secured (Note (f)) 1,846,500 1,292,000 — Guaranteed (Note (e)) 305,000 150,000 — Unsecured 30,170,325 29,392,442 32,321,825 30,834,442 Short-term bonds, unsecured (Note (d)) 8,020,015 3,601,573 Gold leasing arrangements (Note (g)) 2,990,614 6,818,393 Current portion of finance lease payables (note 20) 2,008,716 2,115,644 Current portion of medium-term notes 8,393,073 12,492,378 Current portion of long-term bank and other loans 4,725,151 6,890,140 Total short-term borrowings and current portion of long-term loans and borrowings 58,459,394 62,752,570 As at December 31, 2017, except for loans and borrowings of the Group amounting to RMB21 million (December 31, 2016: RMB23 million) and RMB1,860 million (December 31, 2016: RMB1,572 million) which were denominated in JPY and USD, respectively, all loans and borrowings were denominated in RMB. Included in the Group's interest-bearing loans and borrowings are amounts due from the Group's joint ventures and subsidiaries of Chinalco of RMB190 million (December 31, 2016: RMB190 million) and RMB3,330 million (December 31, 2016: RMB6,051 million), respectively, as set out in note 35(b). Note: (a) Long-term bank and other loans (i) The maturity of long-term bank and other loans is set out below： Loans from banks and Total of long-term bank other and financial institutions Other loans other loans December 31, December 31, December 31, December 31, December 31, December 31, 2016 2017 2016 2017 2016 2017 Within 1 year 4,718,809 6,883,500 6,342 6,640 4,725,151 6,890,140 Between 1 and 2 years 7,994,380 5,171,738 6,342 2,277 8,000,722 5,174,015 Between 2 and 5 years 10,268,857 8,666,967 7,026 6,827 10,275,883 8,673,794 Over 5 years 8,687,124 19,736,283 11,392 9,102 8,698,516 19,745,385 31,669,170 40,458,488 31,102 24,846 31,700,272 40,483,334 (ii) Other loans were provided by local bureaus of the Ministry of Finance to the Group. The weighted average annual interest rate of long-term bank and other loans for the year ended December 31, 2017 was 5.67% (2016: 5.08%). (b) Medium-term notes and bonds and long-term bonds and private placement notes Outstanding long-term bonds and medium-term notes of the Group as at December 31, 2016 and 2017 are summarized as follows: Face Effective December 31, December 31, value /maturity interest rate 2016 2017 2007 long-term bonds /2017 4.64 % 1,998,833 — 2015 medium-term notes /2018 5.53 % 2,989,992 2,999,030 2015 medium-term notes /2018 5.01 % 1,492,351 1,496,503 2012 medium-term bonds /2017 5.77 % 2,996,618 — 2013 medium-term bonds /2018 5.99 % 2,993,272 2,999,211 2014 medium-term bonds /2017 7.35 % 2,997,622 — 2015 medium-term bonds /2018 6.11 % 2,996,615 2,999,359 2015 medium-term bonds /2018 6.08 % 1,993,474 1,998,275 2016 private placement notes /2019 5.12 % 3,198,337 3,204,583 2012 NingXia medium-term notes /2017 6.06 % 400,000 — 24,057,114 15,696,961 Long-term bonds and medium-term notes and bonds were issued for capital expenditure purposes, operating cash flows and bank loan re-financing. ( c) Short-term bank and other loans Other loans were entrusted loans provided by state-owned companies to the Group. The weighted average annual interest rate of short-term bank and other loans for the year ended December 31, 2017 was 4.43% (2016: 4.44%). (d) Short-term bonds Outstanding short-term bonds as at December 31, 2016 and 2017 are summarized as follows: Face Effective December 31, December 31, value /maturity interest rate 2016 2017 2016 short-term bonds 1,500,000 /2017 4.30 % 1,535,140 — 2016 short-term bonds 3,000,000 /2017 4.13 % 3,047,026 — 2016 short-term bonds 3,000,000 /2017 3.95 % 3,037,849 — 2016 short-term bonds 400,000 /2017 4.13 % 400,000 — 2017 short-term bonds 3,000,000 /2018 4.30 % — 3,101,573 2017 short-term bonds 500,000 /2018 4.90 % — 500,000 8,020,015 3,601,573 All the above short-term bonds were issued for working capital needs. (e) Guaranteed interest-bearing loans and borrowings Details of the interest-bearing loans and borrowings in which the Group received guarantees are set out as follows: December 31, December 31, Guarantors 2017 2016 Long-term bonds Bank of Communications ( 交通銀行股份有限公司 ) ("BOCOM") 1,998,833 — Long-term loans Lanzhou Aluminum Factory*( 蘭州鋁廠 ) (Note (i)) 8,000 4,000 The Company 866,877 — Ningxia Energy (Note (ii)) 1,099,400 1,020,400 Yinxing Energy (Note (ii)) 109,000 91,000 Zhongwei Renewable Energy Co., Ltd.* ( 中衛寧電新能源有限公司 ) (Note (ii)) 5,050 — Baotou Aluminum Co., Ltd. ( 包頭鋁業 ) and Baotou Communications Investment Group Co., Ltd. ( 包交投資 ) (Note (iii)) — 1,600,000 The Company and Hangzhou Jinjiang Group Co., Ltd. ( 杭州錦江 ) (Note (iv)) — 475,877 2,088,327 3,191,277 Short-term loans Ningxia Energy (Note (ii)) 120,000 70,000 Shandong Aluminum (Note (i)) 15,000 — Chalco Shandong (Note (ii)) 170,000 80,000 305,000 150,000 Note: (i) (ii) (iii) (iv) * 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) Secured interest-bearing loans and borrowings The assets pledged for bank and other borrowings were set out in note 24 to the financial statements. (g) Gold leasing arrangements In 2016 and 2017, the Company entered into several gold leasing master framework agreements, individual gold leasing agreements and general hedging agreements with Bank of Communications, According to the gold leasing master framework agreements and gold leasing agreements, the Company leased standard gold with fineness of Au 99.99 for 6 to 12 months from the Banks, with annual interest rates ranging from 3.65% to 4.15%. Concurrently, the Company entrusted the Banks to sell all the leased gold and received cash of RMB7,804 million from the sale. Upon the expiry of the gold leasing agreements, the Company shall purchase the standard gold (with same quality and value according to the general hedging agreements entered into simultaneously with the leasing agreements ) to return to the Banks. The directors of the Company are of the view that the Company is free from the assumption of risk of gold price fluctuations due to the fixed repurchase price under the general hedging agreements, and therefore, this arrangement should be accounted for as short-term loans with fixed interest rates (ranging from 3.65% to 4.15%), net of the Banks' charges.

FINANCE LEASE PAYABLES

FINANCE LEASE PAYABLES	12 Months Ended
	Dec. 31, 2017
FINANCE LEASE PAYABLES
FINANCE LEASE PAYABLES	20. FINANCE LEASE PAYABLES As disclosed in note 6, the Group leased certain machineries and construction in progress under finance leases with lease terms ranging from one to six years. At December 31, 2017, the total future minimum lease payments under finance leases and their present values are as follows: Present value of minimum Minimum lease payments lease payments December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Amounts payable: Within one year 2,371,917 2,253,720 2,115,644 2,008,716 In the second year 1,762,618 2,068,315 1,606,571 1,891,406 In the third to fifth years, inclusive 1,890,329 2,895,251 1,817,506 2,792,180 After five years 73,603 — 67,849 — Total minimum finance lease payments 6,098,467 7,217,286 5,607,570 6,692,302 Future finance charges (490,897) (524,984) Total net finance lease payables (note 19) 5,607,570 6,692,302 Portion classified as current liabilities (note 19) (2,115,644) (2,008,716) Non-current portion 3,491,926 4,683,586 During the year ended December 31, 2017, the Group entered into various sale and leaseback agreements with Anhui Xincheng Financial Leasing Co., Ltd. ( 安徽信成融 资租賃有限公 司 ), Pingan International Financial Leasing Co., Ltd. (平安國際融資租賃有限公司), Chongqing Transportation Equipment Financing Leasing Co., Ltd . ( 重慶市交通設備融資租賃有限公司 ), Taiping Sinopec Financial Leasing Co., Ltd. ( 太平石化金融租賃有限公司 ) and CFL, which is a related party of the Group, respectively, under which the Group sold machineries and construction in progress and leased them back. The lease terms range from one to six years and the lease rentals are payable by instalments with bearing interest at prevailing lending rates. During the year ended December 31, 2017, the Group disposed of the assets under the sales and leaseback arrangements and incurred losses of RMB102 million (2016: RMB234 million), which were amortized over their respective useful lives of the assets. The internal rate of return (IRR) of the sales and finance lease back arrangements range from 4.35% to 6.20% (2016: from 4.76% to 6.28%). * The English name represents the best effort made by management of the Group in translating the Chinese name of the Companies as it does not have any official English names.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2017
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES	21. OTHER NON-CURRENT LIABILITIES December 31, December 31, 2016 2017 Financial liabilities -Long-term payables for mining rights 789,420 749,761 -Other financial liabilities 300 19,300 789,720 769,061 Obligations in relation to early retirement schemes (Note (i)) 674,835 900,924 Deferred government grants 1,466,656 1,406,122 Deferred gain relating to sales and leaseback agreements (Note (ii)) 193,724 176,774 Provision for rehabilitation 106,769 113,672 Others 6,037 5,837 2,448,021 2,603,329 3,237,741 3,372,390 Note: (i) From 2014, certain subsidiaries and branches implemented certain early retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. The Group undertakes the obligations to pay the early retirement employees’ living expenses for no more than five years in the future on a monthly basis according to the early retirement benefit schemes, together with 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 to the inflation rate and adjusted based on the average death rate in China. The Payments are discounted by the treasury bond rate of December 31, 2017. As at December 31, 2016 and 2017, the current portion of the Payments within one year was reclassified to "other payables and accrued liabilities". As at December 31, 2016 and 2017, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows: 2016 2017 As at January 1, 1,147,320 996,598 Provision made during the year (note 29) 132,044 767,632 Interest costs 84,616 17,618 Payment during the year (367,382) (343,408) As at December 31, 996,598 1,438,440 Non-current 674,835 900,924 Current (note 22) 321,763 537,516 996,598 1,438,440 (ii) As disclosed in note 20, the Group entered into several sales and leaseback agreements which were finance leases during the year. The deferred gains resulting from the sales were classified under other non-current liabilities and were amortized over the useful lives of the assets leased back.

OTHER PAYABLES AND ACCRUED LIAB

OTHER PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2017
OTHER PAYABLES AND ACCRUED LIABILITIES
OTHER PAYABLES AND ACCRUED LIABILITIES	22. OTHER PAYABLES AND ACCRUED LIABILITIES December 31, December 31, 2016 2017 Financial liabilities -Payable for capital expenditures 5,660,677 6,283,484 -Accrued interest 1,070,620 827,016 -Payables withheld as guarantees and deposits 1,075,760 1,490,811 -Dividends payable by subsidiaries to non-controlling shareholders 221,496 223,942 -Consideration payable for investment projects 305,506 170,494 -Current portion of payables for mining rights 337,659 300,970 -Others 900,771 1,987,739 9,572,489 11,284,456 Sales and other deposits from customers 1,799,345 1,597,539 Taxes other than income taxes payable (Note) 715,089 818,730 Accrued payroll and bonus 218,741 74,400 Staff welfare payables 277,802 261,056 Current portion of obligations in relation to early retirement schemes (note 21) 321,763 537,516 Contribution payable for pension insurance 109,077 27,248 Others 3,013 1,786 3,444,830 3,318,275 13,017,319 14,602,731 Note: Taxes other than income taxes payable mainly comprise accruals for value-added tax, resource tax, city construction tax and education surcharge. As at December 31, 2017, except for other payables and accrued liabilities of the Group amounting to RMB390 million, RMB0.32 million and RMB0.06 million which were denominated in USD, HKD and EUR, respectively (December 31, 2016: RMB251 million denominated in USD and RMB0.022 million denominated in EUR). All payables and accrued liabilities were denominated in RMB (December 31, 2016: all denominated in RMB).

TRADE AND NOTES PAYABLES

TRADE AND NOTES PAYABLES	12 Months Ended
	Dec. 31, 2017
TRADE AND NOTES PAYABLES
TRADE AND NOTES PAYABLES	23. TRADE AND NOTES PAYABLES December 31, December 31, 2016 2017 Trade payables 6,739,761 7,751,911 Notes payable 4,603,109 4,570,059 11,342,870 12,321,970 As at December 31, 2017, except for trade and notes payables of the Group amounting to RMB56 million which were denominated in USD (December 31, 2016: RMB22 million in USD), all trade and notes payables were denominated in RMB (December 31, 2016: all denominated in RMB). The ageing analysis of trade and notes payables is as follows: December 31, December 31, 2016 2017 Within 1 year 10,777,171 11,710,641 Between 1 and 2 years 276,351 199,121 Between 2 and 3 years 107,137 201,919 Over 3 years 182,211 210,289 11,342,870 12,321,970 The trade and notes payables are non-interest-bearing and are normally settled within one year.

PLEDGE OF ASSETS

PLEDGE OF ASSETS	12 Months Ended
	Dec. 31, 2017
PLEDGE OF ASSETS
PLEDGE OF ASSETS	24. PLEDGE OF ASSETS The Group has pledged various assets as collateral against certain secured borrowings as set out in note 19. As at December 31, 2016 and 2017, a summary of these pledged assets was as follows: December 31, December 31, 2016 2017 Property, plant and equipment (note 6) 6,540,545 5,799,013 Land use rights (note 8) 275,061 176,914 Intangible assets (note 5) 1,114,454 1,111,705 Investment in an associate (note 9(b)) 376,270 — Notes receivable (note 14) 33,500 82,125 Trade receivables (note 14) 35,836 22,000 8,375,666 7,191,757 As at December 31, 2017, in addition to the loans and borrowings which were secured by the above assets, the current portion of long-term loans and borrowings amounting to RMB997 million (December 31, 2016: RMB933 million) and the non-current portion of long-term loans and borrowings amounting to RMB10,935 million (December 31, 2016: RMB8,956 million) were secured by the contractual right to charge users for electricity generated in the future. As at December 31, 2017, the current portion of long-term loans and borrowings amounting to RMB10 million (December 31, 2016: RMB10 million) and the non-current portion of long-term loans and borrowings amounting to RMB1,647 million (December 31, 2016: RMB1,657 million) were secured by 70.82% equity interests in a subsidiary of the Company, Ningxia Energy.

PROFIT BEFORE INCOME TAX

PROFIT BEFORE INCOME TAX	12 Months Ended
	Dec. 31, 2017
PROFIT BEFORE INCOME TAX
PROFIT BEFORE INCOME TAX	25. PROFIT BEFORE INCOME TAX An analysis of profit before income tax is as follows: 2015 2016 2017 Purchase of inventories in relation to trading activities 60,318,158 79,682,085 98,282,714 Raw materials and consumables used, and changes in work-in-progress and finished goods 29,647,657 27,243,423 34,374,412 Power and utilities 15,835,191 12,980,854 17,187,133 Depreciation and amortization 7,388,539 6,987,353 7,121,132 Employee benefit expenses (note 29) 6,110,608 5,894,726 6,897,530 Repairs and maintenance 1,797,254 1,354,394 1,716,693 Transportation expenses 1,152,027 1,495,018 1,742,699 Logistic cost - 796,231 1,894,061 Taxes other than income tax expense (Note (i)) 567,157 695,984 890,467 Rental expenses for land use rights and buildings 664,917 511,189 497,356 Packaging expenses 272,558 235,929 266,745 Research and development expenses 168,870 168,862 494,590 Auditors' remuneration expense (Note (ii)) 23,666 26,006 31,460 Note: (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty. (ii) During the year ended December 31, 2017, auditors’ remuneration included audit and non-audit services provided by Ernst & Young, including Ernst & Young Hong Kong and Ernst & Young Hua Ming LLP, amounting to RMB23.1 million (2015: RMB23.3 million, 2016: RMB23.7 million), and services provided by other auditors.

OTHER INCOME

OTHER INCOME	12 Months Ended
	Dec. 31, 2017
OTHER INCOME
OTHER INCOME	26. OTHER INCOME For the year ended December 31, 2017, government grants amounting to RMB342 million (2015: RMB 1,788 million, 2016: RMB745 million) were recognized as income for the year necessary to compensate the costs and facilitate the Group’s development. There are no unfulfilled conditions or contingencies attached to the grants.

OTHER GAINS, NET

OTHER GAINS, NET	12 Months Ended
	Dec. 31, 2017
OTHER GAINS, NET
OTHER GAINS, NET	27. OTHER GAINS, NET 2015 2016 2017 Gain on disposal of investments in associates 832,369 128,833 — Gain on deemed disposal and disposal of subsidiaries 2,588,134 — 325,022 Gain on disposal and dividends of available for sale investments 38,469 140,929 79,408 Realized loss on futures, forward and option contracts, net (Note) (477,733) (1,290,267) (23,951) Unrealized (losses) /gains on futures, forward and option contracts, net (Note) (213,085) 154,585 (131,073) Gain on disposal of other property, plant and equipment and land use rights, net 2,317,857 816,721 77,091 Gain on previously held equity interest remeasured at acquisition-date fair value (note 38 (i)) — — 117,640 Others (62,458) 215,582 (124,141) 5,023,553 166,383 319,996 Note: None of these futures, forward and option contracts was designated for hedge accounting.

FINANCE INCOME_FINANCE COSTS

FINANCE INCOME/FINANCE COSTS	12 Months Ended
	Dec. 31, 2017
FINANCE INCOME/FINANCE COSTS
FINANCE INCOME/FINANCE COSTS	28. FINANCE INCOME/FINANCE COSTS An analysis of finance income/finance costs is as follows: 2015 2016 2017 Finance income - interest income (812,459) (815,729) (706,299) Interest expense 6,119,964 5,169,568 5,161,663 Less: interest expense capitalized in property, plant and equipment (note 6) (522,053) (414,133) (344,452) Interest expense, net of capitalized interest 5,597,911 4,755,435 4,817,211 Amortization of unrecognized finance expenses 285,727 324,701 241,097 Exchange loss/(gain), net 95,851 (60,228) 131,621 Finance costs 5,979,489 5,019,908 5,189,929 Finance costs, net 5,167,030 4,204,179 4,483,630 Capitalization rate during the year (note 6) 4.90% to to 4.41% to

EMPLOYEE BENEFIT EXPENSES

EMPLOYEE BENEFIT EXPENSES	12 Months Ended
	Dec. 31, 2017
EMPLOYEE BENEFIT EXPENSES
EMPLOYEE BENEFIT EXPENSES	29. EMPLOYEE BENEFIT EXPENSES An analysis of employee benefit expenses is as follows: 2015 2016 2017 Salaries and bonus 3,980,430 3,850,040 4,150,233 Housing fund 395,699 388,017 391,757 Staff welfare and other expenses (Note) 1,672,833 1,495,618 1,557,661 Employment expense in relation to early retirement schemes (note 21) 34,893 132,044 767,632 Employment expenses in relation to termination benefit 26,753 29,007 30,247 6,110,608 5,894,726 6,897,530 Note: Staff welfare and other expenses include staff welfare, staff union expenses, staff education expenses, unemployment insurance expenses and pension insurance expenses, etc . Employee benefit expenses include remuneration payables to directors, supervisors and senior management as set out in note 30.

DIRECTORS', SUPERVISORS' AND SE

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION	12 Months Ended
	Dec. 31, 2017
DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION
DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION	30. DIRECTORS’, SUPERVISORS’ AND SENIOR MANAGEMENT’S REMUNERATION (a) Directors’ and supervisors’ remuneration The aggregate amounts of remuneration payables to directors and supervisors of the Company during the year are as follows: 2015 2016 2017 Fees 653 762 768 Basic salaries, housing fund, other allowances and benefits in kind 1,143 975 1,370 Pension cost 140 114 166 1,936 1,851 2,304 The remuneration of each director and supervisor of the Company for the year ended December 31, 2015 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonus costs total Directors: Ge Honglin (Note (i)) — — — — — Ao Hong (Note (ii)) — — — — — Luo Jianchuan (Note (ii)) — — — — — Liu Xiangmin — — — — — Jiang Yinggang — 643 — 70 713 Liu Caiming (Note (iii)) — — — — — Wang Jun 150 — — — 150 Ma Si-hang, Frederick (Note (iv)) 192 — — — 192 Lie-A-Cheong Tai-Chong, David (Note (iv)) — — — — — Chen Lijie (Note (v)) 162 — — — 162 Hu Shihai (Note (vi)) 102 — — — 102 Wu Zhenfang (Note (ix)) 47 — — — 47 Wu Jianchang (Note (x)) — — — — — 653 643 — 70 1,366 Supervisors: Zhao Zhao — — — — — Yuan Li — 500 — 70 570 Zhang Zhankui (Note (vii)) — — — — — Wang Jun (Note (viii)) — — — — — — 500 — 70 570 Total 653 1,143 — 140 1,936 Note: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) The remuneration of each director and supervisor of the Company for the year ended December 31, 2016 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Ge Honglin — — — — — Ao Hong — — — — — Lu Dongliang — — — — — Jiang Yinggang — 725 — 76 801 — 725 — 76 801 Non-executive Directors: Yu Dehui — — — — — Liu Caiming — — — — — Wang Jun 150 — — — 150 Lie-A-Cheong Tai-Chong, David 204 — — — 204 Chen Lijie 204 — — — 204 Hu Shihai 204 — — — 204 762 — — — 762 Supervisors: Liu Xiangmin — — — — — Yuan Li — — — — — Wang Jun — — — — — Wu Zuoming — 250 — 38 288 Zhao Zhao — — — — — — 250 — 38 288 Total 762 975 — 114 1,851 The remuneration of each director and supervisor of the Company for the year ended December 31, 2017 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Yu Dehui (Note (i)) — — — — — Lu Dongliang (Note (iii)) — — — — — Jiang Yinggang — 822 — 83 905 — 822 — 83 905 Non-executive Directors: Ao Hong (Note ii)) — — — — — Liu Caiming — — — — — Wang Jun 150 — — — 150 Chen Lijie 206 — — — 206 Lie-A-Cheong Tai-Chong, David 206 — — — 206 Hu Shihai 206 — — — 206 768 — — — 768 Supervisors: Liu Xiangmin — — — — — Wang Jun — — — — — Wu Zuoming — 548 — 83 631 — 548 — 83 631 Total 768 1,370 — 166 2,304 Note: (i) Considering that Mr. Yu Dehui’s decision making authority and major duties in the Company fall within the definition of the responsibility of an executive director during his tenure of service as the Chairman of the Company, Mr. Yu was re-designated from a non-executive Director to an executive Director with effect from August 17, 2017. (ii) Due to re-arrangement of work, and as considered and approved at the twentieth meeting of the sixth session of the Board, Mr. Ao Hong resigned as the president of the Company on February 13, 2018. Since Mr. Ao Hong would not hold any executive position in the Company, he was re-designated from an executive Director to a non-executive Director on the same date. (iii) On February 13, 2018, as considered and approved at the twentieth meeting of the sixth session of the Board, the Company appointed Mr. Lu Dongliang as the president of the Company and dismissed him from the position of senior vice president of the Company. The remuneration of the directors and supervisors of the Company fell within the following band: Number of individuals 2015 2016 2017 Nil to RMB1,000,000 16 15 15 During the year, no options were granted to the directors or the supervisors of the Company (2015: Nil, 2016: 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 join or upon joining the Company or as compensation for loss of office (2015: Nil, 2016: Nil). No directors or supervisors of the Company waived any remuneration during the years 2015, 2016 and 2017. (b) Five highest paid individuals During the year ended December 31, 2017, the five highest paid employees of the Group include one director and one supervisor (2015: one director and one supervisor, 2016: two directors and one supervisor) whose remuneration is reflected in the analysis presented above. The remuneration payable to the remaining three individuals during 2017 (2015: three, 2016: two) is as follows: 2015 2016 2017 Basic salaries, housing fund, other allowances and benefits in kind 1,875 1,450 2,460 Pension costs 204 152 249 2,079 1,602 2,709 The number of the remaining three highest paid individuals during 2017 (2015: three, 2016: two) whose remuneration fell within the following band is as follows: Number of employees 2015 2016 2017 Nil to RMB1,000,000 3 2 3

INCOME TAX BENEFIT_(EXPENSE)

INCOME TAX BENEFIT/(EXPENSE)	12 Months Ended
	Dec. 31, 2017
INCOME TAX BENEFIT/(EXPENSE)
INCOME TAX BENEFIT/(EXPENSE)	31. INCOME TAX BENEFIT/ (EXPENSE) 2015 2016 2017 Current income tax expense: — PRC corporate income tax (259,758) (503,233) (841,069) Deferred income tax benefit 485,719 99,061 198,802 225,961 (404,172) (642,267) In general, the Group’s PRC entities are subject to PRC corporate income tax at the standard rate of 25% (2015:25%, 2016: 25%) on their respective estimated assessable profits 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 of 15% (2015: 15%, 2016: 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 domiciled to the tax expense at the effective tax rates, and a reconciliation of the applicable rates to the effective tax rates, are as follows: 2015 2016 2017 Profit before income tax 121,941 1,625,545 3,006,216 Tax expense calculated at the statutory tax rate of 25% (2015 and 2016: 25%) 30,485 406,386 751,554 Tax effects of: Preferential income tax rates applicable to certain branches and subsidiaries 21,442 (3,322) (287,081) Impact of change in income tax rate 4,538 5,945 98,150 Tax losses with no deferred tax assets recognized 445,056 267,288 296,728 Deductible temporary differences with no deferred tax assets recognized 241,812 78,644 363,809 Utilisation of previously unrecognized tax losses and deductible temporary differences (358,106) (203,423) (258,232) Tax incentive in relation to deduction of certain expenses (2,502) (3,769) (43,846) Non-taxable income (149,613) (89,602) (126,101) Expenses not deductible for tax purposes 30,280 80,014 49,636 Write-off of unrecoverable deferred tax assets previously recognized 76,775 3,315 49,808 Unrecognized taxable temporary differences relating to equity investments (351,846) — — Recognition of deferred tax assets related to deductible temporary differences and tax losses previously not recognized (238,728) (117,513) (274,726) True-up adjustments in respect of prior year's annual income tax filings and others 24,446 (19,791) 22,568 Income tax expense (225,961) 404,172 642,267 Effective tax rate (185) % 25 % 21 % Share of income tax expense of associates and joint ventures of RMB86 million (2015: RMB41 million, 2016: RMB64 million) and RMB11 million (2015: RMB21 million, 2016: RMB22 million) is included in “share of profits and losses of associates" and “share of profits and losses of joint ventures“, respectively.

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT	12 Months Ended
	Dec. 31, 2017
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT	32. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (a) Basic The basic earnings per share amount is calculated by dividing the earnings attributable to ordinary equity holders of the parent by the weighted average number of shares in issue during the year. 2015 2016 2017 Profit attributable to owners of the parent (RMB) 129,510,705 368,411,780 1,378,435,350 Other equity instruments' distribution (RMB) (19,287,671) (110,000,000) (110,000,000) 110,223,034 258,411,780 1,268,435,350 Weighted average number of ordinary shares in issue 14,272,716,517 14,903,798,236 14,903,798,236 Basic earnings per share (RMB) 0.01 0.02 0.09 (b) Diluted The diluted earnings per share amounts for the years ended December 31, 2015, 2016 and 2017 are the same as the basic earnings per share amounts as there were no dilutive potential shares during those years.

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2017
DIVIDENDS
DIVIDENDS	33. DIVIDENDS According 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 and the opening retained earnings for the current period in accordance with IFRSs; (ii) the sum of the net profit and the opening retained earnings for the current period in accordance with the PRC Accounting Standards for Business 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, 2018, the directors did not propose any final dividend for the year ended December 31, 2017, which is to be approved by the shareholders.

NOTES TO THE CONSOLIDATED STATE

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	12 Months Ended
	Dec. 31, 2017
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	34. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS Notes 2015 2016 2017 Cash flows generated from operating activities Profit before income tax 121,941 1,625,545 3,006,216 Adjustments for: Share of profits and losses of joint ventures 9(a) (23,238) 95,508 (8,151) Share of profits and losses of associates 9(b) (284,531) (115,091) 165,249 Depreciation of property, plant and equipment 6 6,944,990 6,577,514 6,606,283 Depreciation of investment properties 7 - 1,426 14,105 Gain on disposal of other property, plant and equipment and land use rights, net 27 (2,317,857) (816,721) (77,091) Impairment losses on property, plant and equipment 6 10,011 57,080 15,632 Impairment losses of intangible assets 5 - — 8,134 Amortization of intangible assets 5 255,098 243,771 276,877 Amortization of land use rights 8 104,459 99,724 96,074 Amortization of prepaid expenses included in other non-current assets 83,992 64,918 127,793 Realized and unrealized losses on futures, option and forward contracts 27 690,818 1,135,682 155,024 Gain on previously held equity interest remeasured at acquisition-date fair value 27 - — (117,640) Gain on disposals and deemed disposals of subsidiaries 27 (2,588,134) — (325,022) Gain on disposal of investments in associates 27 (832,369) (128,833) — Gain on disposal of and dividends from available-for-sale investments 27 (38,469) (140,929) (79,408) Receipt of government subsidies (282,635) (207,146) (202,359) Interest income (340,278) (353,535) (183,017) Finance cost 28 5,979,489 5,019,908 5,189,929 Change in special reserve (102,426) 9,148 56,729 Others 14,852 (7,531) (16,950) 7,395,713 13,160,438 14,708,407 Changes in working capital: Decrease/ (increase) in inventories 1,805,110 2,412,815 (2,605,918) Increase in trade and notes receivables (68,353) (3,679,766) (2,123,242) Decrease in other current assets (804,811) 3,466,467 1,275,535 Increase in restricted cash (109,542) (264,508) (137,745) Increase in other non-current assets (566,664) (133,249) (420,486) (Decrease)/ increase in trade and notes payables (618,583) (3,401,529) 1,511,908 Increase in other payables and accrued liabilities 1,024,249 40,469 1,875,014 Decrease in other non-current liabilities (461,995) (15,804) (7,805) Cash generated from operations 7,595,124 11,585,333 14,075,668 PRC corporate income taxes paid (277,378) (54,933) (947,891) Net cash generated from operating activities 7,317,746 11,530,400 13,127,777 Non-cash transactions of investing activities and financing activities Capital injection in an associate and joint ventures by non-cash assets 793,364 371,051 186,450 Endorsement of notes receivables accepted from sale of goods or services for purchase of property, plant and equipment 1,342,759 1,568,488 372,816 Acquisition of business 38(h) — — 50,058 Finance lease — — 44,342 (b) Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities 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. Financial liabilities Financial included in Financial liabilities at other current Liabilities fair value payables and included in Interest bearing through profit Trade and accrued other non-current loans and or loss notes payables expenses Liabilities borrowings Total As at January 1, 2017 3,575 11,342,870 9,572,490 789,720 105,782,141 127,490,796 Net cash generated from operating activities — 1,511,909 1,379,505 — — 2,891,414 Net cash flows from/(used in) investing activities 85,851 (530,457) 640,157 (73,701) 2,400,464 2,522,314 Proceeds from gold leasing arrangement — — — — 7,804,083 7,804,083 Proceeds from issuance of short-term bonds and medium-term notes, net of issuance costs — — — — 3,478,550 3,478,550 Repayments of medium-term notes and short-term bonds — — — — (16,300,000) (16,300,000) Repayments of gold leasing arrangement — — — — (4,000,000) (4,000,000) Drawdown of short-term and long-term bank and other loans — — — — 83,523,749 83,523,749 Repayments of short-term and long-term bank and other loans — — — — (78,673,459) (78,673,459) Proceeds from finance lease, net of deposit and transaction costs — — — — 1,000,036 1,000,036 Capital elements of finance lease rental payment — — — — (2,462,250) (2,462,250) Dividends paid by subsidiaries to non-controlling shareholders — — 2,446 — — 2,446 Amortization of unrecognized finance expenses and interest expense 16,352 398,371 414,723 Interest paid — — (262,105) — — (262,105) Reclassification — — (36,690) 36,690 — — Net cash (used in)/ generated from financing activities — — (296,349) 53,042 (5,230,920) (5,474,227) Net foreign exchange differences — (2,352) (11,347) — 90,588 76,889 As at December 31, 2017 89,426 12,321,970 11,284,456 769,061 103,042,273 127,507,186

SIGNIFICANT RELATED PARTY BALAN

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS
SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS	35. SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS The 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 their subsidiaries, 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”), other entities 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 as their 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 been adequately 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 party transactions in the ordinary course of business between the Group and its related parties during the year. (a) Significant related party transactions Note 2015 2016 2017 Sales of goods and services rendered: Sales of materials and finished goods to: (i) Chinalco and its subsidiaries (ix) 10,998,505 10,311,722 10,612,330 Associates of Chinalco 703,628 688,308 682,992 Joint ventures 79,034 648,145 2,031,159 Associates 2,165,445 605,449 705,052 13,946,612 12,253,624 14,031,533 Provision of engineering, construction and supervisory services to: (iii) Chinalco and its subsidiaries (ix) 46,328 101,323 77,095 Joint ventures — 41,423 2,046 46,328 142,746 79,141 Provision of utility services to: (ii) Chinalco and its subsidiaries (ix) 314,544 567,628 581,566 Associates of Chinalco 14,803 4,444 8,776 Joint ventures — 3,031 118,280 Associates 553 584 1,122 329,900 575,687 709,744 Rental revenue of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 34,476 33,231 40,875 Associates of Chinalco 249 Joint ventures — 426 34,725 33,231 41,301 Purchases of goods and services: Purchases of engineering, construction and supervisory services from: (iii) Chinalco and its subsidiaries (ix) 1,737,344 1,525,349 1,205,355 Purchases of key and auxiliary materials, equipment and finished goods from: (iv) Chinalco and its subsidiaries (ix) 1,640,051 1,626,782 3,849,889 Joint ventures 1,276,078 3,799,116 6,516,087 Associates 414,539 31,413 1,175 3,330,668 5,457,311 10,367,151 Provision of social services and logistics services by: (v) Chinalco and its subsidiaries (ix) 324,872 307,354 326,830 Provision of utility services by: (ii) Chinalco and its subsidiaries (ix) 643,597 686,474 1,397,346 Joint ventures — 3,386 19,537 643,597 689,860 1,416,883 Notes 2015 2016 2017 Provision of product processing services by: (vii) Chinalco and its subsidiaries (ix) 62,623 — — Provision of other services by: A joint venture — 151,552 269,204 Rental expenses for buildings and land use rights charged by: (vi) Chinalco and its subsidiaries (ix) 590,657 509,558 474,567 Joint ventures — 126 — 590,657 509,684 474,567 Other significant related party transactions: Borrowing from a subsidiary of Chinalco (viii), (ix) 5,929,000 5,145,959 3,901,000 Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco 149,213 226,118 225,934 Entrusted loans and other borrowings to: Joint ventures 140,000 212,400 500,000 Associates — — 1,100,000 140,000 212,400 1,600,000 Interest income on entrusted loans and other borrowings: Joint ventures 14,061 31,373 41,005 An associate — — 24,425 14,061 31,373 65,430 Interest income from the unpaid disposal proceeds from: Chinalco and its subsidiaries 326,217 246,149 117,587 Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco (xxvi) 1,150,000 1,040,000 600,000 Finance lease under a sale and leaseback contract from subsidiaries of Chinalco (xxvi), (ix) 1,150,064 1,040,036 600,036 Trade receivable factoring arrangement from a subsidiary of Chinalco (ix) — — 1,570,000 Discounted notes receivable to a subsidiary of Chinalco (viii) 122,000 40,200 523,253 Provision of financial guarantees to: Joint ventures (xv), (xxv) 340,900 24,245 18,350 An associate (xvi) 17,470 — — 358,370 24,245 18,350 Financial guarantees provided by: Subsidiaries of Chinalco 19(e) 27,000 23,000 4,000 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 general agreements on a mutual provision of production supplies and ancillary services. The pricing policy is summarized below: 1. 2. 3. 4. (ii) (iii) (iv) (v) (vi) (vii) The pricing policy for product processing services is the same as that set out in (i) above. (viii) 中鋁財務有限責任公司 ), a wholly-owned subsidiary of Chinalco and a non-bank financial institution established in the PRC, provides deposit services, credit services and miscellaneous financial services to the Group. The terms for the provision of financial services to the Group are no less favourable 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 same type of financial services that may be provided to the Group by other financial institutions. (i) These related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. (ii) In November 2015, the Company together with its two subsidiaries, Chalco International Trading and Chalco Shanghai Kelin Co., Ltd. ( 上海中鋁凱林鋁業有限公司 ) (“Shanghai Kelin”) signed a capital injection agreement with Chinalco Asset Management Co., Ltd.*( 中鋁資 產經營管理公司 ) (“Chinalco Asset Management”) to inject capital to Chinalco Property Development Co., Ltd.* ( 中鋁置 业發展有限公司 ) (“Chinalco Property Development”) by way of injecting certain urban property assets and land use rights with appraised value amounting to RMB676.95 million and cash amounting to RMB696 million. Subsequent to the capital injection, the Group held a 24.12% equity interest in Chinalco Investment Development. The investment in Chinalco Property Development has been adjusted the impact of downstream transaction amounting to RMB111.3 million. The transaction generated disposal gain amounting to RMB350.22 million. In November 2015, Chinalco Property Development changed its name to Chinalco Investment Development. (xi) In November 2015, Chalco Hong Kong and Chinalco Assets Holdings entered into an asset transfer agreement, pursuant to which, Chalco Hong Kong agreed to dispose of the property assets (“HK Property”) of Chalco Hong Kong to Chinalco Assets Holdings. The appraised value of the properties was HKD372 million (equivalent to RMB311 million) as at the Benchmark Date of September 30, 2015. According to the asset transfer agreement, 30% of the total consideration, i.e. HKD112 million (equivalent to RMB93 million), shall be paid to Chalco Hong Kong by Chinalco Assets Holdings in December 2015, and the remaining 70% of the total consideration shall be paid before June 30, 2016. The transaction between the Group and Chinalco Assets Holdings constituted a connected transaction. The Group disposed of the Hong Kong property with carrying value of RMB102 million and recognized a gain of RMB210 million. In December 2015, the Group received the first batch of the asset transfer consideration of RMB93 million. (xii) (xiii) (xiv) (xv) 山西介休鑫峪沟煤 业有限公司 ”) (“Xinyugou Coal”), a joint venture of the Company, and pursuant to the guarantee agreement, the Company provided financial guarantee to loans up to RMB1,020 million of Xinyugou Coal, in proportion to its 34% shareholding. In August 2016, Xinyugou Coal was default in repayment of bank loans and interests of RMB914 million and RMB101 million, respectively. Based on the agreement entered among the Company, Xinyugou Coal, one of its other shareholders and China Development Bank on 31 August 2016, the Company fulfilled its guarantee obligation by paying RMB336 million to China Development Bank, and the related financial guarantee was released. (xvi) 霍州煤 电集团兴盛园煤业有限责任公司 ”) (“Xingshengyuan Coal”) an associate of the Company, for its bank loan up to RMB200 million, in proportion of the 43.03% shareholding in Xingshengyuan Coal. In 2016, Xingshengyuan Coal repaid the bank loan in full, and the guarantee has been released. (xvii) (xviii) (xix) (xx) (xxi) 農銀匯理基金管理有限公司 “) (“ABC-CA“) with appraised value of RMB283.15 million and cash of RMB150 million totalling RMB433.15 million. The Company completed the capital injection of 15% equity interest of ABC-CA in June 2016 which constituted a related party transaction. (xxii) On March 30, 2016, Chalco Shandong, Chalco Shanxi Branch and Chalco Henan Branch entered into asset transfer agreements to transfer certain non-core assets to Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation, respectively, which are all subsidiaries of Chinalco. The total consideration was RMB474.62 million which was determined based on the valuation reports of the assets disposed of on the valuation base date as at February 29, 2016. The carrying value of the assets disposed of amounted to RMB279.19 million and the Group recognized a disposal gain of RMB195.43 million. The transactions were completed on March 31, 2016. Pursuant to the asset transfer agreements, the considerations will be paid in two instalments. In 2016, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation paid the first instalment amounting to RMB120.04 million by notes receivable, and Shandong Aluminum settled its payment by offsetting receivables amounting to RMB76.62 million. (xxiii) As disclosed in note 39, on June 30, 2016, the Group transferred the Environmental Protection Business to Aluminum SPC, which constituted a related party transaction. (xxiv) On June 28, 2016, the Company and Chinalco entered into a cooperative exploration agreement, pursuant to which the Company and Chinalco contributed construction investment and mining rights of RMB660 million and RMB475 million, respectively, representing 58.15% and 41.85%, respectively. The Group and Chinalco are entitled to the share of profits derived from Maochang Mine based on their respective percentage of assets contributed and mine rights, respectively, for the period from July 1, 2016 to December 30, 2038. On June 28, 2016, the Company also entered into a profit sharing rights transfer agreement with Chinalco, pursuant to which the Group acquired 80% of Chinalco’s profit sharing rights in Maochang Mine at the consideration of RMB349.95 million which is determined by both parties with reference to the appraised value provided by an independent qualified valuer. The consideration will be paid in cash by the Group by instalments of RMB120 million, RMB135 million and RMB94.95 million in 2016, 2017 and 2018, respectively. The Group recorded the profit sharing rights purchased from Chinalco as an intangible asset at the present value of the cash consideration instalments and the related transactions totalling RMB335.41 million. As at December 31, 2017, Maochang Mine had been put into operation. (xxv) (xxvi) As disclosed in note 20, the Group has entered into several sales and leaseback contracts with CFL. (xxvii) (xxviii) 100% equity interest in Qingdao Light Metal from Chinalco, which constituted a related party transaction. (xxix) (xxx) (d), on October 31, 2017, the Group transferred 60% equity interest of China Aluminum Shandong Engineering Technology Co., Ltd.(“Shandong Engineering”) ( 中鋁山東工程技術有限公司 ) to China Aluminum International Engineering Co., Ltd. (“CHALIECO”) ( 中鋁國際工程股份有限公司 ), which constituted a related party transaction. During the years ended December 31, 2015, 2016 and 2017, the Group’s significant transactions with entities directly or indirectly owned or controlled by the government through its agencies, affiliates or other organisations (collectively “State-owned Enterprises“ (“SOEs“)) (excluding Chinalco and its subsidiaries) constituted a large portion of its sales of goods and purchases of raw materials, electricity, property, plant and equipment and services. In addition, substantially all restricted cash, time deposits, cash and cash equivalents and borrowings as at December 31, 2016 and 2017 and the relevant interest earned or paid during the year were transacted with banks and other financial institutions which are controlled by the PRC government. In the opinion of the directors of the Company, the transactions with SOEs are activities conducted in the ordinary course of business, and the dealings of the Group have not been significantly or unduly affected by the fact that the Group and those SOEs are ultimately controlled or owned by the PRC government. The Group has also established pricing policies for rendered services and such pricing policies do not depend on whether or not the customers are SOEs. As of December 31, 2017, pursuant to the "Investment Agreements" and the "Debt to Equity Swap Agreements" (note 17), the Target Companies have already received additional capital contributions of RMB12,600 million by the Investors, who belong to SOEs. * 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 English names. (b) Balances with related parties Other than those disclosed elsewhere in the consolidated financial statements, the outstanding balances with related entities at the year end are as follows: December 31, December 31, 2016 2017 Cash and cash equivalents deposited with A subsidiary of Chinalco (Note) 7,073,289 7,679,806 Trade and notes receivables Chinalco and its subsidiaries 1,086,014 1,475,477 Associates of Chinalco 10,200 2,000 Joint ventures 38,055 591,488 Associates — 96,574 1,134,269 2,165,539 Provision for impairment of receivables (78,262) (78,388) 1,056,007 2,087,151 Note : On August 26, 2011, the Company entered into an agreement with Chinalco Finance, pursuant to which, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. On August 24, 2012, April 28, 2015 and October 26, 2017, the Company renewed the financial service agreement with Chinalco Finance with a validation term of three years ending on August 25, 2018. December 31, December 31, 2016 2017 Other current assets Chinalco and its subsidiaries 5,065,890 623,254 Joint ventures 2,092,369 1,737,644 Associates 73,546 1,132,138 7,231,805 3,493,036 Provision for impairment of other current assets (48,510) (48,166) 7,183,295 3,444,870 Other non-current assets Chinalco and its subsidiaries 27,946 — A joint venture 112,403 97,103 Associates 111,846 111,845 252,195 208,948 Borrowings and finance lease payables Subsidiaries of Chinalco 6,051,288 3,329,807 A joint venture 190,000 190,000 6,241,288 3,519,807 Trade and notes payables Chinalco and its subsidiaries 374,325 426,190 Joint ventures 300 413,533 Associates — 7,222 374,625 846,945 Other payables and accrued liabilities Chinalco and its subsidiaries 1,540,119 2,652,249 Associates of Chinalco 1,149 5,030 Associates 53,000 218,560 Joint ventures 159,669 101,828 1,753,937 2,977,667 As at December 31, 2017, included in long-term loans and borrowings and short-term loans and borrowings were from other state-owned enterprises amounting to RMB33,575 million (December 31, 2016: RMB27,788 million) and RMB42,648 million (December 31, 2016: RMB39,698 million). The terms of all balances with the exception of the entrusted loans were unsecured and were in accordance with terms as set out in the respective agreements or as mutually agreed between the parties concerned. (c) Compensation of key management personnel 2015 2016 2017 Fees 653 762 768 Basic salaries, housing fund, other allowances and benefits in kind 3,202 2,542 3,830 Pension costs 221 277 415 4,076 3,581 5,013 Details of directors’ remuneration are included in note 30 to the financial statements. (d) Commitments with related parties As at December 31, 2016 and 2017, except for the other capital commitments disclosed in note 42(c) to these financial statements, the Group had no significant commitments with related parties.

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2017
FINANCIAL AND CAPITAL RISK MANAGEMENT
FINANCIAL AND CAPITAL RISK MANAGEMENT	36. FINANCIAL AND CAPITAL RISK MANAGEMENT 36.1 Financial risk management The 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 and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise the potential adverse effects on the Group’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 Group Treasury identifies, evaluates and hedges financial risks through close co-operation with the Group’s operating units. (a) Market risk (i) Foreign currency risk Foreign currency risk primarily arises from certain significant foreign currency deposits, trade and notes receivables, trade and notes payables, advances paid to suppliers, and short-term and long-term loans denominated in United States dollars (“USD“), Australian dollars (“AUD“), Euro (“EUR“), Japanese yen (“JPY“), and Hong Kong dollars (“HKD“). Related exposures are disclosed in notes 14, 15, 16, 19, 22, 23 and 40 to the financial statements, respectively. The Group Treasury closely monitors the international foreign currency market on the change of exchange rates and takes these into consideration when investing in foreign currency deposits and borrowing loans. As at December 31, 2016 and 2017, the Group only had significant exposure to USD. As at December 31, 2017, if RMB had strengthened/weakened by 5% against USD with all other variables held constant, the profit for the year would have been approximately RMB21 million lower/higher (2016: RMB269 million lower/higher), mainly as a result of foreign exchange gains and losses arising from translation of USD-denominated borrowings, cash and receivables. Profit was less sensitive to the fluctuation in the RMB/USD exchange rates in 2017 than in 2016, mainly due to the decrease in the USD denominated cash and receivables. 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 the Company are of the opinion that the Group was not exposed to any significant foreign currency risk arising from these foreign currency denominated assets and liabilities as at December 31, 2016 and 2017. (ii) Interest rate risk The interest rate risk of the Group mainly arises from medium-term notes and short-term bonds issued at fixed rates. As at December 31, 2016 and 2017, as the Group had no significant interest-bearing assets except for bank deposits (note 16), entrusted loans (note 15), and a loan to Shanxi Huaxing (note 12), the Group’s income and operating cash flows are substantially independent 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 People’s Bank of China and the Group Treasury 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 at December 31, 2016 and 2017. 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 flow interest rate risk. The exposures to these risks are disclosed separately in note 19. The Group enters into debt obligations to support general corporate purposes including capital expenditures and working capital needs. The Group Treasury closely 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 described above. As at December 31, 2017, if interest rates had been 100 basis points (December 31, 2016: 100 basis points) higher/lower for bank and other loans borrowed at floating interest rates with all other variables held constant, net profit for the year would have been RMB535 million lower/higher (2016: RMB480 million), respectively, mainly as a result of the higher/lower interest expense on floating rate borrowings. The 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 of corporate bonds with similar terms was relatively low, the directors of the Company are of the opinion that the Group is not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as at December 31, 2016 and 2017. (iii) Commodity price risk The 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 for hedging other than speculation. With reference to the hedging of primary aluminum, production company hedges the output of primary aluminum and trading company hedges the 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 in primary aluminum prices. As at December 31, 2017, the fair values of the outstanding futures contracts amounting to RMB10 million (December 31, 2016: RMB55 million) and RMB89 million (December 31, 2016: RMB3 million) were recognized in financial assets and financial liabilities at fair value through profit or loss, respectively. As at December 31, 2017, the Company did not hold any option contracts (December 31, 2016: the fair value of the outstanding options contracts amounting to RMB0.1 million was recognized in financial liabilities at fair value through profit or loss). As at December 31, 2017, if the commodity futures prices had increased/decreased by 3% (Decem PaymentsForGuaranteeObligationRelatedPartyTransactions ber 31, 2016: 3%) and all other variables held constant, profit for the year would have changed by the amounts shown below: 2016 2017 Primary aluminum Decrease/increase Decrease/increase Copper Decrease/increase Increase/decrease Zinc Decrease/increase Decrease/increase Lead Increase/decrease RMB0.1 million — Coal Decrease/increase RMB1 million Decrease/increase (b) Credit risk Credit risk arises from balances with banks and financial institutions, short-term investments, trade and notes receivables, other current and non-current receivables as well as credit exposures of customers, including outstanding receivables and committed transactions. The carrying amounts of short-term investments and these receivables included in notes 10, 12, 14, and 15 represent the Group’s maximum exposure to credit risk in relation to its financial assets. The Group also provided financial guarantees to certain subsidiaries and a joint venture. The guarantees to joint ventures and an associate mentioned in note 35 represented the Group’s maximum exposure to credit risk in relation to its guarantees to a joint venture. 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 the PRC 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. With regard to receivables, the marketing department assesses the credit quality of the customers and their related parties, taking into account their financial positions, past experience and other factors. The Group performs periodic credit evaluations of its customers and considers that adequate provision for impairment of receivables has been made in the financial statements. Management does not expect any further losses from non-performance by these counterparties. The Group holds collateral for some entrusted loans. For the year ended December 31, 2017, revenues of approximately RMB39,759 million (2015: RMB 31,818 million, 2016: RMB30,940 million) were derived from entities directly or indirectly owned or controlled by the PRC government including Chinalco. There were no other individual customers from whom the Group has derived revenue of more than 10% of the Group’s revenue during the years ended December 31, 2016 and 2017. Thus, the directors of the Company are of the opinion that the Group was not exposed to any significant concentration of credit risk as at December 31, 2015, 2016 and 2017. (c) Liquidity risk Cash 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’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times 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’s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements, for example, currency restrictions. As at December 31, 2017, the Group had total banking facilities of approximately RMB152,080 million (2016: RMB134,235 million) of which amounts totalling RMB69,414 million (2016: RMB61,980 million) have been utilized as at December 31, 2017. Banking facilities of approximately RMB56,104 million (2016: RMB 67,510 million) will be subject to renewal during the next 12 months. The directors of the Company are confident that such banking facilities can be renewed upon expiration based on their past experience and good credit standing. In addition, as at December 31, 2017, the Group had credit facilities through its futures agent at the LME amounting to USD20 million (equivalent to RMB131 million) (December 31, 2016: USD120 million (equivalent to RMB832 million)), of which USD2 million (equivalent to RMB13 million) (December 31, 2016: USD50 million (equivalent to RMB344 million)) has been utilized. The futures agent has the right to adjust the related credit facilities. Management also monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash flows. The table below analyzes the maturity profile of the Group’s financial liabilities as at the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows. Within 1 Over 5 year 1 to 2 years 2 to 5 years years Total As at December 31, 2016 Finance lease payables, including current portion 2,253,720 2,068,315 2,895,251 — 7,217,286 Long-term bank and other loans, including current portion 4,725,151 8,000,722 10,275,883 8,698,516 31,700,272 Long-term bonds 2,000,000 — — — 2,000,000 Medium-term notes and bonds, including current portion 6,400,000 12,500,000 3,215,000 — 22,115,000 Short-term bonds 7,900,000 — — — 7,900,000 Gold leasing arrangement 3,000,000 — — — 3,000,000 Short-term bank and other loans 32,321,825 — — — 32,321,825 Interest payables for borrowings 6,062,365 1,701,480 2,436,061 470,469 10,670,375 Financial liabilities at fair value through profit or loss 3,575 — — — 3,575 Financial liabilities included in other payables and accrued liabilities, excluding accrued interest 8,501,869 — — — 8,501,869 Financial liabilities included in other non-current liabilities (Note) — 218,201 330,021 405,261 953,483 Trade and notes payables 11,342,870 — — — 11,342,870 84,511,375 24,488,718 19,152,216 9,574,246 137,726,555 The table below analyzes the maturity profile of the Group's financial liabilities as at the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows. Within 1 Over 5 year 1 to 2 years 2 to 5 years years Total As at December 31, 2017 Finance lease payables, including current portion 2,371,917 1,762,618 1,890,329 73,603 6,098,467 Long-term bank and other loans, including current portion 6,890,140 5,174,015 8,673,794 19,745,385 40,483,334 Medium-term notes and bonds, including current portion 12,500,000 3,215,000 — — 15,715,000 Short-term bonds 3,500,000 — — — 3,500,000 Gold leasing arrangement 6,818,393 — — — 6,818,393 Short-term bank and other loans 30,834,442 — — — 30,834,442 Interest payables for borrowings 5,282,030 2,123,149 4,106,037 1,048,728 12,559,944 Financial liabilities at fair value through profit or loss 89,426 — — — 89,426 Financial liabilities included in other payables and accrued liabilities, excluding accrued interest 10,307,315 — — — 10,307,315 Financial liabilities included in other non-current liabilities (Note) — 107,785 108,896 587,668 804,349 Trade and notes payables 12,321,970 — — — 12,321,970 90,915,633 12,382,567 14,779,056 21,455,384 139,532,640 Note: As disclosed in note 21, as at December 31, 2017, the carrying value of financial liabilities included in other non-current liabilities was RMB769 million (December 31, 2016: RMB790 million). (a) Financial instruments by category The carrying amounts of each of the categories of financial instruments of the Group as at the end of the reporting period are as follows: December 31, 2016 Financial assets at fair value Available ‑ through for ‑ sale profit or Loans and financial Financial assets loss receivables investments Total Current Trade and notes receivables — 7,349,563 — 7,349,563 Financial assets at fair value through profit or loss 54,756 — — 54,756 Restricted cash and time deposits — 2,087,447 — 2,087,447 Cash and cash equivalents — 23,813,736 — 23,813,736 Financial assets included in other current assets — 10,663,486 — 10,663,486 Subtotal 54,756 43,914,232 — 43,968,988 Non-current Available-for-sale financial investments — — 164,393 164,393 Financial assets included in other non-current assets — 1,366,359 — 1,366,359 Subtotal — 1,366,359 164,393 1,530,752 Total 54,756 45,280,591 164,393 45,499,740 December 31, 2016 Financial Financial liabilities at fair liabilities at value through amortized Financial liabilities profit or loss cost Total Current Financial liabilities at fair value through profit or loss 3,575 — 3,575 Interest-bearing loans and borrowings — 58,459,394 58,459,394 Financial liabilities included in other payables and accrued liabilities — 9,572,489 9,572,489 Trade and notes payables — 11,342,870 11,342,870 Subtotal 3,575 79,374,753 79,378,328 Non-current Financial liabilities included in other non-current liabilities — 789,720 789,720 Interest-bearing loans and borrowings — 47,322,748 47,322,748 Subtotal — 48,112,468 48,112,468 Total 3,575 127,487,221 127,490,796 December 31, 2017 Financial assets at fair value Available ‑ through for ‑ sale profit or Loans and financial Financial assets loss receivables investments Total Current Trade and notes receivables — 8,026,209 — 8,026,209 Financial assets at fair value through profit or loss 9,534 — — 9,534 Restricted cash and time deposits — 2,152,492 — 2,152,492 Cash and cash equivalents — 27,750,686 — 27,750,686 Financial assets included in other current assets — 6,487,089 — 6,487,089 Subtotal 9,534 44,416,476 — 44,426,010 Non-current Available-for-sale financial investments — — 1,928,201 1,928,201 Financial assets included in other non-current assets — 261,156 — 261,156 Subtotal — 261,156 1,928,201 2,189,357 Total 9,534 44,677,632 1,928,201 46,615,367 December 31, 2017 Financial liabilities at fair Financial value through liabilities at Financial liabilities profit or loss amortized cost Total Current Financial liabilities at fair value through profit or loss 89,426 — 89,426 Interest-bearing loans and borrowings — 62,752,570 62,752,570 Financial liabilities included in other payables and accrued liabilities (note 22) — 11,284,456 11,284,456 Trade and notes payables — 12,321,970 12,321,970 Subtotal 89,426 86,358,996 86,448,422 Non-current Financial liabilities included in other non-current liabilities (note 21) — 769,061 769,061 Interest-bearing loans and borrowings — 40,289,703 40,289,703 Subtotal — 41,058,764 41,058,764 Total 89,426 127,417,760 127,507,186 (b) Fair value and fair value hierarchy Fair value The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values and those carried at fair value, are as follows: Carrying amounts Fair values December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Financial assets Available-for-sale financial instruments — 1,848,000 — 1,848,000 Financial assets included in other non-current assets (note 12) 1,366,359 261,156 1,375,140 242,567 1,366,359 2,109,156 1,375,140 2,090,567 Carrying amounts Fair values December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Financial liabilities Financial liabilities included in other non-current liabilities (note 21) 789,720 769,061 789,720 660,688 Long-term interest-bearing loans and borrowings (note 19) 47,322,748 40,289,703 46,766,169 39,475,392 48,112,468 41,058,764 47,555,889 40,136,080 Management has assessed that the fair values of cash and cash equivalents, restricted cash and time deposits, trade and notes receivables, financial assets included in other current assets, entrusted loans, trade and notes payables, financial liabilities included in other payables and accrued liabilities, short-term and the current portion of interest-bearing loans and borrowings, interest payable and the current portion of long-term payables approximate to 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. The following methods and assumptions were used to estimate the fair values: · 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 loans and borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining 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 at December 31, 2016 and 2017 was assessed to be insignificant. Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 54,756 — — 54,756 Available for sale financial investments 93,893 — — 93,893 148,649 — — 148,649 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 9,534 — — 9,534 Available-for-sale financial investments Listed equity investments 9,701 — — 9,701 Other unlisted investment — 1,848,000 — 1,848,000 19,235 1,848,000 — 1,867,235 Liabilities measured at fair value Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 3,468 — — 3,468 European option contracts — 107 — 107 3,468 107 — 3,575 Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 89,426 — — 89,426 89,426 — — 89,426 Assets for which fair values are disclosed Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Loans and receivables: Financial assets included in other non-current assets — 1,375,140 — 1,375,140 Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Loans and receivables: Financial assets included in other non-current assets — 242,567 — 242,567 Liabilities for which fair values are disclosed Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 789,720 — 789,720 Long-term interest-bearing loans and borrowings — 46,766,169 — 46,766,169 — 47,555,889 — 47,555,889 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 660,688 — 660,688 Long-term interest-bearing loans and borrowings — 39,475,392 — 39,475,392 — 40,136,080 — 40,136,080 During the year ended December 31, 2017, 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 both financial assets and financial liabilities (2016: Nil). 36.3 Capital risk management The 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 for other 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 is calculated as total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) and deferred government grants less restricted cash, time deposits and cash and cash equivalents. 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 at December 31, 2016 and 2017 is as follows: December 31, December 31, 2016 2017 Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) 131,916,992 132,022,668 Less: restricted cash, time deposits and cash and cash equivalents (25,901,183) (29,903,178) Net debt 106,015,809 102,119,490 Total equity 55,786,808 65,513,879 Add: net debt 106,015,809 102,119,490 Less: non-controlling interests (17,618,510) (26,035,429) Total capital attributable to owners of the parent 144,184,107 141,597,940 Gearing ratio 74 % 72 %

PARTLY-OWNED SUBSIDIARIES WITH

PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2017
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS	37. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS Other than the senior perpetual securities issued by a subsidiary of the Group, which is disclosed in note 40, details of the Group’s subsidiaries that have material non-controlling interests are set out below: 2016 2017 Percentage of equity interest held by non-controlling interests Ningxia Energy 29.18 % 29.18 % Shandong Huayu 45.00 % 45.00 % Chalco Shandong — 30.80 % Zhongzhou Aluminum — 36.90 % Baotou Aluminum — 25.67 % Chalco Mining — 81.14 % Profit for the year allocated to non-controlling interests Ningxia Energy 53,667 (5,670) Shandong Huayu 79,621 13,070 Chalco Shandong — — Zhongzhou Aluminum — — Baotou Aluminum — 72,902 Chalco Mining — — Dividends distributed to non-controlling interests Ningxia Energy 7,430 3,264 Shandong Huayu — — Chalco Shandong — — Zhongzhou Aluminum — — Baotou Aluminum — — Chalco Mining — — Accumulated balances of non-controlling interests at the reporting dates Ningxia Energy 4,516,727 4,914,902 Shandong Huayu 822,327 860,235 Chalco Shandong — 1,426,620 Zhongzhou Aluminum — 2,151,713 Baotou Aluminum 700,000 2,588,831 Chalco Mining 1,101 5,345,570 As of December 31, 2017, pursuant to the "Investment Agreements" and the "Debt to Equity Swap Agreements" (note 17), the Investors have already made additional capital contributions of RMB12,600 million to the Target Companies. Subsequent to the completion of the capital increase, the Company's interest in Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and Chalco Mining decreased from 100% to 69.20%, 63.10%, 74.33% and 18.86%, respectively. Pursuant to the "Investment Agreements" and the "Debt-to-Equity Swap Agreements", the Investors voluntarily became parties acting in concert with the Company. When voting at the shareholders’ and board meetings of the Target Companies, the Investors and the directors appointed by them undertake to act in accordance with the instructions from the Company and in concert with the Company. Therefore, in the opinion of the directors of the Company, the Group exercises control over the Target Companies; and the equity interest of the Target Companies held by the Investors are accounted for as non-controlling interests. The following tables illustrate the summarized financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations: Ningxia Shandong Chalco Zhongzhou Baotou 2016 Energy Huayu Shandong Aluminum Aluminum Chalco Mining Revenue 4,170,859 2,500,353 5,990,183 4,716,235 6,467,152 2,390,441 Total expenses 4,064,127 2,323,417 5,636,485 4,700,680 5,671,676 2,930,569 Profit/(loss) for the year 106,732 176,936 353,698 15,555 795,476 (540,128) Total comprehensive income/(loss) for the year 106,732 176,936 353,698 15,555 795,476 (540,128) Current assets 4,481,921 918,043 2,307,274 2,658,649 2,308,282 2,790,087 Non-current assets 30,633,509 2,231,424 4,795,278 4,722,540 8,068,407 6,060,379 Current liabilities 6,959,388 1,331,872 3,974,857 3,793,320 4,851,993 2,627,715 Non-current liabilities 17,720,701 1,100 300,547 340,809 1,060,164 5,421,182 Net cash flows from/(used in) operating activities 1,874,909 (332,713) 136,934 368,083 1,271,670 212,147 Net cash flows (used in)/from investing activities (1,384,059) 32,753 (200,859) (373,882) (2,035,306) (461,248) Net cash flows from/(used in) financing activities 291,301 (68,627) (62,754) (40,286) 1,084,462 157,940 Effect of foreign exchange rate changes, net — — — — 12 — Net increase/(decrease) in cash and cash equivalents 782,151 (368,587) (126,679) (46,085) 320,838 (91,161) Ningxia Shandong Chalco Zhongzhou Baotou 2017 Energy Huayu Shandong Aluminum Aluminum Chalco Mining Revenue 5,624,059 2,900,693 Total expenses 5,691,240 2,873,755 (Loss)/profit for the year (67,181) 26,938 Total comprehensive (loss)/income for the year (67,181) 26,938 Current assets 4,538,735 1,086,854 Non-current assets 33,716,269 2,475,925 Current liabilities 7,944,491 1,612,994 Non-current liabilities 19,488,716 80,489 Net cash flows from operating activities 2,110,801 195,673 Net cash flows used in investing activities (3,933,743) (186,230) Net cash flows from/(used in) financing activities 1,350,275 117 Effect of foreign exchange rate changes, net — — — — — Net (decrease)/increase in cash and cash equivalents (472,667) 9,560

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2017
BUSINESS COMBINATION
BUSINESS COMBINATION	38. BUSINESS COMBINATION (a) Acquisition of High-Purity Aluminum and Light Metal In November 2015, Baotou Aluminum, the subsidiary of the Company, acquired relevant assets and liabilities of High-Purity Aluminum and Light Metal of Baotou Aluminum Group at a total cash consideration of RMB37.662 million. Baotou Aluminum Group is a subsidiary of Chinalco, the parent company of the Group. Before and after the acquisition, both sides are controlled by Chinalco, and the control is not temporary. Thus, the acquisition is considered to be business combination under common control. The combination date is November 30, 2015, which is determined by the date of transfer of the assets and liabilities. The book values of the assets and liabilities of High-Purity Aluminum and Light Metal as at the acquisition date and the comparative financial figures were as follows: December 31, 2014 December 31, 2015 Assets Trade and notes receivables 19,959 47,729 Other current assets 11,808 13 Inventories 101,898 146,224 Property, plant and equipment 87,609 76,611 Intangible assets 2,139 1,347 Liabilities Trade and notes payables 2,911 43,597 Other payables and accrued expenses 3,791 137,539 Interest bearing loans and borrowings 191,707 65,000 Net assets 25,004 25,788 Difference recognized in equity 11,874 37,662 Cash 37,662 Total purchase consideration 37,662 During the year ended December 31, 2015, the Group has paid the cash consideration amounting to RMB30 million, and the remaining cash consideration amounting to RMB7.6 million has been paid in year ended December 31, 2016. (b) Acquisition of Bayer aluminum production line On January 1, 2016, Chalco Shandong, a subsidiary of the Company, completed the swap of its certain assets and liabilities with Shandong Aluminum, a subsidiary of Chinalco. The assets disposed of by Chalco Shandong include the relevant assets and liabilities of the electrolysis aluminum plant except for the electrolysis production line (mainly carbon assets), the aluminum processing plant and the hospital ward building of Chalco Shandong (the “Assets Disposed of“). The assets acquired by Chalco Shandong comprised the relevant assets and liabilities of the Bayer alumina production line of Shandong Aluminum which, in the opinion of directors of the Company, constitute businesses (the “Business Acquired“). According to the final consideration, Chalco Shandong shall pay a net consideration amounting to RMB162 million. As at the combination date, the carrying amounts of the Business Acquired and Assets Disposed of were RMB327 million and RMB176 million, respectively. Before and after the transaction, both entities were controlled by Chinalco, and the control was not temporary. Thus, the acquisition is considered to be a business combination under common control. The transaction date was January 1, 2016, which was determined by the date that the transfer of the rights and risks of the assets and liabilities was completed. The carrying amounts of the assets and liabilities of Business Acquired as at the transaction date and the comparative financial figures were as follows: December 31, 2015 January 1, 2016 Assets Property, plant and equipment 328,354 328,354 Liabilities Other payables and accrued expenses 1,488 1,488 Net assets 326,866 326,866 Difference recognized in equity — 11,418 — 338,284 Cash — 161,962 Carrying values of assets disposed of — 176,322 Total purchase consideration — 338,284 (c) Acquisition of pseudoboehmite and activated silicon powder production lines On June 28, 2016, the Shanxi Branch of the Company (“Shanxi Branch“) entered into an Asset Transfer Agreement with Shanxi Aluminum Plant, pursuant to which, the Shanxi Branch acquired pseudoboehmite and activated silicon powder production lines of Science and Technology Chemical Company, a branch of Shanxi Aluminum Plant, at a total cash consideration of RMB43.06 million. In the opinion of directors of the Company, the production lines constitute a business. The total cash consideration was determined based on the asset appraisal report performed by an independent qualified valuer. Shanxi Aluminum Plant is a subsidiary of Chinalco, the parent company of the Group. Before and after the acquisition, both Shanxi Aluminum Plant and the Company are controlled by Chinalco, and the control is not temporary. Thus, the acquisition is considered to be business combination under common control. The transaction date is July 5, 2016, which is determined by the date of transfer of the assets. The carrying amount of the assets and liabilities of pseudoboehmite and activated silicon powder production lines as at the transaction date and the comparative financial figures were as follows: December 31, July 5, 2015 2016 Assets Property, plant and equipment 29,966 28,860 Liabilities Other payables and accrued expenses 2,503 — Net assets 27,463 28,860 Difference recognized in equity 14,201 43,061 Cash 43,061 Total purchase consideration 43,061 The acquisition of Shanxi Aluminum Plant has no impact on the Group’s cash and cash equivalents. (d) Acquisition of equity interest in Chinalco Shanghai On August 8, 2016, through the Shanghai United Assets and Equity Exchange, the Company was affirmed as the acquirer of the 60% equity interest in Chinalco Shanghai and the Company entered into an equity transfer agreement with Chinalco, pursuant to which, the Company acquired the 60% equity interest of Chinalco Shanghai with a total cash consideration of RMB2,113.76 million. The consideration was determined based on the appraisal value of the equity of Chinalco Shanghai. Subsequent to the acquisition, the Group exercised control over Chinalco Shanghai. Before and after the acquisition, both Chinalco Shanghai and the Company are controlled by Chinalco, and the control is not temporary. Thus, the acquisition of 60% equity interest in Chinalco Shanghai is considered to be business combination under common control. The transaction date was September 9, 2016, which was determined by the date that the Group obtained control over Chinalco Shanghai. The book values of the assets and liabilities of Chinalco Shanghai Company Limited as at the transaction date and the comparative financial figures were as follows: December 31, September 9, 2015 2016 Assets Property, plant and equipment 414,766 494,725 Land use rights 742,771 731,967 Inventories 22 15 Other current assets 916 1,425 Restricted cash and time deposits 51,500 70,500 Cash and cash equivalents 1,156 2,164 Liabilities Interest bearing loans and borrowings 241,118 330,549 Trade and notes payables 147 29 Other payables and accrued expenses 1,598 1,951 Net assets 968,268 968,267 Non-controlling interests 387,307 Net assets acquired 580,960 Difference recognized in equity 1,532,801 2,113,761 Satisfied by cash 2,113,761 Total purchase consideration 2,113,761 As at December 31, 2016, the Group has paid up the purchase consideration amounting to RMB2,114 million. (e) Acquisition of equity interest in Xinghua Technology On December 5, 2016, through China Beijing Equity Exchange, the Company, and Chalco Shandong entered into equity transfer agreements with Shanxi Aluminum Plant and Shandong Aluminum respectively, pursuant to which the Company and Chalco Shandong acquired 33% and 33% equity interests of Xinghua Technology, from Shanxi Aluminum Plant and Shandong Aluminum respectively. The considerations for the acquisition of 33% and 33% equity interests of Xinghua Technology were RMB257.76 million and RMB257.76 million, respectively, which were determined based on the appraisal value of Xinghua Technology. Up to December 31, 2016, the Group has paid RMB335.09 million based on the equity transfer agreements. The remaining considerations will be paid before December 31, 2017 with interest at the prevailing one year lending rate quoted by the People's Bank of China. Xinghua Technology was a subsidiary of Chinalco, the parent company of the Group. Subsequent to the acquisition, the Group had control over Xinghua Technology. Before and after the acquisition, both Xinghua Technology and the Company are controlled by Chinalco, and the control is not temporary. Thus, the acquisition of 66% equity interests in Xinghua Technology is considered to be a business combination under common control. The transaction date was December 23, 2016, which was date that the Group obtained control over Xinghua Technology. The book values of the assets and liabilities of Xinghua Technology Ltd. as at the transaction date and the comparative financial figures were as follows: December 31, December 31, 2015 2016 Assets Property, plant and equipment 978,596 1,134,185 Land use rights — 8,339 Other non-current assets 1,474 8,334 Trade and notes receivables 2,423 5,471 Inventories 164,262 170,986 Other current assets 89,626 86,283 Restricted cash and time deposits 15,000 184,060 Cash and cash equivalents 1,910 19,828 Liabilities Interest bearing loans and borrowings (non-current) 34,086 14,909 Other non-current liabilities 47,900 43,921 Interest bearing loans and borrowings (current) 338,393 354,181 Trade and notes payables 230,235 484,755 Other payables and accrued expenses 329,184 398,239 Income tax payable — 9,919 Net assets 273,493 311,562 Non-controlling interests 105,931 Net assets acquired 205,631 Difference recognized in equity 309,890 515,521 Satisfied by cash 515,521 Total purchase consideration 515,521 (f) Acquisition of equity interest in Xinghua Technology As at December 31, 2016, the Group has paid the purchase consideration of RMB335 million. As at December 31, 2017, the Group has paid the purchase consideration of RMB61 million with notes receivables and the Group has not paid the remaining consideration of approximately RMB121 million. (g) Acquisition of 100% equity interest in Qingdao Light Metal On December 28, 2017, Chalco Shandong, a subsidiary of the Company, entered into an equity transfer agreement with Chinalco, pursuant to which Chalco Shandong acquired 100% equity interest of Qingdao Light Metal from Chinalco. The consideration for the acquisition was RMB162 million which was determined based on the appraisal value of the 100% equity interest in Qingdao Light Metal. The Company has paid all consideration as of December 31, 2017. The transaction date was December 29, 2017 which was the date that the Group obtained control of Qingdao Light Metal. Before and after the acquisition, both Qingdao Light Metal and the Company were controlled by Chinalco, and the control was not temporary. Thus, the acquisition of 100% equity interest in Qingdao Light Metal is considered to be a business combination under common control. The carrying amounts of the assets and liabilities of Qingdao Light Metal as at the transaction date and the comparative financial figures were as follows: December 31, December, 29 2016 2017 Assets Investment properties 10,425 Property, plant and equipment 290,579 278,309 Land use rights 20,722 20,195 Inventories 29,446 49,489 Other current assets 2,934 3,978 Trade and notes receivables 29,748 98,957 Cash and cash equivalents 5,688 10,924 Liabilities Trade and notes payables 64,900 97,681 Other payables and accrued expenses 10,641 66,042 Interest-bearing loans and borrowings 167,000 167,000 Net assets 147,318 141,554 Other equity instruments 138,670 138,670 8,648 2,884 Difference recognized in equity — 158,848 Total purchase consideration 161,732 (h) Acquisition of Shanxi Aluminum Sewage Treatment Plant On December28, 2017, Shanxi New Material, a subsidiary of the Company, entered into an assets transfer agreement with Chalco Shanxi Aluminum, a subsidiary of Chinalco, pursuant to which, Shanxi New Material acquired Shanxi Aluminum Sewage Treatment Plant at a total consideration of RMB50 million. The consideration was determined based on the appraisal report issued by an independent qualified valuer. In the opinion of directors of the Company, the sewage treatment plant constitutes a business. Before and after the acquisition, both entities were controlled by Chinalco, and the control was not temporary. Thus, the acquisition is considered to be a business combination under common control. The acquisition date was December 28, 2017, which is determined by the date of transfer of the assets. The carrying amount of the assets and liabilities of Shanxi Aluminum Sewage Treatment Plant as at the transaction date and the comparative financial figures were as follows: December 31, December 31, 2016 2017 Assets Property, plant and equipment 52,001 48,995 Liabilities Other payables and accrued expenses — — Net assets 52,001 48,995 Difference recognized in equity 1,063 Total purchase consideration 50,058 The acquisition of Shanxi Aluminum Sewage Treatment Plant has no impact on the Group’s cash and cash equivalents. (i) Acquisition of Yinxing Power In April 2015, Ningxia Energy and Zhejiang Power Group Co., Ltd.* (“Zhejiang Power”) ( 浙江省能源集團有限公司 ) jointly established Ningxia Yinxing Power Co., Ltd.* (“Yinxing Power”) ( 寧夏銀星發電有限責任公司 ). The registered capital of Yinxing Power is RMB800 million, of which Ningxia Energy and Zhejiang Power contributed 51% and 49%, respectively. Ningxia Energy can appoint four out of the seven directors of the board of directors. According to the articles of association of Yinxing Power, the resolutions pertaining to significant relevant activities at both the shareholders’ and board of directors meetings require more than two-thirds of the votes for passing. Accordingly, the directors of the Company considered that Ningxia Energy and Zhejiang Power have joint control over Yinxing Power, which was accounted for as a joint venture. In August 2017, to minimize coal procurement costs and to secure long-term coal supply to Yinxing Power, Ningxia Energy and Zhejiang Power entered into an acting-in-concert agreement which was effective on August 31, 2017. According to the acting-in-concert agreement, Zhejiang Power will exercise the shareholders vote in concert with the Group. Accordingly, the directors of the Company consider that Ningxia Energy have control over Yinxing Power and consolidated Yinxing Power as a subsidiary since August 31, 2017. The fair value of identifiable assets and liabilities of Yinxing Power at the acquisition date are as follows: August 31, 2017 Fair value Assets Property, plant and equipment 3,594,970 Land use right 31,833 Intangible assets 188 Other current assets 312,840 Inventories 35,349 Trade and notes receivables 162,093 Cash and cash equivalents 255,152 Liabilities Deferred tax liabilities (40,706) Interest-bearing loans and borrowings (2,514,800) Other payables and accrued expenses (186,782) Trade and notes payables (800,438) Net assets 849,699 Non-controlling interests 416,353 Net assets acquired 433,346 Goodwill — Satisfied by cash — Details of the 51% equity interest held by the Group before the acquisition of Yinxing Power and the profit from the investment are as follows: August 31, 2017 Initial investment cost 316,200 Investment income recognized under the equity method (494) The book value of the investment in 51% equity of Yinxing Power on the merger date 315,706 The fair value of the investment in 51% equity of Yinxing Power on the merger date (Note) 433,346 Gain on previously held equity interest remeasured at acquisition-date fair value 117,640 Note: The fair value was determined by the valuation report of Zhong Tong Hua Ping Bao Zi (2017) No. 776 issued by Beijing Zhong Tong Hua Asset Valuation Co., Ltd. An analysis of the cash flows in respect of the acquisition of Yinxing Power is as follows: RMB’000 Cash consideration — Cash and bank balances acquired 255,152 Net inflow of cash and cash equivalents included in cash flows from investing activities 255,152 The operating results and cash flows of Yinxing Power since the merger date to the end of the year are as follows: RMB’000 Revenue 578,117 Profit for the year 96,756 Net cash flows 36,024 * 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 .

DISPOSAL OF BUSINESSES

DISPOSAL OF BUSINESSES	12 Months Ended
	Dec. 31, 2017
DISPOSAL OF BUSINESSES
DISPOSAL OF BUSINESSES	39. DISPOSAL OF BUSINESSES (a) Disposal of Shanxi Huaxing In December 2015, the Group entered into Equity Transfer Agreement with Shenzhen CR Yuanda, a state-owned entity, to transfer 50% equity interests in Shanxi Huaxing, a wholly owned subsidiary, through the Shanghai United Assets and Equity Exchange at a price of RMB2,351 million. The price was determined based on the appraisal value provided by an independent qualified appraisal company. According to the Equity Transfer Agreement, 30% of the consideration amounting to RMB705 million has been received by the Group in December 2015 whereas the remaining amount of RMB1,646 million would be paid within one year from the effective date of the Equity Transfer Agreement and the balance is interest bearing charged at prevailing lending interest rate. The directors of the Company are of the opinion that the Group lost control over Shanxi Huaxing and accounted for it as a joint venture accordingly. As of the date of disposal, the carrying amounts of Shanxi Huaxing was RMB2,115 million, and the Group recognized gain of disposal of subsidiary of RMB1,294 million for 50% equity interest disposed of. The Group re-measured the remaining 50% net assets of Shanxi Huaxing to fair value of RMB2,351 million and recognized fair value gain of RMB1,294 million accordingly. The details of the net assets disposed of are as follows: Date of disposal Net assets disposed of: Cash and cash equivalents 114,794 Restricted cash and time deposits 46,716 Trade and notes receivables 34,479 Other current assets 30,849 Inventories 340,218 Property, plant and equipment 4,495,019 Land use right 251,295 Intangible assets 365,427 Deferred tax assets 3,057 Other non-current assets 487,076 Trade and notes payables (426,288) Other payables and accrued expenses (898,781) Interest bearing loans and borrowings (2,312,574) Income tax payable (4,271) Other non-current liabilities (412,192) Net assets 2,114,824 50% of net assets transferred into joint venture (Note) (1,057,412) Net assets disposed of 1,057,412 Gain on disposal of Shanxi Huaxing 1,294,067 2,351,479 Satisfied by: Cash 705,444 Receivables as at December 31, 2015 1,646,035 2,351,479 Note: 50% of net assets transferred into joint venture 1,057,412 Gain on remeasurement of the remaining equity interest at fair value 1,294,067 Initial cost of investment in joint venture 2,351,479 An analysis of the cash flows of cash and cash equivalents in respect of the Disposal of Shanxi Huaxing is as follows: 2015 Cash consideration received 705,444 Less: cash and cash equivalents of Shanxi Huaxing disposed of (114,794) Net inflows of cash and cash equivalents in respect of the disposal of Shanxi Huaxing 590,650 (b) Loss control of Ningxia photovoltaic subsidiaries In September and October 2015, LingWu People's Court , Yinchuan Intermediate People's Court and Wuzhong People's Court accepted the liquidation petition filed by the Group’s subsidiaries, Ningxia Ning Electric Silicon Co., Ltd.* ( 寧夏寧電 矽業有限公司 ), Ningxia Ning Electric PV Material Co., Ltd.* ( 寧夏寧電光伏材料有限公司 ), Ningxia Ning Electric Silicon Materials Co., Ltd.* ( 寧夏寧電 矽材料有限公司 ) and Ningxia Yinxing Polycrystalline Silicon Co., Ltd.* ( 寧夏銀星多晶 矽有限公司 ) (hereinafter referred to as “Ningxia photovoltaic subsidiaries”), respectively. Upon the liquidation administrators took control over those companies, the directors of the Company considered the Group lost control over Ningxia photovoltaic subsidiaries and therefore ceased to consolidate these companies since then (“date of lost control”). The book value of assets and liabilities of Ningxia photovoltaic subsidiaries is result from the fair value adjustments of Ningxia photovoltaic subsidiaries’ assets and liabilities arising from acquisition of Ningxia Energy in 2013. The details of the net assets of Ningxia photovoltaic subsidiaries are as follows: Date of lost control Net assets: Cash and cash equivalents 189 Trade and notes receivables 47,619 Other current assets 166,377 Inventories 18,718 Property, plant and equipment 387,324 Land use right 114,330 Intangible assets 3,954 Other non-current assets 8,432 Available-for-sale financial investments 5,686 Trade and notes payables (290,441) Other payables and accrued expenses (215,198) Deferred tax liabilities (36,389) Other non-current liabilities (61,123) Net assets 149,478 Trade and notes receivable due from Ningxia photovoltaic subsidiaries 15,644 Other current amount due from Ningxia photovoltaic subsidiaries 1,435,802 Provision for trade and notes receivable due from Ningxia photovoltaic subsidiaries (15,644) Provision for other current assets due from Ningxia photovoltaic subsidiaries (1,321,712) Consideration 114,090 Release of unrealized gains or losses between Ningxia photovoltaic subsidiaries and the Group upon deconsolidation 16,515 Net loss on lost control of Ningxia photovoltaic subsidiaries (18,873) An analysis of the cash flows of cash and cash equivalents in respect of lost control of Ningxia photovoltaic subsidiaries is as follows: 2015 Cash consideration paid — Less: cash and cash equivalents of Ningxia photovoltaic subsidiaries 189 Net outflows of cash and cash equivalents in respect of lost control of Ningxia photovoltaic subsidiaries (189) (c) Disposed of the Environmental Protection Business On June 29, 2016, each of the Lanzhou Branch and three subsidiaries, Baotou Aluminum Shandong Huayu and Ningxia Energy of the Company (collectively the “Sellers“ and each a “Seller“), entered into a business transfer agreement with Aluminum SPC, pursuant to which the Sellers agreed to sell and Aluminum SPC agreed to acquire the environmental protection business. Aluminum SPC is a joint venture of the Company and SPC. The environmental protection business includes the environmental protection assets and relevant liabilities in relation to the desulfurization, denitration and dedusting of the coal fired generating units of the Sellers (collectively as “Environmental Protection Business“). The aggregate consideration of the business transfer agreements was RMB1,754 million, which was determined based on the valuation reports of the Environmental Protection Business on the valuation base date of March 31, 2016. As at December 31, 2016, all the cash consideration of disposal of environmental assets was received. The Group disposed of the Environmental Protection Business with a carrying value of RMB1,183 million and recognized a disposal gain of RMB571 million in the period. The transaction was completed on June 30, 2016. The details of the net assets disposed of are as follows: June 30, 2016 Net assets disposed of: Property, plant and equipment 1,187,802 Trade and notes payables (2,042) Accruals and other payables (2,665) 1,183,095 Gain on disposal of the Environmental Protection Business 571,270 Cash consideration 1,754,365 (d) Disposal of Shandong Engineering On October 31, 2017, the Company and CHALIECO entered into an equity transfer agreement, pursuant to which the Company agreed to sell and CHALIECO agreed to acquire 60% equity interest in Shandong Engineering at a consideration of RMB360 million. The consideration was determined based on the appraised value of the 60% equity interest in Shandong Engineering. Full consideration has been received by the Group in November 2017. The directors of the Company are of the opinion that the Group lost control over Shandong Engineering and accounted for it as an associate accordingly. As of the date of disposal, the carrying amount of Shandong Engineering was RMB350 million, and the Group recognized gain of disposal of subsidiary of RMB153 million for 60% equity interests disposed of. The Group re-measured the remaining 40% equity interest of Shandong Engineering to a fair value of RMB240 million and recognized the fair value gain of RMB102 million accordingly. In addition, unrealized profit arisen from construction services provided by Shandong Engineering previously eliminated upon consolidation amounting to RMB59 million was reversed and recognized in other gains. The details of the net assets disposed of are as follows: Date of disposal Net assets disposed of: Property, plant and equipment 109,103 Intangible assets 428 Deferred tax assets 3,106 Inventories 167,499 Trade receivables and notes receivable 1,067,636 Other current assets 23,136 Cash and cash equivalents 123,530 Other non-current liabilities (4,637) Other payables and accrued liabilities (282,232) Trade and notes payables (727,622) Interest-bearing loans and borrowings (130,000) Net assets 349,947 Non-controlling interests 3,961 Total net assets 345,986 Gain on disposal of Shandong Engineering 254,659 The fair value of the remaining equity interest in Shandong Engineering 240,258 Consideration 360,387 Satisfied by: Cash 387 Notes receivable 360,000 An analysis of the cash flow of cash and cash equivalents in respect of the Disposal of Shandong Engineering is as follows: Date of disposal Cash consideration received 387 Cash and bank balances disposed of (123,530) Net outflows of cash and cash equivalents in respect of disposal of Shandong Engineering (123,143) (e) Deemed disposal of Shanxi Zhongrun The Company previously had a 50% equity interest in Shanxi China Huarun Co., Ltd.* (“Shanxi Zhongrun”) ( 山西中鋁華潤有限公司 ). According to the then acting-in-concert agreement entered into by the Company and the other shareholders of Shanxi Zhongrun, Huarun (Coal) Group Co., Ltd. * (“Huarun (Coal) Group”) ( 華潤（煤業）集團有限公司 ), Huarun (Coal) Group agreed to confer its voting rights in the shareholders’ meeting of Shanxi Zhongrun to the Company. Accordingly, the directors of the Company considered that the Company had control over Shanxi Zhongrun and included Shanxi Zhongrun in the consolidation scope. On 15 February 2017, the Company entered into a capital injection and enlargement agreement on Shanxi Zhongrun with Huarun (Coal) Group, Shanxi Xishan Coal and Electricity Power Co., Ltd.* (“Xishan Coal Electricity”) ( 西山煤電 ), and Jin Energy Power Group Co., Ltd.* (“Jin Energy Power”) ( 晉能電力 ). Pursuant to the agreement, the Company, Xishan Coal Electricity and Jin Energy Power had each subscribed RMB100 million, respectively. After the capital contribution, the Company’s equity interest in Shanxi Zhongrun decreased to 40% while each of the other three shareholders hold a 20% equity interest, respectively, and the acting-in-concert agreement between the Company and Huarun (Coal) Group also ceased to be effective since then. The directors of the Company are of the opinion that the Group lost control over Shanxi Zhongrun and accounted for it as an associate accordingly. As of the date of deemed disposal, the Company re-measured the 40% equity of Shanxi Zhongrun to a fair value of RMB100 million and recognized the fair value gain of RMB4 million accordingly. (f) Disposal of Zibo Trading In November 2017, Chalco Trading, a subsidiary of the Company, agreed to transfer 50% equity interest in Zibo International Trading Co. Ltd. * (”Zibo Trading”) (“ 淄博國貿 ” ) to a third party. The directors of the Company are of the opinion that the Group lost control over Zibo Trading and accounted for it as a joint venture accordingly. As of the date of disposal, the Group recognized loss of disposal of subsidiary of RMB2 million for 50% equity interest disposed of. The Group re-measured the 50% equity of Zibo Trading to a fair value of RMB12 million and recognized the fair value loss of RMB2 million accordingly. (g) Bankruptcy liquidation of Longmen Aluminum In September 2017, Shanxi Hejin People's Court accepted the liquidation petition filed by the Group’s subsidiary, Shanxi Longmen Aluminium Co., Ltd. ("Longmen Aluminum”) ( 山西龍門鋁業有限公司 ). Upon the liquidation, administrators took control over Longmen Aluminum, the directors of the Company considered the Company lost control over Longmen Aluminum and therefore, ceased to consolidate Longmen Aluminum since then. The Group recognized a loss of RMB26 million for lost control over Longmen Aluminum. (h) Bankruptcy liquidation of Beijing Yike In September 2017, Beijing Shijingshan People's Court accepted the liquidation petition filed by the Group’s subsidiary, Beijing Yike. Upon the liquidation, administrators took control over Beijing Yike, and therefore, the directors of the Company considered the Group lost control over Beijing Yike and deconsolidated Beijing Yike since then. The Group recognized a gain of RMB38 million upon the deconsolidation of Beijing Yike. * 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.

OTHER EQUITY INSTRUMENTS

OTHER EQUITY INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
OTHER EQUITY INSTRUMENTS
OTHER EQUITY INSTRUMENTS	40. OTHER EQUITY INSTRUMENTS On October 22, 2013, a subsidiary of the Company, Chalco Hong Kong Investment Company Limited (“Chalco Hong Kong Investment”, or the “Issuer“) issued USD350 million senior perpetual securities with an initial distribution rate of 6.625% (the “2013 Senior Perpetual Securities“). The proceeds from the issuance of the 2013 Senior Perpetual Securities after the issuance costs amounted to USD347 million (equivalent to RMB2,123 million). The proceeds were on-lent to the Company and any of its subsidiaries for general corporate use. Coupon payments of 6.625% per annum on the 2013 Senior Perpetual Securities have been made semi-annually in arrears from October 29, 2013 and may be deferred at the discretion of the Group. The 2013 Senior Perpetual Securities have no fixed maturity dates and are callable only at the Group’s option on or after October 29, 2018 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. After October 29, 2018, the coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 5.312 percent, (b) the U. S. Treasury Rate, and (c) a margin of 5.00 percent per annum. While any coupon distribution payments are unpaid or deferred, the Group, the wholly-owned subsidiaries of Chalco Hong Kong as guarantors, and the Issuer cannot declare or pay dividends or make distributions or similar discretionary payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank. On April 10, 2014, Chalco Hong Kong Investment issued USD400 million senior perpetual securities with an initial distribution rate at 6.25% (the “2014 Senior Perpetual Securities"). The proceeds from the issuance of the 2014 Senior Perpetual Securities after the issuance costs were USD398 million (equivalent to RMB2,462 million). The proceeds were on-lent to the Company and any of its subsidiaries for general corporate use. Coupon payments of 6.25% per annum on the 2014 Senior Perpetual Securities have been made semi-annually on April 29, and October 29, in arrears from April 17, 2014 and may be deferred at the discretion of the Group. The first coupon payment date was April 29, 2014. The 2014 Senior Perpetual Securities have no fixed maturity date and are callable only at the Group’s option on or after April 17, 2017 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. While any coupon distribution payments are unpaid or deferred, the Group, the wholly-owned subsidiaries of Chalco Hong Kong as guarantors, and the issuer cannot declare or pay dividends or make distributions or similar discretionary payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank. On April 29, 2017, the Group redeemed the 2014 Senior Perpetual Securities. On October 27, 2015, the Company issued RMB2,000 million perpetual medium-term notes with an initial distribution rate at 5.50% (the "2015 Perpetual Medium-term Notes"). The proceeds from the issuance of the 2015 Perpetual Medium-term Notes were RMB2,000 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 5.50% per annum on the 2015 Perpetual Medium-term Notes have been made annually in arrears from October 29, 2015 and may be deferred at the discretion of the Company. The 2015 Perpetual Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on October 29, 2020 or any coupon distribution date after October 29, 2020 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 2.61 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every five years after October 29, 2020. 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 material fixed asset investments. On October 31, 2016, Chalco Hong Kong Investment issued USD500 million senior perpetual securities with an initial distribution rate at 4.25% (the "2016 Senior Perpetual Securities"). The proceeds from the issuance of the 2016 Senior Perpetual Securities after the issuance costs were USD498 million (equivalent to RMB3,374 million). The proceeds were on-lent to the Company and any of its subsidiaries for general corporate use. Coupon payments of 4.25% per annum on the 2016 Senior Perpetual Securities have been made semi-annually on April 29 and October 29 in arrears from November 7, 2016 and may be deferred at the discretion of the Group. The first coupon payment date was April 29, 2017. The 2016 Senior Perpetual Securities have no fixed maturity date and are callable only at the Group’s option on or after November 7, 2021 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. After November 7, 2021, the coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 2.931 percent, (b) the U. S. Treasury Rate, and (c) a margin of 5.00 percent per annum. While any coupon distribution payments are unpaid or deferred, the Group, the wholly-owned subsidiaries of Chalco Hong Kong as guarantors, and the Issuer cannot declare or pay dividends or make distributions or similar discretionary payments in respect of, or repurchase, redeem or otherwise acquire any securities of lower or equal rank. Pursuant to the terms and conditions of the 2013 Senior Perpetual Securities, the 2015 Perpetual Medium-term Notes and the 2016 Senior Perpetual Securities, the Group has no contractual obligations to repay their 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 IAS 32 Financial Instruments: Presentation , and are classified as equity and subsequent distributions declared will be treated as distributions to equity owners.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2017
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES	41. CONTINGENT LIABILITIES As at December 31, 2016 and 2017, the Group had no significant contingent liabilities.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2017
COMMITMENTS
COMMITMENTS	42. COMMITMENTS (a) Capital commitments of property, plant and equipment December 31, December 31, 2016 2017 Contracted, but not provided for 7,594,756 2,967,541 (b) Commitments under operating leases The future aggregate minimum lease payments as at December 31, 2016 and 2017 pursuant to non-cancellable lease agreements entered into by the Group are summarized as follows: December 31, December 31, 2016 2017 Within one year 515,276 658,574 In the second to fifth years, inclusive 1,925,606 2,112,800 After five years 13,096,017 12,544,108 15,536,899 15,315,482 (c) Other capital commitments As at December 31, 2016 and 2017, the commitments to make capital contributions to the Group’s joint ventures and associates were as follows: December 31, December 31, 2016 2017 Associates 739,975 374,800 Joint ventures 278,664 — 1,018,639 374,800

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
	Dec. 31, 2017
EVENTS AFTER THE REPORTING PERIOD
EVENTS AFTER THE REPORTING PERIOD	43. EVENTS AFTER THE REPORTING PERIOD (a) On January 18, 2018, the Group completed an issuance of short-term bonds with a total face value of RMB3 billion at par value of RMB100.00 per unit which will mature in July 2018 for working capital needs. The fixed annual coupon interest rate of these bonds is 4.70%. (b) On March 20, 2018, the Group completed an issuance of medium-term notes with a total face value of RMB2 billion at par value of RMB100.00 per unit which will mature in March 2021 for working capital needs and repayment of bank borrowings. The fixed annual coupon interest rate of these notes is 5.55%.

COMPARATIVE AMOUNTS

COMPARATIVE AMOUNTS	12 Months Ended
	Dec. 31, 2017
COMPARATIVE AMOUNTS
COMPARATIVE AMOUNTS	44. COMPARATIVE AMOUNTS Certain comparative amounts have been retrospectively adjusted as a result of the business combinations under common control as disclosed in note 38.

APPROVAL OF THE FINANCIAL STATE

APPROVAL OF THE FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2017
APPROVAL OF THE FINANCIAL STATEMENTS
APPROVAL OF THE FINANCIAL STATEMENTS	45. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved and authorized for issue by the board of directors on April 19 , 2018.

BASIS OF PREPARATION AND SIGN51

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation	2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") issued by the International Accounting Standards Board (the "IASB") and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared on a historical cost basis, except for available-for-sale financial investments and financial assets and liabilities at fair value through profit or loss which have been measured at fair value. These financial statements are presented in thousands of Chinese Renminbi ("RMB") unless otherwise stated. Going concern As at December 31, 2017, the Group’s current liabilities exceeded its current assets by approximately RMB21,628 (December 31, 2016: RMB16,693 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 2018; · Unutilized banking facilities of approximately RMB82,666 million as at December 31, 2017, of which amounts totaling RMB56,104 million will be subject to renewal during the next 12 months. The directors of the Company are confident that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; and · 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 operation for the foreseeable future of not less than 12 months from December 31, 2017. 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. Consolidation The consolidated financial statements comprise the financial statements of the Company and all of its subsidiaries for the year ended December 31, 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: · Power over the investee (i.e.existing rights that give it the current ability to direct the relevant activities of the investee); · Exposure, or rights, to variable returns from its involvement with the investee; and · The ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: · The contractual arrangement with the other vote holders of the investee; · Rights arising from other contractual arrangements; and · The Group’s voting rights and potential voting rights. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: · Derecognizes the assets (including goodwill) and liabilities of the subsidiary; · Derecognizes the carrying amount of any non-controlling interests; · Derecognizes the cumulative translation differences recorded in equity; · Recognizes the fair value of the consideration received; · Recognizes the fair value of any investment retained; · Recognizes any surplus or deficit in profit or loss; and · Reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities. (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in which the common control combination occurs as if they had been 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 combined using the carrying amount from the ultimate holding company's perspective. No amount is recognized in consideration for goodwill or excess of the acquirers’ 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 of the ultimate holding company's interest. 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 when the 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 retrospectively adjusted to reflect the business combinations under common control occurred during this year as disclosed in note 38. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and etc., incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The considerations transferred for the acquisition of a subsidiary are the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The excess of the consideration transferred, the amount recognized for non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. (c) Subsidiaries A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Inter-company transactions, balances, income and expenses on transactions between group companies are eliminated. Profits and losses resulting from inter-company transactions that are recognized in assets are also eliminated. Amounts reported by subsidiaries have been changed where necessary in the consolidated financial statements to conform with the policies adopted by the Group. In the Company’s statement of financial position, as permitted under IFRS 1, the investments in subsidiaries acquired prior to January 1, 2008, being the date of transition to IFRS, are stated at deemed cost as required under the previously adopted accounting standards. Subsidiaries acquired after that date that are not classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are stated at cost less provision for impairment losses. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable.
Changes in accounting policies and disclosures	2.2 Changes in accounting policies and disclosures The Group has adopted the following revised IFRSs for the first time for the current year’s financial statements. Amendments to IAS 7 Disclosure Initiative Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014-2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12 None of the above amendments to IFRSs has had a significant financial effect on these financial statements. Disclosure has been made in note 34(b) to the financial statements upon the adoption of amendments to IAS 7, which require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. The nature and the impact of the amendments are described below: Amendments to IAS 7 Disclosure Initiative Amendments to IAS 7 require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Disclosure of the changes in liabilities arising from financing activities is provided in note 34 to the financial statements. Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses Amendments to IAS 12 clarify that an entity, when assessing whether taxable profits will be available against which it can utilize a deductible temporary difference, needs to consider whether tax law restricts the sources of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. Furthermore, the amendments provide guidance on how an entity should determine future taxable profits and explain the circumstances in which taxable profit may include the recovery of some assets for more than their carrying amount. The amendments have had no impact on the financial position or performance of the Group as the Group has no deductible temporary differences or assets that are in the scope of the amendments. Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014‑2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12 Amendments to IFRS 12 clarify that the disclosure requirements in IFRS 12, other than those disclosure requirements in paragraphs B10 to B16 of IFRS 12, apply to an entity's interest in a subsidiary, a joint venture or an associate, or a portion of its interest in a joint venture or an associate that is classified as held for sale or included in a disposal group classified as held for sale. The amendments have had no impact on the Group's financial statements as the Group did not have any disposal group held for sale at the end of the year.
Issued but not yet effective financial reporting standards	2.3 Issued but not yet effective financial reporting standards The Group has not applied the following new and revised IFRSs that have been issued but are not yet effective, in these financial statements: Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions 1 Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts 1 IFRS 9 Financial Instruments 1 Amendments to IFRS 9 Prepayment Features with Negative Compensation 2 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 IFRS 15 Revenue from Contracts with Customers 1 Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers 1 IFRS 16 Leases 2 IFRS 17 Insurance Contracts3 Amendments to IAS 19 Employee Benefits2 Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures2 Amendments to IAS 40 Transfers of Investment Property 1 IFRIC-Int 22 Foreign Currency Transactions and Advance Consideration 1 IFRIC-Int 23 Uncertainty over Income Tax Treatments 2 Annual Improvements 2014‑2016 Cycle Amendments to IFRS 1 and IAS 281 Annual Improvements 2015-2017 Cycle Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 232 1 Effective for annual periods beginning on or after January 1, 2018 2 Effective for annual periods beginning on or after January 1, 2019 3 Effective for annual periods beginning on or after January 1, 2021 4 No mandatory effective date yet determined but available for adoption Further information about those IFRSs that are expected to be applicable to the Group is described below. Of those standards, IFRS 9 and IFRS 15 will be applicable for the Group’s financial year ending December 31, 2018 and are expected to have some impact upon adoption. Whilst management has performed a detailed assessment of the estimated impacts of these standards, that assessment is based on the information currently available to the Group. The actual impacts upon adoption could be different to those below, depending on additional reasonable and supportable information being made available to the Group at the time of applying the standards. IFRS 9 Financial Instruments In July 2014, the IASB issued the final version of IFRS 9, bringing together all phases of the financial instruments project to replace IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment and hedge accounting. The Group will adopt IFRS 9 from January 1, 2018. The Group will not restate comparative information and will recognize any transition adjustments against the opening balance of equity at January 1, 2018. During 2017, the Group has performed a detailed assessment of the impact of the adoption of IFRS 9. The expected impacts relate to the classification and measurement and the impairment requirements and are summarized as follows: (a) Classification and measurement The Group does not expect that the adoption of IFRS 9 will have a significant impact on the classification and measurement of its financial assets. It expects to continue measuring at fair value all financial assets currently held at fair value. Equity investments currently held as available for sale will be measured at fair value through other comprehensive income as the investments are intended to be held for the foreseeable future and the Group expects to apply the option to present fair value changes in other comprehensive income. Gains and losses recorded in other comprehensive income for the equity investments cannot be recycled to profit or loss when the investments are derecognized. (b) Impairment IFRS 9 requires an impairment on debt instruments recorded at amortized cost or at fair value through other comprehensive income, lease receivables, loan commitments and financial guarantee contracts that are not accounted for at fair value through profit or loss under IFRS 9, to be recorded based on an expected credit loss model either on a twelve-month basis or a lifetime basis. The Group will apply the simplified approach and record lifetime expected losses that are estimated based on the present value of all cash shortfalls over the remaining life of all of its trade receivables. Furthermore, the Group will apply the general approach and record twelve-month expected credit losses that are estimated based on the possible default events on its other receivables within the next twelve months. The effect of adoption on the Group's financial statements is not expected to be material. Amendments to IFRS 10 and IAS 28 (2011) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognized in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to IFRS 10 and IAS 28 was removed by the IASB in January 2016 and a new mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However, the amendments are available for adoption now. IFRS 15 Revenue from Contracts with Customers and Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers IFRS 15, issued in May 2014, establishes a new five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IFRS 15 provide a more structured approach for measuring and recognising revenue. The standard also introduces extensive qualitative and quantitative disclosure requirements, including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgements and estimates. The standard will supersede all current revenue recognition requirements under IFRSs. Either a full retrospective application or a modified retrospective adoption is required on the initial application of the standard. In April 2016, the IASB issued amendments to IFRS 15 to address the implementation issues on identifying performance obligations, application guidance on principal versus agent and licences of intellectual property, and transition. The amendments are also intended to help ensure a more consistent application when entities adopt IFRS 15 and decrease the cost and complexity of applying the standard. The Group plans to adopt the transitional provisions in IFRS 15 to recognize the cumulative effect of initial adoption as an adjustment to the opening balance of accumulated losses at January 1, 2018. The Group’s principal activities consist of the manufacture and sale of alumina, the manufacture and sale of primary aluminium and aluminum alloy products, trading and logistics of non-ferrous metal products, coal, electric power and other energy businesses. During 2017, the Group has performed a detailed assessment on the impact of the adoption of IFRS 15 including completing a review of its customer contracts. Based on the contracts outstanding as of December 31, 2017, the Group expects that the transitional adjustment to be made on January 1, 2018 upon initial adoption of IFRS 15 will not be material. This is mainly because the Group recognizes revenue upon the transfer of significant risks and rewards, which coincides with the fulfilment of performance obligations. Additionally, the Group’s contracts with customers generally has only one performance obligation. However, the Group is in the process of identifying appropriate changes to its business processes and controls to ensure that all future customer contracts are properly evaluated under the new standard. Presentation and disclosure The presentation and disclosure requirements in IFRS 15 are more detailed than those under the current IAS 18. The presentation requirements represent a significant change from current practice and will significantly increase the volume of disclosures required in the Group’s financial statements. Many of the disclosure requirements in IFRS 15 are new. In particular, the Group expects that the notes to the financial statements will be expanded because of the disclosure of significant judgements made on, how the transaction prices have been allocated to the performance obligations, and the assumptions made to estimate the stand-alone selling price of each performance obligation. In addition, as required by IFRS 15, the Group will disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. It will also disclose information about the relationship between the disclosure of disaggregated revenue and revenue information disclosed for each reportable segment. IFRS 16 Leases IFRS 16, issued in January 2016, replaces IAS 17 Leases , IFRIC Interpretation 4 Determining whether an Arrangement contains a Lease , SIC‑15 Operating Leases - Incentives and SIC‑27 Evaluating the Substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognize assets and liabilities for most leases. The standard includes two recognition exemptions for lessees – leases of low-value assets and short-term leases. At the commencement date of a lease, a lessee will recognize a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The right-of-use asset is subsequently measured at cost less accumulated depreciation and any impairment losses unless the right-of-use asset meets the definition of investment property in IAS 40, or relates to a class of property, plant and equipment to which the revaluation model is applied. The lease liability is subsequently increased to reflect the interest on the lease liability and reduced for the lease payments. Lessees will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right-of-use asset. Lessees will also be required to remeasure the lease liability upon the occurrence of certain events, such as change in the lease term and change in future lease payments resulting from a change in an index or rate used to determine those payments. Lessees will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset. Lessor accounting under IFRS 16 is substantially unchanged from the accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between operating leases and finance leases. IFRS 16 requires lessees and lessors to make more extensive disclosures than under IAS 17. Lessees can choose to apply the standard using either a full retrospective or a modified retrospective approach. The Group expects to adopt IFRS 16 from January 1, 2019 and is currently assessing the impact of IFRS 16 upon adoption and is considering whether it will choose to take advantage of the practical expedients available and which transition approach and reliefs will be adopted. As disclosed in note 42(b) to the financial statements, as at December 31, 2017, the Group had future minimum lease payments under non-cancellable operating leases in aggregate of approximately RMB15,315 million. Upon adoption of IFRS 16, certain amounts included therein may need to be recognized as new right-of-use assets and lease liabilities. Further analysis, however, will be needed to determine the amount of new rights of use assets and lease liabilities to be recognized, including, but not limited to, any amounts relating to leases of low-value assets and short term leases, other practical expedients and reliefs chosen, and new leases entered into before the date of adoption. Amendments to IAS 40 Transfers of Investment Property Amendments to IAS 40, issued in December 2016, clarify when an entity should transfer property, including property under construction or development, into or out of investment property. The amendments state that a change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. A mere change in management’s intentions for the use of a property does not provide evidence of a change in use. The amendments should be applied prospectively to the changes in use that occur on or after the beginning of the annual reporting period in which the entity first applies the amendments. An entity should reassess the classification of property held at the date that it first applies the amendments and, if applicable, reclassify property to reflect the conditions that exist at that date. Retrospective application is only permitted if it is possible without the use of hindsight. The Group expects to adopt the amendments prospectively from January 1, 2018. The amendments are not expected to have any significant impact on the Group's financial statements. IFRIC Int 22 Foreign Currency Transactions and Advance Consideration IFRIC-Int 22, issued in December 2016, provides guidance on how to determine the date of the transaction when applying IAS 21 to the situation where an entity receives or pays advance consideration in a foreign currency and recognizes a non-monetary asset or liability. The interpretation clarifies that the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) is the date on which an entity initially recognizes the non-monetary asset (such as a prepayment) or non-monetary liability (such as deferred income) arising from the payment or receipt of the advance consideration. If there are multiple payments or receipts in advance of recognising the related item, the entity must determine the transaction date for each payment or receipt of the advance consideration. Entities may apply the interpretation on a full retrospective basis or on a prospective basis, either from the beginning of the reporting period in which the entity first applies the interpretation or the beginning of the prior reporting period presented as comparative information in the financial statements of the reporting period in which the entity first applies the interpretation. The Group expects to adopt the interpretation prospectively from January 1, 2018. The amendments are not expected to have any significant impact on the Group’s financial statements. IFRIC-Int 23 Uncertainty over Income Tax Treatments IFRIC-Int 23, issued in June 2017, addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the application of IAS 12 (often referred to as “uncertain tax positions”). The interpretation does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. The interpretation is to be applied retrospectively, either fully retrospectively without the use of hindsight or retrospectively with the cumulative effect of application as an adjustment to the opening equity at the date of initial application, without the restatement of comparative information. The Group expects to adopt the interpretation from January 1, 2019. The amendments are not expected to have any significant impact on the Group’s financial statements. Annual Improvements to IFRSs 2014‑2016 Cycle Annual Improvements to IFRSs 2014‑2016 Cycle, issued in December 2016, sets out amendments to IFRS 1, IFRS 12 and IAS 28. Except for the amendments to IFRS 12 which have been adopted by the Group for the current year's financial statements, the Group expects to adopt the amendments from January 1, 2018. None of the amendments are expected to have a significant financial impact on the Group. Details of the amendments to IFRS 1 and IAS 28 are as follows: IFRS 1 First-time Adoption of International Financial Reporting Standards Deletes the short-term exemptions for first-time adopters because the reliefs provided in the exemptions are no longer applicable. IAS 28 Investments in Associates and Joint Ventures Clarifies that a n entity that is a venture capital organisation, or other qualifying entity, may elect, at initial recognition on an investment-by-investment basis, to measure its investments in associates and joint ventures at fair value through profit or loss. If an entity that is not itself an investment entity has an interest in an associate or joint venture that is an investment entity, the entity may elect to retain the fair value measurement applied by that investment entity associate or joint venture to the investment entity associate’s or joint venture’s interests in subsidiaries when applying the equity method. This election is made separately for each investment entity associate or joint venture, at the later of the date on which (i) the investment entity associate or joint venture is initially recognized; (ii) the associate or joint venture becomes an investment entity; and (iii) the investment entity associate or joint venture first becomes a parent. These amendments should be applied retrospectively.
Investments in joint ventures and associates	2.4 Investments in joint ventures and associates A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The Group’s investments in associates and joint ventures are accounted for using the equity method. Under the equity method, the investment in an associate or a joint venture is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group’s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment, and tested for impairment when any indicators of impairment are identified. The consolidated statement of comprehensive income includes the Group’s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the consolidated statement of shareholders’ equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture. The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the consolidated statement of comprehensive income and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture. The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group. After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its carrying value, then recognizes the loss in profit or loss. If an investment in an associate becomes an investment in a joint venture or vice versa, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. In all other cases, upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and recognizes any retained investment at its fair value. Any difference between the carrying amount of the associate or joint venture upon loss of significant influence or joint control and the fair value of the retained investment and the proceeds from disposal is recognized in profit or loss. When an investment in an associate or a joint venture is classified as held for sale, it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Segment reporting	2.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the presidents of the Company that make strategic decisions.
Related parties	2.6 Related parties A party is considered to be related to the Group if: (a) the party is a person or a close member of that person’s family and that person: (i) has control or joint control over the Group; (ii) has a significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.
Fair value measurement	2.7 Fair value measurement The Group measures its future contracts and available-for-sale financial investments at fair value at the end of each reporting period. Also, the fair values of financial instruments measured at amortized cost are disclosed in note 36. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: · In the principal market for the asset or liability; or · In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 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 or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — Based on quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2 — Based on valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 — Based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Foreign currency translation	2.8 Foreign currency translation Functional and presentation currency Items 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 currency and the Group’s presentation currency. Currency Translation for Financial Statements Presentation Translations of amounts from RMB into US$ for the convenience of the reader have been calculated at the exchange rate of RMB 6.5063 per US$1.00 on December 29, 2017, the last business day in fiscal year 2017, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into U.S. dollars at such rate. Transactions and balances Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item. Group companies The results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that has a functional currency different from the presentation 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 comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation 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 the transactions); and (iii) all resulting exchange differences are recognized in other comprehensive income. Upon disposal of a foreign operation, the other comprehensive income related to the foreign operation is reclassified to profit or loss. Goodwill and fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income.
Property, plant and equipment	2.9 Property, plant and equipment Property, plant and equipment, other than construction in progress (“CIP”), are stated at cost less accumulated depreciation and any impairment losses. When an item of property, 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 with IFRS 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 location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows: Buildings 8 - 45 years Machinery 3 - 30 years Transportation facilities 6 - 10 years Office and other equipment 3 - 10 years The depreciation method, residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. CIP represents buildings under construction, and plant and equipment pending for installation, and is stated at cost less any impairment losses. Cost comprises construction expenditures, other expenditures necessary for the purpose of preparing the CIP for its intended use and those borrowing costs incurred before the asset is ready for its intended use that is eligible for capitalization. CIP is transferred to property, plant and equipment when the CIP is ready for its intended use.
Intangible assets	2.10 Intangible assets (a) Goodwill 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 value of 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 is lower 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. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. Impairment is determined by assessing the recoverable amount of the cash-generating unit to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Any impairment is recognized immediately as an expense and is not subsequently reversed. (b) Mining rights and mineral exploration rights The Group’s mineral exploration rights and mining rights relate to coal, bauxite and other mines. (i) Recognition Mineral exploration rights and mining rights are initially recorded at cost which includes the acquisition consideration, qualifying exploration and other direct costs. The mineral exploration rights are stated at cost less any impairment, and the mining rights are stated at cost less any amortization and impairment. (ii) Reclassification Mineral exploration rights are converted to mining rights when technical feasibility and commercial viability of extracting a mineral resource are demonstrable, 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 are determined 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 of the mine and equipment, ability to produce in saleable form (within specifications) and ability to sustain ongoing production to assess when a mine is substantially complete and ready for its intended use. (iii) Amortization Amortization of bauxite and other mining rights (except for coal mining rights) is provided on a straight-line basis according to the shorter of the expiration date of the mining certificate and the mineable period of natural resources. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years. Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards in the Solid Mineral Resource/Reserve Classification of the PRC (GB/T17766‑1999) of the mine concerned. (iv) Impairment An impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed their recoverable amounts. To the extent that this occurs, the excess is fully provided as an impairment loss. (c) Computer software Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use specific software. These costs are amortized over their estimated useful lives, which do not exceed 10 years. Costs associated with maintaining computer software programmes are recognized as an expense as incurred. (d) Other intangible assets Other intangible assets mainly include profit-sharing rights of Maochang mine, which are initially recorded at costs incurred to acquire the specific right. Amortization is calculated on the straight-line basis over its estimated useful life. The estimated useful live of profit-sharing rights of Maochang mine is 22.5 years. (e) Periodic review of the useful lives and amortization method For intangible assets with finite useful lives, the estimated useful lives and amortization method are reviewed annually at the end of each reporting period and adjusted when necessary.
Research and development costs	2.11 Research and development costs Research and development expenditures are classified as research expenditures and development expenditures according to the nature of the expenditures and whether there is significant 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 been recorded in profit or loss in previous periods will be not recognized as assets in subsequent periods.
Impairment of non-financial assets	2.12 Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, for example goodwill or intangible assets with indefinite useful life), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.
Investment properties	2.13 Investment properties Investment properties are interests in land and buildings (including the leasehold interest under an operating lease for a property which would otherwise meet the definition of an investment 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 administrative purposes; 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 the cost model to measure all of its investment properties. Depreciation is calculated on the straight-line basis to write off the cost to investment property’s residual value over its estimated useful life. The estimated useful lives are as follows: Buildings 50 years Land use rights 40 - 70 years The carrying amounts of investment properties measured using the cost method are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts 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.
Non-current assets and disposal groups held for sale	2.14 Non-current assets and disposal groups held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through a sales transaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets or disposal groups and its sale must be highly probable. All assets and liabilities of a subsidiary classified as a disposal group are reclassified as held for sale regardless of whether the Group retains a non-controlling interest in its former subsidiary after the sale. Non-current assets and disposal groups (other than financial assets) classified as held for sale are measured at the lower of their carrying amounts and fair values less costs to sell. Property, plant and equipment and intangible assets classified as held for sale are not depreciated or amortized.
Financial assets	2.15 Financial assets (a) Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables and available-for-sale financial investments. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (i) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as held for trading if they are acquired for the purposes of sale in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments as defined by IAS 39. Financial assets at fair value through profit or loss are carried in the consolidated statement of financial position at fair value with positive net changes in fair value presented as other income and gains and negative net changes in fair value presented as finance cost in profit or loss. These net fair value changes do not include any dividends or interest earned on these financial assets, which are recognized in accordance with the policies set out for "Revenue recognition” below. Financial assets designated upon initial recognition as at fair value through profit or loss are designated at the date of initial recognition and only if the criteria in IAS 39 are satisfied. Derivatives embedded in host contracts are accounted for as separate derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contracts and the host contracts are not held for trading or designated as at fair value through profit or loss. These 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 reclassification of a financial asset out of the fair value through profit or loss category. (ii) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such assets are subsequently measured at amortized cost using the effective interest rate method less any allowance for impairment. Amortized cost is calculated by taking into account any discount or premium on acquisition and includes fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in other income and gains in profit or loss. The loss arising from impairment is recognized in profit or loss in finance costs for loans and in other expenses for receivables. (iii) Available-for-sale financial investments Available-for-sale financial investments are non-derivative financial assets in listed and unlisted equity investments and debt securities. Equity investments classified as available for sale are those which are neither classified as held for trading nor designated as at fair value through profit or loss. Debt securities in this category are those which are intended to be held for an indefinite period of time and which may be sold in response to needs for liquidity or in response to changes in market conditions. After initial recognition, available-for-sale financial investments are subsequently measured at fair value, with unrealized gains or losses recognized as other comprehensive income in the available-for-sale investment revaluation reserve until the investment is derecognized, at which time the cumulative gain or loss is recognized in profit or loss in other income, or until the investment is determined to be impaired, when the cumulative gain or loss is reclassified from the available-for-sale investment revaluation reserve to profit or loss in other gains or losses. Interest and dividends earned whilst holding the available-for-sale financial investments are reported as interest income and dividend income, respectively and are recognized in profit or loss as other income in accordance with the policies set out for "Interest income" and "Dividend income" below. When the fair value of unlisted equity investments cannot be reliably measured because (a) the variability in the range of reasonable fair value estimates is significant for that investment or (b) the probabilities of the various estimates within the range cannot be reasonably assessed and used in estimating fair value, such investments are stated at cost less any impairment losses. The Group evaluates whether the ability and intention to sell its available-for-sale financial assets in the near term are still appropriate. When, in rare circumstances, the Group is unable to trade these financial assets due to inactive markets, the Group may elect to reclassify these financial assets if management has the ability and intention to hold the assets for the foreseeable future or until maturity. For a financial asset reclassified from the available-for-sale category, the fair value carrying amount at the date of reclassification becomes its new amortized cost and any previous gain or loss on that asset that has been recognized in equity is amortized to profit or loss over the remaining life of the investment using the effective interest rate. Any difference between the new amortized cost and the maturity amount is also amortized over the remaining life of the asset using the effective interest rate. If the asset is subsequently determined to be impaired, then the amount recorded in equity is reclassified to profit or loss. (b) Recognition and measurement All regular 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 way purchases 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. Investments are initially recognized at fair value plus transaction costs, except in the case of financial assets recorded at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognized at fair value and transaction costs are expensed in profit or loss. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale financial investments and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortized cost using the effective interest method. (c) Derecognition of financial assets 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’s consolidated 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 third party 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 neither transferred 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 into a pass-through arrangement, it evaluates if and to what extent it has retained the risk 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, the Group 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. The transferred 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 maximum amount of consideration that the Group could be required to repay. (d) Impairment of financial assets The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Group assesses whether impairment exists individually for financial assets. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate (i.e., the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to other expenses in profit or loss. Available-for-sale financial investments For available-for-sale financial investments, the Group assesses at the end of each reporting period whether there is objective evidence that an investment or a group of investments is impaired. If an available-for-sale asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortization) and its current fair value, less any impairment loss previously recognized in profit or loss, is removed from other comprehensive income and recognized in profit or loss. In the case of equity investments classified as available-for-sale financial investments, a significant or prolonged decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available-for-sale financial investments, the cumulative loss — measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in other comprehensive income — is removed from other comprehensive income and recognized in profit or loss. Impairment losses recognized in profit or loss on equity instruments are not reversed through profit or loss. The determination of what is "significant" or "prolonged" requires judgement. In making this judgement, the Group evaluates, among other factors, the duration or extent to which the fair value of an investment is less than its cost. In the case of debt instruments classified as available for sale, impairment is assessed based on the same criteria as financial assets carried at amortized cost. However, the amount recorded for impairment is the cumulative loss measured as the difference between the amortized cost and the current fair value, less any impairment loss on that investment previously recognized in profit or loss. Future interest income continues to be accrued based on the reduced carrying amount of the asset and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of finance income. Impairment losses on debt instruments are reversed through profit or loss if the subsequent increase in fair value of the instruments can be objectively related to an event occurring after the impairment loss was recognized in profit or loss.
Financial liabilities	2.16 Financial liabilities (a) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings as appropriate. All financial liabilities are recognized initially at fair value plus, in the case of loans and borrowings, directly attributable transaction costs. The Group’s financial liabilities include financial liabilities at fair value through profit or loss, loans and borrowings and financial guarantee contracts. (b) Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Loans and borrowings After initial recognition, loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting 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 through the 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 effective interest rate amortization is included in finance costs in profit or loss. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are acquired for the purpose of repurchasing in the near term. This category includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IAS 39. Separated embedded derivatives are also classified as 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 value gain or loss recognized in profit or loss does not include any interest charged on these financial liabilities. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the date of initial recognition and only if the criteria of IAS 39 are satisfied. Financial guarantee contracts Financial 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 debtor fails 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, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contract at the higher of: (i) the amount of the best estimate of the expenditure required to settle the present obligation at the end of the reporting period; and (ii) the amount initially recognized less, when appropriate, cumulative amortization. (c) Derecognition of financial liabilities A 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 from the 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 of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.
Offsetting financial instruments	2.17 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Derivative financial instruments	2.18 Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risk and interest rate risk, respectively. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Any gains or losses arising from changes in fair value of derivatives are taken directly to profit or loss.
Inventories	2.19 Inventories Inventories comprise raw materials, work-in-progress, finished goods, spare parts and packaging materials and others, and are stated at the lower of cost and net realisable amount. Cost is determined using the weighted average method. Work-in-progress and finished goods comprise materials, direct labour and an appropriate proportion of all production overhead expenditure (based on the normal operating capacity). Borrowing costs are excluded. Provision for impairment of inventories is usually determined by the excess of cost over net recoverable amount and recorded in profit or loss. Net realisable amounts are determined based on the estimated selling price less estimated conversion costs, selling expenses and related taxes in the ordinary course of business. Provision for or reversal of provision for impairment of inventories is recognized within "cost of sales" in profit or loss.
Trade and notes receivables and other receivables	2.20 Trade and notes receivables and other receivables Trade and notes receivables and other receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of these receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. Trade and notes receivables and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
Cash and cash equivalents	2.21 Cash and cash equivalents For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that 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 when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.
Other income	2.22 Other income Other income mainly includes government grants, which are recognized when the Group fulfils the conditions attached to them and there is reasonable assurance that the grant will be received. When the government grant is in the form of monetary assets, it is measured at the actual amount received. When the grant is provided based on a pre-determined rate, it is measured at the fair value of the amount receivable. Asset-related government grants are recognized when the government document designates that the government grants are used for constructing or forming long-term assets. If the government document is inexplicit, the Group should make a judgement based on the basic conditions to obtain the government grants, and recognizes them as asset-related government grants if the conditions are to construct or to form long-term assets. Otherwise, the government grants should be income-related. Asset-related government grants are recognized as deferred income and are amortized evenly in profit or loss over the useful lives of the related assets. Income-related government grants that are used to compensate subsequent related expenses or losses of the Group are recognized as deferred income and recorded in profit or loss when the related expenses or losses are incurred. When the grants are used to compensate expenses or losses that were already incurred, they are directly recognized in profit or loss for the current period.
Trade and notes payables and other payables	2.23 Trade and notes payables and other payables Trade and notes payables and other payables are mainly obligations to pay for goods, equipment or services that have been acquired in the ordinary course of business from suppliers and service providers. These payables are classified as current liabilities if they are due within one year or less (or in the normal operating cycle of the business if longer).
Employee benefits	2.24 Employee benefits Employee benefits mainly include salaries, bonuses, allowances and subsidies, pension insurance, social insurance and housing funds, labour union fees, employees’ education fees and other expenses related to the employees for their services. The Group recognizes employee benefits as liabilities during the accounting period when employees rendered the services and allocates the related cost of assets and expenses based on different beneficiaries. (a) Bonus plans The 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 a reliable estimate of the obligation can be made. (b) Retirement benefit obligations The 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. In 2017, the Group made monthly contributions at the rate of 20% (2016: 20%) of the qualified employees’ salaries. The municipal and provincial governments undertake to assume the retirement benefit obligations of all existing and future retired employees payable under these plans. The Group has 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 past services. (c) Other social insurance and housing funds The 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 to exceed 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 security organisations 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 to pay all employees the benefit relating to their current and past services. (d) Termination benefit obligations and early retirement benefit obligations Termination and early retirement benefit obligations are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy and/or early retirement in exchange for these benefits. The Group recognizes termination and early retirement benefit obligations when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy and/or early retirement. The specific terms vary among the terminated and early retired employees depending on various factors including position, length of service and district of the employees concerned. Benefits falling due for more than 12 months after the end of the reporting period are discounted to their present values.
Current and deferred income tax	2.25 Current and deferred income tax Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: · when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and · in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except: · when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and · in respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Perpetual securities	2.26 Perpetual securities Perpetual securities are classified as equity if they are non-redeemable, or redeemable only at the issuer’s option, and any interest and distributions are discretionary. Interest and distributions on perpetual securities classified as equity are recognized as distributions within equity. The perpetual securities issued by the Company are recognized as other equity instruments, and the perpetual securities issued by a subsidiary of the Company are recognized as non-controlling interests.
Revenue recognition	2.27 Revenue recognition The Group recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Group and when specific criteria have been met for each of the Group’s activities (see descriptions below). (a) Sales of goods Revenue from the sales of goods is recognized when the significant risks and rewards of ownership have been transferred to the buyers, provided that the Group maintains neither managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold. If the Group is acting solely as an agent, the related revenue is reported on a net basis. (b) Rendering of services The Group provides machinery processing, transportation and packaging services and other services to third party customers. These services are recognized in the period when the related services are provided.
Interest income	2.28 Interest income Interest income is recognized using the effective interest method. When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans and receivables is recognized using the original effective interest rate.
Dividend income	2.29 Dividend income Dividend income is recognized when the right to receive payment is established.
Leases	2.30 Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement. Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. The Group leases certain land use rights and property, plant and equipment. Prepaid land lease payments under operating leases are initially stated at cost and subsequently recognized on the straight-line basis over the lease terms. Property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased land use rights and the present value of the minimum lease payments. Each lease payment is allocated between the liability and finance charges. The corresponding rental obligations, net of finance charges, are included in other long-term payables. The interest element of the finance costs is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases are depreciated over the shorter of the useful life of the asset and the lease term.
Borrowing costs	2.31 Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended 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 for capitalisation. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
Dividend distribution	2.32 Dividend distribution Dividend distribution to the Company’s shareholders is recognized as a liability in the Group’s and Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders.
Provisions	2.33 Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expenses.

GENERAL INFORMATION (Tables)

GENERAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2017
GENERAL INFORMATION
Schedule of company's principal subsidiaries	As at December 31, 2017, particulars of the Company’s principal subsidiaries are as follows: Percentage of equity attributable to the Place of registration Registered Company Name and business capital Principal activities Direct Indirect Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) ( 包頭鋁業有限公司 ) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 74.33 % — 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 % — Shanxi Huasheng Aluminum Co., Ltd. (“Shanxi Huasheng“) ( 山西華聖鋁業有限公司 ) PRC/Mainland China 1,000,000 Manufacture and distribution of primary aluminum, aluminum alloy and carbon-related products 51.00 % — 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,primary aluminum and anode carbon products and electricity generation and supply 85.98 % — Zunyi Aluminum Co., Ltd. ( 遵義鋁業股份有限公司 ) PRC/Mainland China 600,970 Manufacture and distribution of primary aluminum 62.10 % — Chalco Zunyi Alumina Co., Ltd. (“Zunyi Alumina“) ( 中國鋁業遵義氧化鋁有限公司 ) PRC/Mainland China 1,400,000 Manufacture and distribution of alumina 73.28 % — Shandong Huayu Alloy Materials Co., Ltd. (“Shandong Huayu”) ( 山東華宇 铝合金材料有限公司 ) PRC/Mainland China 1,627,697 Manufacture and distribution of aluminum alloy 55.00 % — 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 and export activities 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 of bauxite mines, limestone ore, manufacturing and distribution of alumina 18.86 % — Chalco Energy Co., Ltd. ( 中鋁能源有限公司 ) PRC/Mainland China 819,993 Thermoelectric supply and investment management 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 power generation, coal mining, and power-related equipment 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 % — Percentage of equity attributable to the Place of registration Registered Company Name and 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 214,858 Research and development services 100.00 % - Chalco Shandong Co., Ltd. ("Chalco Shandong“) ( 中鋁山東有限公司 ) PRC/Mainland 3,808,995 Manufacture and distribution of alumina 69.20 % - Chalco Zhongzhou Aluminum Co., Ltd. ("Zhongzhou Aluminum“) ( 中鋁中州鋁業有限公司 ) PRC/Mainland 5,071,235 Manufacture and distribution of alumina 63.10 % - China Aluminum Logistics Group Corporation Co., Ltd. ( 中鋁物流集團有限公司 ) PRC/Mainland 558,752 Logistic transportation 100.00 % — % 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 270,000 Manufacture and distribution of primary aluminum 33.00 % 33.00 % Chinalco Shanghai Company Limited (“Chinalco Shanghai“) ( 中鋁（上海）有限公司 ) PRC/Mainland 968,300 Trading and engineering project management 100.00 % -

BASIS OF PREPARATION AND SIGN53

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Schedule of revised IFRSs adapted for the first time for the current year's financial statements	Amendments to IAS 7 Disclosure Initiative Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealized Losses Amendments to IFRS 12 included in Annual Improvements to IFRSs 2014-2016 Cycle Disclosure of Interests in Other Entities: Clarification of the Scope of IFRS 12
Schedule of new and revised IFRSs that have been issued but are not yet effective	Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions 1 Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts 1 IFRS 9 Financial Instruments 1 Amendments to IFRS 9 Prepayment Features with Negative Compensation 2 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 IFRS 15 Revenue from Contracts with Customers 1 Amendments to IFRS 15 Clarifications to IFRS 15 Revenue from Contracts with Customers 1 IFRS 16 Leases 2 IFRS 17 Insurance Contracts3 Amendments to IAS 19 Employee Benefits2 Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures2 Amendments to IAS 40 Transfers of Investment Property 1 IFRIC-Int 22 Foreign Currency Transactions and Advance Consideration 1 IFRIC-Int 23 Uncertainty over Income Tax Treatments 2 Annual Improvements 2014‑2016 Cycle Amendments to IFRS 1 and IAS 281 Annual Improvements 2015-2017 Cycle Amendments to IFRS 3, IFRS 11, IAS 12 and IAS 232 1 Effective for annual periods beginning on or after January 1, 2018 2 Effective for annual periods beginning on or after January 1, 2019 3 Effective for annual periods beginning on or after January 1, 2021 4 No mandatory effective date yet determined but available for adoption
Schedule of estimated useful lives of property, plant and equipment	Buildings 8 - 45 years Machinery 3 - 30 years Transportation facilities 6 - 10 years Office and other equipment 3 - 10 years
Schedule of estimated useful lives of investment properties	Buildings 50 years Land use rights 40 - 70 years

REVENUE AND SEGMENT INFORMATI54

REVENUE AND SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2017
REVENUE AND SEGMENT INFORMATION
Schedule of revenue recognized during the years	2015 2016 2017 Sales of goods (net of value-added tax) 121,255,842 141,534,738 177,872,845 Other revenue 2,411,825 2,694,178 2,207,905 123,667,667 144,228,916 180,080,750
Schedule of operating segments	Year ended December 31, 2015 Corporate and other Inter- Primary operating segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 33,497,260 36,973,230 4,290,915 94,131,114 302,377 (45,527,229) 123,667,667 Inter-segment revenue (26,643,874) (8,861,390) (98,124) (9,908,906) (14,935) 45,527,229 — Sales of self-produced products (Note (i)) 23,294,776 Sales of products sourced from external suppliers 60,927,432 Revenue from external customers 6,853,386 28,111,840 4,192,791 84,222,208 287,442 — 123,667,667 Segment profit/(loss) before income tax 1,895,706 (1,386,922) (74,153) (1,234,554) 733,760 188,104 121,941 Income tax benefit 225,961 Profit for the year 347,902 Other items Finance income 204,580 20,820 39,231 265,372 282,456 — 812,459 Finance costs (1,081,381) (1,347,593) (1,016,869) (562,645) (1,971,001) — (5,979,489) Share of profits and losses of joint ventures — — 6,979 — 16,259 — 23,238 Share of profits and losses of associates — (2,027) 270,963 — 15,595 — 284,531 Amortization of land use rights (44,591) (28,989) (12,557) (15) (18,307) — (104,459) Depreciation and amortization (excluding the amortization of land use rights) (3,066,608) (2,871,447) (1,203,659) (27,526) (114,840) — (7,284,080) Gain/(loss) on disposal of property, plant and equipment and land use rights 218,384 1,747,796 (611) 56,120 296,168 — 2,317,857 Other income 316,536 1,369,644 79,611 12,816 9,167 — 1,787,774 Gain on disposal of Shanxi Huaxing 1,035,254 — — — 1,552,880 — 2,588,134 Partial disposal of Jiaozuo Wanfang — — — — 832,369 — 832,369 Impairment of property, plant and equipment — — (10,011) — — — (10,011) Change for impairment of inventories (Note (ii)) (219,997) 55,288 7,417 (459,575) — — (616,867) Reversal of provision for impairment of receivables, net 5,389 40,603 64,417 121,741 — — 232,150 Investments in associates 21,000 312,286 2,323,968 118,352 2,827,095 — 5,602,701 Investments in joint ventures 1,886,083 — 1,412,223 — 1,852,581 — 5,150,887 Capital expenditure in: Intangible assets 5,167 872 27,991 580 — — 34,610 Land use rights — 133,686 5,938 — — — 139,624 Property, plant and equipment (Note (iii)) 5,523,144 1,862,662 2,377,708 16,930 412,632 — 10,193,076 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB12,699 million, sales of self-produced primary aluminum amounting RMB8,099 million, and sales of self-produced other products amounting to RMB2,497 million. (ii) Change for impairment of inventories do not include change for impairment due to disposal of subsidiaries and transferred to non-current assets held for sale. (iii) The additions in property, plant and equipment under sale and leaseback contracts are not included in capital expenditure in property, plant and equipment. Year ended December 31, 2016 Corporate and other Inter- Primary operating segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 30,027,317 34,464,194 4,519,806 114,345,851 504,355 (39,632,607) 144,228,916 Inter-segment revenue (20,508,466) (4,981,936) (137,460) (13,906,423) (98,322) 39,632,607 — Sales of self-produced products (Note (i)) 18,292,949 Sales of products sourced from external suppliers 82,146,479 Revenue from external customers 9,518,851 29,482,258 4,382,346 100,439,428 406,033 — 144,228,916 Segment profit/(loss) before income tax 910,426 2,183,826 33,408 809,063 (1,993,161) (318,017) 1,625,545 Income tax expense (404,172) Profit for the year 1,221,373 Other items Finance income 302,230 36,139 51,897 226,941 198,522 — 815,729 Finance costs (1,016,455) (1,226,821) (987,422) (329,454) (1,459,756) — (5,019,908) Share of profits and losses of joint ventures (41,367) — (28,312) — (25,829) — (95,508) Share of profits and losses of associates — 958 87,359 (810) 27,584 — 115,091 Amortization of land use rights (43,523) (27,464) (11,172) (15) (17,550) — (99,724) Depreciation and amortization (excluding the amortization of land use rights) (2,847,343) (2,598,984) (1,298,483) (54,724) (88,095) — (6,887,629) Gain on disposal of property, plant and equipment and land use rights 191,364 361,155 253,566 2,890 7,746 — 816,721 Unrealized gains on futures, forward and option contracts, net — 16,778 — 109,906 27,901 — 154,585 Realized loss on futures, forward and option contracts, net (1,297) (271,000) — (457,702) (560,268) — (1,290,267) Other income 440,592 195,380 57,600 40,085 11,612 — 745,269 Impairment of property, plant and equipment (35,893) (18,239) (2,948) — — — (57,080) Changes for impairment of inventories 684,271 505,595 159 471,218 1,145 — 1,662,388 Reversal of provision/(provision) for impairment of receivables, net 53,144 198 (836) (5,838) — — 46,668 Gain on disposal of associates — — — — 128,833 — 128,833 Gain on disposal and dividends of available for sale — — 1,000 — 139,929 — 140,929 Investments in associates 69,000 313,244 2,351,845 146,926 3,045,518 — 5,926,533 Investments in joint ventures 2,631,546 — 1,559,966 — 2,048,688 — 6,240,200 Additions during the period: Intangible assets 336,603 3 6,857 509 127 — 344,099 Land use rights — 26 20,937 — — — 20,963 Investment properties 50,285 3,354 — 38,628 — — 92,267 Property, plant and equipment (Note (ii)) 2,455,064 4,118,544 1,582,039 42,476 143,736 — 8,341,859 Note: (i) (ii) Year ended December 31, 2017 Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments eliminations Total Total revenue 38,079,105 47,245,646 6,250,966 146,814,520 645,314 (58,954,801) 180,080,750 Inter-segment revenue (24,413,258) (10,693,678) (517,269) (23,159,115) (171,481) 58,954,801 — Sales of self-produced products (Note (i)) 23,158,952 Sales of products sourced from external suppliers 100,496,453 Revenue from external customers 13,665,847 36,551,968 5,733,697 123,655,405 473,833 — 180,080,750 Segment profit/(loss) before income tax 3,251,751 826,632 (171,310) 730,131 (1,728,563) 97,575 3,006,216 Income tax expense (642,267) Profit for the year 2,363,949 Other items Finance income 232,625 83,996 44,015 192,327 153,336 — 706,299 Finance costs (695,162) (1,212,249) (1,000,767) (467,090) (1,814,661) — (5,189,929) Share of profits and losses of joint ventures 82,619 — (383,263) 1,885 306,910 — 8,151 Share of profits and losses of associates — (16,887) (181,667) 9,463 23,842 — (165,249) Amortization of land use rights (47,263) (25,120) (6,376) (15) (17,300) — (96,074) Depreciation and amortization (excluding the amortization of land use rights) (2,085,476) (3,253,801) (1,514,495) (85,085) (86,201) — (7,025,058) Gain on disposal of property, plant and equipment and land use rights 47,595 40,106 (12,826) 1,673 543 — 77,091 Realized gain/(loss) on futures, forward and option contracts, net 3,398 (47,730) 1,585 (24,953) 43,749 — (23,951) Other income 179,736 79,038 37,940 31,060 14,397 — 342,171 Impairment of property, plant and equipment — — (15,632) — — — (15,632) Fair value loss — (17,033) — (92,719) (21,321) — (131,073) Changes for impairment of inventories (Note (ii)) 71,973 64,734 4,488 722 5,287 — 147,204 Reversal of/(provision for) impairment of receivables, net of bad debts recovered 26 269 (25,119) (18,396) — — (43,220) Gain on disposal and dividends of available for sale — 2,792 — — 76,616 — 79,408 Investments in associates 90,875 296,357 2,170,178 184,149 4,193,471 — 6,935,030 Investments in joint ventures 2,809,758 — 878,196 28,865 2,290,805 — 6,007,624 Additions during the period: Intangible assets — 197 284,509 372 89 — 285,167 Land use rights — — 27,956 25,199 6,060 — 59,215 Property, plant and equipment (Note (iii)) 2,558,737 5,533,168 1,268,051 60,805 256,093 — 9,676,854 Note: (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB13,187 million, sales of self-produced primary aluminum amounting RMB6,680, and sales of self-produced other products amounting to RMB3,292 million. (ii) Change for impairment of inventories do not include change for impairment due to disposal of subsidiaries. (iii) Corporate and other Primary operating Alumina aluminum Energy Trading segments Total As at December 31, 2016 Segment assets 75,022,795 46,680,908 38,078,969 14,927,762 37,040,630 211,751,064 Reconciliation: Elimination of inter-segment receivables (22,023,956) Other eliminations (746,586) Corporate and other unallocated assets: Deferred tax assets 1,426,707 Prepaid income tax 104,213 Total assets 190,511,442 Segment liabilities 42,562,213 30,023,322 24,927,277 11,298,129 46,596,662 155,407,603 Reconciliation: Elimination of inter-segment payables (22,023,956) Corporate and other unallocated liabilities: Deferred tax liabilities 984,304 Income tax payable 356,683 Total liabilities 134,724,634 Corporate and other Primary operating Alumina aluminum Energy Trading segments Total As at December 31, 2017 Segment assets 69,657,926 51,996,432 40,249,776 18,576,192 48,271,025 228,751,351 Reconciliation: Elimination of inter-segment receivables (30,077,354) Other eliminations (194,763) Corporate and other unallocated assets: Deferred tax assets 1,602,825 Prepaid income tax 64,557 Total assets 200,146,616 Segment liabilities 33,106,617 29,811,892 27,504,055 13,063,870 60,019,710 163,506,144 Reconciliation: Elimination of inter-segment payables (30,077,354) Corporate and other unallocated liabilities: Deferred tax liabilities 993,742 Income tax payable 210,205 Total liabilities 134,632,737
Schedule of geographical information of the operating segments	2015 2016 2017 Segment revenue from external customers — Mainland China 121,421,378 141,393,123 171,014,419 — Outside of Mainland China 2,246,289 2,835,793 9,066,331 123,667,667 144,228,916 180,080,750 December 31, December 31, 2016 2017 Non-current assets (excluding financial assets and deferred tax assets) — Mainland China 120,696,743 127,621,039 — Outside of Mainland China 370,561 384,089 121,067,304 128,005,128

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
INTANGIBLE ASSETS
Schedule of intangible assets	Mining Mineral Computer rights and exploration software Goodwill others rights and others Total Year ended December 31, 2016 Opening net carrying amount 2,345,837 6,771,023 1,143,482 178,673 10,439,015 Additions — 341,687 1,190 1,222 344,099 Disposal — — — (6,827) (6,827) Amortization — (211,325) — (32,446) (243,771) Transfer from property, plant and equipment — 42,165 10,408 143 52,716 Reclassification — 36,686 (36,686) — — Currency translation differences 1,016 9,351 13,192 — 23,559 Closing net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 As at December 31, 2016 Cost 2,346,853 8,231,287 1,131,586 399,631 12,109,357 Accumulated amortization and impairment — (1,241,700) — (258,866) (1,500,566) Net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 Mining Mineral Computer rights and exploration software and Goodwill others rights others Total Year ended December 31, 2017 Opening net carrying amount 2,346,853 6,989,587 1,131,586 140,765 10,608,791 Additions — 280,340 — 4,827 285,167 Acquisition of a subsidiary — — — 188 188 Disposals — — — (11,168) (11,168) Disposal of subsidiaries — — — (562) (562) Amortization — (242,261) — (34,616) (276,877) Transfer from property, plant and equipment (note 6) — 53,565 — 22,614 76,179 Impairment losses — — — (8,134) (8,134) Currency translation differences (923) (7,433) (12,053) — (20,409) Closing net carrying amount 2,345,930 7,073,798 1,119,533 113,914 10,653,175 As at December 31, 2017 Cost 2,345,930 8,554,713 1,119,533 399,707 12,419,883 Accumulated amortization and impairment — (1,480,915) — (285,793) (1,766,708) Net carrying amount 2,345,930 7,073,798 1,119,533 113,914 10,653,175
Schedule of amortisation expenses of intangible assets recognized in profit or loss	2015 2016 2017 Cost of sales 223,068 211,325 242,261 General and administrative expenses 32,030 32,446 34,616 255,098 243,771 276,877
Schedule of summary of goodwill allocated to each segment	December 31, December 31, 2016 2017 Primary Primary Alumina aluminium Alumina aluminium Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Branch — 1,924,259 — 1,924,259 PT. Nusapati Prima ("PTNP") 15,908 — 14,985 — 205,327 2,141,526 204,404 2,141,526

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2017
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Office Transportation and other Construction Buildings Machinery facilities equipment in progress Total Year ended December 31, 2016 Opening net carrying amount 27,097,190 51,266,390 818,625 124,497 12,682,514 91,989,216 Currency translation differences 239 258 159 39 — 695 Reclassifications and internal transfers 3,041,286 1,412,368 18,750 4,485 (4,476,889) — Transfer to intangible assets — — — — (52,716) (52,716) Transfer to land use rights — — — — (156,752) (156,752) Additions 4,755 1,403,380 17,335 7,261 8,408,684 9,841,415 Disposals (761,184) (3,098,579) (25,420) (3,238) (230,608) (4,119,029) Depreciation (1,491,627) (4,875,314) (176,383) (34,190) — (6,577,514) Impairment losses (28,670) (28,326) (59) (25) — (57,080) Closing net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 As at December 31, 2016 Cost 43,221,788 90,645,929 2,938,562 524,045 16,770,699 154,101,023 Accumulated depreciation and impairment (15,359,799) (44,565,752) (2,285,555) (425,216) (596,466) (63,232,788) Net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 Office Transportation and other Construction Buildings Machinery facilities equipment in progress Total Year ended December 31, 2017 Opening net carrying amount 27,861,989 46,080,177 653,007 98,829 16,174,233 90,868,235 Reclassifications and internal transfers 5,334,951 9,722,364 9,064 11,439 (15,077,818) — Transfer to intangible assets (note 5) — — — — (76,179) (76,179) Transfer to land use rights (note 8) — — — — (396,398) (396,398) Transfer to investment properties (note 7) (157,150) — — — — (157,150) Additions 8,224 1,027,337 32,257 7,052 9,602,020 10,676,890 Acquisition of a subsidiary 889,597 2,600,315 3,410 1,714 99,934 3,594,970 Disposal of subsidiaries (86,945) (62,814) (5,269) (2,114) (108,479) (265,621) Disposals (37,678) (1,140,081) (12,437) (1,123) (334,329) (1,525,648) Depreciation (1,575,776) (4,857,954) (144,508) (28,045) — (6,606,283) Impairment losses — (15,632) — — — (15,632) Currency translation differences (155) (196) (60) (58) — (469) Closing net carrying amount 32,237,057 53,353,516 535,464 87,694 9,882,984 96,096,715 As at December 31, 2017 Cost 48,882,784 101,507,889 2,860,597 502,779 9,994,982 163,749,031 Accumulated depreciation and impairment (16,645,727) (48,154,373) (2,325,133) (415,085) (111,998) (67,652,316) Net carrying amount 32,237,057 53,353,516 535,464 87,694 9,882,984 96,096,715
Schedule of depreciation expenses recognized in profit or loss	2015 2016 2017 Cost of sales 6,749,735 6,386,276 6,440,128 General and administrative expenses 172,524 181,708 159,230 Selling and distribution expenses 22,731 9,530 6,925 6,944,990 6,577,514 6,606,283

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2017
INVESTMENT PROPERTIES
Schedule of net carrying amount of investment properties	Buildings Land use right Total Year ended December 31, 2016 Opening net carrying amount 10,902 — 10,902 Additions 88,913 966,625 1,055,538 Transfer from land use right — 190,761 190,761 Depreciation (160) (1,266) (1,426) Closing net carrying amount 99,655 1,156,120 1,255,775 As at December 31, 2016 Cost 102,242 1,181,942 1,284,184 Accumulated depreciation and impairment (2,587) (25,822) (28,409) Net carrying amount 99,655 1,156,120 1,255,775 Buildings Land use rights Total Year ended December 31, 2017 Opening net carrying amount 99,655 1,156,120 1,255,775 Transfer from property, plant and equipment and land use rights (note 6) (note 8) 157,150 6,896 164,046 Disposal — (73,346) (73,346) Depreciation (2,744) (11,361) (14,105) Closing net carrying amount 254,061 1,078,309 1,332,370 As at December 31, 2017 Cost 263,066 1,107,411 1,370,477 Accumulated depreciation and impairment (9,005) (29,102) (38,107) Net carrying amount 254,061 1,078,309 1,332,370

LAND USE RIGHTS (Tables)

LAND USE RIGHTS (Tables)	12 Months Ended
	Dec. 31, 2017
LAND USE RIGHTS
Schedule of land use rights	December 31, December 31, 2016 2017 Operating leases : In the mainland of the PRC, held on: Leases less than 10 years 121,047 127,516 Leases between 10 to 50 years 3,089,734 3,475,023 Leases over 50 years 135,227 117,939 3,346,008 3,720,478 Operating leases prepayments 2016 2017 As at January 1, 3,471,604 3,346,008 Additions 20,963 59,215 Acquisition of a subsidiary — 31,833 Transfer from property, plant and equipment (note 6) 156,752 396,398 Disposals (12,826) (6,712) Disposal of subsidiaries — (3,294) Transfer to investment properties (note 7) (190,761) (6,896) Amortization (99,724) (96,074) As at December 31, 3,346,008 3,720,478

INVESTMENTS IN JOINT VENTURES59

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)	12 Months Ended
	Dec. 31, 2017
Associates
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments in joint ventures and associates	2016 2017 As at January 1, 5,602,701 5,926,533 Capital injections 511,151 857,317 Deemed disposal of a subsidiary (note 39 (e)) — 100,092 A subsidiary changed into an associate (note 39 (d)) — 240,258 An investment in an associate changed into an available-for-sale financial investment (176,774) — Share of profits and losses for the year 115,091 (165,249) Cash dividends declared (65,603) (26,330) Share of changes in reserves 596 2,409 Other decrease of investment in an associate (60,629) — As at December 31, 5,926,533 6,935,030
Ling Wu Power
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of particulars of the group's material associates	2016 2017 As at January 1, 5,602,701 5,926,533 Capital injections 511,151 857,317 Deemed disposal of a subsidiary (note 39 (e)) — 100,092 A subsidiary changed into an associate (note 39 (d)) — 240,258 An investment in an associate changed into an available-for-sale financial investment (176,774) — Share of profits and losses for the year 115,091 (165,249) Cash dividends declared (65,603) (26,330) Share of changes in reserves 596 2,409 Other decrease of investment in an associate (60,629) — As at December 31, 5,926,533 6,935,030 As at December 31, 2017, all associates of the Group were unlisted. As at December 31, 2016, particulars of the Group's material associate are as follows: Effective equity interest held Place of establishment Registered and and Principal Ownership Voting Profit Name operation paid ‑ in capital activities interest power sharing Ling Wu Power PRC/Mainland of China Registered capital 1,300,000 Paid-in capital 2,050,239 Thermal power generation 35 % 35 % 35 %
Schedule of summarized financial information	2016 2017 Cash and cash equivalents 26,191 10,629 Other current assets 705,994 948,443 Current assets 732,185 959,072 Non-current assets 8,781,399 8,151,428 Financial liabilities 1,521,912 1,885,097 Other current liabilities 6,011 18,129 Current liabilities 1,527,923 1,903,226 Non-current liabilities 4,126,278 3,469,266 Net assets 3,859,383 3,738,008 Non-controlling interests — — Reconciliation to the Group's interest in the associate: Proportion of the Group's ownership 35 % 35 % Group's share of net assets of the associate 1,350,784 1,308,303 Carrying amount of the investment 1,350,784 1,308,303 2015 2016 2017 Revenue 4,319,345 3,297,397 3,723,669 Gross profit 1,190,966 524,930 79,200 Interest income 2,140 1,320 1,513 Depreciation and amortization 610,910 608,345 609,240 Interest expenses 312,128 251,838 213,983 Profit/ (Loss) before income tax 629,564 327,481 (154,054) Income tax expense/ (benefits) 75,404 74,911 (32,679) Profit and total comprehensive income/ (loss) for the year 554,160 252,570 (121,375) Other comprehensive income — — - Dividend received 289,605 — -
Aggregate associates that are not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of summarized financial information	2016 2017 Share of the associates' profits and losses 26,692 (122,768) Share of the associates' total comprehensive income 26,692 (122,768) Aggregate carrying amount of the Group's investments in the associates 4,575,749 5,626,727
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments in joint ventures and associates	2016 2017 As at January 1, 5,150,887 6,240,200 Capital injections 1,224,912 201,864 A joint venture changed into a subsidiary (note 38 (i)) — (315,706) A subsidiary changed into a joint venture (note 39 (f)) — 11,980 Share of profits and losses for the year (95,508) 8,151 Share of changes in reserves 8,373 (6,105) Cash dividends declared (48,464) (132,760) As at December 31, 6,240,200 6,007,624
Guangxi Huayin
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of particulars of the group's material Investment in joint ventures	As at December 31, 2017, particulars of the Group’s material joint venture is as follows: Place of establishment Registered Effective equity interest held and and paid ‑ in Ownership Voting Profit Name operation capital Principal activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd.*(“Guangxi Huayin”) ( 廣西華銀鋁業有限公司 ) PRC/Mainland of China 2,441,987 Manufacturing 33 % 33 % 33 %
Schedule of summarized financial information	2016 2017 Cash and cash equivalents 444,104 259,280 Other current assets 1,519,522 1,056,431 Current assets 1,963,626 1,315,711 Non-current assets 6,253,828 5,921,936 Financial liabilities 2,642,830 942,641 Other current liabilities 199,885 258,858 Current liabilities 2,842,715 1,201,499 Non-current liabilities 1,866,613 1,383,866 Net assets 3,508,126 4,652,282 Non-controlling interests — — Reconciliation to the Group's interest in the joint venture: Proportion of the Group's ownership 33 % 33 % Group's share of net assets of the joint venture 1,157,682 1,535,253 Carrying amount of the investment 1,157,682 1,535,253 2015 2016 2017 Revenue 4,234,157 4,008,925 5,547,895 Gross profit 706,818 531,785 1,844,116 Interest income 5,004 2,944 31,754 Depreciation and amortization 524,436 509,510 524,090 Interest expenses 227,592 169,745 132,273 Profit before income tax 189,720 173,690 1,507,883 Income tax 47,914 35,312 214,264 Profit and total comprehensive income for the year 141,806 138,378 1,293,619 Other comprehensive income — — — Dividend received — — 40,260
Aggregate joint ventures not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of summarized financial information	2016 2017 Share of the joint ventures' profits and losses for the year (141,173) (418,743) Share of the joint ventures' total comprehensive income (141,173) (418,743) Aggregate carrying amount of the Group's investments in joint ventures 5,082,518 4,472,371

AVAILABLE-FOR-SALE FINANCIAL 60

AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS
Schedule of available-for-sale financial investments	December 31, December 31, 2016 2017 Non current portion Stated at fair value Listed equity investments 93,893 9,701 Other unlisted investments (Note) — 1,848,000 93,893 1,857,701 Stated at cost Unlisted equity investments 73,211 73,211 Less: provision for impairment (2,711) (2,711) 70,500 70,500 164,393 1,928,201

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
	Dec. 31, 2017
DEFERRED TAX
Schedule of movements in deferred tax assets and deferred tax liabilities	Provision Unrealized for Accrued Tax profit at impairment expenses losses consolidation Others Total As at January 1, 2016 989,523 215,497 803,140 101,459 168,928 2,278,547 (Charged)/credited to profit or loss (436,751) (7,846) (166,943) 67,654 (48,119) (592,005) As at December 31, 2016 552,772 207,651 636,197 169,113 120,809 1,686,542 As at January 1, 2017 552,772 207,651 636,197 169,113 120,809 1,686,542 (Charged)/credited to profit or loss (30,715) 59,664 (94,978) (3,070) 47,838 (21,261) Disposal of subsidiaries — (3,106) (1,320) — — (4,426) As at December 31, 2017 522,057 264,209 539,899 166,043 168,647 1,660,855 Movements in deferred tax liabilities: Fair value Fair adjustments value arising from changes of Depreciation Unrealized acquisition Investment Investment Interest financial and losses of of in a in an capitalisation assets amortization consolidation subsidiaries subsidiary associate Total As at January 1, 2016 71,009 911 7,654 4,889 1,000,667 800,640 35,937 1,921,707 Exchange realignment — — — — 210 — — 210 Charged to other comprehensive income — 13,288 — — — — — 13,288 (Credited)/charged to profit or loss (9,843) 726 (180) (4,889) (23,535) (617,408) (35,937) (691,066) 61,166 14,925 7,474 — 977,342 183,232 — 1,244,139 As at January 1, 2017 61,166 14,925 7,474 — 977,342 183,232 — 1,244,139 Exchange realignment — — — — (1,830) — — (1,830) Credited to other comprehensive income — (11,180) — — — — — (11,180) Acquisition of a subsidiary — — — — 40,706 — — 40,706 (Credited)/charged to profit or loss (8,232) (1,414) 185 — (27,370) (183,232) — (220,063) As at December 31, 2017 52,934 2,331 7,659 — 988,848 — — 1,051,772
Schedule of analysis of the deferred tax balances of the Group for financial reporting purposes	December 31, December 31, 2016 2017 Net deferred tax assets 1,426,707 1,602,825 Net deferred tax liabilities 984,304 993,742
Schedule of the expiry profile of unprovided tax losses	December 31, December 31, 2016 2017 Expiring in 2017 4,473,661 — 2018 7,880,303 7,689,663 2019 7,686,919 7,650,084 2020 880,805 711,878 2021 1,069,152 975,081 2022 — 1,186,914 21,990,840 18,213,620

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	December 31, December 31, 2016 2017 Financial assets -Receivables from disposal of Guizhou Branch's aluminum properties 1,060,682 — -Other long-term receivables 305,677 261,156 1,366,359 261,156 Prepayment for mining rights 769,108 801,657 Long-term prepaid expenses 389,076 484,536 Deferred losses for sale and leaseback transactions (Note) 1,172,671 1,234,376 Others 490,907 739,167 2,821,762 3,259,736 4,188,121 3,520,892 Note: As disclosed in note 20, the Group entered into several sale and leaseback agreements which constitute finance leases during the year. The deferred losses resulted from the sale are classified as other non-current assets and were amortized over the useful lives of the assets leased back.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2017
Inventories
Schedule of inventories	December 31, December 31, 2016 2017 Raw materials 8,853,776 7,547,870 Work-in-progress 5,830,213 8,122,072 Finished goods 3,095,633 4,354,676 Spare parts 818,769 731,621 Packaging materials and others 42,853 43,064 18,641,244 20,799,303 Less: provision for impairment of inventories (707,812) (452,594) 17,933,432 20,346,709
Inventories
Inventories
Schedule of movements in the provision for impairment of inventories	2016 2017 As at January 1, 2,370,200 707,812 Provision for impairment of inventories 122,047 193,138 Reversal arising from increase in net realisable value (69,395) (80,778) Reversal upon sales of inventories (1,715,040) (259,564) Disposal of Subsidiaries — (108,014) As at December 31, 707,812 452,594

TRADE AND NOTES RECEIVABLES (Ta

TRADE AND NOTES RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2017
TRADE AND NOTES RECEIVABLES
Schedule of trade and notes receivables	December 31, December 31, 2016 2017 Trade receivables 4,649,107 4,794,017 Less: provision for impairment (462,571) (482,020) 4,186,536 4,311,997 Notes receivable 3,163,027 3,714,212 7,349,563 8,026,209
Schedule of ageing analysis of trade and notes receivables	December 31, December 31, 2016 2017 Within 1 year 5,787,705 6,320,428 Between 1 and 2 years 557,602 505,493 Between 2 and 3 years 533,227 336,019 Over 3 years 933,600 1,346,289 7,812,134 8,508,229 Less: provision for impairment (462,571) (482,020) 7,349,563 8,026,209
Schedule of ageing analysis of trade and notes receivables, past due but not impaired	December 31, December 31, 2016 2017 Past due for 1 year 523,333 459,188 Past due for 1 to 2 years 505,774 295,928 Past due for over 2 years 412,028 781,832 1,441,135 1,536,948 Not past due 5,710,535 6,137,627 7,151,670 7,674,575
Schedule of ageing analysis of trade receivables relate to customers in difficult economic situation	December 31, December 31, 2016 2017 Within 1 year 77,170 182,801 Between 1 and 2 years 34,269 46,305 Between 2 and 3 years 27,453 40,091 Over 3 years 521,572 564,457 660,464 833,654 Provision for impairment (462,571) (482,020) 197,893 351,634
Schedule of movements on the provision for impairment of trade and notes receivables	2016 2017 As at January 1, 510,336 462,571 Provision for impairment 5,862 29,663 Written off (192) (15,341) Reversal (53,435) (6,395) Others — 11,522 As at December 31, 462,571 482,020

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER CURRENT ASSETS
Schedule of ageing analysis of past due but not impaired financial assets included in other current assets	December 31, December 31, 2016 2017 Past due for 1 year 613,140 1,214,509 Past due for 1 to 2 years 741,276 364,953 Past due for over 2 years 442,437 1,073,231 1,796,853 2,652,693 Not past due 8,609,164 3,695,391 10,406,017 6,348,084
Schedule of ageing analysis of past due but not impaired financial assets included in other current assets	December 31, December 31, 2016 2017 Within 1 year 28,375 7,305 Between 1 and 2 years 38,234 1,775 Between 2 and 3 years 215,169 28,313 Over 3 years 1,624,207 1,779,306 1,905,985 1,816,699 Less: provision for impairment (1,672,235) (1,677,201) 233,750 139,498
Other current assets
OTHER CURRENT ASSETS
Schedule of other current assets	December 31, December 31, 2016 2017 Financial assets — Deposits paid to suppliers 714,263 756,748 — Dividends receivable 148,546 267,331 — Receivables from disposal of businesses and assets 5,080,791 575,650 — Entrusted loans and loans receivable from third parties 1,631,624 1,615,429 — Entrusted loans and loans receivable from related parties 1,859,769 2,459,883 — Receivable from disposal of Shanxi Huaxing 1,646,035 — — Receivables from disposal of Guizhou Branch's aluminum properties 200,000 1,320,488 — Interest receivable 111,625 144,473 — Recoverable reimbursement for freight charges 37,069 13,944 — Other financial assets 899,946 1,006,189 12,329,668 8,160,135 Less: provision for impairment (1,666,182) (1,673,046) 10,663,486 6,487,089 Receivable of value-added tax refund 3,492 1,063 Advances to employees 31,869 46,890 Deductible input value added tax receivables 1,537,245 2,408,504 Prepaid income tax 104,213 64,557 Prepayments to related parties for purchases 118,777 61,150 Prepayments to suppliers for purchases and others 2,626,002 885,433 Others 168,714 113,145 4,590,312 3,580,742 Less: provision for impairment (6,053) (4,155) 4,584,259 3,576,587 Total other current assets 15,247,745 10,063,676
Schedule of ageing analysis of financial assets included in other current assets	December 31, December 31, 2016 2017 Within 1 year 1,911,115 2,581,750 Between 1 and 2 years 2,496,848 1,016,284 Between 2 and 3 years 1,365,830 1,689,050 Over 3 years 6,555,875 2,873,051 12,329,668 8,160,135 Less: provision for impairment (1,666,182) (1,673,046) 10,663,486 6,487,089
Schedule of movements in the provision for impairment of other current assets	2016 2017 As at January 1, 1,679,137 1,672,235 Provision for impairment 3,864 29,483 Write off (7,807) (10,921) Reversal (2,959) (9,531) Others — (4,065) As at December 31, 1,672,235 1,677,201

CASH AND CASH EQUIVALENTS AND66

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS (Tables)	12 Months Ended
	Dec. 31, 2017
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS
Schedule of cash and cash equivalents and restricted cash and time deposits	December 31, December 31, 2016 2017 Restricted cash 2,014,747 2,152,492 Time deposits 72,700 — Restricted cash and time deposits 2,087,447 2,152,492 Cash and cash equivalents 23,813,736 27,750,686 25,901,183 29,903,178
Schedule of cash and cash equivalents denominated in foreign currency	December 31, December 31, 2016 2017 RMB 20,548,620 26,848,177 USD 5,343,559 3,045,228 HKD 6,252 7,029 EUR 24 56 AUD 2,625 2,688 IDR 103 — 25,901,183 29,903,178

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2017
SHARE CAPITAL
Schedule of share capital	Number of shares in issue (Note (a)) Share Share A shares H shares capital premium At January 1, 2016 10,959,832 3,943,966 14,903,798 20,747,839 Business combination under common control — — — (3,010,627) Capital injection from non-controlling shareholders — — — 176,615 At December 31, 2016 and January 1, 2017 10,959,832 3,943,966 14,903,798 17,913,827 Business combinations under common control (Note (b)) — — — (242,564) Capital injection from non-controlling shareholders (Note (c)) — — — 1,887,824 Acquisition of non-controlling interests (note 35(a) (xxvii)) (Note (d)) — — — (980,725) Disposal of equity interest in subsidiaries without loss of control (Note (e)) — — — 38,189 At December 31, 2017 10,959,832 3,943,966 14,903,798 18,616,551 Note: (a) As at December 31, 2016 and 2017, 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 ordinary shares was 14,903,798,236 at par value of RMB1.00 per share as at December 31, 2016 and 2017. There were 14,903,798,236 ordinary shares issued and outstanding as at December 31, 2016 and 2017, respectively. (b) As disclosed in note 38(g) and note 38(h), the acquisitions of 100% equity interest of Chinalco Qingdao Light Metal Co., Ltd. (“Qingdao Light Metal”) ( 中鋁青島輕金屬有限公司 ) and Sewage Treatment Plant of Chalco Shanxi Aluminum (“Shanxi Aluminum Sewage Treatment Plant ") ( 山西鋁廠汙水處理站 ) were considered to be business combinations under common control, which resulted to the decrease of share premium amounted to RMB162 million and RMB50 million, respectively. In November 2017, the Group and Chinalco adjusted the consideration of acquisition of Xinghua Technology, which was considered to be a business combination under common control in 2016. The adjustment of consideration was agreed by both parties within the measurement period. Accordingly, share premium was reduced by RMB31 million. (c) December 2017, the Company entered into “Investment Agreements” and “Debt to Equity Swap Agreements” with eight investors (the "Investors“), including Huarong Ruitong Equity Investment Management Co., Ltd. ( 華融瑞通股權投資管理有限公司 ), China Life Insurance Co., Ltd. ( 中國人壽保險股份有限公司 ), Shenzhen Zhao Ping Aluminum Investment Center (limited partnership) ( 深圳市招平中鋁投資有限（有限合夥） ), China Pacific Life Insurance Co., Ltd. ( 中國太平洋人壽保險股份有限公司 ), China Cinda Asset Management Co., Ltd. ( 中國信達資 產管理股份有 限公司 ), BOC Financial Asset Investment Co, Ltd. ( 中銀金融資 產投資有限公司 ), ICBC Financial Asset Investment Co., Ltd. ( 工銀金融資 產投資有限公 司) and ABC Financial Asset Investment Co., Ltd. ( 農銀金融資 產投資有限公司 ). The "Investment Agreements" and the "Debt to Equity Swap Agreements" were approved by the second extraordinary general meeting of shareholders of the Company on December 20, 2017. Pursuant to the "Investment Agreements" and the "Debt to Equity Swap Agreements", the Investors respectively agreed to invest in the following subsidiaries of the Company, Chalco Shandong, Zhongzhou Aluminum, Baotou Aluminum and Chalco Mining (“Target Companies”) by cash or debt-to-equity swap amounting to RMB12,600 million in aggregate. The investment did not result in a loss of the Company's control over the subsidiaries. On the capital injection date, the carrying amount of the net assets of Target Companies attributed to the Investors was RMB10,736 million, therefore, the difference amounting to RMB1,864 million was recorded in share premium. In July 2017, Jiaozuo Wanfang Aluminum Co., Ltd.* (“Jiaozuo Wanfang") ( 焦作萬方鋁業股份有限公司 ) made a capital contribution to Chinalco Xinjiang Aluminum Power Co., Ltd.* (“Xinjiang Aluminum”) ( 中鋁新疆鋁電有限公司 ) of RMB27 million. After the capital contribution, the carrying amount of the net assets of Xinjiang Aluminum attributed to Jiaozuo Wanfang was RMB4 million and the difference amounting to RMB23 million was recorded in share premium. (d) 山西漳澤電力股份有限公司 ), pursuant to which the Company made a capital contribution into Shanxi Huaze Aluminum and Power Co., Ltd. (" Shanxi Huaze”) by injecting the net assets of Shanxi branch of the Company with the appraisal value amounting to RMB3,426 million and Shanxi Huaze was renamed as Chalco Shanxi New Material Co., Ltd.* (“Shanxi New Material ") ( 中鋁山西新材料有限公司 ). After the capital contribution, the Company’s equity interest in Shanxi New Material increased from 60.00% to 85.98%. Zhangze Electric Power’s non- controlling equity interests in Shanxi New Material was reduced to 14.02%, resulting in a decrease in non-controlling interests and an increase in share premium amounting to RMB45 million, respectively. (e) 北京意科能源技 术有限公司 ). Upon the liquidation administrators took control over Beijing Yike, and therefore, the directors of the Company considered the Group lost control over Beijing Yike and deconsolidated Beijing Yike since then. Beijing Yike held 29.06% equity interest of Ningxia Yike Solar Energy Power Co., Ltd. ( 寧夏意科太陽能發電有限公司 ), and the Group directly held other 70.94% equity interests. After the liquidation, the 29.06% equity interest was accounted for as a non-controlling interest due to the Group's loss of control over Beijing Yike.

INTEREST BEARING LOANS AND BO68

INTEREST BEARING LOANS AND BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 2017
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	December 31, December 31, 2016 2017 Long-term loans and borrowings Finance lease payables (note 20) 6,692,302 5,607,570 Bank and other loans (Note (a)) — Secured (Note (f)) 13,415,140 14,716,175 — Guaranteed (Note (e)) 2,088,327 3,191,277 — Unsecured 16,196,805 22,575,882 31,700,272 40,483,334 Medium-term notes and bonds and long-term bonds and private placement notes (Note (b)) — Guaranteed (Note (e)) 1,998,833 — — Unsecured 22,058,281 15,696,961 24,057,114 15,696,961 Total long-term loans and borrowings 62,449,688 61,787,865 Current portion of finance lease payables (note 20) (2,008,716) (2,115,644) Current portion of medium-term bonds and long-term bonds (8,393,073) (12,492,378) Current portion of long-term bank and other loans (4,725,151) (6,890,140) Non-current portion of long-term loans and borrowings 47,322,748 40,289,703 December 31, December 31, 2016 2017 Short-term loans and borrowings Bank and other loans (Note (c)) — Secured (Note (f)) 1,846,500 1,292,000 — Guaranteed (Note (e)) 305,000 150,000 — Unsecured 30,170,325 29,392,442 32,321,825 30,834,442 Short-term bonds, unsecured (Note (d)) 8,020,015 3,601,573 Gold leasing arrangements (Note (g)) 2,990,614 6,818,393 Current portion of finance lease payables (note 20) 2,008,716 2,115,644 Current portion of medium-term notes 8,393,073 12,492,378 Current portion of long-term bank and other loans 4,725,151 6,890,140 Total short-term borrowings and current portion of long-term loans and borrowings 58,459,394 62,752,570
Schedule of maturity of long-term bank and other loans	Loans from banks and Total of long-term bank other and financial institutions Other loans other loans December 31, December 31, December 31, December 31, December 31, December 31, 2016 2017 2016 2017 2016 2017 Within 1 year 4,718,809 6,883,500 6,342 6,640 4,725,151 6,890,140 Between 1 and 2 years 7,994,380 5,171,738 6,342 2,277 8,000,722 5,174,015 Between 2 and 5 years 10,268,857 8,666,967 7,026 6,827 10,275,883 8,673,794 Over 5 years 8,687,124 19,736,283 11,392 9,102 8,698,516 19,745,385 31,669,170 40,458,488 31,102 24,846 31,700,272 40,483,334
Schedule of interest-bearing loans and borrowings in which the Group received guarantees	December 31, December 31, Guarantors 2017 2016 Long-term bonds Bank of Communications ( 交通銀行股份有限公司 ) ("BOCOM") 1,998,833 — Long-term loans Lanzhou Aluminum Factory*( 蘭州鋁廠 ) (Note (i)) 8,000 4,000 The Company 866,877 — Ningxia Energy (Note (ii)) 1,099,400 1,020,400 Yinxing Energy (Note (ii)) 109,000 91,000 Zhongwei Renewable Energy Co., Ltd.* ( 中衛寧電新能源有限公司 ) (Note (ii)) 5,050 — Baotou Aluminum Co., Ltd. ( 包頭鋁業 ) and Baotou Communications Investment Group Co., Ltd. ( 包交投資 ) (Note (iii)) — 1,600,000 The Company and Hangzhou Jinjiang Group Co., Ltd. ( 杭州錦江 ) (Note (iv)) — 475,877 2,088,327 3,191,277 Short-term loans Ningxia Energy (Note (ii)) 120,000 70,000 Shandong Aluminum (Note (i)) 15,000 — Chalco Shandong (Note (ii)) 170,000 80,000 305,000 150,000 Note: (i) (ii) (iii) (iv)
Medium-term notes and bonds and long-term bonds
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Face Effective December 31, December 31, value /maturity interest rate 2016 2017 2007 long-term bonds /2017 4.64 % 1,998,833 — 2015 medium-term notes /2018 5.53 % 2,989,992 2,999,030 2015 medium-term notes /2018 5.01 % 1,492,351 1,496,503 2012 medium-term bonds /2017 5.77 % 2,996,618 — 2013 medium-term bonds /2018 5.99 % 2,993,272 2,999,211 2014 medium-term bonds /2017 7.35 % 2,997,622 — 2015 medium-term bonds /2018 6.11 % 2,996,615 2,999,359 2015 medium-term bonds /2018 6.08 % 1,993,474 1,998,275 2016 private placement notes /2019 5.12 % 3,198,337 3,204,583 2012 NingXia medium-term notes /2017 6.06 % 400,000 — 24,057,114 15,696,961
Short-term bonds
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Face Effective December 31, December 31, value /maturity interest rate 2016 2017 2016 short-term bonds 1,500,000 /2017 4.30 % 1,535,140 — 2016 short-term bonds 3,000,000 /2017 4.13 % 3,047,026 — 2016 short-term bonds 3,000,000 /2017 3.95 % 3,037,849 — 2016 short-term bonds 400,000 /2017 4.13 % 400,000 — 2017 short-term bonds 3,000,000 /2018 4.30 % — 3,101,573 2017 short-term bonds 500,000 /2018 4.90 % — 500,000 8,020,015 3,601,573

FINANCE LEASE PAYABLES (Tables)

FINANCE LEASE PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2017
FINANCE LEASE PAYABLES
Schedule of future minimum lease payments under finance leases and their present values	Present value of minimum Minimum lease payments lease payments December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Amounts payable: Within one year 2,371,917 2,253,720 2,115,644 2,008,716 In the second year 1,762,618 2,068,315 1,606,571 1,891,406 In the third to fifth years, inclusive 1,890,329 2,895,251 1,817,506 2,792,180 After five years 73,603 — 67,849 — Total minimum finance lease payments 6,098,467 7,217,286 5,607,570 6,692,302 Future finance charges (490,897) (524,984) Total net finance lease payables (note 19) 5,607,570 6,692,302 Portion classified as current liabilities (note 19) (2,115,644) (2,008,716) Non-current portion 3,491,926 4,683,586

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER NON-CURRENT LIABILITIES
Schedule of other non current liabilities	December 31, December 31, 2016 2017 Financial liabilities -Long-term payables for mining rights 789,420 749,761 -Other financial liabilities 300 19,300 789,720 769,061 Obligations in relation to early retirement schemes (Note (i)) 674,835 900,924 Deferred government grants 1,466,656 1,406,122 Deferred gain relating to sales and leaseback agreements (Note (ii)) 193,724 176,774 Provision for rehabilitation 106,769 113,672 Others 6,037 5,837 2,448,021 2,603,329 3,237,741 3,372,390
Schedule of obligations in relation to retirement benefits under the Group's early retirement schemes	2016 2017 As at January 1, 1,147,320 996,598 Provision made during the year (note 29) 132,044 767,632 Interest costs 84,616 17,618 Payment during the year (367,382) (343,408) As at December 31, 996,598 1,438,440 Non-current 674,835 900,924 Current (note 22) 321,763 537,516 996,598 1,438,440

OTHER PAYABLES AND ACCRUED LI71

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER PAYABLES AND ACCRUED LIABILITIES
Schedule of other payables and accrued liabilities	December 31, December 31, 2016 2017 Financial liabilities -Payable for capital expenditures 5,660,677 6,283,484 -Accrued interest 1,070,620 827,016 -Payables withheld as guarantees and deposits 1,075,760 1,490,811 -Dividends payable by subsidiaries to non-controlling shareholders 221,496 223,942 -Consideration payable for investment projects 305,506 170,494 -Current portion of payables for mining rights 337,659 300,970 -Others 900,771 1,987,739 9,572,489 11,284,456 Sales and other deposits from customers 1,799,345 1,597,539 Taxes other than income taxes payable (Note) 715,089 818,730 Accrued payroll and bonus 218,741 74,400 Staff welfare payables 277,802 261,056 Current portion of obligations in relation to early retirement schemes (note 21) 321,763 537,516 Contribution payable for pension insurance 109,077 27,248 Others 3,013 1,786 3,444,830 3,318,275 13,017,319 14,602,731 Note: Taxes other than income taxes payable mainly comprise accruals for value-added tax, resource tax, city construction tax and education surcharge.

TRADE AND NOTES PAYABLES (Table

TRADE AND NOTES PAYABLES (Tables)	12 Months Ended
	Dec. 31, 2017
TRADE AND NOTES PAYABLES
Schedule of trade and notes payables	December 31, December 31, 2016 2017 Trade payables 6,739,761 7,751,911 Notes payable 4,603,109 4,570,059 11,342,870 12,321,970
Schedule of ageing analysis of trade and notes payables	December 31, December 31, 2016 2017 Within 1 year 10,777,171 11,710,641 Between 1 and 2 years 276,351 199,121 Between 2 and 3 years 107,137 201,919 Over 3 years 182,211 210,289 11,342,870 12,321,970

PLEDGE OF ASSETS (Tables)

PLEDGE OF ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
PLEDGE OF ASSETS
Summary of pledged assets	December 31, December 31, 2016 2017 Property, plant and equipment (note 6) 6,540,545 5,799,013 Land use rights (note 8) 275,061 176,914 Intangible assets (note 5) 1,114,454 1,111,705 Investment in an associate (note 9(b)) 376,270 — Notes receivable (note 14) 33,500 82,125 Trade receivables (note 14) 35,836 22,000 8,375,666 7,191,757

PROFIT BEFORE INCOME TAX (Table

PROFIT BEFORE INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2017
PROFIT BEFORE INCOME TAX
Schedule of analysis of profit before income tax	2015 2016 2017 Purchase of inventories in relation to trading activities 60,318,158 79,682,085 98,282,714 Raw materials and consumables used, and changes in work-in-progress and finished goods 29,647,657 27,243,423 34,374,412 Power and utilities 15,835,191 12,980,854 17,187,133 Depreciation and amortization 7,388,539 6,987,353 7,121,132 Employee benefit expenses (note 29) 6,110,608 5,894,726 6,897,530 Repairs and maintenance 1,797,254 1,354,394 1,716,693 Transportation expenses 1,152,027 1,495,018 1,742,699 Logistic cost - 796,231 1,894,061 Taxes other than income tax expense (Note (i)) 567,157 695,984 890,467 Rental expenses for land use rights and buildings 664,917 511,189 497,356 Packaging expenses 272,558 235,929 266,745 Research and development expenses 168,870 168,862 494,590 Auditors' remuneration expense (Note (ii)) 23,666 26,006 31,460 Note: (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty. (ii) During the year ended December 31, 2017, auditors’ remuneration included audit and non-audit services provided by Ernst & Young, including Ernst & Young Hong Kong and Ernst & Young Hua Ming LLP, amounting to RMB23.1 million (2015: RMB23.3 million, 2016: RMB23.7 million), and services provided by other auditors.

OTHER GAINS, NET (Tables)

OTHER GAINS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
OTHER GAINS, NET
Schedule of other gains, net	2015 2016 2017 Gain on disposal of investments in associates 832,369 128,833 — Gain on deemed disposal and disposal of subsidiaries 2,588,134 — 325,022 Gain on disposal and dividends of available for sale investments 38,469 140,929 79,408 Realized loss on futures, forward and option contracts, net (Note) (477,733) (1,290,267) (23,951) Unrealized (losses) /gains on futures, forward and option contracts, net (Note) (213,085) 154,585 (131,073) Gain on disposal of other property, plant and equipment and land use rights, net 2,317,857 816,721 77,091 Gain on previously held equity interest remeasured at acquisition-date fair value (note 38 (i)) — — 117,640 Others (62,458) 215,582 (124,141) 5,023,553 166,383 319,996 Note: None of these futures, forward and option contracts was designated for hedge accounting.

FINANCE INCOME_FINANCE COSTS (T

FINANCE INCOME/FINANCE COSTS (Tables)	12 Months Ended
	Dec. 31, 2017
FINANCE INCOME/FINANCE COSTS
Schedule of analysis of finance income/finance costs	2015 2016 2017 Finance income - interest income (812,459) (815,729) (706,299) Interest expense 6,119,964 5,169,568 5,161,663 Less: interest expense capitalized in property, plant and equipment (note 6) (522,053) (414,133) (344,452) Interest expense, net of capitalized interest 5,597,911 4,755,435 4,817,211 Amortization of unrecognized finance expenses 285,727 324,701 241,097 Exchange loss/(gain), net 95,851 (60,228) 131,621 Finance costs 5,979,489 5,019,908 5,189,929 Finance costs, net 5,167,030 4,204,179 4,483,630 Capitalization rate during the year (note 6) 4.90% to to 4.41% to

EMPLOYEE BENEFIT EXPENSES (Tabl

EMPLOYEE BENEFIT EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2017
EMPLOYEE BENEFIT EXPENSES
Schedule of analysis of employee benefit expenses	2015 2016 2017 Salaries and bonus 3,980,430 3,850,040 4,150,233 Housing fund 395,699 388,017 391,757 Staff welfare and other expenses (Note) 1,672,833 1,495,618 1,557,661 Employment expense in relation to early retirement schemes (note 21) 34,893 132,044 767,632 Employment expenses in relation to termination benefit 26,753 29,007 30,247 6,110,608 5,894,726 6,897,530 Note: Staff welfare and other expenses include staff welfare, staff union expenses, staff education expenses, unemployment insurance expenses and pension insurance expenses, etc .

DIRECTORS', SUPERVISORS' AND 78

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION (Tables)	12 Months Ended
	Dec. 31, 2017
Significant related party transactions
Schedule of directors' and supervisors' remuneration	2015 2016 2017 Fees 653 762 768 Basic salaries, housing fund, other allowances and benefits in kind 1,143 975 1,370 Pension cost 140 114 166 1,936 1,851 2,304
Schedule of remuneration of each director and supervisor	Discretionary Pension Names of directors and supervisors Fees Salaries bonus costs total Directors: Ge Honglin (Note (i)) — — — — — Ao Hong (Note (ii)) — — — — — Luo Jianchuan (Note (ii)) — — — — — Liu Xiangmin — — — — — Jiang Yinggang — 643 — 70 713 Liu Caiming (Note (iii)) — — — — — Wang Jun 150 — — — 150 Ma Si-hang, Frederick (Note (iv)) 192 — — — 192 Lie-A-Cheong Tai-Chong, David (Note (iv)) — — — — — Chen Lijie (Note (v)) 162 — — — 162 Hu Shihai (Note (vi)) 102 — — — 102 Wu Zhenfang (Note (ix)) 47 — — — 47 Wu Jianchang (Note (x)) — — — — — 653 643 — 70 1,366 Supervisors: Zhao Zhao — — — — — Yuan Li — 500 — 70 570 Zhang Zhankui (Note (vii)) — — — — — Wang Jun (Note (viii)) — — — — — — 500 — 70 570 Total 653 1,143 — 140 1,936 Note: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) The remuneration of each director and supervisor of the Company for the year ended December 31, 2016 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Ge Honglin — — — — — Ao Hong — — — — — Lu Dongliang — — — — — Jiang Yinggang — 725 — 76 801 — 725 — 76 801 Non-executive Directors: Yu Dehui — — — — — Liu Caiming — — — — — Wang Jun 150 — — — 150 Lie-A-Cheong Tai-Chong, David 204 — — — 204 Chen Lijie 204 — — — 204 Hu Shihai 204 — — — 204 762 — — — 762 Supervisors: Liu Xiangmin — — — — — Yuan Li — — — — — Wang Jun — — — — — Wu Zuoming — 250 — 38 288 Zhao Zhao — — — — — — 250 — 38 288 Total 762 975 — 114 1,851 The remuneration of each director and supervisor of the Company for the year ended December 31, 2017 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Yu Dehui (Note (i)) — — — — — Lu Dongliang (Note (iii)) — — — — — Jiang Yinggang — 822 — 83 905 — 822 — 83 905 Non-executive Directors: Ao Hong (Note ii)) — — — — — Liu Caiming — — — — — Wang Jun 150 — — — 150 Chen Lijie 206 — — — 206 Lie-A-Cheong Tai-Chong, David 206 — — — 206 Hu Shihai 206 — — — 206 768 — — — 768 Supervisors: Liu Xiangmin — — — — — Wang Jun — — — — — Wu Zuoming — 548 — 83 631 — 548 — 83 631 Total 768 1,370 — 166 2,304 Note: (i) Considering that Mr. Yu Dehui’s decision making authority and major duties in the Company fall within the definition of the responsibility of an executive director during his tenure of service as the Chairman of the Company, Mr. Yu was re-designated from a non-executive Director to an executive Director with effect from August 17, 2017. (ii) Due to re-arrangement of work, and as considered and approved at the twentieth meeting of the sixth session of the Board, Mr. Ao Hong resigned as the president of the Company on February 13, 2018. Since Mr. Ao Hong would not hold any executive position in the Company, he was re-designated from an executive Director to a non-executive Director on the same date. (iii) On February 13, 2018, as considered and approved at the twentieth meeting of the sixth session of the Board, the Company appointed Mr. Lu Dongliang as the president of the Company and dismissed him from the position of senior vice president of the Company.
Schedule of remuneration payable to the remaining two highest paid individuals	2015 2016 2017 Basic salaries, housing fund, other allowances and benefits in kind 1,875 1,450 2,460 Pension costs 204 152 249 2,079 1,602 2,709
Schedule of remuneration of the directors and supervisors of the Company whose remuneration fell within the following band	Number of individuals 2015 2016 2017 Nil to RMB1,000,000 16 15 15
Directors and supervisors
Significant related party transactions
Schedule of remuneration of the directors and supervisors of the Company whose remuneration fell within the following band	Number of employees 2015 2016 2017 Nil to RMB1,000,000 3 2 3

INCOME TAX BENEFIT_(EXPENSE) (T

INCOME TAX BENEFIT/(EXPENSE) (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME TAX BENEFIT/(EXPENSE)
Schedule of income tax benefit/(expense)	2015 2016 2017 Current income tax expense: — PRC corporate income tax (259,758) (503,233) (841,069) Deferred income tax benefit 485,719 99,061 198,802 225,961 (404,172) (642,267)
Schedule of reconciliation of the tax expense applicable to profit before tax at the statutory rates	2015 2016 2017 Profit before income tax 121,941 1,625,545 3,006,216 Tax expense calculated at the statutory tax rate of 25% (2015 and 2016: 25%) 30,485 406,386 751,554 Tax effects of: Preferential income tax rates applicable to certain branches and subsidiaries 21,442 (3,322) (287,081) Impact of change in income tax rate 4,538 5,945 98,150 Tax losses with no deferred tax assets recognized 445,056 267,288 296,728 Deductible temporary differences with no deferred tax assets recognized 241,812 78,644 363,809 Utilisation of previously unrecognized tax losses and deductible temporary differences (358,106) (203,423) (258,232) Tax incentive in relation to deduction of certain expenses (2,502) (3,769) (43,846) Non-taxable income (149,613) (89,602) (126,101) Expenses not deductible for tax purposes 30,280 80,014 49,636 Write-off of unrecoverable deferred tax assets previously recognized 76,775 3,315 49,808 Unrecognized taxable temporary differences relating to equity investments (351,846) — — Recognition of deferred tax assets related to deductible temporary differences and tax losses previously not recognized (238,728) (117,513) (274,726) True-up adjustments in respect of prior year's annual income tax filings and others 24,446 (19,791) 22,568 Income tax expense (225,961) 404,172 642,267 Effective tax rate (185) % 25 % 21 %

EARNINGS PER SHARE ATTRIBUTAB80

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Tables)	12 Months Ended
	Dec. 31, 2017
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Schedule of basic earnings per share	2015 2016 2017 Profit attributable to owners of the parent (RMB) 129,510,705 368,411,780 1,378,435,350 Other equity instruments' distribution (RMB) (19,287,671) (110,000,000) (110,000,000) 110,223,034 258,411,780 1,268,435,350 Weighted average number of ordinary shares in issue 14,272,716,517 14,903,798,236 14,903,798,236 Basic earnings per share (RMB) 0.01 0.02 0.09

NOTES TO THE CONSOLIDATED STA81

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2017
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Schedule of cash flows generated from operating activities	Notes 2015 2016 2017 Cash flows generated from operating activities Profit before income tax 121,941 1,625,545 3,006,216 Adjustments for: Share of profits and losses of joint ventures 9(a) (23,238) 95,508 (8,151) Share of profits and losses of associates 9(b) (284,531) (115,091) 165,249 Depreciation of property, plant and equipment 6 6,944,990 6,577,514 6,606,283 Depreciation of investment properties 7 - 1,426 14,105 Gain on disposal of other property, plant and equipment and land use rights, net 27 (2,317,857) (816,721) (77,091) Impairment losses on property, plant and equipment 6 10,011 57,080 15,632 Impairment losses of intangible assets 5 - — 8,134 Amortization of intangible assets 5 255,098 243,771 276,877 Amortization of land use rights 8 104,459 99,724 96,074 Amortization of prepaid expenses included in other non-current assets 83,992 64,918 127,793 Realized and unrealized losses on futures, option and forward contracts 27 690,818 1,135,682 155,024 Gain on previously held equity interest remeasured at acquisition-date fair value 27 - — (117,640) Gain on disposals and deemed disposals of subsidiaries 27 (2,588,134) — (325,022) Gain on disposal of investments in associates 27 (832,369) (128,833) — Gain on disposal of and dividends from available-for-sale investments 27 (38,469) (140,929) (79,408) Receipt of government subsidies (282,635) (207,146) (202,359) Interest income (340,278) (353,535) (183,017) Finance cost 28 5,979,489 5,019,908 5,189,929 Change in special reserve (102,426) 9,148 56,729 Others 14,852 (7,531) (16,950) 7,395,713 13,160,438 14,708,407 Changes in working capital: Decrease/ (increase) in inventories 1,805,110 2,412,815 (2,605,918) Increase in trade and notes receivables (68,353) (3,679,766) (2,123,242) Decrease in other current assets (804,811) 3,466,467 1,275,535 Increase in restricted cash (109,542) (264,508) (137,745) Increase in other non-current assets (566,664) (133,249) (420,486) (Decrease)/ increase in trade and notes payables (618,583) (3,401,529) 1,511,908 Increase in other payables and accrued liabilities 1,024,249 40,469 1,875,014 Decrease in other non-current liabilities (461,995) (15,804) (7,805) Cash generated from operations 7,595,124 11,585,333 14,075,668 PRC corporate income taxes paid (277,378) (54,933) (947,891) Net cash generated from operating activities 7,317,746 11,530,400 13,127,777 Non-cash transactions of investing activities and financing activities Capital injection in an associate and joint ventures by non-cash assets 793,364 371,051 186,450 Endorsement of notes receivables accepted from sale of goods or services for purchase of property, plant and equipment 1,342,759 1,568,488 372,816 Acquisition of business 38(h) — — 50,058 Finance lease — — 44,342
Schedule of reconciliation of liabilities arising from financing activities	Financial liabilities Financial included in Financial liabilities at other current Liabilities fair value payables and included in Interest bearing through profit Trade and accrued other non-current loans and or loss notes payables expenses Liabilities borrowings Total As at January 1, 2017 3,575 11,342,870 9,572,490 789,720 105,782,141 127,490,796 Net cash generated from operating activities — 1,511,909 1,379,505 — — 2,891,414 Net cash flows from/(used in) investing activities 85,851 (530,457) 640,157 (73,701) 2,400,464 2,522,314 Proceeds from gold leasing arrangement — — — — 7,804,083 7,804,083 Proceeds from issuance of short-term bonds and medium-term notes, net of issuance costs — — — — 3,478,550 3,478,550 Repayments of medium-term notes and short-term bonds — — — — (16,300,000) (16,300,000) Repayments of gold leasing arrangement — — — — (4,000,000) (4,000,000) Drawdown of short-term and long-term bank and other loans — — — — 83,523,749 83,523,749 Repayments of short-term and long-term bank and other loans — — — — (78,673,459) (78,673,459) Proceeds from finance lease, net of deposit and transaction costs — — — — 1,000,036 1,000,036 Capital elements of finance lease rental payment — — — — (2,462,250) (2,462,250) Dividends paid by subsidiaries to non-controlling shareholders — — 2,446 — — 2,446 Amortization of unrecognized finance expenses and interest expense 16,352 398,371 414,723 Interest paid — — (262,105) — — (262,105) Reclassification — — (36,690) 36,690 — — Net cash (used in)/ generated from financing activities — — (296,349) 53,042 (5,230,920) (5,474,227) Net foreign exchange differences — (2,352) (11,347) — 90,588 76,889 As at December 31, 2017 89,426 12,321,970 11,284,456 769,061 103,042,273 127,507,186

SIGNIFICANT RELATED PARTY BAL82

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS
Summary of significant related party transactions	Note 2015 2016 2017 Sales of goods and services rendered: Sales of materials and finished goods to: (i) Chinalco and its subsidiaries (ix) 10,998,505 10,311,722 10,612,330 Associates of Chinalco 703,628 688,308 682,992 Joint ventures 79,034 648,145 2,031,159 Associates 2,165,445 605,449 705,052 13,946,612 12,253,624 14,031,533 Provision of engineering, construction and supervisory services to: (iii) Chinalco and its subsidiaries (ix) 46,328 101,323 77,095 Joint ventures — 41,423 2,046 46,328 142,746 79,141 Provision of utility services to: (ii) Chinalco and its subsidiaries (ix) 314,544 567,628 581,566 Associates of Chinalco 14,803 4,444 8,776 Joint ventures — 3,031 118,280 Associates 553 584 1,122 329,900 575,687 709,744 Rental revenue of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 34,476 33,231 40,875 Associates of Chinalco 249 Joint ventures — 426 34,725 33,231 41,301 Purchases of goods and services: Purchases of engineering, construction and supervisory services from: (iii) Chinalco and its subsidiaries (ix) 1,737,344 1,525,349 1,205,355 Purchases of key and auxiliary materials, equipment and finished goods from: (iv) Chinalco and its subsidiaries (ix) 1,640,051 1,626,782 3,849,889 Joint ventures 1,276,078 3,799,116 6,516,087 Associates 414,539 31,413 1,175 3,330,668 5,457,311 10,367,151 Provision of social services and logistics services by: (v) Chinalco and its subsidiaries (ix) 324,872 307,354 326,830 Provision of utility services by: (ii) Chinalco and its subsidiaries (ix) 643,597 686,474 1,397,346 Joint ventures — 3,386 19,537 643,597 689,860 1,416,883 Notes 2015 2016 2017 Provision of product processing services by: (vii) Chinalco and its subsidiaries (ix) 62,623 — — Provision of other services by: A joint venture — 151,552 269,204 Rental expenses for buildings and land use rights charged by: (vi) Chinalco and its subsidiaries (ix) 590,657 509,558 474,567 Joint ventures — 126 — 590,657 509,684 474,567 Other significant related party transactions: Borrowing from a subsidiary of Chinalco (viii), (ix) 5,929,000 5,145,959 3,901,000 Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco 149,213 226,118 225,934 Entrusted loans and other borrowings to: Joint ventures 140,000 212,400 500,000 Associates — — 1,100,000 140,000 212,400 1,600,000 Interest income on entrusted loans and other borrowings: Joint ventures 14,061 31,373 41,005 An associate — — 24,425 14,061 31,373 65,430 Interest income from the unpaid disposal proceeds from: Chinalco and its subsidiaries 326,217 246,149 117,587 Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco (xxvi) 1,150,000 1,040,000 600,000 Finance lease under a sale and leaseback contract from subsidiaries of Chinalco (xxvi), (ix) 1,150,064 1,040,036 600,036 Trade receivable factoring arrangement from a subsidiary of Chinalco (ix) — — 1,570,000 Discounted notes receivable to a subsidiary of Chinalco (viii) 122,000 40,200 523,253 Provision of financial guarantees to: Joint ventures (xv), (xxv) 340,900 24,245 18,350 An associate (xvi) 17,470 — — 358,370 24,245 18,350 Financial guarantees provided by: Subsidiaries of Chinalco 19(e) 27,000 23,000 4,000 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 general agreements on a mutual provision of production supplies and ancillary services. The pricing policy is summarized below: 1. 2. 3. 4. (ii) (iii) (iv) (v) (vi) (vii) The pricing policy for product processing services is the same as that set out in (i) above. (viii) 中鋁財務有限責任公司 ), a wholly-owned subsidiary of Chinalco and a non-bank financial institution established in the PRC, provides deposit services, credit services and miscellaneous financial services to the Group. The terms for the provision of financial services to the Group are no less favourable 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 same type of financial services that may be provided to the Group by other financial institutions. (i) These related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. (ii) In November 2015, the Company together with its two subsidiaries, Chalco International Trading and Chalco Shanghai Kelin Co., Ltd. ( 上海中鋁凱林鋁業有限公司 ) (“Shanghai Kelin”) signed a capital injection agreement with Chinalco Asset Management Co., Ltd.*( 中鋁資 產經營管理公司 ) (“Chinalco Asset Management”) to inject capital to Chinalco Property Development Co., Ltd.* ( 中鋁置 业發展有限公司 ) (“Chinalco Property Development”) by way of injecting certain urban property assets and land use rights with appraised value amounting to RMB676.95 million and cash amounting to RMB696 million. Subsequent to the capital injection, the Group held a 24.12% equity interest in Chinalco Investment Development. The investment in Chinalco Property Development has been adjusted the impact of downstream transaction amounting to RMB111.3 million. The transaction generated disposal gain amounting to RMB350.22 million. In November 2015, Chinalco Property Development changed its name to Chinalco Investment Development. (xi) In November 2015, Chalco Hong Kong and Chinalco Assets Holdings entered into an asset transfer agreement, pursuant to which, Chalco Hong Kong agreed to dispose of the property assets (“HK Property”) of Chalco Hong Kong to Chinalco Assets Holdings. The appraised value of the properties was HKD372 million (equivalent to RMB311 million) as at the Benchmark Date of September 30, 2015. According to the asset transfer agreement, 30% of the total consideration, i.e. HKD112 million (equivalent to RMB93 million), shall be paid to Chalco Hong Kong by Chinalco Assets Holdings in December 2015, and the remaining 70% of the total consideration shall be paid before June 30, 2016. The transaction between the Group and Chinalco Assets Holdings constituted a connected transaction. The Group disposed of the Hong Kong property with carrying value of RMB102 million and recognized a gain of RMB210 million. In December 2015, the Group received the first batch of the asset transfer consideration of RMB93 million. (xii) (xiii) (xiv) (xv) 山西介休鑫峪沟煤 业有限公司 ”) (“Xinyugou Coal”), a joint venture of the Company, and pursuant to the guarantee agreement, the Company provided financial guarantee to loans up to RMB1,020 million of Xinyugou Coal, in proportion to its 34% shareholding. In August 2016, Xinyugou Coal was default in repayment of bank loans and interests of RMB914 million and RMB101 million, respectively. Based on the agreement entered among the Company, Xinyugou Coal, one of its other shareholders and China Development Bank on 31 August 2016, the Company fulfilled its guarantee obligation by paying RMB336 million to China Development Bank, and the related financial guarantee was released. (xvi) 霍州煤 电集团兴盛园煤业有限责任公司 ”) (“Xingshengyuan Coal”) an associate of the Company, for its bank loan up to RMB200 million, in proportion of the 43.03% shareholding in Xingshengyuan Coal. In 2016, Xingshengyuan Coal repaid the bank loan in full, and the guarantee has been released. (xvii) (xviii) (xix) (xx) (xxi) 農銀匯理基金管理有限公司 “) (“ABC-CA“) with appraised value of RMB283.15 million and cash of RMB150 million totalling RMB433.15 million. The Company completed the capital injection of 15% equity interest of ABC-CA in June 2016 which constituted a related party transaction. (xxii) On March 30, 2016, Chalco Shandong, Chalco Shanxi Branch and Chalco Henan Branch entered into asset transfer agreements to transfer certain non-core assets to Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation, respectively, which are all subsidiaries of Chinalco. The total consideration was RMB474.62 million which was determined based on the valuation reports of the assets disposed of on the valuation base date as at February 29, 2016. The carrying value of the assets disposed of amounted to RMB279.19 million and the Group recognized a disposal gain of RMB195.43 million. The transactions were completed on March 31, 2016. Pursuant to the asset transfer agreements, the considerations will be paid in two instalments. In 2016, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation paid the first instalment amounting to RMB120.04 million by notes receivable, and Shandong Aluminum settled its payment by offsetting receivables amounting to RMB76.62 million. (xxiii) As disclosed in note 39, on June 30, 2016, the Group transferred the Environmental Protection Business to Aluminum SPC, which constituted a related party transaction. (xxiv) On June 28, 2016, the Company and Chinalco entered into a cooperative exploration agreement, pursuant to which the Company and Chinalco contributed construction investment and mining rights of RMB660 million and RMB475 million, respectively, representing 58.15% and 41.85%, respectively. The Group and Chinalco are entitled to the share of profits derived from Maochang Mine based on their respective percentage of assets contributed and mine rights, respectively, for the period from July 1, 2016 to December 30, 2038. On June 28, 2016, the Company also entered into a profit sharing rights transfer agreement with Chinalco, pursuant to which the Group acquired 80% of Chinalco’s profit sharing rights in Maochang Mine at the consideration of RMB349.95 million which is determined by both parties with reference to the appraised value provided by an independent qualified valuer. The consideration will be paid in cash by the Group by instalments of RMB120 million, RMB135 million and RMB94.95 million in 2016, 2017 and 2018, respectively. The Group recorded the profit sharing rights purchased from Chinalco as an intangible asset at the present value of the cash consideration instalments and the related transactions totalling RMB335.41 million. As at December 31, 2017, Maochang Mine had been put into operation. (xxv) (xxvi) As disclosed in note 20, the Group has entered into several sales and leaseback contracts with CFL. (xxvii) (xxviii) 100% equity interest in Qingdao Light Metal from Chinalco, which constituted a related party transaction. (xxix) (xxx) (d), on October 31, 2017, the Group transferred 60% equity interest of China Aluminum Shandong Engineering Technology Co., Ltd.(“Shandong Engineering”) ( 中鋁山東工程技術有限公司 ) to China Aluminum International Engineering Co., Ltd. (“CHALIECO”) ( 中鋁國際工程股份有限公司 ), which constituted a related party transaction.
Summary of outstanding balances with related entities	December 31, December 31, 2016 2017 Cash and cash equivalents deposited with A subsidiary of Chinalco (Note) 7,073,289 7,679,806 Trade and notes receivables Chinalco and its subsidiaries 1,086,014 1,475,477 Associates of Chinalco 10,200 2,000 Joint ventures 38,055 591,488 Associates — 96,574 1,134,269 2,165,539 Provision for impairment of receivables (78,262) (78,388) 1,056,007 2,087,151 Note : On August 26, 2011, the Company entered into an agreement with Chinalco Finance, pursuant to which, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. On August 24, 2012, April 28, 2015 and October 26, 2017, the Company renewed the financial service agreement with Chinalco Finance with a validation term of three years ending on August 25, 2018. December 31, December 31, 2016 2017 Other current assets Chinalco and its subsidiaries 5,065,890 623,254 Joint ventures 2,092,369 1,737,644 Associates 73,546 1,132,138 7,231,805 3,493,036 Provision for impairment of other current assets (48,510) (48,166) 7,183,295 3,444,870 Other non-current assets Chinalco and its subsidiaries 27,946 — A joint venture 112,403 97,103 Associates 111,846 111,845 252,195 208,948 Borrowings and finance lease payables Subsidiaries of Chinalco 6,051,288 3,329,807 A joint venture 190,000 190,000 6,241,288 3,519,807 Trade and notes payables Chinalco and its subsidiaries 374,325 426,190 Joint ventures 300 413,533 Associates — 7,222 374,625 846,945 Other payables and accrued liabilities Chinalco and its subsidiaries 1,540,119 2,652,249 Associates of Chinalco 1,149 5,030 Associates 53,000 218,560 Joint ventures 159,669 101,828 1,753,937 2,977,667
Summary of compensation of key management personnel	2015 2016 2017 Fees 653 762 768 Basic salaries, housing fund, other allowances and benefits in kind 3,202 2,542 3,830 Pension costs 221 277 415 4,076 3,581 5,013

FINANCIAL AND CAPITAL RISK MA83

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2017
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of carrying amounts of each of the categories of financial instruments of the Group	December 31, 2016 Financial assets at fair value Available ‑ through for ‑ sale profit or Loans and financial Financial assets loss receivables investments Total Current Trade and notes receivables — 7,349,563 — 7,349,563 Financial assets at fair value through profit or loss 54,756 — — 54,756 Restricted cash and time deposits — 2,087,447 — 2,087,447 Cash and cash equivalents — 23,813,736 — 23,813,736 Financial assets included in other current assets — 10,663,486 — 10,663,486 Subtotal 54,756 43,914,232 — 43,968,988 Non-current Available-for-sale financial investments — — 164,393 164,393 Financial assets included in other non-current assets — 1,366,359 — 1,366,359 Subtotal — 1,366,359 164,393 1,530,752 Total 54,756 45,280,591 164,393 45,499,740 December 31, 2016 Financial Financial liabilities at fair liabilities at value through amortized Financial liabilities profit or loss cost Total Current Financial liabilities at fair value through profit or loss 3,575 — 3,575 Interest-bearing loans and borrowings — 58,459,394 58,459,394 Financial liabilities included in other payables and accrued liabilities — 9,572,489 9,572,489 Trade and notes payables — 11,342,870 11,342,870 Subtotal 3,575 79,374,753 79,378,328 Non-current Financial liabilities included in other non-current liabilities — 789,720 789,720 Interest-bearing loans and borrowings — 47,322,748 47,322,748 Subtotal — 48,112,468 48,112,468 Total 3,575 127,487,221 127,490,796 December 31, 2017 Financial assets at fair value Available ‑ through for ‑ sale profit or Loans and financial Financial assets loss receivables investments Total Current Trade and notes receivables — 8,026,209 — 8,026,209 Financial assets at fair value through profit or loss 9,534 — — 9,534 Restricted cash and time deposits — 2,152,492 — 2,152,492 Cash and cash equivalents — 27,750,686 — 27,750,686 Financial assets included in other current assets — 6,487,089 — 6,487,089 Subtotal 9,534 44,416,476 — 44,426,010 Non-current Available-for-sale financial investments — — 1,928,201 1,928,201 Financial assets included in other non-current assets — 261,156 — 261,156 Subtotal — 261,156 1,928,201 2,189,357 Total 9,534 44,677,632 1,928,201 46,615,367 December 31, 2017 Financial liabilities at fair Financial value through liabilities at Financial liabilities profit or loss amortized cost Total Current Financial liabilities at fair value through profit or loss 89,426 — 89,426 Interest-bearing loans and borrowings — 62,752,570 62,752,570 Financial liabilities included in other payables and accrued liabilities (note 22) — 11,284,456 11,284,456 Trade and notes payables — 12,321,970 12,321,970 Subtotal 89,426 86,358,996 86,448,422 Non-current Financial liabilities included in other non-current liabilities (note 21) — 769,061 769,061 Interest-bearing loans and borrowings — 40,289,703 40,289,703 Subtotal — 41,058,764 41,058,764 Total 89,426 127,417,760 127,507,186
Schedule of carrying amounts and fair values of the Group's financial instruments	Carrying amounts Fair values December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Financial assets Available-for-sale financial instruments — 1,848,000 — 1,848,000 Financial assets included in other non-current assets (note 12) 1,366,359 261,156 1,375,140 242,567 1,366,359 2,109,156 1,375,140 2,090,567 Carrying amounts Fair values December 31, December 31, December 31, December 31, 2016 2017 2016 2017 Financial liabilities Financial liabilities included in other non-current liabilities (note 21) 789,720 769,061 789,720 660,688 Long-term interest-bearing loans and borrowings (note 19) 47,322,748 40,289,703 46,766,169 39,475,392 48,112,468 41,058,764 47,555,889 40,136,080
Schedule of fair value measurement hierarchy	Assets measured at fair value Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 54,756 — — 54,756 Available for sale financial investments 93,893 — — 93,893 148,649 — — 148,649 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 9,534 — — 9,534 Available-for-sale financial investments Listed equity investments 9,701 — — 9,701 Other unlisted investment — 1,848,000 — 1,848,000 19,235 1,848,000 — 1,867,235 Liabilities measured at fair value Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 3,468 — — 3,468 European option contracts — 107 — 107 3,468 107 — 3,575 Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 89,426 — — 89,426 89,426 — — 89,426 Assets for which fair values are disclosed Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Loans and receivables: Financial assets included in other non-current assets — 1,375,140 — 1,375,140 Fair value measurement using Quoted prices Significant Significant in active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Loans and receivables: Financial assets included in other non-current assets — 242,567 — 242,567 Liabilities for which fair values are disclosed Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2016 (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 789,720 — 789,720 Long-term interest-bearing loans and borrowings — 46,766,169 — 46,766,169 — 47,555,889 — 47,555,889 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs As at December 31, 2017 (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 660,688 — 660,688 Long-term interest-bearing loans and borrowings — 39,475,392 — 39,475,392 — 40,136,080 — 40,136,080
Schedule of the gearing ratio	December 31, December 31, 2016 2017 Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) 131,916,992 132,022,668 Less: restricted cash, time deposits and cash and cash equivalents (25,901,183) (29,903,178) Net debt 106,015,809 102,119,490 Total equity 55,786,808 65,513,879 Add: net debt 106,015,809 102,119,490 Less: non-controlling interests (17,618,510) (26,035,429) Total capital attributable to owners of the parent 144,184,107 141,597,940 Gearing ratio 74 % 72 %
Commodity price risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of if the futures prices had increased/decreased	2016 2017 Primary aluminum Decrease/increase Decrease/increase Copper Decrease/increase Increase/decrease Zinc Decrease/increase Decrease/increase Lead Increase/decrease RMB0.1 million — Coal Decrease/increase RMB1 million Decrease/increase
Liquidity risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of maturity profile of Group's financial liabilities	Within 1 Over 5 year 1 to 2 years 2 to 5 years years Total As at December 31, 2016 Finance lease payables, including current portion 2,253,720 2,068,315 2,895,251 — 7,217,286 Long-term bank and other loans, including current portion 4,725,151 8,000,722 10,275,883 8,698,516 31,700,272 Long-term bonds 2,000,000 — — — 2,000,000 Medium-term notes and bonds, including current portion 6,400,000 12,500,000 3,215,000 — 22,115,000 Short-term bonds 7,900,000 — — — 7,900,000 Gold leasing arrangement 3,000,000 — — — 3,000,000 Short-term bank and other loans 32,321,825 — — — 32,321,825 Interest payables for borrowings 6,062,365 1,701,480 2,436,061 470,469 10,670,375 Financial liabilities at fair value through profit or loss 3,575 — — — 3,575 Financial liabilities included in other payables and accrued liabilities, excluding accrued interest 8,501,869 — — — 8,501,869 Financial liabilities included in other non-current liabilities (Note) — 218,201 330,021 405,261 953,483 Trade and notes payables 11,342,870 — — — 11,342,870 84,511,375 24,488,718 19,152,216 9,574,246 137,726,555 The table below analyzes the maturity profile of the Group's financial liabilities as at the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows. Within 1 Over 5 year 1 to 2 years 2 to 5 years years Total As at December 31, 2017 Finance lease payables, including current portion 2,371,917 1,762,618 1,890,329 73,603 6,098,467 Long-term bank and other loans, including current portion 6,890,140 5,174,015 8,673,794 19,745,385 40,483,334 Medium-term notes and bonds, including current portion 12,500,000 3,215,000 — — 15,715,000 Short-term bonds 3,500,000 — — — 3,500,000 Gold leasing arrangement 6,818,393 — — — 6,818,393 Short-term bank and other loans 30,834,442 — — — 30,834,442 Interest payables for borrowings 5,282,030 2,123,149 4,106,037 1,048,728 12,559,944 Financial liabilities at fair value through profit or loss 89,426 — — — 89,426 Financial liabilities included in other payables and accrued liabilities, excluding accrued interest 10,307,315 — — — 10,307,315 Financial liabilities included in other non-current liabilities (Note) — 107,785 108,896 587,668 804,349 Trade and notes payables 12,321,970 — — — 12,321,970 90,915,633 12,382,567 14,779,056 21,455,384 139,532,640 Note: As disclosed in note 21, as at December 31, 2017, the carrying value of financial liabilities included in other non-current liabilities was RMB769 million (December 31, 2016: RMB790 million).

PARTLY-OWNED SUBSIDIARIES WIT84

PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2017
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Schedule of Group's subsidiaries that have material non-controlling interests	2016 2017 Percentage of equity interest held by non-controlling interests Ningxia Energy 29.18 % 29.18 % Shandong Huayu 45.00 % 45.00 % Chalco Shandong — 30.80 % Zhongzhou Aluminum — 36.90 % Baotou Aluminum — 25.67 % Chalco Mining — 81.14 % Profit for the year allocated to non-controlling interests Ningxia Energy 53,667 (5,670) Shandong Huayu 79,621 13,070 Chalco Shandong — — Zhongzhou Aluminum — — Baotou Aluminum — 72,902 Chalco Mining — — Dividends distributed to non-controlling interests Ningxia Energy 7,430 3,264 Shandong Huayu — — Chalco Shandong — — Zhongzhou Aluminum — — Baotou Aluminum — — Chalco Mining — — Accumulated balances of non-controlling interests at the reporting dates Ningxia Energy 4,516,727 4,914,902 Shandong Huayu 822,327 860,235 Chalco Shandong — 1,426,620 Zhongzhou Aluminum — 2,151,713 Baotou Aluminum 700,000 2,588,831 Chalco Mining 1,101 5,345,570
Summarized financial information of subsidiaries	Ningxia Shandong Chalco Zhongzhou Baotou 2016 Energy Huayu Shandong Aluminum Aluminum Chalco Mining Revenue 4,170,859 2,500,353 5,990,183 4,716,235 6,467,152 2,390,441 Total expenses 4,064,127 2,323,417 5,636,485 4,700,680 5,671,676 2,930,569 Profit/(loss) for the year 106,732 176,936 353,698 15,555 795,476 (540,128) Total comprehensive income/(loss) for the year 106,732 176,936 353,698 15,555 795,476 (540,128) Current assets 4,481,921 918,043 2,307,274 2,658,649 2,308,282 2,790,087 Non-current assets 30,633,509 2,231,424 4,795,278 4,722,540 8,068,407 6,060,379 Current liabilities 6,959,388 1,331,872 3,974,857 3,793,320 4,851,993 2,627,715 Non-current liabilities 17,720,701 1,100 300,547 340,809 1,060,164 5,421,182 Net cash flows from/(used in) operating activities 1,874,909 (332,713) 136,934 368,083 1,271,670 212,147 Net cash flows (used in)/from investing activities (1,384,059) 32,753 (200,859) (373,882) (2,035,306) (461,248) Net cash flows from/(used in) financing activities 291,301 (68,627) (62,754) (40,286) 1,084,462 157,940 Effect of foreign exchange rate changes, net — — — — 12 — Net increase/(decrease) in cash and cash equivalents 782,151 (368,587) (126,679) (46,085) 320,838 (91,161) Ningxia Shandong Chalco Zhongzhou Baotou 2017 Energy Huayu Shandong Aluminum Aluminum Chalco Mining Revenue 5,624,059 2,900,693 Total expenses 5,691,240 2,873,755 (Loss)/profit for the year (67,181) 26,938 Total comprehensive (loss)/income for the year (67,181) 26,938 Current assets 4,538,735 1,086,854 Non-current assets 33,716,269 2,475,925 Current liabilities 7,944,491 1,612,994 Non-current liabilities 19,488,716 80,489 Net cash flows from operating activities 2,110,801 195,673 Net cash flows used in investing activities (3,933,743) (186,230) Net cash flows from/(used in) financing activities 1,350,275 117 Effect of foreign exchange rate changes, net — — — — — Net (decrease)/increase in cash and cash equivalents (472,667) 9,560

BUSINESS COMBINATION (Tables)

BUSINESS COMBINATION (Tables)	12 Months Ended
	Dec. 31, 2017
High-Purity Aluminum and Light Metal
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, 2014 December 31, 2015 Assets Trade and notes receivables 19,959 47,729 Other current assets 11,808 13 Inventories 101,898 146,224 Property, plant and equipment 87,609 76,611 Intangible assets 2,139 1,347 Liabilities Trade and notes payables 2,911 43,597 Other payables and accrued expenses 3,791 137,539 Interest bearing loans and borrowings 191,707 65,000 Net assets 25,004 25,788 Difference recognized in equity 11,874 37,662 Cash 37,662 Total purchase consideration 37,662
Bayer aluminum production line
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, 2015 January 1, 2016 Assets Property, plant and equipment 328,354 328,354 Liabilities Other payables and accrued expenses 1,488 1,488 Net assets 326,866 326,866 Difference recognized in equity — 11,418 — 338,284 Cash — 161,962 Carrying values of assets disposed of — 176,322 Total purchase consideration — 338,284
Pseudoboehmite and activated silicon powder production lines
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, July 5, 2015 2016 Assets Property, plant and equipment 29,966 28,860 Liabilities Other payables and accrued expenses 2,503 — Net assets 27,463 28,860 Difference recognized in equity 14,201 43,061 Cash 43,061 Total purchase consideration 43,061
Chinalco Shanghai
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, September 9, 2015 2016 Assets Property, plant and equipment 414,766 494,725 Land use rights 742,771 731,967 Inventories 22 15 Other current assets 916 1,425 Restricted cash and time deposits 51,500 70,500 Cash and cash equivalents 1,156 2,164 Liabilities Interest bearing loans and borrowings 241,118 330,549 Trade and notes payables 147 29 Other payables and accrued expenses 1,598 1,951 Net assets 968,268 968,267 Non-controlling interests 387,307 Net assets acquired 580,960 Difference recognized in equity 1,532,801 2,113,761 Satisfied by cash 2,113,761 Total purchase consideration 2,113,761
Xinghua Technology
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, December 31, 2015 2016 Assets Property, plant and equipment 978,596 1,134,185 Land use rights — 8,339 Other non-current assets 1,474 8,334 Trade and notes receivables 2,423 5,471 Inventories 164,262 170,986 Other current assets 89,626 86,283 Restricted cash and time deposits 15,000 184,060 Cash and cash equivalents 1,910 19,828 Liabilities Interest bearing loans and borrowings (non-current) 34,086 14,909 Other non-current liabilities 47,900 43,921 Interest bearing loans and borrowings (current) 338,393 354,181 Trade and notes payables 230,235 484,755 Other payables and accrued expenses 329,184 398,239 Income tax payable — 9,919 Net assets 273,493 311,562 Non-controlling interests 105,931 Net assets acquired 205,631 Difference recognized in equity 309,890 515,521 Satisfied by cash 515,521 Total purchase consideration 515,521
Qingdao Light Metal
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, December, 29 2016 2017 Assets Investment properties 10,425 Property, plant and equipment 290,579 278,309 Land use rights 20,722 20,195 Inventories 29,446 49,489 Other current assets 2,934 3,978 Trade and notes receivables 29,748 98,957 Cash and cash equivalents 5,688 10,924 Liabilities Trade and notes payables 64,900 97,681 Other payables and accrued expenses 10,641 66,042 Interest-bearing loans and borrowings 167,000 167,000 Net assets 147,318 141,554 Other equity instruments 138,670 138,670 8,648 2,884 Difference recognized in equity — 158,848 Total purchase consideration 161,732
Shanxi Aluminum Sewage Treatment Plant
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, December 31, 2016 2017 Assets Property, plant and equipment 52,001 48,995 Liabilities Other payables and accrued expenses — — Net assets 52,001 48,995 Difference recognized in equity 1,063 Total purchase consideration 50,058
Yinxing Power
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	August 31, 2017 Fair value Assets Property, plant and equipment 3,594,970 Land use right 31,833 Intangible assets 188 Other current assets 312,840 Inventories 35,349 Trade and notes receivables 162,093 Cash and cash equivalents 255,152 Liabilities Deferred tax liabilities (40,706) Interest-bearing loans and borrowings (2,514,800) Other payables and accrued expenses (186,782) Trade and notes payables (800,438) Net assets 849,699 Non-controlling interests 416,353 Net assets acquired 433,346 Goodwill — Satisfied by cash —
Summary of equity interest acquired before acquisition	August 31, 2017 Initial investment cost 316,200 Investment income recognized under the equity method (494) The book value of the investment in 51% equity of Yinxing Power on the merger date 315,706 The fair value of the investment in 51% equity of Yinxing Power on the merger date (Note) 433,346 Gain on previously held equity interest remeasured at acquisition-date fair value 117,640
Summary of analysis of cash flows in respect of acquisition	RMB’000 Cash consideration — Cash and bank balances acquired 255,152 Net inflow of cash and cash equivalents included in cash flows from investing activities 255,152
Schedule of operating results and cash flows since the merger date to the end of the year	RMB’000 Revenue 578,117 Profit for the year 96,756 Net cash flows 36,024

DISPOSAL OF BUSINESSES (Tables)

DISPOSAL OF BUSINESSES (Tables)	12 Months Ended
	Dec. 31, 2017
Shanxi Huaxing
Disposal Groups Classified As Held For Sale [Line Items]
Schedule of the details of the net assets disposed of	Date of disposal Net assets disposed of: Cash and cash equivalents 114,794 Restricted cash and time deposits 46,716 Trade and notes receivables 34,479 Other current assets 30,849 Inventories 340,218 Property, plant and equipment 4,495,019 Land use right 251,295 Intangible assets 365,427 Deferred tax assets 3,057 Other non-current assets 487,076 Trade and notes payables (426,288) Other payables and accrued expenses (898,781) Interest bearing loans and borrowings (2,312,574) Income tax payable (4,271) Other non-current liabilities (412,192) Net assets 2,114,824 50% of net assets transferred into joint venture (Note) (1,057,412) Net assets disposed of 1,057,412 Gain on disposal of Shanxi Huaxing 1,294,067 2,351,479 Satisfied by: Cash 705,444 Receivables as at December 31, 2015 1,646,035 2,351,479 Note: 50% of net assets transferred into joint venture 1,057,412 Gain on remeasurement of the remaining equity interest at fair value 1,294,067 Initial cost of investment in joint venture 2,351,479
Schedule of analysis of the cash flows of cash and cash equivalents in respect of the Disposal	2015 Cash consideration received 705,444 Less: cash and cash equivalents of Shanxi Huaxing disposed of (114,794) Net inflows of cash and cash equivalents in respect of the disposal of Shanxi Huaxing 590,650
Ningxia photovoltaic subsidiaries
Disposal Groups Classified As Held For Sale [Line Items]
Schedule of the details of the net assets disposed of	Date of lost control Net assets: Cash and cash equivalents 189 Trade and notes receivables 47,619 Other current assets 166,377 Inventories 18,718 Property, plant and equipment 387,324 Land use right 114,330 Intangible assets 3,954 Other non-current assets 8,432 Available-for-sale financial investments 5,686 Trade and notes payables (290,441) Other payables and accrued expenses (215,198) Deferred tax liabilities (36,389) Other non-current liabilities (61,123) Net assets 149,478 Trade and notes receivable due from Ningxia photovoltaic subsidiaries 15,644 Other current amount due from Ningxia photovoltaic subsidiaries 1,435,802 Provision for trade and notes receivable due from Ningxia photovoltaic subsidiaries (15,644) Provision for other current assets due from Ningxia photovoltaic subsidiaries (1,321,712) Consideration 114,090 Release of unrealized gains or losses between Ningxia photovoltaic subsidiaries and the Group upon deconsolidation 16,515 Net loss on lost control of Ningxia photovoltaic subsidiaries (18,873)
Schedule of analysis of the cash flows of cash and cash equivalents in respect of the Disposal	2015 Cash consideration paid — Less: cash and cash equivalents of Ningxia photovoltaic subsidiaries 189 Net outflows of cash and cash equivalents in respect of lost control of Ningxia photovoltaic subsidiaries (189)
Environmental Protection Business
Disposal Groups Classified As Held For Sale [Line Items]
Schedule of the details of the net assets disposed of	June 30, 2016 Net assets disposed of: Property, plant and equipment 1,187,802 Trade and notes payables (2,042) Accruals and other payables (2,665) 1,183,095 Gain on disposal of the Environmental Protection Business 571,270 Cash consideration 1,754,365
Shandong Engineering
Disposal Groups Classified As Held For Sale [Line Items]
Schedule of the details of the net assets disposed of	Date of disposal Net assets disposed of: Property, plant and equipment 109,103 Intangible assets 428 Deferred tax assets 3,106 Inventories 167,499 Trade receivables and notes receivable 1,067,636 Other current assets 23,136 Cash and cash equivalents 123,530 Other non-current liabilities (4,637) Other payables and accrued liabilities (282,232) Trade and notes payables (727,622) Interest-bearing loans and borrowings (130,000) Net assets 349,947 Non-controlling interests 3,961 Total net assets 345,986 Gain on disposal of Shandong Engineering 254,659 The fair value of the remaining equity interest in Shandong Engineering 240,258 Consideration 360,387 Satisfied by: Cash 387 Notes receivable 360,000
Schedule of analysis of the cash flows of cash and cash equivalents in respect of the Disposal	Date of disposal Cash consideration received 387 Cash and bank balances disposed of (123,530) Net outflows of cash and cash equivalents in respect of disposal of Shandong Engineering (123,143)

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
COMMITMENTS
Schedule of capital commitments of property, plant and equipment	December 31, December 31, 2016 2017 Contracted, but not provided for 7,594,756 2,967,541
Schedule of commitments under operating leases	December 31, December 31, 2016 2017 Within one year 515,276 658,574 In the second to fifth years, inclusive 1,925,606 2,112,800 After five years 13,096,017 12,544,108 15,536,899 15,315,482
Schedule of commitments to make capital contributions to the Group's joint ventures and associates	December 31, December 31, 2016 2017 Associates 739,975 374,800 Joint ventures 278,664 — 1,018,639 374,800

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017HKD ($)	Dec. 31, 2017CNY (¥)
Baotou Aluminum
GENERAL INFORMATION
Registered capital		¥ 2,245,510
Percentage of equity attributable to the Company	74.33%	74.33%
Chalco Trading
GENERAL INFORMATION
Registered capital		¥ 1,731,111
Percentage of equity attributable to the Company	100.00%	100.00%
Shanxi Huasheng
GENERAL INFORMATION
Registered capital		¥ 1,000,000
Percentage of equity attributable to the Company	51.00%	51.00%
Shanxi New Material
GENERAL INFORMATION
Registered capital		¥ 4,279,601
Percentage of equity attributable to the Company	85.98%	85.98%
Zunyi Aluminum Co., Ltd.
GENERAL INFORMATION
Registered capital		¥ 600,970
Percentage of equity attributable to the Company	62.10%	62.10%
Zunyi Alumina
GENERAL INFORMATION
Registered capital		¥ 1,400,000
Percentage of equity attributable to the Company	73.28%	73.28%
Shandong Huayu
GENERAL INFORMATION
Registered capital		¥ 1,627,697
Percentage of equity attributable to the Company	55.00%	55.00%
Chalco Hong Kong
GENERAL INFORMATION
Registered capital | $	$ 849,940
Percentage of equity attributable to the Company	100.00%	100.00%
Chalco Mining
GENERAL INFORMATION
Registered capital		¥ 4,028,859
Percentage of equity attributable to the Company	18.86%	18.86%
Chalco Energy Co., Ltd.
GENERAL INFORMATION
Registered capital		¥ 819,993
Percentage of equity attributable to the Company	100.00%	100.00%
Ningxia Energy
GENERAL INFORMATION
Registered capital		¥ 5,025,800
Percentage of equity attributable to the Company	70.82%	70.82%
Guizhou Huajin
GENERAL INFORMATION
Registered capital		¥ 1,000,000
Percentage of equity attributable to the Company	60.00%	60.00%
Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd
GENERAL INFORMATION
Registered capital		¥ 214,858
Percentage of equity attributable to the Company	100.00%	100.00%
Chalco Shandong
GENERAL INFORMATION
Registered capital		¥ 3,808,995
Percentage of equity attributable to the Company	69.20%	69.20%
Zhongzhou Aluminum
GENERAL INFORMATION
Registered capital		¥ 5,071,235
Percentage of equity attributable to the Company	63.10%	63.10%
China Aluminum Logistics Group Corporation Co., Ltd.
GENERAL INFORMATION
Registered capital		¥ 558,752
Percentage of equity attributable to the Company	100.00%	100.00%
Xinghua Technology
GENERAL INFORMATION
Registered capital		¥ 270,000
Percentage of equity attributable to the Company	33.00%	33.00%
Percentage of indirect equity attributable to the Company	33.00%	33.00%
Chinalco Shanghai
GENERAL INFORMATION
Registered capital		¥ 968,300
Percentage of equity attributable to the Company	100.00%	100.00%

BASIS OF PREPARATION AND SIGN89

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) ¥ in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)item	Dec. 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017HKD ($)	Dec. 31, 2017CNY (¥)	Dec. 29, 2017¥ / $
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Net current liabilities		¥ 16,693,162	$ 3,324,101		¥ 21,627,596
Unutilized banking facilities					82,666,000
Unutilized banking facilities subject to renewal during the next 12 months					56,104,000
Unutilized banking facilities, renewal term	12 months
Amount is recognized in consideration for goodwill					0
Number of performance obligation | item	1
Future minimum lease payments under non-cancellable operating leases		¥ 15,536,899		$ 15,315	¥ 15,315,482
Exchange rate | ¥ / $						6.5063
Impairment loss	¥ 0
Monthly retirement benefit contributions of the qualified employees' salaries (as a percent)	20	20
Buildings
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	50 years
Other intangible assets mainly include profit sharing rights of Maochang mine
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives, intangible assets	22 years 6 months
Minimum | Land use rights
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	40 years
Minimum | Bauxite and other mining rights
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives, intangible assets	3 years
Maximum | Land use rights
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	70 years
Maximum | Bauxite and other mining rights
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives, intangible assets	30 years
Maximum | Computer software
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives, intangible assets	10 years
Buildings | Minimum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	8 years
Buildings | Maximum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	45 years
Machinery | Minimum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	3 years
Machinery | Maximum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	30 years
Transportation facilities | Minimum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	6 years
Transportation facilities | Maximum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	10 years
Office and other equipment | Minimum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	3 years
Office and other equipment | Maximum
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
Estimated useful life	10 years

SIGNIFICANT ACCOUNTING ESTIMA90

SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (Details) - director	1 Months Ended	12 Months Ended
	Aug. 31, 2015	Dec. 31, 2017	Dec. 31, 2016
Yinxing Energy
Significant accounting estimates and judgements
Ownership interest in subsidiary (in percent)		40.23%	40.44%
Ownership interest in subsidiary held by the other majority shareholders (in percent)		59.77%	59.56%
Chalco Mining
Significant accounting estimates and judgements
Ownership interest in subsidiary (in percent)		18.86%
Chalco Resources
Significant accounting estimates and judgements
Ownership interest in associate (in percent)		6.68%	15.00%
Number of directors can be appointed		1
Total number of directors		5
China Rare Earth
Significant accounting estimates and judgements
Ownership interest in associate (in percent)	14.62%	14.62%	14.62%
Number of directors can be appointed		1	1
Total number of directors		7	7
Chinalco Capital
Significant accounting estimates and judgements
Voting rights in associate (in percent)		17.70%	17.70%
Number of directors can be appointed		1	1
Total number of directors		3	3
New Aluminum Power
Significant accounting estimates and judgements
Ownership interest in associate (in percent)		16.00%	16.00%
Number of directors can be appointed		1	1
Total number of directors		9	9

REVENUE AND SEGMENT INFORMATI91

REVENUE AND SEGMENT INFORMATION - Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Revenue
Sales of goods (net of value-added tax)		¥ 177,872,845	¥ 141,534,738	¥ 121,255,842
Other revenue		2,207,905	2,694,178	2,411,825
Total revenue	$ 27,677,904	¥ 180,080,750	¥ 144,228,916	¥ 123,667,667

REVENUE AND SEGMENT INFORMATI92

REVENUE AND SEGMENT INFORMATION - Information about operating segments results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)segment	Dec. 31, 2017CNY (¥)segment	Dec. 31, 2016CNY (¥)segment	Dec. 31, 2015CNY (¥)segment	Dec. 31, 2017CNY (¥)
Segment information
Number of reportable operating segments | segment	5	5	5	5
Total revenue	$ 27,677,904	¥ 180,080,750	¥ 144,228,916	¥ 123,667,667
Revenue from external customers		180,080,750	144,228,916	123,667,667
Segment profit/(loss) before income tax	462,047	3,006,216	1,625,545	121,941
Income tax benefit/(expense)	(98,715)	(642,267)	(404,172)	225,961
Profit for the year	363,332	2,363,949	1,221,373	347,902
Finance income	108,556	706,299	815,729	812,459
Finance costs	(797,677)	(5,189,929)	(5,019,908)	(5,979,489)
Share of profits and losses of joint ventures	1,253	8,151	(95,508)	23,238
Share of profits and losses of associates	(25,398)	(165,249)	115,091	284,531
Amortization of land use rights		(96,074)	(99,724)	(104,459)
Depreciation and amortization (excluding the amortization of land use rights)		(7,025,058)	(6,887,629)	(7,284,080)
Gain/(loss) on disposal of property, plant and equipment and land use rights		77,091	816,721	2,317,857
Unrealized gains on futures, forward and option contracts, net			154,585
Realised gain/(loss) on futures, forward and option contracts, net		(23,951)	(1,290,267)	(477,733)
Other income		342,171	745,269	1,787,774
Gain on disposal of Shanxi Huaxing				2,588,134
Gain on disposal of associates			128,833	832,369
Impairment of property, plant and equipment	(2,403)	(15,632)	(57,080)	(10,011)
Fair Value Loss		(131,073)
Impairment losses		(8,134)
Change for impairment of inventories		147,204	1,662,388	(616,867)
Reversal of provision for impairment of receivables, net		(43,220)	46,668	232,150
Gain on disposal and dividends of available for sale		79,408	140,929	38,469
Investments in associates	1,065,895		5,926,533	5,602,701	¥ 6,935,030
Investments in joint ventures	923,355		6,240,200	5,150,887	6,007,624
Capital expenditure in:
Intangible assets	$ 64,277	418,203	286,282	34,610
Intangible assets		285,167	344,099
Land use rights		59,215	20,963	139,624
Investment properties			92,267
Property, plant and equipment		9,676,854	8,341,859	10,193,076
Operating segment | Alumina
Segment information
Total revenue		38,079,105	30,027,317	33,497,260
Inter-segment revenue		(24,413,258)	(20,508,466)	(26,643,874)
Revenue from external customers		13,665,847	9,518,851	6,853,386
Segment profit/(loss) before income tax		3,251,751	910,426	1,895,706
Finance income		232,625	302,230	204,580
Finance costs		(695,162)	(1,016,455)	(1,081,381)
Share of profits and losses of joint ventures		82,619	(41,367)
Amortization of land use rights		(47,263)	(43,523)	(44,591)
Depreciation and amortization (excluding the amortization of land use rights)		(2,085,476)	(2,847,343)	(3,066,608)
Gain/(loss) on disposal of property, plant and equipment and land use rights		47,595	191,364	218,384
Realised gain/(loss) on futures, forward and option contracts, net		3,398	(1,297)
Other income		179,736	440,592	316,536
Gain on disposal of Shanxi Huaxing				1,035,254
Impairment of property, plant and equipment			(35,893)
Change for impairment of inventories		71,973	684,271	(219,997)
Reversal of provision for impairment of receivables, net		26	53,144	5,389
Investments in associates			69,000	21,000	90,875
Investments in joint ventures			2,631,546	1,886,083	2,809,758
Capital expenditure in:
Intangible assets				5,167
Intangible assets			336,603
Investment properties			50,285
Property, plant and equipment		2,558,737	2,455,064	5,523,144
Operating segment | Primary aluminum
Segment information
Total revenue		47,245,646	34,464,194	36,973,230
Inter-segment revenue		(10,693,678)	(4,981,936)	(8,861,390)
Revenue from external customers		36,551,968	29,482,258	28,111,840
Segment profit/(loss) before income tax		826,632	2,183,826	(1,386,922)
Finance income		83,996	36,139	20,820
Finance costs		(1,212,249)	(1,226,821)	(1,347,593)
Share of profits and losses of associates		(16,887)	958	(2,027)
Amortization of land use rights		(25,120)	(27,464)	(28,989)
Depreciation and amortization (excluding the amortization of land use rights)		(3,253,801)	(2,598,984)	(2,871,447)
Gain/(loss) on disposal of property, plant and equipment and land use rights		40,106	361,155	1,747,796
Unrealized gains on futures, forward and option contracts, net			16,778
Realised gain/(loss) on futures, forward and option contracts, net		(47,730)	(271,000)
Other income		79,038	195,380	1,369,644
Impairment of property, plant and equipment			(18,239)
Fair Value Loss		(17,033)
Change for impairment of inventories		64,734	505,595	55,288
Reversal of provision for impairment of receivables, net		269	198	40,603
Gain on disposal and dividends of available for sale		2,792
Investments in associates			313,244	312,286	296,357
Capital expenditure in:
Intangible assets				872
Intangible assets		197	3
Land use rights			26	133,686
Investment properties			3,354
Property, plant and equipment		5,533,168	4,118,544	1,862,662
Operating segment | Energy
Segment information
Total revenue		6,250,966	4,519,806	4,290,915
Inter-segment revenue		(517,269)	(137,460)	(98,124)
Revenue from external customers		5,733,697	4,382,346	4,192,791
Segment profit/(loss) before income tax		(171,310)	33,408	(74,153)
Finance income		44,015	51,897	39,231
Finance costs		(1,000,767)	(987,422)	(1,016,869)
Share of profits and losses of joint ventures		(383,263)	(28,312)	6,979
Share of profits and losses of associates		(181,667)	87,359	270,963
Amortization of land use rights		(6,376)	(11,172)	(12,557)
Depreciation and amortization (excluding the amortization of land use rights)		(1,514,495)	(1,298,483)	(1,203,659)
Gain/(loss) on disposal of property, plant and equipment and land use rights		(12,826)	253,566	(611)
Realised gain/(loss) on futures, forward and option contracts, net		1,585
Other income		37,940	57,600	79,611
Impairment of property, plant and equipment		(15,632)	(2,948)	(10,011)
Change for impairment of inventories		4,488	159	7,417
Reversal of provision for impairment of receivables, net		(25,119)	(836)	64,417
Gain on disposal and dividends of available for sale			1,000
Investments in associates			2,351,845	2,323,968	2,170,178
Investments in joint ventures			1,559,966	1,412,223	878,196
Capital expenditure in:
Intangible assets				27,991
Intangible assets		284,509	6,857
Land use rights		27,956	20,937	5,938
Property, plant and equipment		1,268,051	1,582,039	2,377,708
Operating segment | Trading
Segment information
Total revenue		146,814,520	114,345,851	94,131,114
Inter-segment revenue		(23,159,115)	(13,906,423)	(9,908,906)
Sales of self- produced products		23,158,952	18,292,949	23,294,776
Sales of products sourced from external suppliers		100,496,453	82,146,479	60,927,432
Revenue from external customers		123,655,405	100,439,428	84,222,208
Segment profit/(loss) before income tax		730,131	809,063	(1,234,554)
Finance income		192,327	226,941	265,372
Finance costs		(467,090)	(329,454)	(562,645)
Share of profits and losses of joint ventures		1,885
Share of profits and losses of associates		9,463	(810)
Amortization of land use rights		(15)	(15)	(15)
Depreciation and amortization (excluding the amortization of land use rights)		(85,085)	(54,724)	(27,526)
Gain/(loss) on disposal of property, plant and equipment and land use rights		1,673	2,890	56,120
Unrealized gains on futures, forward and option contracts, net			109,906
Realised gain/(loss) on futures, forward and option contracts, net		(24,953)	(457,702)
Other income		31,060	40,085	12,816
Fair Value Loss		(92,719)
Change for impairment of inventories		722	471,218	(459,575)
Reversal of provision for impairment of receivables, net		(18,396)	(5,838)	121,741
Investments in associates			146,926	118,352	184,149
Investments in joint ventures					28,865
Capital expenditure in:
Intangible assets				580
Intangible assets		372	509
Land use rights		25,199
Investment properties			38,628
Property, plant and equipment		60,805	42,476	16,930
Operating segment | Corporate and other operating segments
Segment information
Total revenue		645,314	504,355	302,377
Inter-segment revenue		(171,481)	(98,322)	(14,935)
Revenue from external customers		473,833	406,033	287,442
Segment profit/(loss) before income tax		(1,728,563)	(1,993,161)	733,760
Finance income		153,336	198,522	282,456
Finance costs		(1,814,661)	(1,459,756)	(1,971,001)
Share of profits and losses of joint ventures		306,910	(25,829)	16,259
Share of profits and losses of associates		23,842	27,584	15,595
Amortization of land use rights		(17,300)	(17,550)	(18,307)
Depreciation and amortization (excluding the amortization of land use rights)		(86,201)	(88,095)	(114,840)
Gain/(loss) on disposal of property, plant and equipment and land use rights		543	7,746	296,168
Unrealized gains on futures, forward and option contracts, net			27,901
Realised gain/(loss) on futures, forward and option contracts, net		43,749	(560,268)
Other income		14,397	11,612	9,167
Gain on disposal of Shanxi Huaxing				1,552,880
Gain on disposal of associates			128,833	832,369
Fair Value Loss		(21,321)
Change for impairment of inventories		5,287	1,145
Gain on disposal and dividends of available for sale		76,616	139,929
Investments in associates			3,045,518	2,827,095	4,193,471
Investments in joint ventures			2,048,688	1,852,581	¥ 2,290,805
Capital expenditure in:
Intangible assets		89	127
Land use rights		6,060
Property, plant and equipment		256,093	143,736	412,632
Inter-segment elimination
Segment information
Total revenue		(58,954,801)	(39,632,607)	(45,527,229)
Inter-segment revenue		58,954,801	39,632,607	45,527,229
Segment profit/(loss) before income tax		97,575	(318,017)	188,104
Self-produced alumina
Segment information
Sales of self- produced products		13,187,000	12,795,000	12,699,000
Self-produced primary aluminum
Segment information
Sales of self- produced products		6,680,000	3,684,000	8,099,000
Self-produced other products
Segment information
Sales of self- produced products		¥ 3,292,000	¥ 1,814,000	¥ 2,497,000

REVENUE AND SEGMENT INFORMATI93

REVENUE AND SEGMENT INFORMATION - Information about operating segments assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Assets
Assets	$ 30,761,972	¥ 200,146,616	¥ 190,511,442
Other eliminations		113,145	168,714
Deferred tax assets	246,350	1,602,825	1,426,707
Prepaid income tax		64,557	104,213
Liabilities
Liabilities	20,692,673	134,632,737	134,724,634
Deferred tax liabilities	152,735	993,742	984,304
Income tax payable	$ 32,308	210,205	356,683
Operating segment
Assets
Assets		228,751,351	211,751,064
Liabilities
Liabilities		163,506,144	155,407,603
Operating segment | Alumina
Assets
Assets		69,657,926	75,022,795
Liabilities
Liabilities		33,106,617	42,562,213
Operating segment | Primary aluminum
Assets
Assets		51,996,432	46,680,908
Liabilities
Liabilities		29,811,892	30,023,322
Operating segment | Energy
Assets
Assets		40,249,776	38,078,969
Liabilities
Liabilities		27,504,055	24,927,277
Operating segment | Trading
Assets
Assets		18,576,192	14,927,762
Liabilities
Liabilities		13,063,870	11,298,129
Operating segment | Corporate and other operating segments
Assets
Assets		48,271,025	37,040,630
Liabilities
Liabilities		60,019,710	46,596,662
Inter-segment elimination
Assets
Elimination of inter-segment receivables		(30,077,354)	(22,023,956)
Other eliminations		(194,763)	(746,586)
Liabilities
Elimination of inter-segment payables		(30,077,354)	(22,023,956)
Corporate and other unallocated assets
Assets
Deferred tax assets		1,602,825	1,426,707
Prepaid income tax		64,557	104,213
Liabilities
Deferred tax liabilities		993,742	984,304
Income tax payable		¥ 210,205	¥ 356,683

REVENUE AND SEGMENT INFORMATI94

REVENUE AND SEGMENT INFORMATION - Geographical information of the operating segments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Disclosure of geographical areas [line items]
Revenue from external customers		¥ 180,080,750	¥ 144,228,916	¥ 123,667,667
Non-current assets (excluding financial assets and deferred tax assets)		128,005,128	121,067,304
Revenue	$ 27,677,904	180,080,750	144,228,916	123,667,667
Mainland China
Disclosure of geographical areas [line items]
Revenue from external customers		171,014,419	141,393,123	121,421,378
Non-current assets (excluding financial assets and deferred tax assets)		127,621,039	120,696,743
Outside of Mainland China
Disclosure of geographical areas [line items]
Revenue from external customers		9,066,331	2,835,793	2,246,289
Non-current assets (excluding financial assets and deferred tax assets)		384,089	370,561
PRC government including Chinalco
Disclosure of geographical areas [line items]
Revenue		¥ 39,759,000	¥ 30,940,000	¥ 31,818,000

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		¥ 10,608,791	¥ 10,439,015
Additions		285,167	344,099
Acquisition of a subsidiary		188
Disposal		(11,168)	(6,827)
Disposal of subsidiaries		(562)
Amortization		(276,877)	(243,771)	¥ (255,098)
Transfer from property, plant and equipment		76,179	52,716
Impairment losses		(8,134)
Currency translation differences		(20,409)	23,559
Intangible assets and goodwill at end of period	$ 1,637,363	10,653,175	10,608,791	10,439,015
Goodwill
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		2,346,853	2,345,837
Currency translation differences		(923)	1,016
Intangible assets and goodwill at end of period		2,345,930	2,346,853	2,345,837
Mining rights and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		6,989,587	6,771,023
Additions		280,340	341,687
Amortization		(242,261)	(211,325)
Transfer from property, plant and equipment		53,565	42,165
Reclassification			36,686
Currency translation differences		(7,433)	9,351
Intangible assets and goodwill at end of period		7,073,798	6,989,587	6,771,023
Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		1,131,586	1,143,482
Additions			1,190
Transfer from property, plant and equipment			10,408
Reclassification			(36,686)
Currency translation differences		(12,053)	13,192
Intangible assets and goodwill at end of period		1,119,533	1,131,586	1,143,482
Computer software and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		140,765	178,673
Additions		4,827	1,222
Acquisition of a subsidiary		188
Disposal		(11,168)	(6,827)
Disposal of subsidiaries		(562)
Amortization		(34,616)	(32,446)
Transfer from property, plant and equipment		22,614	143
Impairment losses		(8,134)
Intangible assets and goodwill at end of period		113,914	140,765	¥ 178,673
Gross
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		12,109,357
Intangible assets and goodwill at end of period		12,419,883	12,109,357
Gross | Goodwill
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		2,346,853
Intangible assets and goodwill at end of period		2,345,930	2,346,853
Gross | Mining rights and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		8,231,287
Intangible assets and goodwill at end of period		8,554,713	8,231,287
Gross | Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		1,131,586
Intangible assets and goodwill at end of period		1,119,533	1,131,586
Gross | Computer software and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		399,631
Intangible assets and goodwill at end of period		399,707	399,631
Accumulated amortization and impairment
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		(1,500,566)
Intangible assets and goodwill at end of period		(1,766,708)	(1,500,566)
Accumulated amortization and impairment | Mining rights and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		(1,241,700)
Intangible assets and goodwill at end of period		(1,480,915)	(1,241,700)
Accumulated amortization and impairment | Computer software and others
Reconciliation of changes in intangible assets and goodwill
Intangible assets and goodwill at beginning of period		(258,866)
Intangible assets and goodwill at end of period		¥ (285,793)	¥ (258,866)

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expenses of intangible assets (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Amortisation expenses of intangible assets recognized in profit or loss
Amortization expenses of intangible assets	¥ 276,877	¥ 243,771	¥ 255,098
Carrying amount of pledged intangible assets	1,111,705	1,114,454
Mining rights
Amortisation expenses of intangible assets recognized in profit or loss
Mining rights carrying value	¥ 1,680,000	¥ 1,577,000
Carrying value to total asset value (as a percent)	0.84	0.83
Cost of sales
Amortisation expenses of intangible assets recognized in profit or loss
Amortization expenses of intangible assets	¥ 242,261	¥ 211,325	223,068
General and administrative expenses
Amortisation expenses of intangible assets recognized in profit or loss
Amortization expenses of intangible assets	¥ 34,616	¥ 32,446	¥ 32,030

INTANGIBLE ASSETS - Impairment

INTANGIBLE ASSETS - Impairment tests for goodwill (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Groups of CGUs according to operating segments
Pre-tax cash flow projections period approved by management	5 years
Estimated growth rate for cash flows beyond approved period	2.00%	2.00%
Pre-tax rate that reflects specific risks related to CGUs and groups of CGUs as discount rate	12.62%	12.62%
Impairment of goodwill	¥ 0	¥ 0
Alumina | CGU
Groups of CGUs according to operating segments
Goodwill	204,404	205,327
Alumina | Guangxi Branch
Groups of CGUs according to operating segments
Goodwill	189,419	189,419
Alumina | PT. Nusapati Prima
Groups of CGUs according to operating segments
Goodwill	14,985	15,908
Primary aluminium | CGU
Groups of CGUs according to operating segments
Goodwill	2,141,526	2,141,526
Primary aluminium | Qinghai Branch
Groups of CGUs according to operating segments
Goodwill	217,267	217,267
Primary aluminium | Lanzhou Branch
Groups of CGUs according to operating segments
Goodwill	¥ 1,924,259	¥ 1,924,259

PROPERTY, PLANT AND EQUIPMENT98

PROPERTY, PLANT AND EQUIPMENT (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		¥ 90,868,235	¥ 91,989,216
Transfer to intangible assets (note 5)		(76,179)	(52,716)
Transfer to land use rights (note 8)		(396,398)	(156,752)
Transfer to investment properties (note 7)		(157,150)
Additions		10,676,890	9,841,415
Addition of a subsidiary		3,594,970
Disposal of subsidiaries		(265,621)
Disposals		(1,525,648)	(4,119,029)
Depreciation		(6,606,283)	(6,577,514)
Impairment loss on property, plant and equipment	$ (2,403)	(15,632)	(57,080)	¥ (10,011)
Currency translation differences		(469)	695
Property, plant and equipment at end of period	14,769,795	96,096,715	90,868,235	91,989,216
Property, plant and equipment	$ 14,769,795	90,868,235	91,989,216	91,989,216
Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		154,101,023
Property, plant and equipment at end of period		163,749,031	154,101,023
Property, plant and equipment		154,101,023	154,101,023
Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(63,232,788)
Property, plant and equipment at end of period		(67,652,316)	(63,232,788)
Property, plant and equipment		(63,232,788)	(63,232,788)
Buildings
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		27,861,989	27,097,190
Reclassifications and internal transfers		5,334,951	3,041,286
Transfer to investment properties (note 7)		(157,150)
Additions		8,224	4,755
Addition of a subsidiary		889,597
Disposal of subsidiaries		(86,945)
Disposals		(37,678)	(761,184)
Depreciation		(1,575,776)	(1,491,627)
Impairment loss on property, plant and equipment			(28,670)
Currency translation differences		(155)	239
Property, plant and equipment at end of period		32,237,057	27,861,989	27,097,190
Property, plant and equipment		27,861,989	27,097,190	27,097,190
Buildings | Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		43,221,788
Property, plant and equipment at end of period		48,882,784	43,221,788
Property, plant and equipment		43,221,788	43,221,788
Buildings | Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(15,359,799)
Property, plant and equipment at end of period		(16,645,727)	(15,359,799)
Property, plant and equipment		(15,359,799)	(15,359,799)
Machinery
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		46,080,177	51,266,390
Reclassifications and internal transfers		9,722,364	1,412,368
Additions		1,027,337	1,403,380
Addition of a subsidiary		2,600,315
Disposal of subsidiaries		(62,814)
Disposals		(1,140,081)	(3,098,579)
Depreciation		(4,857,954)	(4,875,314)
Impairment loss on property, plant and equipment		(15,632)	(28,326)
Currency translation differences		(196)	258
Property, plant and equipment at end of period		53,353,516	46,080,177	51,266,390
Property, plant and equipment		46,080,177	51,266,390	51,266,390
Machinery | Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		90,645,929
Property, plant and equipment at end of period		101,507,889	90,645,929
Property, plant and equipment		90,645,929	90,645,929
Machinery | Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(44,565,752)
Property, plant and equipment at end of period		(48,154,373)	(44,565,752)
Property, plant and equipment		(44,565,752)	(44,565,752)
Transportation facilities
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		653,007	818,625
Reclassifications and internal transfers		9,064	18,750
Additions		32,257	17,335
Addition of a subsidiary		3,410
Disposal of subsidiaries		(5,269)
Disposals		(12,437)	(25,420)
Depreciation		(144,508)	(176,383)
Impairment loss on property, plant and equipment			(59)
Currency translation differences		(60)	159
Property, plant and equipment at end of period		535,464	653,007	818,625
Property, plant and equipment		653,007	818,625	818,625
Transportation facilities | Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		2,938,562
Property, plant and equipment at end of period		2,860,597	2,938,562
Property, plant and equipment		2,938,562	2,938,562
Transportation facilities | Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(2,285,555)
Property, plant and equipment at end of period		(2,325,133)	(2,285,555)
Property, plant and equipment		(2,285,555)	(2,285,555)
Office and other equipment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		98,829	124,497
Reclassifications and internal transfers		11,439	4,485
Additions		7,052	7,261
Addition of a subsidiary		1,714
Disposal of subsidiaries		(2,114)
Disposals		(1,123)	(3,238)
Depreciation		(28,045)	(34,190)
Impairment loss on property, plant and equipment			(25)
Currency translation differences		(58)	39
Property, plant and equipment at end of period		87,694	98,829	124,497
Property, plant and equipment		98,829	124,497	124,497
Office and other equipment | Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		524,045
Property, plant and equipment at end of period		502,779	524,045
Property, plant and equipment		524,045	524,045
Office and other equipment | Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(425,216)
Property, plant and equipment at end of period		(415,085)	(425,216)
Property, plant and equipment		(425,216)	(425,216)
Construction in progress
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		16,174,233	12,682,514
Reclassifications and internal transfers		(15,077,818)	(4,476,889)
Transfer to intangible assets (note 5)		(76,179)	(52,716)
Transfer to land use rights (note 8)		(396,398)	(156,752)
Additions		9,602,020	8,408,684
Addition of a subsidiary		99,934
Disposal of subsidiaries		(108,479)
Disposals		(334,329)	(230,608)
Property, plant and equipment at end of period		9,882,984	16,174,233	12,682,514
Property, plant and equipment		16,174,233	12,682,514	¥ 12,682,514
Construction in progress | Gross
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		16,770,699
Property, plant and equipment at end of period		9,994,982	16,770,699
Property, plant and equipment		16,770,699	16,770,699
Construction in progress | Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period		(596,466)
Property, plant and equipment at end of period		(111,998)	(596,466)
Property, plant and equipment		¥ (596,466)	¥ (596,466)

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)
Depreciation and amortisation expense
Depreciation expenses	¥ 6,606,283	¥ 6,577,514	¥ 6,944,990
Ownership certificates of buildings
Net carrying value		90,868,235	91,989,216	$ 14,769,795	¥ 96,096,715
Interest attributable to the construction of property, plant and equipment
Interest expenses arising from borrowings attributable to the construction of property, plant and equipment	¥ 344,000	414,000	¥ 522,000
Additional information
Carrying value of temporarily idle property, plant and equipment		¥ 2,828,000			2,530,000
Minimum
Interest attributable to the construction of property, plant and equipment
Capitalization rate during the year	4.41%	3.85%	4.90%
Maximum
Interest attributable to the construction of property, plant and equipment
Capitalization rate during the year	8.00%	6.00%	6.55%
Cost of sales
Depreciation and amortisation expense
Depreciation expenses	¥ 6,440,128	¥ 6,386,276	¥ 6,749,735
General and administrative expenses
Depreciation and amortisation expense
Depreciation expenses	159,230	181,708	172,524
Selling and distribution expenses
Depreciation and amortisation expense
Depreciation expenses	¥ 6,925	9,530	22,731
Accumulated amortization and impairment
Ownership certificates of buildings
Net carrying value		(63,232,788)			(67,652,316)
Buildings
Ownership certificates of buildings
Net carrying value		27,861,989	27,097,190		32,237,057
Buildings | Accumulated amortization and impairment
Ownership certificates of buildings
Net carrying value		(15,359,799)			(16,645,727)
Ownership certificates of buildings
Ownership certificates of buildings
Net carrying value		¥ 6,759,000			¥ 6,942,000
Carrying value to total asset value (as a percent)		0.0355		0.0347	0.0347
Machinery
Ownership certificates of buildings
Net carrying value		¥ 46,080,177	51,266,390		¥ 53,353,516
Additional information
Property, plant and equipment		7,200,000			9,955,000
Machinery | Accumulated amortization and impairment
Ownership certificates of buildings
Net carrying value		(44,565,752)			(48,154,373)
Construction in progress
Ownership certificates of buildings
Net carrying value		16,174,233	¥ 12,682,514		9,882,984
Additional information
Property, plant and equipment		194,000			100,000
Construction in progress | Accumulated amortization and impairment
Ownership certificates of buildings
Net carrying value		(596,466)			(111,998)
Machinery and construction in progress held under finance leases | Accumulated amortization and impairment
Additional information
Property, plant and equipment		¥ 1,703,000			¥ 1,908,000

PROPERTY, PLANT AND EQUIPMEN100

PROPERTY, PLANT AND EQUIPMENT - Impairment tests for property, plant and equipment (Details) - CGU - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Period of financial budgets approved by management	5 years
Pre-tax and non-inflation rate that reflects specific risks related to CGUs as discount rates (as a percent)	10.16%	10.16%
Recoverable amounts for property, plant and equipment about to be disposed or abandoned, and impairment losses	¥ 16	¥ 57	¥ 10

INVESTMENT PROPERTIES (Details)

INVESTMENT PROPERTIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Investment properties
Investment properties at beginning of period		¥ 1,255,775	¥ 10,902
Additions			1,055,538
Transfer from property, plant and equipment and land use rights (note 6) (note 8)		164,046	190,761
Disposals		(73,346)
Depreciation		(14,105)	(1,426)
Investment properties at end of period	$ 204,782	1,332,370	1,255,775
Gross
Investment properties
Investment properties at beginning of period		1,284,184
Investment properties at end of period		1,370,477	1,284,184
Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period		(28,409)
Investment properties at end of period		(38,107)	(28,409)
Buildings
Investment properties
Investment properties at beginning of period		99,655	10,902
Additions			88,913
Transfer from property, plant and equipment and land use rights (note 6) (note 8)		157,150
Depreciation		(2,744)	(160)
Investment properties at end of period		254,061	99,655
Buildings | At fair values
Investment properties
Investment properties at beginning of period		125,000
Investment properties at end of period		1,208,000	125,000
Buildings | Gross
Investment properties
Investment properties at beginning of period		102,242
Investment properties at end of period		263,066	102,242
Buildings | Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period		(2,587)
Investment properties at end of period		(9,005)	¥ (2,587)
Ownership certificates of investment properties
Investment properties
Investment properties at end of period		147,000
Percentage of investment properties to total asset			0.07%
Land use right
Investment properties
Investment properties at beginning of period		1,156,120
Additions			¥ 966,625
Transfer from property, plant and equipment and land use rights (note 6) (note 8)		6,896	190,761
Disposals		(73,346)
Depreciation		(11,361)	(1,266)
Investment properties at end of period		1,078,309	1,156,120
Land use right | At fair values
Investment properties
Investment properties at beginning of period		1,221,000
Investment properties at end of period		1,182,000	1,221,000
Land use right | Gross
Investment properties
Investment properties at beginning of period		1,181,942
Investment properties at end of period		1,107,411	1,181,942
Land use right | Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period		(25,822)
Investment properties at end of period		¥ (29,102)	¥ (25,822)

LAND USE RIGHTS (Details)

LAND USE RIGHTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Operating leases :
Leases	$ 571,827	¥ 3,720,478	¥ 3,346,008
Land use right
Operating leases :
Leases		3,720,478	3,346,008	¥ 3,471,604
PRC | Land use right
Operating leases :
Leases		3,720,478	3,346,008
PRC | Land use right | Less than 10 years
Operating leases :
Leases		127,516	121,047
PRC | Land use right | Between 10 to 50 years
Operating leases :
Leases		3,475,023	3,089,734
PRC | Land use right | Over 50 years
Operating leases :
Leases		¥ 117,939	¥ 135,227

LAND USE RIGHTS AND LEASEHOLD L

LAND USE RIGHTS AND LEASEHOLD LAND - Operating leases prepayments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Operating leases prepayments
As at January 1,		¥ 3,346,008
Additions		285,167	¥ 344,099
Acquisition of a subsidiary		188
Disposals		(11,168)	(6,827)
Disposal of subsidiaries		(562)
Amortization		(276,877)	(243,771)	¥ (255,098)
As at December 31,	$ 571,827	3,720,478	3,346,008
Land use right
Operating leases prepayments
As at January 1,		3,346,008	3,471,604
Additions		59,215	20,963
Acquisition of a subsidiary		31,833
Transfer from property, plant and equipment (note 6)		396,398	156,752
Disposals		(6,712)	(12,826)
Disposal of subsidiaries		(3,294)
Transfer to investment properties (note 7)		(6,896)	(190,761)
Amortization		(96,074)	(99,724)	(104,000)
As at December 31,		¥ 3,720,478	¥ 3,346,008	¥ 3,471,604

LAND USE RIGHTS AND LEASEHOL104

LAND USE RIGHTS AND LEASEHOLD LAND - Notes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)
Note for land use rights and leasehold land
Amortization	¥ 276,877	¥ 243,771	¥ 255,098
Land use rights		3,346,008		$ 571,827	¥ 3,720,478
Carrying amount of pledged intangible assets		1,114,454			1,111,705
Land use right
Note for land use rights and leasehold land
Amortization	¥ 96,074	99,724	104,000
Land use rights		3,346,008	¥ 3,471,604		3,720,478
Carrying amount of pledged intangible assets		275,000			177,000
Certificates of land use rights
Note for land use rights and leasehold land
Land use rights		¥ 447,000			¥ 516,000
Land parcels
Note for land use rights and leasehold land
Carrying value to total asset value (as a percent)	0.26	0.23

INVESTMENTS IN JOINT VENTURE105

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Movements in investments in joint ventures
As at January 1,		¥ 6,240,200	¥ 5,150,887
As at December 31,	$ 923,355	6,007,624	6,240,200
Joint venture
Movements in investments in joint ventures
As at January 1,		6,240,200	5,150,887
Capital injections		201,864	1,224,912
A joint venture changed into a subsidiary (note 38 (i))		(315,706)
A subsidiary changed into a joint venture (note 39 (f))		11,980
Share of profits and losses for the year		8,151	(95,508)
Share of changes in reserves		(6,105)	8,373
Cash dividends declared		(132,760)	(48,464)
As at December 31,		¥ 6,007,624	¥ 6,240,200

INVESTMENTS IN JOINT VENTURE106

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Material joint venture (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)	Dec. 31, 2014CNY (¥)
Financial information
Cash and cash equivalents	$ 4,265,202			¥ 20,762,306	¥ 27,750,686	$ 3,660,104	¥ 23,813,736	¥ 16,385,252
Other current assets	1,546,759				10,063,676		15,247,745
Total current assets	10,505,096				68,349,306		66,486,679
Financial liabilities					127,507,186		127,490,796
Total current liabilities	13,829,197				89,976,902		83,179,841
Non-current liabilities	6,863,476				44,655,835		51,544,793
Non-controlling interests	4,001,572				26,035,429		17,618,510
Reconciliation to the Group's interest in the joint venture:
Carrying amount of the investment	923,355			5,150,887	6,007,624		6,240,200
Revenue	27,677,904	¥ 180,080,750	¥ 144,228,916	123,667,667
Gross profit	2,214,120	14,405,729	10,554,571	2,495,360
Depreciation and amortization		7,121,132	6,987,353	7,388,539
Interest expenses		4,817,211	4,755,435	5,597,911
Profit before income tax	462,047	3,006,216	1,625,545	121,941
Income tax expense/ (benefit)	98,715	642,267	404,172	(225,961)
Profit for the year	363,332	2,363,949	1,221,373	347,902
Other comprehensive income	(103,570)	(673,858)	640,834	562,435
Dividend received	$ 6,910	¥ 44,960	¥ 65,083	320,857
Joint venture
Reconciliation to the Group's interest in the joint venture:
Carrying amount of the investment				5,150,887	6,007,624		6,240,200
Guangxi Huayin
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Registered and paidin capital					2,441,987
Ownership interest in joint venture (in percent)	33.00%	33.00%	33.00%
Voting power (as a percent)	33.00%	33.00%
Profit sharing (as a percent)	33.00%	33.00%
Financial information
Cash and cash equivalents					259,280		444,104
Other current assets					1,056,431		1,519,522
Total current assets					1,315,711		1,963,626
Non-current assets					5,921,936		6,253,828
Financial liabilities					942,641		2,642,830
Other current liabilities					258,858		199,885
Total current liabilities					1,201,499		2,842,715
Non-current liabilities					1,383,866		1,866,613
Net assets					4,652,282		3,508,126
Reconciliation to the Group's interest in the joint venture:
Proportion of the Group's ownership	33.00%	33.00%	33.00%
Group's share of net assets of the joint venture		¥ 1,535,253	¥ 1,157,682
Carrying amount of the investment					¥ 1,535,253		¥ 1,157,682
Revenue		5,547,895	4,008,925	4,234,157
Gross profit		1,844,116	531,785	706,818
Interest income		31,754	2,944	5,004
Depreciation and amortization		524,090	509,510	524,436
Interest expenses		132,273	169,745	227,592
Profit before income tax		1,507,883	173,690	189,720
Income tax expense/ (benefit)		214,264	35,312	47,914
Profit for the year		1,293,619	¥ 138,378	¥ 141,806
Dividend received		¥ 40,260

INVESTMENTS IN JOINT VENTURE107

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Joint ventures not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2015CNY (¥)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Aggregate carrying amount of the Group's investments in joint ventures		¥ 6,240,200	$ 923,355	¥ 6,007,624	¥ 5,150,887
Proportionate interests in the joint ventures' capital commitments		3,000		0
Material contingent liabilities relating to the Group's interests in the joint ventures and the joint ventures themselves		0		0
Aggregate joint ventures not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the joint ventures' profits and losses for the year	¥ (418,743)	(141,173)
Share of the joint ventures' total comprehensive income	¥ (418,743)	(141,173)
Aggregate carrying amount of the Group's investments in joint ventures		¥ 5,082,518		¥ 4,472,371

INVESTMENTS IN JOINT VENTURE108

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Investments in associates (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Movements in investments in associates
As at January 1,		¥ 5,926,533	¥ 5,602,701
As at December 31,	$ 1,065,895	6,935,030	5,926,533
Associates
Movements in investments in associates
As at January 1,		5,926,533	5,602,701
Capital injections		857,317	511,151
A subsidiary changed into an associate (note 39 (d))		240,258
Deemed disposal of subsidiary (note 39 (e))		100,092
An investment in an associate changed into an available-for-sale financial investment			(176,774)
Share of profits and losses for the year		(165,249)	115,091
Cash dividends declared		(26,330)	(65,603)
Share of changes in reserves		2,409	596
Other decrease of investment in an associate			(60,629)
As at December 31,		¥ 6,935,030	¥ 5,926,533

INVESTMENTS IN JOINT VENTURE109

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Material associates (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)	Dec. 31, 2014CNY (¥)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Registered capital	$ 2,290,672,000				¥ 14,903,798		¥ 14,903,798
Financial information
Cash and cash equivalents	4,265,202,000			¥ 20,762,306	27,750,686	$ 3,660,104,000	23,813,736	¥ 16,385,252
Other current assets	1,546,759,000				10,063,676		15,247,745
Total current assets	10,505,096,000				68,349,306		66,486,679
Financial liabilities					127,507,186		127,490,796
Total current liabilities	13,829,197,000				89,976,902		83,179,841
Non-current liabilities	6,863,476,000				44,655,835		51,544,793
Non-controlling interests	4,001,572,000				26,035,429		17,618,510
Reconciliation to the Group's interest in the associate:
Carrying amount of the investment	1,065,895,000			5,602,701	6,935,030		5,926,533
Revenue	27,677,904,000	¥ 180,080,750	¥ 144,228,916	123,667,667
Gross profit	2,214,120,000	14,405,729	10,554,571	2,495,360
Depreciation and amortization		7,121,132	6,987,353	7,388,539
Interest expense		4,817,211	4,755,435	5,597,911
Profit before income tax	462,047,000	3,006,216	1,625,545	121,941
Income tax expense/ (benefit)	98,715,000	642,267	404,172	(225,961)
Profit for the year	363,332,000	2,363,949	1,221,373	347,902
Other comprehensive income	(103,570,000)	(673,858)	640,834	562,435
Dividend received	$ 6,910,000	¥ 44,960	¥ 65,083	320,857
Associates
Reconciliation to the Group's interest in the associate:
Carrying amount of the investment				5,602,701	6,935,030		5,926,533
Ling Wu Power
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Registered capital | $						1,300,000
Paidin capital | $						$ 2,050,239
Ownership interest in associate (in percent)	35.00%	35.00%	35.00%
Voting power (as a percent)			35.00%
Profit sharing (as a percent)			35.00%
Financial information
Cash and cash equivalents					10,629		26,191
Other current assets					948,443		705,994
Total current assets					959,072		732,185
Non-current assets					8,151,428		8,781,399
Financial liabilities					1,885,097		1,521,912
Other current liabilities					18,129		6,011
Total current liabilities					1,903,226		1,527,923
Non-current liabilities					3,469,266		4,126,278
Net assets					3,738,008		3,859,383
Reconciliation to the Group's interest in the associate:
Proportion of the Group's ownership	35.00%	35.00%	35.00%
Group's share of net assets of the joint venture		¥ 1,308,303	¥ 1,350,784
Carrying amount of the investment					¥ 1,308,303		¥ 1,350,784
Revenue		3,723,669	3,297,397	4,319,345
Gross profit		79,200	524,930	1,190,966
Interest income		1,513	1,320	2,140
Depreciation and amortization		609,240	608,345	610,910
Interest expense		213,983	251,838	312,128
Profit before income tax		(154,054)	327,481	629,564
Income tax expense/ (benefit)		(32,679)	74,911	75,404
Profit for the year		¥ (121,375)	¥ 252,570	554,160
Dividend received				¥ 289,605

INVESTMENTS IN JOINT VENTURE110

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Associates not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2015CNY (¥)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Aggregate carrying amount of the Group's investments in the associates		¥ 5,926,533	$ 1,065,895	¥ 6,935,030	¥ 5,602,701
Proportionate interests in the associates' capital commitments		0		760,000
Material contingent liabilities relating to the Group's interests in the associates and the associates themselves				0
Aggregate associates that are not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the associates' profits and losses	¥ (122,768)	26,692
Share of the associates' total comprehensive income	¥ (122,768)	26,692
Aggregate carrying amount of the Group's investments in the associates		¥ 4,575,749		¥ 5,626,727

AVAILABLE-FOR-SALE FINANCIAL111

AVAILABLE-FOR-SALE FINANCIAL INVESTMENTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)item	Dec. 31, 2017CNY (¥)item	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017CNY (¥)
Non current portion
Available-for-sale financial investments, non current	$ 296,359		¥ 164,393		¥ 1,928,201
Gross loss (gain) of available-for-sale investments recognized in other comprehensive income	$ (800)	¥ (5,206)	104,103	¥ 57,940
Gains in fair value changes recognized in other comprehensive income were transferred to profit or loss due to the disposal of available-for-sale investments		¥ 45,000	103,000	¥ 0
Capital contribution commitment			1,018,639		374,800
Size industry investment fund
Non current portion
Capital contribution commitment					3,300,000
Number of investments | item	4	4
Number of associates | item	2	2
Number of joint ventures | item	2	2
Total capital contribution		¥ 5,600,000
Capital contribution		3,752,000
BOCOMM TRUST
Non current portion
Capital contribution commitment					6,700,000
BOCOMM TRUST | Size industry investment fund
Non current portion
Capital contribution		1,848,000
At fair values
Non current portion
Listed equity investments			93,893		9,701
Other unlisted investments					1,848,000
Available-for-sale financial investments, non current			93,893		1,857,701
Stated at cost
Non current portion
Unlisted equity investments		¥ 73,211	73,211
Available-for-sale financial investments, non current			70,500		70,500
Stated at cost | Available-for-sale financial investments | Available for sale financial investments
Non current portion
Less: provision for impairment			¥ (2,711)		¥ (2,711)

DEFERRED TAX - Assets (Details)

DEFERRED TAX - Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Movements in deferred tax assets:
As at January 1,		¥ 1,426,707
As at December 31,	$ 246,350	1,602,825	¥ 1,426,707
Temporary difference
Movements in deferred tax assets:
As at January 1,		1,686,542	2,278,547
(Charged)/credited to profit or loss		(21,261)	(592,005)
Disposal of subsidiaries		(4,426)
As at December 31,		1,660,855	1,686,542
Provision for impairment
Movements in deferred tax assets:
As at January 1,		552,772	989,523
(Charged)/credited to profit or loss		(30,715)	(436,751)
As at December 31,		522,057	552,772
Accrued expenses
Movements in deferred tax assets:
As at January 1,		207,651	215,497
(Charged)/credited to profit or loss		59,664	(7,846)
Disposal of subsidiaries		(3,106)
As at December 31,		264,209	207,651
Tax losses
Movements in deferred tax assets:
As at January 1,		636,197	803,140
(Charged)/credited to profit or loss		(94,978)	(166,943)
Disposal of subsidiaries		(1,320)
As at December 31,		539,899	636,197
Unrealized profit at consolidation
Movements in deferred tax assets:
As at January 1,		169,113	101,459
(Charged)/credited to profit or loss		(3,070)	67,654
As at December 31,		166,043	169,113
Others
Movements in deferred tax assets:
As at January 1,		120,809	168,928
(Charged)/credited to profit or loss		47,838	(48,119)
As at December 31,		¥ 168,647	¥ 120,809

DEFERRED TAX - Liabilities (Det

DEFERRED TAX - Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Movements in deferred tax liabilities:
As at January 1,		¥ 984,304
As at December 31,	$ 152,735	993,742	¥ 984,304
Temporary difference
Movements in deferred tax liabilities:
As at January 1,		1,244,139	1,921,707
Exchange realignment		(1,830)	210
Charged/ (credited) to other comprehensive income		(11,180)	(13,288)
Acquisition of a subsidiary		40,706
(Credited)/charged to profit or loss		(220,063)	(691,066)
As at December 31,		1,051,772	1,244,139
Interest capitalization
Movements in deferred tax liabilities:
As at January 1,		61,166	71,009
(Credited)/charged to profit or loss		(8,232)	(9,843)
As at December 31,		52,934	61,166
Fair value changes of financial assets
Movements in deferred tax liabilities:
As at January 1,		14,925	911
Charged/ (credited) to other comprehensive income		(11,180)	(13,288)
(Credited)/charged to profit or loss		(1,414)	726
As at December 31,		2,331	14,925
Depreciation and amortization
Movements in deferred tax liabilities:
As at January 1,		7,474	7,654
(Credited)/charged to profit or loss		185	(180)
As at December 31,		7,659	7,474
Unrealized losses of consolidation
Movements in deferred tax liabilities:
As at January 1,			4,889
(Credited)/charged to profit or loss			(4,889)
Fair value adjustments arising from acquisition of subsidiaries
Movements in deferred tax liabilities:
As at January 1,		977,342	1,000,667
Exchange realignment		(1,830)	210
Acquisition of a subsidiary		40,706
(Credited)/charged to profit or loss		(27,370)	(23,535)
As at December 31,		988,848	977,342
Investment in a subsidiary
Movements in deferred tax liabilities:
As at January 1,		183,232	800,640
(Credited)/charged to profit or loss		¥ (183,232)	(617,408)
As at December 31,			183,232
Investment in an associate
Movements in deferred tax liabilities:
As at January 1,			35,937
(Credited)/charged to profit or loss			¥ (35,937)

DEFERRED TAX - Balances (Detail

DEFERRED TAX - Balances (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Analysis of the deferred tax balances
Net deferred tax assets	¥ 1,602,825	¥ 1,426,707
Net deferred tax liabilities	993,742	984,304
Deferred tax assets not recognised	4,337,000	5,220,000
Accumulated tax losses	18,213,620	21,990,840
Deferred tax assets for deductible temporary differences	1,434,000	1,860,000
Deductible temporary differences	¥ 6,235,000	¥ 7,660,000

DEFERRED TAX - Unprovided tax l

DEFERRED TAX - Unprovided tax losses (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Expiry profile of these unprovided tax losses
Unprovided tax losses	¥ 18,213,620	¥ 21,990,840
Within 1 year
Expiry profile of these unprovided tax losses
Unprovided tax losses		4,473,661
Between 1 and 2 years
Expiry profile of these unprovided tax losses
Unprovided tax losses	7,689,663	7,880,303
Between 2 and 3 years
Expiry profile of these unprovided tax losses
Unprovided tax losses	7,650,084	7,686,919
2,020
Expiry profile of these unprovided tax losses
Unprovided tax losses	711,878	880,805
2,021
Expiry profile of these unprovided tax losses
Unprovided tax losses	975,081	¥ 1,069,152
2,022
Expiry profile of these unprovided tax losses
Unprovided tax losses	¥ 1,186,914

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Financial assets
Receivables from disposal of Guizhou Branch's aluminum properties			¥ 1,060,682
Other long-term receivables		¥ 261,156	305,677
Financial assets included in other non-current assets		261,156	1,366,359
Prepayment for mining rights		801,657	769,108
Long-term prepaid expenses		484,536	389,076
Deferred losses for sales and leaseback transactions		1,234,376	1,172,671
Others		739,167	490,907
Total non-financial assets		3,259,736	2,821,762
Total other non-current assets	$ 541,150	3,520,892	4,188,121
Shanxi Huaxing
Financial assets
Other long-term receivables, interest-bearing asset		¥ 97,000	¥ 112,000

INVENTORIES (Details)

INVENTORIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Inventories
Total inventories	$ 3,127,232	¥ 20,346,709	¥ 17,933,432
Gross
Inventories
Raw materials		7,547,870	8,853,776
Work-in-progress		8,122,072	5,830,213
Finished goods		4,354,676	3,095,633
Spare parts		731,621	818,769
Packaging materials and others		43,064	42,853
Total inventories		20,799,303	18,641,244
Provision for impairment
Inventories
Total inventories		¥ (452,594)	¥ (707,812)	¥ (2,370,200)

INVENTORIES - Movements in the

INVENTORIES - Movements in the provision for impairment of inventories (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Movements in the provision for impairment of inventories
As at January 1,		¥ (17,933,432)
As at December 31,	$ (3,127,232)	(20,346,709)	¥ (17,933,432)
Inventories pledged for bank and other borrowings		0	0
Provision for impairment
Movements in the provision for impairment of inventories
As at January 1,		707,812	2,370,200
Provision for impairment of inventories		(193,138)	(122,047)
Reversal arising from increase in net realisable value		(80,778)	(69,395)
Reversal upon sales of inventories		(259,564)	(1,715,040)
Disposal of subsidiaries		(108,014)
As at December 31,		¥ 452,594	¥ 707,812

TRADE AND NOTES RECEIVABLES (De

TRADE AND NOTES RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
TRADE AND NOTES RECEIVABLES
Trade receivables		¥ 4,311,997	¥ 4,186,536
Notes receivable		3,714,212	3,163,027
Total trade and notes receivables	$ 1,233,606	8,026,209	7,349,563
USD
TRADE AND NOTES RECEIVABLES
Total trade and notes receivables		1,094,000	458,000
EUR
TRADE AND NOTES RECEIVABLES
Total trade and notes receivables			5,000
Gross
TRADE AND NOTES RECEIVABLES
Trade receivables		4,794,017	4,649,107
Total trade and notes receivables		8,508,229	7,812,134
Provision for impairment
TRADE AND NOTES RECEIVABLES
Trade receivables		(482,020)	(462,571)
Total trade and notes receivables		¥ (482,020)	¥ (462,571)

TRADE AND NOTES RECEIVABLES - A

TRADE AND NOTES RECEIVABLES - Ageing analysis of trade and notes receivables (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
TRADE AND NOTES RECEIVABLES
Trade and notes receivables	$ 1,233,606	¥ 8,026,209	¥ 7,349,563
Gross
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		8,508,229	7,812,134
Gross | Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		6,320,428	5,787,705
Gross | Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		505,493	557,602
Gross | Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		336,019	533,227
Gross | Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		1,346,289	933,600
Provision for impairment
TRADE AND NOTES RECEIVABLES
Trade and notes receivables		¥ (482,020)	¥ (462,571)

TRADE AND NOTES RECEIVABLES 121

TRADE AND NOTES RECEIVABLES - Ageing analysis of past due (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables	$ 1,233,606	¥ 8,026,209	¥ 7,349,563
Pledged trade receivables		22,000	36,000
Pledged notes receivables		82,000	34,000
Joint venture
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		591,000	38,000
Associates
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		97,000	0
Past due but not impaired
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		1,536,948	1,441,135
Not past due
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		6,137,627	5,710,535
Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		7,674,575	7,151,670
Trade receivables		351,634	197,893
Past due for 1 year | Past due but not impaired
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		459,188	523,333
Between 1 and 2 years | Past due but not impaired
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		295,928	505,774
Past due for over 2 years | Past due but not impaired
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		781,832	412,028
Gross
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		8,508,229	7,812,134
Gross | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		833,654	660,464
Gross | Within 1 year
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		6,320,428	5,787,705
Gross | Within 1 year | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		182,801	77,170
Gross | Between 1 and 2 years
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		505,493	557,602
Gross | Between 1 and 2 years | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		46,305	34,269
Gross | Between 2 and 3 years
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		336,019	533,227
Gross | Between 2 and 3 years | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		40,091	27,453
Gross | Over 3 years
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		1,346,289	933,600
Gross | Over 3 years | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		564,457	521,572
Provision for impairment
Ageing analysis of trade receivables were past due but not impaired
Trade and notes receivables		(482,020)	(462,571)
Provision for impairment | Individually impaired receivables
Ageing analysis of trade receivables were past due but not impaired
Trade receivables		¥ (482,020)	¥ (462,571)

TRADE AND NOTES RECEIVABLES - M

TRADE AND NOTES RECEIVABLES - Movements on the provision for impairment of trade receivables (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of changes in other provisions
Carrying value of derecognized discounted notes receivable	¥ 24,474,000	¥ 11,456,000
Carrying amount of not derecognized notes receivable accepted by banks in the PRC endorsed to certain of its suppliers in order to settle the trade payables due to suppliers	227,000	479,000
Gains or losses recognized from the derecognized notes receivable	¥ 0	0	¥ 0
Minimum
Reconciliation of changes in other provisions
Maturity period of derecognized notes receivable	1 month
Maximum
Reconciliation of changes in other provisions
Maturity period of derecognized notes receivable	6 months
Provision for impairment
Reconciliation of changes in other provisions
As at January 1,	¥ 462,571	510,336
Provision for impairment	29,663	5,862
Written off	(15,341)	(192)
Reversal	(6,395)	(53,435)
Others (Note)	11,522
As at the December 31,	¥ 482,020	¥ 462,571	¥ 510,336

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Financial assets
Deposits paid to suppliers		¥ 756,748	¥ 714,263
Dividends receivable		267,331	148,546
Receivables from disposal of businesses and assets		575,650	5,080,791
Entrusted loans and loans receivable from third parties		1,615,429	1,631,624
Entrusted loans and loans receivable from related parties		2,459,883	1,859,769
Receivable from disposal of Shanxi Huaxing			1,646,035
Receivables from disposal of Guizhou Branch's aluminum properties		1,320,488	200,000
Interest receivable		144,473	111,625
Recoverable reimbursement for freight charges		13,944	37,069
Other financial assets		1,006,189	899,946
Financial assets included in other current assets		8,160,135	12,329,668
Financial assets included in other current assets, net of provision for impairment		6,487,089	10,663,486
Receivable of value-added tax refund		1,063	3,492
Advances to employees		46,890	31,869
Deductible input value added tax receivables		2,408,504	1,537,245
Prepaid income tax		64,557	104,213
Prepayments to related parties for purchases		61,150	118,777
Prepayments to suppliers for purchases and others		885,433	2,626,002
Others		113,145	168,714
Other current assets, excluded financial assets		3,580,742	4,590,312
Other current assets, excluded financial assets, net of provision for impairment		3,576,587	4,584,259
Total other current assets	$ 1,546,759	10,063,676	15,247,745
USD
Financial assets
Other receivables		161,000
RMB
Financial assets
Receivables from disposals of businesses to related parties			2,867,000
Other financial assets			161,000
Prepayments to suppliers for purchases and others			1,686,000
Other current assets
Financial assets
Less: provision for impairment		(1,673,046)	(1,666,182)
Less: provision for impairment		¥ (4,155)	¥ (6,053)

OTHER CURRENT ASSETS - Analysis

OTHER CURRENT ASSETS - Analysis of financial assets included in other current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Financial assets included in other current assets	¥ 8,160,135	¥ 12,329,668
Financial assets included in other current assets, net of provision for impairment	6,487,089	10,663,486
Within 1 year
Disclosure of financial assets [line items]
Financial assets included in other current assets	2,581,750	1,911,115
Between 1 and 2 years
Disclosure of financial assets [line items]
Financial assets included in other current assets	1,016,284	2,496,848
Between 2 and 3 years
Disclosure of financial assets [line items]
Financial assets included in other current assets	1,689,050	1,365,830
Over 3 years
Disclosure of financial assets [line items]
Financial assets included in other current assets	2,873,051	6,555,875
Other current assets
Disclosure of financial assets [line items]
Less: provision for impairment	¥ (1,673,046)	¥ (1,666,182)

OTHER CURRENT ASSETS - Analy125

OTHER CURRENT ASSETS - Analysis of past due but not impaired financial assets included in other current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	¥ 8,160,135	¥ 12,329,668
Past due but not impaired
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	2,652,693	1,796,853
Past due but not impaired | Related parties
Disclosure of financial assets that are either past due or impaired [line items]
Past due but not impaired financial assets due from the Group's related parties	1,545	1,279
Past due but not impaired | Within 1 year
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	1,214,509	613,140
Past due but not impaired | Between 1 and 2 years
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	364,953	741,276
Past due but not impaired | Past due for over 2 years
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	1,073,231	442,437
Not past due
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	3,695,391	8,609,164
Not impaired
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets included in other current assets	¥ 6,348,084	¥ 10,406,017

OTHER CURRENT ASSETS - Analy126

OTHER CURRENT ASSETS - Analysis of impaired current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	¥ 3,580,742	¥ 4,590,312
Other current assets, excluded financial assets, net of provision for impairment	3,576,587	4,584,259
Other current assets
Disclosure of financial assets [line items]
Less: provision for impairment	(4,155)	(6,053)
Impaired financial assets
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	1,816,699	1,905,985
Other current assets, excluded financial assets, net of provision for impairment	139,498	233,750
Impaired financial assets | Other current assets
Disclosure of financial assets [line items]
Less: provision for impairment	(1,677,201)	(1,672,235)
Within 1 year | Impaired financial assets
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	7,305	28,375
Between 1 and 2 years | Impaired financial assets
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	1,775	38,234
Between 2 and 3 years | Impaired financial assets
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	28,313	215,169
Over 3 years | Impaired financial assets
Disclosure of financial assets [line items]
Other current assets, excluded financial assets	¥ 1,779,306	¥ 1,624,207

OTHER CURRENT ASSETS - Movement

OTHER CURRENT ASSETS - Movements in the provision for impairment of other current assets (Details) - Impairment on other current assets - Other current assets - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Provision for impairment of other current assets
As at January 1,	¥ 1,672,235	¥ 1,679,137
Provision for impairment	29,483	3,864
Write off	(10,921)	(7,807)
Reversal	(9,531)	(2,959)
Others	(4,065)
As at December 31,	¥ 1,677,201	¥ 1,672,235

CASH AND CASH EQUIVALENTS AN128

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS
Restricted cash		¥ 2,152,492		¥ 2,014,747
Time deposits				72,700
Restricted cash and time deposits	$ 330,832	2,152,492		2,087,447
Cash and cash equivalents	$ 4,265,202	27,750,686	$ 3,660,104	23,813,736	¥ 20,762,306	¥ 16,385,252
Total cash and cash equivalents, and cash and cash equivalents restricted		¥ 29,903,178		¥ 25,901,183

CASH AND CASH EQUIVALENTS AN129

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND TIME DEPOSITS - Bank balances and cash on hand of the group (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Bank balances and cash on hand of the group
Total cash and bank balances	¥ 29,903,178	¥ 25,901,183
RMB
Bank balances and cash on hand of the group
Total cash and bank balances	26,848,177	20,548,620
USD
Bank balances and cash on hand of the group
Total cash and bank balances	3,045,228	5,343,559
HKD
Bank balances and cash on hand of the group
Total cash and bank balances	7,029	6,252
EUR
Bank balances and cash on hand of the group
Total cash and bank balances	56	24
AUD
Bank balances and cash on hand of the group
Total cash and bank balances	¥ 2,688	2,625
IDR
Bank balances and cash on hand of the group
Total cash and bank balances		¥ 103

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 28, 2017CNY (¥)	Aug. 08, 2017CNY (¥)	Nov. 30, 2017CNY (¥)	Sep. 30, 2017	Dec. 31, 2017USD ($)shares	Dec. 31, 2017CNY (¥)shares	Dec. 31, 2016CNY (¥)shares	Dec. 31, 2015CNY (¥)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2017CNY (¥)¥ / sharesshares	Dec. 04, 2017CNY (¥)item	Aug. 07, 2017	Jul. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)¥ / sharesshares
SHARE CAPITAL
At January 1,						¥ 55,786,808	¥ 51,988,916
Business combinations under common control						416,353
Capital injection from non-controlling shareholders						12,717,761	1,838,540	¥ 261,000
Acquisition of non-controlling interests						(1,413,289)
At December 31,					$ 10,069,299	65,513,879	55,786,808	51,988,916
Number of ordinary shares, authorized | shares									14,903,798,236	14,903,798,236				14,903,798,236
Par value per share | ¥ / shares										¥ 1				¥ 1
Non-controlling interests									$ 4,001,572	¥ 26,035,429				¥ 17,618,510
Qingdao Light Metal
SHARE CAPITAL
Equity interest acquired (as a percent)									100.00%	100.00%
Increase (decrease) in share premium						¥ (162,000)
Shanxi Aluminum Sewage Treatment Plant
SHARE CAPITAL
Equity interest acquired (as a percent)									100.00%	100.00%
Increase (decrease) in share premium	¥ (50,000)
Xinghua Technology
SHARE CAPITAL
Increase (decrease) in share premium			¥ (31,000)
Ownership interest in subsidiary (in percent)					33.00%	33.00%
Xinjiang Aluminum | Jiaozuo Wanfang
SHARE CAPITAL
Capital contribution to investment													¥ 27,000
carrying amount assets allocated to investors													4,000
Share premium													¥ 23,000
Ningxia Yike Solar Energy Power
SHARE CAPITAL
Non-controlling interests held by Beijing Yike (as a percent)				29.06%
Ownership interest in subsidiary (in percent)				70.94%
Share capital
SHARE CAPITAL
At January 1,						¥ 14,903,798	14,903,798
At December 31,						14,903,798	14,903,798	14,903,798
Share premium
SHARE CAPITAL
At January 1,						17,913,827	20,747,839
Business combinations under common control						(242,564)	(3,010,627)
Capital injection from non-controlling shareholders						1,887,824	176,615
Acquisition of non-controlling interests						(980,725)
Disposal of equity interest in subsidiaries without loss of control						38,189
At December 31,						¥ 18,616,551	¥ 17,913,827	¥ 20,747,839
A shares
SHARE CAPITAL
Balance at January 1 (in shares) | shares					10,959,832,000	10,959,832,000	10,959,832,000
Balance at December 31 (in shares) | shares					10,959,832,000	10,959,832,000	10,959,832,000	10,959,832,000
Number of ordinary shares, outstanding | shares					10,959,832,000	10,959,832,000	10,959,832,000	10,959,832,000	10,959,832,000	10,959,832,000				10,959,832,000
H Shares
SHARE CAPITAL
Balance at January 1 (in shares) | shares					3,943,966,000	3,943,966,000	3,943,966,000
Balance at December 31 (in shares) | shares					3,943,966,000	3,943,966,000	3,943,966,000	3,943,966,000
Number of ordinary shares, outstanding | shares					3,943,966,000	3,943,966,000	3,943,966,000	3,943,966,000	3,943,966,000	3,943,966,000				3,943,966,000
Investment Agreement and Debt to Equity Swap Agreement | The Investors
SHARE CAPITAL
Number of Investors | item											8
Investment Agreement and Debt to Equity Swap Agreement | Target Companies
SHARE CAPITAL
Capital contribution to investment											¥ 12,600,000
carrying amount assets allocated to investors											10,736,000
Share premium											¥ 1,864,000
Reorganisation Agreement | Shanxi New Material
SHARE CAPITAL
Equity interest acquired (as a percent)		85.98%										60.00%
Increase (decrease) in share premium		¥ 45,000
Non-controlling interests		¥ (45,000)
Reorganisation Agreement | Shanxi New Material | Zhangze Electric Power
SHARE CAPITAL
Equity interest acquired (as a percent)		14.02%

INTEREST BEARING LOANS AND B131

INTEREST BEARING LOANS AND BORROWINGS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Long-term loans and borrowings
Finance lease payables		¥ 5,607,570	¥ 6,692,302
Long-term loans and borrowings		61,787,865	62,449,688
Current portion of finance lease payables		(2,115,644)	(2,008,716)
Current portion of medium-term bonds and long-term bonds		(12,492,378)	(8,393,073)
Current portion of long-term bank and other loans		(6,890,140)	(4,725,151)
Non-current portion of long-term loans and borrowings	$ 6,192,414	40,289,703	47,322,748
Bank and other loans
Long-term loans and borrowings
Long-term loans and borrowings		40,483,334	31,700,272
Secured
Long-term loans and borrowings
Long-term loans and borrowings		14,716,175	13,415,140
Guaranteed
Long-term loans and borrowings
Long-term loans and borrowings		3,191,277	2,088,327
Unsecured
Long-term loans and borrowings
Long-term loans and borrowings		22,575,882	16,196,805
Medium-term notes and bonds and long-term bonds
Long-term loans and borrowings
Long-term loans and borrowings		15,696,961	24,057,114
Medium-term notes and bonds and long-term bonds and private placement notes
Long-term loans and borrowings
Long-term loans and borrowings		15,696,961	24,057,114
Guaranteed
Long-term loans and borrowings
Long-term loans and borrowings			1,998,833
Unsecured
Long-term loans and borrowings
Long-term loans and borrowings		¥ 15,696,961	¥ 22,058,281

INTEREST BEARING LOANS AND B132

INTEREST BEARING LOANS AND BORROWINGS - Short-term loans and borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Short-term loans and borrowings
Short-term bonds, unsecured		¥ 3,601,573	¥ 8,020,015
Gold leasing arrangements		6,818,393	2,990,614
Current portion of finance lease payables		2,115,644	2,008,716
Current portion of medium-term notes		12,492,378	8,393,073
Current portion of long-term bank and other loans		6,890,140	4,725,151
Short-term borrowings and current portion of long-term loans and borrowings	$ 9,644,893	62,752,570	58,459,394
Bank and other loans
Short-term loans and borrowings
Short-term borrowings and current portion of long-term loans and borrowings		30,834,442	32,321,825
Secured
Short-term loans and borrowings
Short-term borrowings and current portion of long-term loans and borrowings		1,292,000	1,846,500
Guaranteed
Short-term loans and borrowings
Short-term borrowings and current portion of long-term loans and borrowings		150,000	305,000
Unsecured
Short-term loans and borrowings
Short-term borrowings and current portion of long-term loans and borrowings		¥ 29,392,442	¥ 30,170,325

INTEREST BEARING LOANS AND B133

INTEREST BEARING LOANS AND BORROWINGS - Other information (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2017	Dec. 31, 2016
JPY
OTHER EQUITY INSTRUMENTS
Loans and borrowings	¥ 21	¥ 23
USD
OTHER EQUITY INSTRUMENTS
Loans and borrowings	1,860	1,572
Joint ventures
OTHER EQUITY INSTRUMENTS
Loans and borrowings	190	190
Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation
OTHER EQUITY INSTRUMENTS
Loans and borrowings	¥ 3,330	¥ 6,051

INTEREST BEARING LOANS AND B134

INTEREST BEARING LOANS AND BORROWINGS - Maturity of long-term bank and other loans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term bank and other loans, including current portion
Maturity of long-term bank and other loans
Total of long-term bank and other loans	¥ 40,483,334	¥ 31,700,272
Weighted average annual interest rate on long-term bank and other loans	5.67%	5.08%
Long-term bank and other loans, including current portion | Within 1 year
Maturity of long-term bank and other loans
Total of long-term bank and other loans	¥ 6,890,140	¥ 4,725,151
Long-term bank and other loans, including current portion | Between 1 and 2 years
Maturity of long-term bank and other loans
Total of long-term bank and other loans	5,174,015	8,000,722
Long-term bank and other loans, including current portion | Between 2 and 5 years
Maturity of long-term bank and other loans
Total of long-term bank and other loans	8,673,794	10,275,883
Long-term bank and other loans, including current portion | After 5 years
Maturity of long-term bank and other loans
Total of long-term bank and other loans	19,745,385	8,698,516
Loans from banks and other financial institutions
Maturity of long-term bank and other loans
Loans from banks and other financial institutions	40,458,488	31,669,170
Loans from banks and other financial institutions | Within 1 year
Maturity of long-term bank and other loans
Loans from banks and other financial institutions	6,883,500	4,718,809
Loans from banks and other financial institutions | Between 1 and 2 years
Maturity of long-term bank and other loans
Loans from banks and other financial institutions	5,171,738	7,994,380
Loans from banks and other financial institutions | Between 2 and 5 years
Maturity of long-term bank and other loans
Loans from banks and other financial institutions	8,666,967	10,268,857
Loans from banks and other financial institutions | After 5 years
Maturity of long-term bank and other loans
Loans from banks and other financial institutions	19,736,283	8,687,124
Other loans
Maturity of long-term bank and other loans
Other loans	24,846	31,102
Other loans | Within 1 year
Maturity of long-term bank and other loans
Other loans	6,640	6,342
Other loans | Between 1 and 2 years
Maturity of long-term bank and other loans
Other loans	2,277	6,342
Other loans | Between 2 and 5 years
Maturity of long-term bank and other loans
Other loans	6,827	7,026
Other loans | After 5 years
Maturity of long-term bank and other loans
Other loans	¥ 9,102	¥ 11,392

INTEREST BEARING LOANS AND B135

INTEREST BEARING LOANS AND BORROWINGS - Medium-term and long-term notes and bonds and private placement notes (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)
Medium-term and long-term notes and bonds
Outstanding long-term and medium-term bonds	¥ 61,787,865		¥ 62,449,688
Medium-term notes and bonds and long-term bonds
Medium-term and long-term notes and bonds
Outstanding long-term and medium-term bonds	15,696,961		24,057,114
2007 long-term 4.64% bond
Medium-term and long-term notes and bonds
Face value	¥ 2,000,000
Interest rate (as a percent)	4.64%
Outstanding long-term and medium-term bonds			1,998,833
2015 medium-term 5.53% note
Medium-term and long-term notes and bonds
Face value	¥ 3,000,000
Interest rate (as a percent)	5.53%
Outstanding long-term and medium-term bonds	¥ 2,999,030		2,989,992
2015 medium-term 5.01% note
Medium-term and long-term notes and bonds
Face value	¥ 1,500,000		1,500,000
Interest rate (as a percent)	5.01%
Outstanding long-term and medium-term bonds	¥ 1,496,503		1,492,351
2012 medium-term 5.77% note
Medium-term and long-term notes and bonds
Face value	¥ 3,000,000		3,000,000
Interest rate (as a percent)	5.77%
Outstanding long-term and medium-term bonds			2,996,618
2013 medium-term 5.99% note
Medium-term and long-term notes and bonds
Face value	¥ 3,000,000	$ 3,000
Interest rate (as a percent)	5.99%
Outstanding long-term and medium-term bonds	¥ 2,999,211		2,993,272
2014 medium-term 7.35% note
Medium-term and long-term notes and bonds
Face value	¥ 3,000,000		3,000,000
Interest rate (as a percent)	7.35%
Outstanding long-term and medium-term bonds			2,997,622
2015 medium-term 6.11% note
Medium-term and long-term notes and bonds
Face value	¥ 3,000,000		3,000,000
Interest rate (as a percent)	6.11%
Outstanding long-term and medium-term bonds	¥ 2,999,359		2,996,615
2015 medium-term 6.08% note
Medium-term and long-term notes and bonds
Face value	¥ 2,000,000		2,000,000
Interest rate (as a percent)	6.08%
Outstanding long-term and medium-term bonds	¥ 1,998,275		1,993,474
2016 private placement 5.12% note
Medium-term and long-term notes and bonds
Face value	¥ 3,215,000		3,215,000
Interest rate (as a percent)	5.12%
Outstanding long-term and medium-term bonds	¥ 3,204,583		3,198,337
2012 Ningxia Energy medium-term 6.06% bond
Medium-term and long-term notes and bonds
Face value	¥ 400,000		400,000
Interest rate (as a percent)	6.06%
Outstanding long-term and medium-term bonds			¥ 400,000

INTEREST BEARING LOANS AND B136

INTEREST BEARING LOANS AND BORROWINGS - Short-term bank, other loans and short-term bonds (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Short-term bonds
Outstanding short-term borrowings	¥ 3,601,573	¥ 8,020,015
Short-term bank and other loans
Short-term bonds
Effective interest rate on short-term borrowings	4.43%	4.44%
Short-term bonds
Short-term bonds
Outstanding short-term borrowings	¥ 3,601,573	¥ 8,020,015
2016 short-term 4.30% bonds
Short-term bonds
Face value	1,500,000
Effective interest rate on short-term borrowings		4.30%
Outstanding short-term borrowings		¥ 1,535,140
2016 short-term 4.13% bonds
Short-term bonds
Face value	3,000,000	¥ 3,000,000
Effective interest rate on short-term borrowings		4.13%
Outstanding short-term borrowings		¥ 3,047,026
2016 short-term 3.95% bonds
Short-term bonds
Face value	3,000,000	¥ 3,000,000
Effective interest rate on short-term borrowings		3.95%
Outstanding short-term borrowings		¥ 3,037,849
2016 short-term 4.13% bonds
Short-term bonds
Face value	400,000	¥ 400,000
Effective interest rate on short-term borrowings		4.13%
Outstanding short-term borrowings		¥ 400,000
2017 short-term 4.30% bonds
Short-term bonds
Face value	3,000,000
Effective interest rate on short-term borrowings		4.30%
Outstanding short-term borrowings	3,101,573
2017 short-term 4.90% bonds
Short-term bonds
Face value	500,000
Effective interest rate on short-term borrowings		4.90%
Outstanding short-term borrowings	¥ 500,000

INTEREST BEARING LOANS AND B137

INTEREST BEARING LOANS AND BORROWINGS - Guaranteed interest-bearing loans and borrowings (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Long-term bonds | Bank of Communications ("BOCOM")
Guaranteed interest-bearing loans and borrowings
Guarantees received		¥ 1,998,833
Long-term loans
Guaranteed interest-bearing loans and borrowings
Guarantees received	¥ 3,191,277	2,088,327
Long-term loans | Chinalco
Guaranteed interest-bearing loans and borrowings
Guarantees received		866,877
Long-term loans | Lanzhou Aluminum Factory
Guaranteed interest-bearing loans and borrowings
Guarantees received	4,000	8,000
Long-term loans | Ningxia Energy
Guaranteed interest-bearing loans and borrowings
Guarantees received	1,020,400	1,099,400
Long-term loans | Yinxing Energy
Guaranteed interest-bearing loans and borrowings
Guarantees received	91,000	109,000
Long-term loans | Zhongwei Renewable Energy Co., Ltd
Guaranteed interest-bearing loans and borrowings
Guarantees received		5,050
Long-term loans | Baotou Aluminum Co. Ltd and Baotou Communications Investment Group Co. Ltd
Guaranteed interest-bearing loans and borrowings
Guarantees received	1,600,000
Long-term loans | The Company and Hangzhou Jinjiang Group Co. Ltd
Guaranteed interest-bearing loans and borrowings
Guarantees received	475,877
Short-term loans
Guaranteed interest-bearing loans and borrowings
Guarantees received	150,000	305,000
Short-term loans | Ningxia Energy
Guaranteed interest-bearing loans and borrowings
Guarantees received	70,000	120,000
Short-term loans | Shandong Aluminum
Guaranteed interest-bearing loans and borrowings
Guarantees received		15,000
Short-term loans | Chalco Shandong
Guaranteed interest-bearing loans and borrowings
Guarantees received	¥ 80,000	¥ 170,000

INTEREST BEARING LOANS AND B138

INTEREST BEARING LOANS AND BORROWINGS - Gold leasing agreements (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Gold leasing agreements
Proceeds from a gold leasing arrangement	$ 1,199,466	¥ 7,804,083	¥ 3,000,000
The Banks
Gold leasing agreements
Proceeds from a gold leasing arrangement		¥ 7,804,000
Minimum | The Banks
Gold leasing agreements
Lease agreement term	6 months	6 months
Annual lease fee rates (as a percent)	3.65%	3.65%
Maximum | The Banks
Gold leasing agreements
Lease agreement term	12 months	12 months
Annual lease fee rates (as a percent)	4.15%	4.15%
Short-term loans | Fixed interest rate | Minimum
Gold leasing agreements
Interest rate (as a percent)	3.65%	3.65%
Short-term loans | Fixed interest rate | Maximum
Gold leasing agreements
Interest rate (as a percent)	4.15%	4.15%

FINANCE LEASE PAYABLES (Details

FINANCE LEASE PAYABLES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
FINANCE LEASE PAYABLES
Minimum lease payments	¥ 7,217,286	¥ 6,098,467
Future finance charges	(524,984)	(490,897)
Total net finance lease payables	6,692,302	5,607,570
Portion classified as current liabilities	(2,008,716)	(2,115,644)
Long-term finance lease payables	¥ 4,683,586	3,491,926
Minimum
FINANCE LEASE PAYABLES
Lease term	1 year
Maximum
FINANCE LEASE PAYABLES
Lease term	6 years
Within 1 year
FINANCE LEASE PAYABLES
Minimum lease payments	¥ 2,253,720	2,371,917
Total net finance lease payables	2,008,716	2,115,644
Between 1 and 2 years
FINANCE LEASE PAYABLES
Minimum lease payments	2,068,315	1,762,618
Total net finance lease payables	1,891,406	1,606,571
In the third to fifth years, inclusive
FINANCE LEASE PAYABLES
Minimum lease payments	2,895,251	1,890,329
Total net finance lease payables	¥ 2,792,180	1,817,506
After 5 years
FINANCE LEASE PAYABLES
Minimum lease payments		73,603
Total net finance lease payables		¥ 67,849

FINANCE LEASE PAYABLES - Sale a

FINANCE LEASE PAYABLES - Sale and leaseback transactions with related parties (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
FINANCE LEASE PAYABLES
Losses on sale and leaseback transactions	¥ 102	¥ 234
Minimum
FINANCE LEASE PAYABLES
Sale and leaseback lease terms	P1Y
Internal Rate of Return (IRR)	4.35%	4.76%
Maximum
FINANCE LEASE PAYABLES
Sale and leaseback lease terms	P6Y
Internal Rate of Return (IRR)	6.20%	6.28%

OTHER NON-CURRENT LIABILITIE141

OTHER NON-CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)
Financial liabilities
Long-term payables for mining rights		¥ 789,420		¥ 749,761
Other financial liabilities		300		19,300
Financial liabilities included in other non-current liabilities		789,720		769,061
Obligations in relation to early retirement schemes		674,835		900,924
Deferred government grants		1,466,656		1,406,122
Deferred gain relating to sales and lease back agreements		193,724		176,774
Provision for rehabilitation		106,769		113,672
Others		6,037		5,837
Other non current liabilities excluding financial liabilities		2,448,021		2,603,329
Other non current liabilities		3,237,741	$ 518,327	3,372,390
Maximum obligation period to pay the early retirement employees' living expenses	5 years
Forecasted increase in benefit plan with reference to the inflation rate and adjusted based on the average death rate in China (as a percent)	3.00%
Retirement benefits under the Group's early retirement schemes
As at January 1,	¥ 996,598	1,147,320
Provision made during the year	767,632	132,044
Interest costs	17,618	84,616
Payment during the year	(343,408)	(367,382)
As at December 31,	¥ 1,438,440	996,598
Non-current		674,835		900,924
Current		¥ 321,763		¥ 537,516

OTHER PAYABLES AND ACCRUED L142

OTHER PAYABLES AND ACCRUED LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Financial liabilities
Payable for capital expenditures		¥ 6,283,484	¥ 5,660,677
Accrued interest		827,016	1,070,620
Payables withheld as guarantees and deposits		1,490,811	1,075,760
Dividends payable by subsidiaries to non-controlling shareholders		223,942	221,496
Consideration payable for investment projects		170,494	305,506
Current portion of payables for mining rights		300,970	337,659
Others		1,987,739	900,771
Financial liabilities included in other payables and accrued liabilities		11,284,456	9,572,489
Sales and other deposits from customers		1,597,539	1,799,345
Taxes other than income taxes payable		818,730	715,089
Accrued payroll and bonus		74,400	218,741
Staff welfare payables		261,056	277,802
Current portion of obligation in relation to early retirement schemes		537,516	321,763
Contribution payable for pension insurance		27,248	109,077
Others		1,786	3,013
Other payables and accrued liabilities, excluded financial liabilities		3,318,275	3,444,830
Total accruals and deferred income classified as current	$ 2,244,399	14,602,731	13,017,319
USD
Financial liabilities
Total accruals and deferred income classified as current		390,000	251,000
EUR
Financial liabilities
Total accruals and deferred income classified as current		¥ 60	¥ 22
HKD
Financial liabilities
Total accruals and deferred income classified as current | $	$ 320

TRADE AND NOTES PAYABLES (Detai

TRADE AND NOTES PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
TRADE AND NOTES PAYABLES
Trade payables		¥ 7,751,911	¥ 6,739,761
Notes payable		4,570,059	4,603,109
Total trade and notes payables	$ 1,893,852	12,321,970	11,342,870
USD
TRADE AND NOTES PAYABLES
Total trade and notes payables		¥ 56,000	¥ 22,000

TRADE AND NOTES PAYABLE - AGEIN

TRADE AND NOTES PAYABLE - AGEING ANALYSIS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Trade and notes payables	$ 1,893,852	¥ 12,321,970	¥ 11,342,870
Within 1 year
Trade and notes payables		11,710,641	10,777,171
Between 1 and 2 years
Trade and notes payables		199,121	276,351
Between 2 and 3 years
Trade and notes payables		201,919	107,137
Over 3 years
Trade and notes payables		¥ 210,289	¥ 182,211

PLEDGE OF ASSETS (Details)

PLEDGE OF ASSETS (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of pledge of assets [Line Items]
Property, plant and equipment	¥ 5,799,013	¥ 6,540,545
Land use rights	176,914	275,061
Intangible assets	1,111,705	1,114,454
Investment in an associate		376,270
Notes receivable	82,125	33,500
Trade receivables	22,000	35,836
Assets pledged as security	7,191,757	8,375,666
Current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	997,000	933,000
Non-current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	10,935,000
Ningxia Energy
Disclosure of pledge of assets [Line Items]
Current portion of long-term loans and borrowings secured by investment in subsidiary	10,000	10,000
Non-current portion of long-term loans and borrowings secured by investment in subsidiary	¥ 1,647,000	¥ 1,657,000
Percentage of equity attributable to the Company	70.82%

PROFIT BEFORE INCOME TAX (Detai

PROFIT BEFORE INCOME TAX (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
PROFIT BEFORE INCOME TAX
Purchase of inventories in relation to trading activities		¥ 98,282,714	¥ 79,682,085	¥ 60,318,158
Raw materials and consumables used, and changes in work-in-progress and finished goods		34,374,412	27,243,423	29,647,657
Power and utilities		17,187,133	12,980,854	15,835,191
Depreciation and amortization		7,121,132	6,987,353	7,388,539
Employee benefit expenses		6,897,530	5,894,726	6,110,608
Repairs and maintenance		1,716,693	1,354,394	1,797,254
Transportation expenses		1,742,699	1,495,018	1,152,027
Logistic cost		1,894,061	796,231
Taxes other than income tax expense		890,467	695,984	567,157
Rental expenses for land use rights and buildings		497,356	511,189	664,917
Packaging expenses		266,745	235,929	272,558
Research and development expenses	$ 76,017	494,590	168,862	168,870
Auditors' remuneration expense		31,460	26,006	23,666
Auditors' remuneration for audit and non audit services		¥ 23,100	¥ 23,700	¥ 23,300

OTHER INCOME (Details)

OTHER INCOME (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
OTHER INCOME
Income from government grants	$ 52,591	¥ 342,171	¥ 745,269	¥ 1,787,774

OTHER GAINS, NET (Details)

OTHER GAINS, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
OTHER GAINS, NET
Gain on disposal of investments in associates			¥ 128,833	¥ 832,369
Gain on deemed disposal and disposal of subsidiaries		¥ 325,022		2,588,134
Gain on disposal and dividends of available for sale investments		79,408	140,929	38,469
Realized loss on futures, forward and option contracts, net		(23,951)	(1,290,267)	(477,733)
Unrealized (losses)/gains on futures, forward and option contracts, net		(131,073)	154,585	(213,085)
Gain on disposal of other property, plant and equipment and land use rights, net		77,091	816,721	2,317,857
Gain on previously held equity interest remeasured at acquisition-date fair value		117,640
Others		(124,141)	215,582	(62,458)
Other gains, net	$ 49,182	¥ 319,996	¥ 166,383	¥ 5,023,553

FINANCE INCOME_FINANCE COSTS (D

FINANCE INCOME/FINANCE COSTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
FINANCE INCOME/FINANCE COSTS
Finance income - interest income	$ (108,556)	¥ (706,299)	¥ (815,729)	¥ (812,459)
Interest expense		5,161,663	5,169,568	6,119,964
Less: interest expense capitalized in property, plant and equipment		(344,452)	(414,133)	(522,053)
Interest expense, net of capitalized interest		4,817,211	4,755,435	5,597,911
Amortization of unrecognized finance expenses		241,097	324,701	285,727
Exchange loss/(gain), net		131,621	(60,228)	95,851
Finance costs	$ 797,677	5,189,929	5,019,908	5,979,489
Finance costs, net		¥ 4,483,630	¥ 4,204,179	¥ 5,167,030
Minimum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year	4.41%	4.41%	3.85%	4.90%
Maximum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year	8.00%	8.00%	6.00%	6.55%

EMPLOYEE BENEFIT EXPENSES (Deta

EMPLOYEE BENEFIT EXPENSES (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
EMPLOYEE BENEFIT EXPENSES
Salaries and bonus	¥ 4,150,233	¥ 3,850,040	¥ 3,980,430
Housing fund	391,757	388,017	395,699
Staff welfare and other expenses	1,557,661	1,495,618	1,672,833
Employment expense in relation to early retirement schemes	767,632	132,044	34,893
Employment expenses in relation to termination benefit	30,247	29,007	26,753
Total employee benefits expense	¥ 6,897,530	¥ 5,894,726	¥ 6,110,608

DIRECTORS', SUPERVISORS' AND151

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION - Remuneration payables to directors and supervisors (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION
Fees	¥ 768	¥ 762	¥ 653
Basic salaries, housing fund, other allowances and benefits in kind	1,370	975	1,143
Pension costs	166	114	140
Total remuneration	¥ 2,304	¥ 1,851	¥ 1,936

DIRECTORS', SUPERVISORS' AND152

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION - Remuneration of each director and supervisor (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant related party transactions
Fees	¥ 768	¥ 762	¥ 653
Salaries	1,370	975	1,143
Pension costs	166	114	140
Total	2,304	1,851	1,936
Executive Directors
Significant related party transactions
Salaries	822	725
Pension costs	83	76
Total	905	801
Jiang Yinggang
Significant related party transactions
Salaries	822	725	643
Pension costs	83	76	70
Total	905	801	713
Non-executive Directors
Significant related party transactions
Fees	768	762
Total	768	762
Wang Jun
Significant related party transactions
Fees	150	150	150
Total	150	150	150
Chen Lijie
Significant related party transactions
Fees	206	204	162
Total	206	204	162
Lie-A-Cheong Tai-Chong, David
Significant related party transactions
Fees	206	204
Total	206	204
Hu Shihai
Significant related party transactions
Fees	206	204	102
Total	206	204	102
Directors
Significant related party transactions
Fees			653
Salaries			643
Pension costs			70
Total			1,366
Ma Si-hang, Frederick
Significant related party transactions
Fees			192
Total			192
Wu Zhenfang
Significant related party transactions
Fees			47
Total			47
Supervisors
Significant related party transactions
Salaries	548	250	500
Pension costs	83	38	70
Total	631	288	570
Wu Zuoming
Significant related party transactions
Salaries	548	250
Pension costs	83	38
Total	¥ 631	¥ 288
Yuan Li
Significant related party transactions
Salaries			500
Pension costs			70
Total			¥ 570

DIRECTORS', SUPERVISORS' AND153

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION - Remuneration of the directors and supervisors of the Company fell within following band (Details)	12 Months Ended
	Dec. 31, 2017CNY (¥)Optionindividualemployee	Dec. 31, 2016CNY (¥)Optionindividualemployee	Dec. 31, 2015CNY (¥)Optionindividualemployee
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 2,304,000	¥ 1,851,000	¥ 1,936,000
Number of directors and supervisors whose remuneration fell within Nil to RMB1,000,000 | individual	15	15	16
Options granted to directors or supervisors of the Company | Option	0	0	0
Emoluments paid to directors or supervisors	¥ 0
Number of highest paid employees included in the emoluments paid to directors or supervisors | employee	5	0	0
Minimum
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 0
Maximum
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 1,000,000

DIRECTORS', SUPERVISORS' AND154

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION - Five highest paid individuals (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)individualdirectoremployee	Dec. 31, 2016CNY (¥)individualdirectoremployee	Dec. 31, 2015CNY (¥)individualdirectoremployee
Significant related party transactions
Emoluments paid to key management personnel, number of highest paid employees | employee	5	0	0
Number of directors among five highest paid employees | director	1	2	1
Number of supervisors among five highest paid employees | individual	1	1	1
Number of remaining highest paid individuals other than director and supervisor | employee	3	2	3
Basic salaries, housing fund, other allowances and benefits in kind	¥ 1,370	¥ 975	¥ 1,143
Pension costs	166	114	140
Total remuneration	2,304	1,851	1,936
Highest paid employees other than directors and supervisors
Significant related party transactions
Basic salaries, housing fund, other allowances and benefits in kind	2,460	1,450	1,875
Pension costs	249	152	204
Total remuneration	¥ 2,709	¥ 1,602	¥ 2,079

DIRECTORS', SUPERVISORS' AND155

DIRECTORS', SUPERVISORS' AND SENIOR MANAGEMENT'S REMUNERATION - Five highest paid individuals, Others (Details)	12 Months Ended
	Dec. 31, 2017CNY (¥)employee	Dec. 31, 2016employee	Dec. 31, 2015employee
Significant related party transactions
Number of remaining highest paid individuals other than director and supervisor | employee	3	2	3
Minimum
Significant related party transactions
Remuneration amount for remaining two highest paid individuals	¥ 0
Maximum
Significant related party transactions
Remuneration amount for remaining two highest paid individuals	¥ 1,000,000

INCOME TAX BENEFIT_(EXPENSE) -

INCOME TAX BENEFIT/(EXPENSE) - (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
INCOME TAX BENEFIT/(EXPENSE)
PRC corporate income tax		¥ (841,069)	¥ (503,233)	¥ (259,758)
Deferred income tax benefit		198,802	99,061	485,719
Income tax benefit/(expense)	$ (98,715)	¥ (642,267)	¥ (404,172)	¥ 225,961
Corporate income tax rate	25.00%	25.00%	25.00%	25.00%
Tax concessions including a preferred tax rate	15.00%	15.00%	15.00%	15.00%

INCOME TAX BENEFIT_(EXPENSE)157

INCOME TAX BENEFIT/(EXPENSE) - Reconciliation of tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
Reconciliation of income tax expense (benefit)
Profit before income tax		¥ 3,006,216	¥ 1,625,545	¥ 121,941
Tax expense calculated at the statutory tax rate of 25% (2016: 25%)		751,554	406,386	30,485
Preferential income tax rates applicable to certain branches and subsidiaries		(287,081)	(3,322)	21,442
Impact of change in income tax rate		98,150	5,945	4,538
Tax losses with no deferred tax assets recognized		296,728	267,288	445,056
Deductible temporary differences with no deferred tax assets recognized		363,809	78,644	241,812
Utilisation of previously unrecognized tax losses and deductible temporary differences		(258,232)	(203,423)	(358,106)
Tax incentive in relation to deduction of certain expenses		(43,846)	(3,769)	(2,502)
Non-taxable income		(126,101)	(89,602)	(149,613)
Expenses not deductible for tax purposes		49,636	80,014	30,280
Write-off of unrecoverable deferred tax assets previously recognized		49,808	3,315	76,775
Unrecognized taxable temporary differences relating to equity investments				(351,846)
Recognition of deferred tax assets related to deductible temporary differences and tax losses previously not recognized		(274,726)	(117,513)	(238,728)
True-up adjustments in respect of prior year's annual income tax filings and others		22,568	(19,791)	24,446
Income tax expense	$ 98,715	¥ 642,267	¥ 404,172	¥ (225,961)
Effective tax rate	21.00%	21.00%	25.00%	185.00%
Applicable tax rate	25.00%	25.00%	25.00%	25.00%
Associates
Reconciliation of income tax expense (benefit)
Income tax expense		¥ 86,000	¥ 64,000	¥ 41,000
Joint ventures
Reconciliation of income tax expense (benefit)
Income tax expense		¥ 11,000	¥ 22,000	¥ 21,000

EARNINGS PER SHARE ATTRIBUTA158

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Profit attributable to owners of the parent (RMB)	¥ 1,378,435,350	¥ 368,411,780	¥ 129,510,705
Other equity instruments' distribution (RMB)	(110,000,000)	(110,000,000)	(19,287,671)
Profit attributable to owners of the parent after adjusting other equity instruments distribution	¥ 1,268,435,350	¥ 258,411,780	¥ 110,223,034
Weighted average number of ordinary shares in issue	14,903,798,236	14,903,798,236	14,272,716,517
Basic earnings per share (RMB)	¥ 0.09	¥ 0.02	¥ 0.01
Dilutive potential shares	0	0	0

NOTES TO THE CONSOLIDATED ST159

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS -Supplemental disclosures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Profit before income tax	$ 462,047	¥ 3,006,216	¥ 1,625,545	¥ 121,941
Adjustments for:
Share of profits and losses of joint ventures	(1,253)	(8,151)	95,508	(23,238)
Share of profits and losses of associates	25,398	165,249	(115,091)	(284,531)
Depreciation of property, plant and equipment		6,606,283	6,577,514	6,944,990
Depreciation of investment properties		14,105	1,426
Gain on disposal of other property, plant and equipment and land use rights, net		(77,091)	(816,721)	(2,317,857)
Impairment losses on property, plant and equipment		15,632	57,080	10,011
Impairment losses of intangible assets		8,134
Amortisation of intangible assets		276,877	243,771	255,098
Amortisation of land use rights		96,074	99,724	104,459
Amortisation of prepaid expenses included in other non-current assets		127,793	64,918	83,992
Realized and unrealized losses on futures, option and forward contracts		155,024	1,135,682	690,818
Gain on previously held equity interest remeasured at acquisition-date fair value		(117,640)
Gain on disposals and deemed disposals of subsidiaries		(325,022)		(2,588,134)
Gain on disposal of investments in associates			(128,833)	(832,369)
Gain on disposal of and dividends from available-for-sale investments		(79,408)	(140,929)	(38,469)
Receipt of government subsidies		(202,359)	(207,146)	(282,635)
Interest income		(183,017)	(353,535)	(340,278)
Finance cost		5,189,929	5,019,908	5,979,489
Change in special reserve		56,729	9,148	(102,426)
Others		(16,950)	(7,531)	14,852
Cash flows generated from operating activities before working capital changes		14,708,407	13,160,438	7,395,713
Changes in working capital:
Decrease/ (increase) in inventories		(2,605,918)	2,412,815	1,805,110
Increase in trade and notes receivables		(2,123,242)	(3,679,766)	(68,353)
Decrease/(increase) in other current assets		1,275,535	3,466,467	(804,811)
Increase in restricted cash		(137,745)	(264,508)	(109,542)
Increase in other non-current assets		(420,486)	(133,249)	(566,664)
(Decrease)/ increase in trade and notes payables		1,511,908	(3,401,529)	(618,583)
Increase in other payables and accrued liabilities		1,875,014	40,469	1,024,249
Decrease in other non-current liabilities		(7,805)	(15,804)	(461,995)
Cash generated from operations		14,075,668	11,585,333	7,595,124
PRC corporate income taxes paid		(947,891)	(54,933)	(277,378)
Net cash generated from operating activities	$ 2,017,702	13,127,777	11,530,400	7,317,746
Non-cash transactions of investing activities and financing activities
Capital injection in an associate and joint ventures by non-cash assets		186,450	371,051	793,364
Endorsement of notes receivables accepted from sale of goods or services for purchase of property, plant and equipment		372,816	¥ 1,568,488	¥ 1,342,759
Acquisition of business		50,058
Finance lease		¥ 44,342

NOTES TO THE CONSOLIDATED ST160

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS -Financing activities (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017CNY (¥)
Reconciliation of liabilities arising from financing activities
As at beginning of year	¥ 127,490,796
Net cash generated from operating activities	2,891,414
Net cash flows from/(used in) investing activities	2,522,314
Proceeds from gold leasing arrangement	7,804,083
Proceeds from issuance of short-term bonds and medium-term notes, net of issuance costs	3,478,550
Repayments of medium-term notes and short-term bonds	(16,300,000)
Repayments of gold leasing arrangement	(4,000,000)
Drawdown of short-term and long-term bank and other loans	83,523,749
Repayments of short-term and long-term bank and other loans	(78,673,459)
Proceeds from finance lease, net of deposit and transaction costs	1,000,036
Capital elements of finance lease rental payment	(2,462,250)
Dividends paid by subsidiaries to non-controlling shareholders	2,446
Amortization of unrecognized finance expenses and interest expense	414,723
Interest paid	(262,105)
Net cash (used in)/ generated from financing activities	(5,474,227)
Net foreign exchange differences	76,889
As at end of year	127,507,186
Financial liabilities at fair value through profit or loss
Reconciliation of liabilities arising from financing activities
As at beginning of year	3,575
Net cash flows from/(used in) investing activities	85,851
As at end of year	89,426
Trade and notes payables
Reconciliation of liabilities arising from financing activities
As at beginning of year	11,342,870
Net cash generated from operating activities	1,511,909
Net cash flows from/(used in) investing activities	(530,457)
Net foreign exchange differences	(2,352)
As at end of year	12,321,970
Financial liabilities included in other current payables and accrued expenses
Reconciliation of liabilities arising from financing activities
As at beginning of year	9,572,490
Net cash generated from operating activities	1,379,505
Net cash flows from/(used in) investing activities	640,157
Dividends paid by subsidiaries to non-controlling shareholders	2,446
Interest paid	(262,105)
Reclassification	(36,690)
Net cash (used in)/ generated from financing activities	(296,349)
Net foreign exchange differences	(11,347)
As at end of year	11,284,456
Financial liabilities included in other non-current liabilities
Reconciliation of liabilities arising from financing activities
As at beginning of year	789,720
Net cash flows from/(used in) investing activities	(73,701)
Amortization of unrecognized finance expenses and interest expense	16,352
Reclassification	36,690
Net cash (used in)/ generated from financing activities	53,042
As at end of year	769,061
Interest bearing loans and borrowings
Reconciliation of liabilities arising from financing activities
As at beginning of year	105,782,141
Net cash flows from/(used in) investing activities	2,400,464
Proceeds from gold leasing arrangement	7,804,083
Proceeds from issuance of short-term bonds and medium-term notes, net of issuance costs	3,478,550
Repayments of medium-term notes and short-term bonds	(16,300,000)
Repayments of gold leasing arrangement	(4,000,000)
Drawdown of short-term and long-term bank and other loans	83,523,749
Repayments of short-term and long-term bank and other loans	(78,673,459)
Proceeds from finance lease, net of deposit and transaction costs	1,000,036
Capital elements of finance lease rental payment	(2,462,250)
Amortization of unrecognized finance expenses and interest expense	398,371
Net cash (used in)/ generated from financing activities	(5,230,920)
Net foreign exchange differences	90,588
As at end of year	¥ 103,042,273

SIGNIFICANT RELATED PARTY BA161

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Significant related party transactions - Table Content (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Sales of goods and services rendered
Sales of materials and finished goods	¥ 14,031,533	¥ 12,253,624	¥ 13,946,612
Provision of utility services	709,744	575,687	329,900
Purchase of goods and services
Rental expenses for buildings and land use rights charged	474,567	509,684	590,657
Other significant related party transactions
Entrusted loans and other borrowings to related parties	1,600,000	212,400	140,000
Interest income on entrusted loans and other borrowings to related parties	65,430	31,373	14,061
Financial guarantee provided to related party	18,350	24,245	358,370
Provision of engineering, construction and supervisory services
Sales of goods and services rendered
Services rendered	79,141	142,746	46,328
Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	41,301	33,231	34,725
Purchases of key and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	10,367,151	5,457,311	3,330,668
Provision of utilities services
Sales of goods and services rendered
Provision of utility services	1,416,883	689,860	643,597
Chinalco and its subsidiaries
Sales of goods and services rendered
Sales of materials and finished goods	10,612,330	10,311,722	10,998,505
Provision of utility services	581,566	567,628	314,544
Purchase of goods and services
Rental expenses for buildings and land use rights charged	474,567	509,558	590,657
Other significant related party transactions
Interest income from the unpaid disposal proceeds from related parties	117,587	246,149	326,217
Chinalco and its subsidiaries | Provision of engineering, construction and supervisory services
Sales of goods and services rendered
Services rendered	77,095	101,323	46,328
Chinalco and its subsidiaries | Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	40,875	33,231	34,476
Chinalco and its subsidiaries | Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	1,205,355	1,525,349	1,737,344
Chinalco and its subsidiaries | Purchases of key and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	3,849,889	1,626,782	1,640,051
Chinalco and its subsidiaries | Provision of social services and logistics services
Purchase of goods and services
Purchase of services	326,830	307,354	324,872
Chinalco and its subsidiaries | Provision of utilities services
Sales of goods and services rendered
Provision of utility services	1,397,346	686,474	643,597
Chinalco and its subsidiaries | Provision of product processing services rendered
Purchase of goods and services
Purchase of services			62,623
Associates of Chinalco
Sales of goods and services rendered
Sales of materials and finished goods	682,992	688,308	703,628
Provision of utility services	8,776	4,444	14,803
Associates of Chinalco | Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings			249
Joint ventures
Sales of goods and services rendered
Sales of materials and finished goods	2,031,159	648,145	79,034
Provision of utility services	118,280	3,031
Purchase of goods and services
Rental expenses for buildings and land use rights charged		126
Other significant related party transactions
Entrusted loans and other borrowings to related parties	500,000	212,400	140,000
Interest income on entrusted loans and other borrowings to related parties	41,005	31,373	14,061
Financial guarantee provided to related party	18,350	24,245	340,900
Joint ventures | Provision of engineering, construction and supervisory services
Sales of goods and services rendered
Services rendered	2,046	41,423
Joint ventures | Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	426
Joint ventures | Purchases of key and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	6,516,087	3,799,116	1,276,078
Joint ventures | Provision of utilities services
Sales of goods and services rendered
Provision of utility services	19,537	3,386
Joint ventures | Provision of other services
Purchase of goods and services
Purchase of services	269,204	151,552
Associates
Sales of goods and services rendered
Sales of materials and finished goods	705,052	605,449	2,165,445
Provision of utility services	1,122	584	553
Other significant related party transactions
Entrusted loans and other borrowings to related parties	1,100,000
Interest income on entrusted loans and other borrowings to related parties	24,425
Financial guarantee provided to related party			17,470
Associates | Purchases of key and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	1,175	31,413	414,539
Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation
Other significant related party transactions
Borrowing from related parties	3,901,000	5,145,959	5,929,000
Interest expense on borrowings, discounted notes and factoring arrangement from related parties	225,934	226,118	149,213
Disposal assets under sale and leaseback contract to related parties	600,000	1,040,000	1,150,000
Finance lease under a sale and leaseback contract from related parties	600,036	1,040,036	1,150,064
Trade receivable factoring arrangement from related parties	1,570,000
Discounted notes receivable to a related parties	523,253	40,200	122,000
Financial guarantees provided	¥ 4,000	¥ 23,000	¥ 27,000

SIGNIFICANT RELATED PARTY BA162

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Significant related party transactions - Paragraph Content (Details) ¥ in Thousands, $ in Thousands, $ in Millions	Dec. 31, 2017CNY (¥)	Oct. 31, 2017	May 12, 2017CNY (¥)	Jun. 28, 2016CNY (¥)	Mar. 30, 2016CNY (¥)installment	Aug. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Nov. 30, 2015HKD ($)subsidiary	Nov. 30, 2015CNY (¥)	Aug. 31, 2015CNY (¥)	Feb. 28, 2014CNY (¥)	Mar. 31, 2013CNY (¥)	Dec. 31, 2006	Dec. 31, 2015CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2006CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 04, 2017CNY (¥)	Dec. 05, 2016	Sep. 09, 2016	Aug. 08, 2016	Nov. 30, 2015CNY (¥)subsidiary
Significant related party transactions
Amount transferred in terms of cash																$ 2,369	¥ 15,414	¥ 1,134,512	¥ 10,263
Capital injection through cash																131,767	857,317	30,000	1,365,230
Net carrying value							¥ 91,989,216							¥ 91,989,216	¥ 90,868,235	14,769,795		90,868,235	91,989,216			¥ 96,096,715
First batch asset transfer consideration received																70,847	460,955	271,609	805,764
Financial guarantee provided to related party																	¥ 18,350	24,245	358,370
Carrying amount of equity															14,903,798	$ 2,290,672		¥ 14,903,798				14,903,798
Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation
Significant related party transactions
Total consideration for acquisition					¥ 474,620
Carrying values of assets disposed					279,190
Amount of disposal gain					¥ 195,430
Number of instalments for consideration payment | installment					2
Consideration paid through notes receivable in first instalment															120,040
Consideration paid through offsetting receivables in first instalment															76,620
Chalco Resource
Significant related party transactions
Capital injection through cash														246,630
Ownership interest in associate (in percent)										15.00%
Amount capital injection in associates										¥ 616,580
Capital injection remaining commitment amount							369,950							369,950					369,950
China Rare Earth
Significant related party transactions
Capital injection through cash										¥ 400,000
Ownership interest in associate (in percent)										14.62%						14.62%	14.62%	14.62%
Xingshengyuan Coal | Shanghai Pudong Development Bank
Significant related party transactions
Ownership interest in associate (in percent)											43.03%
Financial guarantees provided											¥ 200,000
ABC-CA | Chinalco Capital
Significant related party transactions
Amount transferred in terms of cash									¥ 150,000
Ownership interest in associate (in percent)								15.00%	15.00%
Capital injection of appraised value									¥ 283,150
Amount capital injection in associates									¥ 433,150
Xinyugou Coal | China Development Bank
Significant related party transactions
Financial guarantee provided to related party												¥ 1,020,000
Ownership interest in joint venture (in percent)												34.00%
Amount of default in repayment of bank loans						¥ 914,000
Amount of default in repayment of interest on bank loans						101,000
Payments for guarantee obligation						¥ 336,000
Ningxia Energy | Tian Jing Shen Zhou Wind Power Co., Ltd
Significant related party transactions
Bank loan term (in years)													14 years
Financial guarantees provided																				¥ 35,000
Outstanding financial guarantee amount							30,000							¥ 30,000	24,000			¥ 24,000	¥ 30,000			¥ 18,000
Chalco Hong Kong | Chinalco assets holdings
Significant related party transactions
Appraised value of disposal properties								$ 372																			¥ 311,000
Consideration payable in first instalment (in percentage)								30.00%	30.00%
Amount of consideration payable in first instalment								$ 112	¥ 93,000
Remaining consideration payable (in percentage)								70.00%	70.00%
Net carrying value																											¥ 102,000
Gains on disposal properties									¥ 210,000
First batch asset transfer consideration received							¥ 93,000
Chinalco Shanghai
Significant related party transactions
Ownership interest in associate (in percent)			40.00%
Equity interest acquired (as a percent)																									60.00%
Total consideration for acquisition			¥ 1,413,000
Carrying amount of equity			387,000
Share premium			¥ 1,026,000
Qingdao Light Metal
Significant related party transactions
Equity interest acquired (as a percent)																100.00%						100.00%
Shandong Engineering | CHALIECO
Significant related party transactions
Equity interest transferred (as a percent)		60.00%
Chinalco Asset Management
Significant related party transactions
Number of subsidiaries | subsidiary								2																			2
Chinalco Investment Development | Chinalco Asset Management
Significant related party transactions
Capital injection by way of urban property assets and land use rights with appraised value									676,950
Amount transferred in terms of cash									696,000
Impact of downstream transaction amounts									111,300
Amount of disposal gain									¥ 350,220
Ownership interest in joint venture (in percent)								24.12%	24.12%
Shandong Aluminum | Xinghua Technology
Significant related party transactions
Equity interest acquired (as a percent)																								33.00%
Shanxi Aluminum Plant | Xinghua Technology
Significant related party transactions
Equity interest acquired (as a percent)																								33.00%
Chinalco | Profit sharing right of "Maochang" mine
Significant related party transactions
Total consideration for acquisition				¥ 349,950
Portion of profit sharing rights acquired (as a percent)				80.00%
Consideration payable in cash for acquisition profit sharing rights															¥ 120,000			¥ 120,000			¥ 94,950	¥ 135,000
Profit sharing rights recorded at the present value of the cash consideration instalments and the related transactions																					¥ 335,410
Chinalco | Qingdao Light Metal
Significant related party transactions
Equity interest acquired (as a percent)																										100.00%
Cooperative exploration of Maochang Mine | Chinalco
Significant related party transactions
Construction investment				¥ 660,000
Investment in mining assets				¥ 475,000
Construction investment and mining rights contributed by the Company (as a percent)				58.15%
Construction investment and mining rights contributed by Chinalco (as a percent)				41.85%
Investment Agreement and Debt to Equity Swap Agreement | Target Companies
Significant related party transactions
Share premium																							¥ 1,864,000
Amount of additional capital contributions	¥ 12,600,000																¥ 12,600,000

SIGNIFICANT RELATED PARTY BA163

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Balances with related parties (Details) - CNY (¥) ¥ in Thousands	Oct. 26, 2017	Apr. 28, 2015	Aug. 24, 2012	Dec. 31, 2017	Dec. 31, 2016
Balances with related parties
Trade and notes receivables, before provision for impairment				¥ 2,165,539	¥ 1,134,269
Provision for impairment of receivables				(78,388)	(78,262)
Trade and notes receivables				2,087,151	1,056,007
Other current assets, before provision for impairment				3,493,036	7,231,805
Provision for impairment of other current assets				(48,166)	(48,510)
Other current assets				3,444,870	7,183,295
Other non-current assets				208,948	252,195
Borrowings and finance lease payables				3,519,807	6,241,288
Trade and notes payables				846,945	374,625
Other payables and accrued liabilities				2,977,667	1,753,937
Shandong Aluminum, Shanxi Aluminum Plant and China Great Wall Aluminum Corporation
Balances with related parties
Cash and cash equivalents				7,679,806	7,073,289
Borrowings and finance lease payables				3,329,807	6,051,288
Chinalco and its subsidiaries
Balances with related parties
Trade and notes receivables, before provision for impairment				1,475,477	1,086,014
Other current assets, before provision for impairment				623,254	5,065,890
Other non-current assets					27,946
Trade and notes payables				426,190	374,325
Other payables and accrued liabilities				2,652,249	1,540,119
Associates of Chinalco
Balances with related parties
Trade and notes receivables, before provision for impairment				2,000	10,200
Other payables and accrued liabilities				5,030	1,149
Joint ventures
Balances with related parties
Trade and notes receivables, before provision for impairment				591,488	38,055
Other current assets, before provision for impairment				1,737,644	2,092,369
Other non-current assets				97,103	112,403
Borrowings and finance lease payables				190,000	190,000
Trade and notes payables				413,533	300
Other payables and accrued liabilities				101,828	159,669
Associates
Balances with related parties
Trade and notes receivables, before provision for impairment				96,574
Other current assets, before provision for impairment				1,132,138	73,546
Other non-current assets				111,845	111,846
Trade and notes payables				7,222
Other payables and accrued liabilities				218,560	53,000
Chinalco Finance
Balances with related parties
Renewal term of financial service agreement	3 years	3 years	3 years
Other state-owned enterprises
Balances with related parties
Long-term loans and borrowings payable				33,575,000	27,788,000
Short-term loans and borrowings payable				¥ 42,648,000	¥ 39,698,000

SIGNIFICANT RELATED PARTY BA164

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Compensation of key management personnel (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Significant related party transactions
Fees	¥ 768	¥ 762	¥ 653
Basic salaries, housing fund, other allowances and benefits in kind	1,370	975	1,143
Pension costs	166	114	140
Total remuneration	2,304	1,851	1,936
Key management personnel
Significant related party transactions
Fees	768	762	653
Basic salaries, housing fund, other allowances and benefits in kind	3,830	2,542	3,202
Pension costs	415	277	221
Total remuneration	¥ 5,013	¥ 3,581	¥ 4,076

FINANCIAL AND CAPITAL RISK M165

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2017	Dec. 31, 2016
Foreign currency risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Higher/lower in risk assumption (as a percent)	5.00%
Profit for the year would have been lower/higher by higher/lower in risk assumption	¥ 21	¥ 269
Interest rate risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Higher/lower in risk assumption (as a percent)	1.00%	1.00%
Profit for the year would have been lower/higher by higher/lower in risk assumption	¥ 535	¥ 480

FINANCIAL AND CAPITAL RISK M166

FINANCIAL AND CAPITAL RISK MANAGEMENT - Commodity price risk (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset	¥ 1,867,235
Futures contracts
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset	¥ 9,534	¥ 54,756
Commodity price risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased in risk assumption (as a percent)	3.00%	3.00%
Commodity price risk | Primary aluminum
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased profit for the year by increased/decreased of risk assumption	¥ 46,000	¥ 7,000
Commodity price risk | Primary aluminum | Futures contracts | Financial liabilities at fair value through profit or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial liability		3,000
Commodity price risk | Primary aluminum | European option contracts | Financial liabilities at fair value through profit or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial liability	100
Commodity price risk | Primary aluminum | Futures contracts | Financial liabilities at fair value through profit or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial liability	89,000
Commodity price risk | Primary aluminum | Futures contracts | Financial assets at fair value through profit or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset	10,000	55,000
Commodity price risk | Copper
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased profit for the year by increased/decreased of risk assumption	300	4,000
Commodity price risk | Zinc
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased profit for the year by increased/decreased of risk assumption	7,000	1,000
Commodity price risk | Lead
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased profit for the year by increased/decreased of risk assumption		100
Commodity price risk | Coal
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increased/decreased profit for the year by increased/decreased of risk assumption	¥ 200	¥ 1,000

FINANCIAL AND CAPITAL RISK M167

FINANCIAL AND CAPITAL RISK MANAGEMENT - Credit risk (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
FINANCIAL AND CAPITAL RISK MANAGEMENT
Revenues derived from entities directly or indirectly owned or controlled by the PRC government including Chinalco	¥ 14,031,533	¥ 12,253,624	¥ 13,946,612
Credit risk | Entities directly or indirectly owned or controlled by the PRC government including Chinalco
FINANCIAL AND CAPITAL RISK MANAGEMENT
Revenues derived from entities directly or indirectly owned or controlled by the PRC government including Chinalco	¥ 39,759,000	¥ 30,940,000	¥ 31,818,000

FINANCIAL AND CAPITAL RISK M168

FINANCIAL AND CAPITAL RISK MANAGEMENT - Liquidity risk (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)
FINANCIAL AND CAPITAL RISK MANAGEMENT
Facilities utilized		¥ 82,666
Banking facilities subject to renewal during the next 12 months		56,104
Unutilized banking facilities, renewal term	12 months
Liquidity risk | Banking facilities
FINANCIAL AND CAPITAL RISK MANAGEMENT
Total banking facilities		152,080		¥ 134,235
Facilities utilized		69,414		61,980
Banking facilities subject to renewal during the next 12 months		56,104		67,510
Unutilized banking facilities, renewal term	12 months
Liquidity risk | Futures contracts | Banking facilities
FINANCIAL AND CAPITAL RISK MANAGEMENT
Total banking facilities	$ 20	131	$ 120	832
Facilities utilized	$ 2	¥ 13	$ 50	¥ 344

FINANCIAL AND CAPITAL RISK M169

FINANCIAL AND CAPITAL RISK MANAGEMENT - Liquidity reserve (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 139,532,640	¥ 137,726,555
Carrying value of financial liabilities included in other non-current liabilities	769,061	789,720
Finance lease payables, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,098,467	7,217,286
Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	40,483,334	31,700,272
Long-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities		2,000,000
Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	15,715,000	22,115,000
Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,500,000	7,900,000
Gold leasing arrangement
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,818,393	3,000,000
Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	30,834,442	32,321,825
Interest payables for borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	12,559,944	10,670,375
Financial liabilities at fair value through profit or loss
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	89,426	3,575
Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	10,307,315	8,501,869
Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	804,349	953,483
Trade and notes payables
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	12,321,970	11,342,870
Within 1 year
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	90,915,633	84,511,375
Within 1 year | Finance lease payables, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,371,917	2,253,720
Within 1 year | Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,890,140	4,725,151
Within 1 year | Long-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities		2,000,000
Within 1 year | Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	12,500,000	6,400,000
Within 1 year | Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,500,000	7,900,000
Within 1 year | Gold leasing arrangement
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,818,393	3,000,000
Within 1 year | Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	30,834,442	32,321,825
Within 1 year | Interest payables for borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	5,282,030	6,062,365
Within 1 year | Financial liabilities at fair value through profit or loss
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	89,426	3,575
Within 1 year | Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	10,307,315	8,501,869
Within 1 year | Trade and notes payables
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	12,321,970	11,342,870
Between 1 and 2 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	12,382,567	24,488,718
Between 1 and 2 years | Finance lease payables, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,762,618	2,068,315
Between 1 and 2 years | Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	5,174,015	8,000,722
Between 1 and 2 years | Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,215,000	12,500,000
Between 1 and 2 years | Interest payables for borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,123,149	1,701,480
Between 1 and 2 years | Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	107,785	218,201
2 to 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	14,779,056	19,152,216
2 to 5 years | Finance lease payables, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,890,329	2,895,251
2 to 5 years | Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	8,673,794	10,275,883
2 to 5 years | Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities		3,215,000
2 to 5 years | Interest payables for borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	4,106,037	2,436,061
2 to 5 years | Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	108,896	330,021
After 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	21,455,384	9,574,246
After 5 years | Finance lease payables, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	73,603
After 5 years | Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	19,745,385	8,698,516
After 5 years | Interest payables for borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,048,728	470,469
After 5 years | Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 587,668	¥ 405,261

FINANCIAL AND CAPITAL RISK M170

FINANCIAL AND CAPITAL RISK MANAGEMENT - Financial instruments by category (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
OTHER CURRENT ASSETS
Current financial assets	¥ 44,426,010	¥ 43,968,988
Non-current financial assets	2,189,357	1,530,752
Total financial assets	46,615,367	45,499,740
Current financial liabilities	86,448,422	79,378,328
Non-current financial liabilities	41,058,764	48,112,468
Total financial liabilities	127,507,186	127,490,796
Financial liabilities at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial liabilities	89,426	3,575
Interest-bearing loans and borrowings
OTHER CURRENT ASSETS
Current financial liabilities	62,752,570	58,459,394
Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT ASSETS
Current financial liabilities	11,284,456	9,572,489
Trade and notes payables
OTHER CURRENT ASSETS
Current financial liabilities	12,321,970	11,342,870
Financial liabilities included in other non-current liabilities
OTHER CURRENT ASSETS
Non-current financial liabilities	769,061	789,720
Long-term interest-bearing loans and borrowings
OTHER CURRENT ASSETS
Non-current financial liabilities	40,289,703	47,322,748
Financial liabilities at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial liabilities	89,426	3,575
Total financial liabilities	89,426	3,575
Financial liabilities at fair value through profit or loss | Financial liabilities at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial liabilities	89,426	3,575
Financial liabilities at amortized cost
OTHER CURRENT ASSETS
Current financial liabilities	86,358,996	79,374,753
Non-current financial liabilities	41,058,764	48,112,468
Total financial liabilities	127,417,760	127,487,221
Financial liabilities at amortized cost | Interest-bearing loans and borrowings
OTHER CURRENT ASSETS
Current financial liabilities	62,752,570	58,459,394
Financial liabilities at amortized cost | Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT ASSETS
Current financial liabilities	11,284,456	9,572,489
Financial liabilities at amortized cost | Trade and notes payables
OTHER CURRENT ASSETS
Current financial liabilities	12,321,970	11,342,870
Financial liabilities at amortized cost | Financial liabilities included in other non-current liabilities
OTHER CURRENT ASSETS
Non-current financial liabilities	769,061	789,720
Financial liabilities at amortized cost | Long-term interest-bearing loans and borrowings
OTHER CURRENT ASSETS
Non-current financial liabilities	40,289,703	47,322,748
Trade and notes receivables
OTHER CURRENT ASSETS
Current financial assets	8,026,209	7,349,563
Financial assets at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial assets	9,534	54,756
Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	2,152,492	2,087,447
Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	27,750,686	23,813,736
Financial assets included in other current assets
OTHER CURRENT ASSETS
Current financial assets	6,487,089	10,663,486
Available-for-sale financial investments
OTHER CURRENT ASSETS
Non-current financial assets	1,928,201	164,393
Financial assets included in other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	261,156	1,366,359
Total financial assets	242,567	1,375,140
Financial assets at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial assets	9,534	54,756
Total financial assets	9,534	54,756
Financial assets at fair value through profit or loss | Financial assets at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial assets	9,534	54,756
Loans and receivables
OTHER CURRENT ASSETS
Current financial assets	44,416,476	43,914,232
Non-current financial assets	261,156	1,366,359
Total financial assets	44,677,632	45,280,591
Loans and receivables | Trade and notes receivables
OTHER CURRENT ASSETS
Current financial assets	8,026,209	7,349,563
Loans and receivables | Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	2,152,492	2,087,447
Loans and receivables | Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	27,750,686	23,813,736
Loans and receivables | Financial assets included in other current assets
OTHER CURRENT ASSETS
Current financial assets	6,487,089	10,663,486
Loans and receivables | Financial assets included in other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	261,156	1,366,359
Available for sale financial investments
OTHER CURRENT ASSETS
Non-current financial assets	1,928,201	164,393
Total financial assets	1,928,201	164,393
Available for sale financial investments | Available-for-sale financial investments
OTHER CURRENT ASSETS
Non-current financial assets	¥ 1,928,201	¥ 164,393

FINANCIAL AND CAPITAL RISK M171

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Measurement Of Assets
Financial assets	¥ 46,615,367	¥ 45,499,740
Financial liabilities	127,507,186	127,490,796
Financial assets, at fair value	1,867,235
Financial assets included in other non-current assets
Fair Value Measurement Of Assets
Financial assets	242,567	1,375,140
At carrying amounts
Fair Value Measurement Of Assets
Financial assets	2,109,156	1,366,359
Financial liabilities	41,058,764	48,112,468
At carrying amounts | Financial liabilities included in other non-current liabilities
Fair Value Measurement Of Assets
Financial liabilities	769,061	789,720
At carrying amounts | Long-term interest-bearing loans and borrowings
Fair Value Measurement Of Assets
Financial liabilities	40,289,703	47,322,748
At carrying amounts | Available-for-sale financial investments
Fair Value Measurement Of Assets
Financial assets	1,848,000
At carrying amounts | Financial assets included in other non-current assets
Fair Value Measurement Of Assets
Financial assets	261,156	1,366,359
At fair values
Fair Value Measurement Of Assets
Financial assets	2,090,567	1,375,140
Financial liabilities	40,136,080	47,555,889
At fair values | Financial liabilities included in other non-current liabilities
Fair Value Measurement Of Assets
Financial liabilities	660,688	789,720
At fair values | Long-term interest-bearing loans and borrowings
Fair Value Measurement Of Assets
Financial liabilities	39,475,392	46,766,169
At fair values | Available-for-sale financial investments
Fair Value Measurement Of Assets
Financial assets	1,848,000
At fair values | Financial assets included in other non-current assets
Fair Value Measurement Of Assets
Financial assets	¥ 242,567	¥ 1,375,140

FINANCIAL AND CAPITAL RISK M172

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value measurement of liabilities
Assets measured at fair value	¥ 1,867,235
Financial assets	46,615,367	¥ 45,499,740
Financial liabilities at amortised cost	40,136,080	47,555,889
Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities measured at fair value		3,575
Futures contracts
Fair value measurement of liabilities
Liabilities measured at fair value	89,426	3,468
European option contracts
Fair value measurement of liabilities
Liabilities measured at fair value		107
Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Financial liabilities at amortised cost	660,688	789,720
Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Financial liabilities at amortised cost	39,475,392	46,766,169
Assets measured at fair value
Fair value measurement of liabilities
Assets measured at fair value		148,649
Assets measured at fair value | Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities measured at fair value	89,426
Futures contracts
Fair value measurement of liabilities
Assets measured at fair value	9,534	54,756
Available-for-sale financial investments
Fair value measurement of liabilities
Assets measured at fair value		93,893
Listed equity investments
Fair value measurement of liabilities
Assets measured at fair value	9,701
Other unlisted investments
Fair value measurement of liabilities
Assets measured at fair value	1,848,000
Financial assets included in other non-current assets
Fair value measurement of liabilities
Financial assets	242,567	1,375,140
Quoted prices in active markets (Level 1)
Fair value measurement of liabilities
Assets measured at fair value	19,235
Quoted prices in active markets (Level 1) | Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities measured at fair value		3,468
Quoted prices in active markets (Level 1) | Futures contracts
Fair value measurement of liabilities
Liabilities measured at fair value	89,426	3,468
Quoted prices in active markets (Level 1) | Assets measured at fair value
Fair value measurement of liabilities
Assets measured at fair value		148,649
Quoted prices in active markets (Level 1) | Assets measured at fair value | Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities measured at fair value	89,426
Quoted prices in active markets (Level 1) | Futures contracts
Fair value measurement of liabilities
Assets measured at fair value	9,534	54,756
Quoted prices in active markets (Level 1) | Available-for-sale financial investments
Fair value measurement of liabilities
Assets measured at fair value		93,893
Quoted prices in active markets (Level 1) | Listed equity investments
Fair value measurement of liabilities
Assets measured at fair value	9,701
Significant observable inputs (Level 2)
Fair value measurement of liabilities
Assets measured at fair value	1,848,000
Financial liabilities at amortised cost	40,136,080	47,555,889
Significant observable inputs (Level 2) | Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities measured at fair value		107
Significant observable inputs (Level 2) | European option contracts
Fair value measurement of liabilities
Liabilities measured at fair value		107
Significant observable inputs (Level 2) | Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Financial liabilities at amortised cost	660,688	789,720
Significant observable inputs (Level 2) | Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Financial liabilities at amortised cost	39,475,392	46,766,169
Significant observable inputs (Level 2) | Other unlisted investments
Fair value measurement of liabilities
Assets measured at fair value	1,848,000
Significant observable inputs (Level 2) | Financial assets included in other non-current assets
Fair value measurement of liabilities
Financial assets	¥ 242,567	¥ 1,375,140

FINANCIAL AND CAPITAL RISK M173

FINANCIAL AND CAPITAL RISK MANAGEMENT - Transfers of fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
FINANCIAL AND CAPITAL RISK MANAGEMENT
Transfer of financial assets fair value from Level 1 to Level 2	¥ 0	¥ 0
Transfer of financial assets fair value from Level 2 to Level 1	0	0
Transfer of financial liabilities fair value from Level 1 to Level 2	0	0
Transfer of financial liabilities fair value from Level 2 to Level 1	0	0
Financial assets fair value transfer into Level 3	0	0
Financial assets fair value transfer out of Level 3	0	0
Financial liabilities fair value transfer into Level 3		0
Financial liabilities fair value transfer out of Level 3	¥ 0	¥ 0

FINANCIAL AND CAPITAL RISK M174

FINANCIAL AND CAPITAL RISK MANAGEMENT - Gearing ratio (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Jan. 01, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Jan. 01, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Jan. 01, 2015CNY (¥)
Gearing ratio
Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants)		¥ 132,022,668		¥ 131,916,992
Less: restricted cash, time deposits and cash and cash equivalents		(29,903,178)		(25,901,183)
Net debt		102,119,490		106,015,809
Total equity	$ 10,069,299	65,513,879	¥ 55,786,808	55,786,808	¥ 51,988,916	¥ 51,988,916	¥ 41,419,623
Add: net debt		102,119,490		106,015,809
Less: non-controlling interests	$ (4,001,572)	(26,035,429)		(17,618,510)
Total capital attributable to owners of the parent		¥ 141,597,940		¥ 144,184,107
Gearing ratio	0.72	0.72		0.74

PARTLY-OWNED SUBSIDIARIES WI175

PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 30, 2017	Dec. 04, 2017item
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Profit for the year allocated to non-controlling interests		$ 151,470	¥ 985,514	¥ 852,961	¥ 218,391
Accumulated balances of non-controlling interests at the reporting dates		4,001,572		17,618,510		¥ 26,035,429
Revenue		27,677,904	180,080,750	144,228,916	123,667,667
Profit for the year		363,332	2,363,949	1,221,373	347,902
Total comprehensive income for the year		259,762	1,690,091	1,862,207	910,337
Current assets		10,505,096		66,486,679		68,349,306
Non-current assets		20,256,876		124,024,763		131,797,310
Current liabilities		(13,829,197)		(83,179,841)		(89,976,902)
Non-current liabilities		(6,863,476)		(51,544,793)		(44,655,835)
Net cash flows from/(used in) operating activities		2,017,702	13,127,777	11,530,400	7,317,746
Net cash flows (used in)/from investing activities		(1,096,381)	(7,133,382)	(4,998,596)	2,392,555
Net cash flows from/(used in) financing activities		(282,169)	(1,835,878)	(3,671,920)	(5,448,013)
Effect of foreign exchange rate changes, net		$ (34,054)	¥ (221,567)	¥ 191,546	¥ 114,766
Ningxia Energy
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		29.18%	29.18%	29.18%
Profit for the year allocated to non-controlling interests			¥ (5,670)	¥ 53,667
Dividends distributed to non-controlling interests			3,264	7,430
Accumulated balances of non-controlling interests at the reporting dates				4,516,727		4,914,902
Revenue			5,624,059	4,170,859
Total expenses			5,691,240	4,064,127
Profit for the year			(67,181)	106,732
Total comprehensive income for the year			(67,181)	106,732
Current assets				4,481,921		4,538,735
Non-current assets				30,633,509		33,716,269
Current liabilities				(6,959,388)		(7,944,491)
Non-current liabilities				(17,720,701)		(19,488,716)
Net cash flows from/(used in) operating activities			2,110,801	1,874,909
Net cash flows (used in)/from investing activities			(3,933,743)	(1,384,059)
Net cash flows from/(used in) financing activities			1,350,275	291,301
Net increase/(decrease) in cash and cash equivalents			¥ (472,667)	¥ 782,151
Shandong Huayu
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		45.00%	45.00%	45.00%
Profit for the year allocated to non-controlling interests			¥ 13,070	¥ 79,621
Accumulated balances of non-controlling interests at the reporting dates				822,327		860,235
Revenue			2,900,693	2,500,353
Total expenses			2,873,755	2,323,417
Profit for the year			26,938	176,936
Total comprehensive income for the year			26,938	176,936
Current assets				918,043		1,086,854
Non-current assets				2,231,424		2,475,925
Current liabilities				(1,331,872)		(1,612,994)
Non-current liabilities				(1,100)		(80,489)
Net cash flows from/(used in) operating activities			195,673	(332,713)
Net cash flows (used in)/from investing activities			(186,230)	32,753
Net cash flows from/(used in) financing activities			117	(68,627)
Net increase/(decrease) in cash and cash equivalents			¥ 9,560	(368,587)
Chalco Shandong
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		30.80%	30.80%
Accumulated balances of non-controlling interests at the reporting dates						¥ 1,426,620
Equity interest acquired (as a percent)		69.20%				69.20%	100.00%
Revenue			¥ 8,402,308	5,990,183
Total expenses			8,080,124	5,636,485
Profit for the year			322,184	353,698
Total comprehensive income for the year			322,184	353,698
Current assets				2,307,274		¥ 2,279,318
Non-current assets				4,795,278		4,741,067
Current liabilities				(3,974,857)		(2,239,052)
Non-current liabilities				(300,547)		(148,757)
Net cash flows from/(used in) operating activities			840,018	136,934
Net cash flows (used in)/from investing activities			(496,837)	(200,859)
Net cash flows from/(used in) financing activities			(268,386)	(62,754)
Net increase/(decrease) in cash and cash equivalents			¥ 74,795	(126,679)
Zhongzhou Aluminum
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		36.90%	36.90%
Accumulated balances of non-controlling interests at the reporting dates						¥ 2,151,713
Equity interest acquired (as a percent)		63.10%				63.10%	100.00%
Revenue			¥ 5,831,439	4,716,235
Total expenses			5,653,178	4,700,680
Profit for the year			178,261	15,555
Total comprehensive income for the year			178,261	15,555
Current assets				2,658,649		¥ 3,058,917
Non-current assets				4,722,540		4,681,807
Current liabilities				(3,793,320)		(1,881,642)
Non-current liabilities				(340,809)		(27,725)
Net cash flows from/(used in) operating activities			778,375	368,083
Net cash flows (used in)/from investing activities			(630,895)	(373,882)
Net cash flows from/(used in) financing activities			(190,781)	(40,286)
Net increase/(decrease) in cash and cash equivalents			¥ (43,301)	(46,085)
Baotou Aluminum
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		25.67%	25.67%
Profit for the year allocated to non-controlling interests			¥ 72,902
Accumulated balances of non-controlling interests at the reporting dates				700,000		¥ 2,588,831
Equity interest acquired (as a percent)		74.33%				74.33%	100.00%
Revenue			10,419,392	6,467,152
Total expenses			9,696,225	5,671,676
Profit for the year			723,167	795,476
Total comprehensive income for the year			723,167	795,476
Current assets				2,308,282		¥ 3,785,165
Non-current assets				8,068,407		12,535,637
Current liabilities				(4,851,993)		(4,591,208)
Non-current liabilities				(1,060,164)		(3,894,064)
Net cash flows from/(used in) operating activities			1,015,534	1,271,670
Net cash flows (used in)/from investing activities			(4,622,781)	(2,035,306)
Net cash flows from/(used in) financing activities			3,447,792	1,084,462
Effect of foreign exchange rate changes, net			(16)	12
Net increase/(decrease) in cash and cash equivalents			¥ (159,471)	320,838
Chalco Mining
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Percentage of equity interest held by non-controlling interests		81.14%	81.14%
Accumulated balances of non-controlling interests at the reporting dates				1,101		¥ 5,345,570
Equity interest acquired (as a percent)		18.86%				18.86%	100.00%
Revenue			¥ 4,430,817	2,390,441
Total expenses			4,389,171	2,930,569
Profit for the year			41,646	(540,128)
Total comprehensive income for the year			41,646	(540,128)
Current assets				2,790,087		¥ 2,997,388
Non-current assets				6,060,379		6,108,012
Current liabilities				(2,627,715)		(2,499,653)
Non-current liabilities				(5,421,182)		¥ (17,604)
Net cash flows from/(used in) operating activities			1,205,318	212,147
Net cash flows (used in)/from investing activities			(552,588)	(461,248)
Net cash flows from/(used in) financing activities			(603,051)	157,940
Net increase/(decrease) in cash and cash equivalents			49,679	¥ (91,161)
Investment Agreement and Debt to Equity Swap Agreement | Target Companies
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Amount of capital increase	¥ 12,600,000		¥ 12,600,000
Investment Agreement and Debt to Equity Swap Agreement | The Investors
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Number of investors | item								8

BUSINESS COMBINATION - Acquisit

BUSINESS COMBINATION - Acquisitions (Details) ¥ in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2016CNY (¥)	Apr. 30, 2015CNY (¥)director	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Dec. 31, 2017CNY (¥)	Dec. 29, 2017CNY (¥)	Dec. 28, 2017	Aug. 31, 2017CNY (¥)	Jan. 01, 2017CNY (¥)	Dec. 23, 2016	Dec. 05, 2016CNY (¥)	Sep. 09, 2016CNY (¥)	Aug. 08, 2016	Jul. 05, 2016CNY (¥)	Jan. 01, 2016CNY (¥)	Jan. 01, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
BUSINESS COMBINATION
Total equity	¥ 55,786,808		$ 10,069,299		¥ 55,786,808	¥ 51,988,916	¥ 65,513,879				¥ 55,786,808						¥ 51,988,916	¥ 41,419,623
Assets
Intangible assets							0
Liabilities
Cash consideration paid			$ 27,181	¥ 176,848	2,456,512	30,000
Ningxia Energy
BUSINESS COMBINATION
Number of directors can appoint | director		4
High-Purity Aluminum and Light Metal
Assets
Property, plant and equipment						76,611													¥ 87,609
Intangible assets						1,347													2,139
Inventories						146,224													101,898
Other current assets						13													11,808
Trade and notes receivables						47,729													19,959
Liabilities
Trade and notes payables						43,597													2,911
Other payables and accrued expenses						137,539													3,791
Interest bearing loans and borrowings						65,000													191,707
Net assets						25,788													¥ 25,004
Difference recognized in equity						11,874
Cash consideration						37,662
Total purchase consideration						37,662
Cash consideration paid					7,600	30,000
Bayer aluminum production line
Assets
Property, plant and equipment						328,354											328,354
Liabilities
Other payables and accrued expenses						1,488											1,488
Net assets						326,866											326,866
Difference recognized in equity																	11,418
Cash consideration																	161,962
Carrying values of assets disposed of																	176,322
Total purchase consideration																	¥ 338,284
Pseudoboehmite and activated silicon powder production lines
Assets
Property, plant and equipment						29,966										¥ 28,860
Liabilities
Other payables and accrued expenses						2,503
Net assets						27,463										28,860
Difference recognized in equity																14,201
Cash consideration																43,061
Total purchase consideration																¥ 43,061
Chinalco Shanghai
BUSINESS COMBINATION
Equity interest acquired (as a percent)															60.00%
Assets
Property, plant and equipment						414,766								¥ 494,725
Land use rights						742,771								731,967
Inventories						22								15
Other current assets						916								1,425
Restricted cash and time deposits						51,500								70,500
Cash and cash equivalents						1,156								2,164
Liabilities
Trade and notes payables						147								29
Other payables and accrued expenses						1,598								1,951
Interest bearing loans and borrowings						241,118								330,549
Net assets						968,268								968,267
Non-controlling interests														387,307
Net assets acquired														580,960
Difference recognized in equity														1,532,801
Cash consideration														2,113,761
Total purchase consideration														¥ 2,113,761
Xinghua Technology
BUSINESS COMBINATION
Equity interest acquired (as a percent)												66.00%
Assets
Property, plant and equipment	1,134,185				1,134,185	978,596
Land use rights	8,339				8,339
Inventories	170,986				170,986	164,262
Other current assets	86,283				86,283	89,626
Trade and notes receivables	5,471				5,471	2,423
Other non-current assets	8,334				8,334	1,474
Restricted cash and time deposits	184,060				184,060	15,000
Cash and cash equivalents	19,828				19,828	1,910
Liabilities
Trade and notes payables	484,755				484,755	230,235
Other payables and accrued expenses	398,239				398,239	329,184
Interest bearing loans and borrowings (non-current)	14,909				14,909	34,086
Other non-current liabilities	43,921				43,921	47,900
Interest bearing loans and borrowings (current)	354,181				354,181	338,393
Income tax payable	9,919				9,919
Net assets	311,562				311,562	¥ 273,493
Non-controlling interests	105,931				105,931
Net assets acquired	205,631				205,631
Difference recognized in equity	309,890				309,890
Cash consideration	515,521				515,521
Total purchase consideration	515,521				515,521
Cash consideration paid	335,090
Consideration paid by way of transfer of notes receivables							61,000
Consideration unpaid							121,000
Xinghua Technology | Shanxi Aluminum Plant
BUSINESS COMBINATION
Equity interest acquired (as a percent)													33.00%
Liabilities
Total purchase consideration													¥ 257,760
Xinghua Technology | Shandong Aluminum
BUSINESS COMBINATION
Equity interest acquired (as a percent)													33.00%
Liabilities
Total purchase consideration													¥ 257,760
Qingdao Light Metal
BUSINESS COMBINATION
Equity interest acquired (as a percent)									100.00%
Assets
Investment properties	10,742				10,742			¥ 10,425
Property, plant and equipment	290,579				290,579			278,309
Land use rights	20,722				20,722			20,195
Inventories	29,446				29,446			49,489
Other current assets	2,934				2,934			3,978
Trade and notes receivables	29,748				29,748			98,957
Cash and cash equivalents	5,688				5,688			10,924
Liabilities
Trade and notes payables	64,900				64,900			97,681
Other payables and accrued expenses	10,641				10,641			66,042
Interest bearing loans and borrowings	167,000				167,000			167,000
Net assets	147,318				147,318			141,554
Other equity instruments	138,670				138,670			138,670
Net assets acquired	8,648				8,648			2,884
Difference recognized in equity								158,848
Total purchase consideration								¥ 161,732
Shanxi Aluminum Sewage Treatment Plant
Assets
Property, plant and equipment	52,001				52,001		48,995
Liabilities
Net assets	¥ 52,001				¥ 52,001		48,995
Difference recognized in equity							1,063
Total purchase consideration							¥ 50,058
Yinxing Power
BUSINESS COMBINATION
Equity interest acquired (as a percent)										51.00%
Total equity		¥ 800,000
Number of directors in board | director		7
Assets
Property, plant and equipment										¥ 3,594,970
Intangible assets										188
Land use rights										31,833
Inventories										35,349
Other current assets										312,840
Trade and notes receivables										162,093
Cash and cash equivalents										255,152
Liabilities
Trade and notes payables										800,438
Other payables and accrued expenses										186,782
Interest bearing loans and borrowings										2,514,800
Net assets										849,699
Non-controlling interests										416,353
Net assets acquired										433,346
The book value of the investment in 51% equity of Yinxing Power on the merger date										¥ 315,706
Yinxing Power | Ningxia Energy
BUSINESS COMBINATION
Equity interest acquired (as a percent)		51.00%
Yinxing Power | Zhejiang Power
BUSINESS COMBINATION
Equity interest acquired (as a percent)		49.00%

BUSINESS COMBINATION - Yinxing

BUSINESS COMBINATION - Yinxing Power (Details) ¥ in Thousands, $ in Thousands	5 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2017CNY (¥)	Aug. 31, 2017CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2017CNY (¥)	Jan. 01, 2017CNY (¥)	Dec. 31, 2016CNY (¥)	Jan. 01, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Apr. 30, 2015CNY (¥)	Jan. 01, 2015CNY (¥)
Assets
Intangible assets					¥ 0
Liabilities
Equity			$ 10,069,299		¥ 65,513,879	¥ 55,786,808	¥ 55,786,808	¥ 51,988,916	¥ 51,988,916		¥ 41,419,623
Gain on previously held equity interest remeasured at acquisition-date fair value				¥ 117,640
Net inflow of cash and cash equivalents included in cash flows from investing activities			$ 39,216	¥ 255,152
Yinxing Power
Assets
Property, plant and equipment		¥ 3,594,970
Land use rights		31,833
Intangible assets		188
Other current assets		312,840
Inventories		35,349
Trade and notes receivables		162,093
Cash and cash equivalents		255,152
Liabilities
Deferred tax liabilities		(40,706)
Interest bearing loans and borrowings		(2,514,800)
Other payables and accrued expenses		(186,782)
Trade and notes payables		(800,438)
Net assets		¥ 849,699
Equity interest acquired (as a percent)		51.00%
Equity										¥ 800,000
Initial investment cost		¥ 316,200
Investment income recognized under the equity method		(494)
The book value of the investment in 51% equity of Yinxing Power on the merger date		315,706
The fair value of the investment in 51% equity of Yinxing Power on the merger date		433,346
Gain on previously held equity interest remeasured at acquisition-date fair value		117,640
Cash and bank balances acquired		255,152
Net inflow of cash and cash equivalents included in cash flows from investing activities		¥ 255,152
Revenue	¥ 578,117
Profit for the year	96,756
Net cash flow	¥ 36,024

DISPOSAL OF BUSINESSES (Details

DISPOSAL OF BUSINESSES (Details) ¥ in Thousands, $ in Thousands	Oct. 31, 2017CNY (¥)	Jun. 30, 2016CNY (¥)	Dec. 31, 2015CNY (¥)	Oct. 31, 2015CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Jan. 01, 2017CNY (¥)	Dec. 31, 2016USD ($)	Dec. 31, 2016CNY (¥)	Jan. 01, 2016CNY (¥)	Jan. 01, 2015CNY (¥)	Dec. 31, 2014CNY (¥)
Net assets disposed of:
Cash and cash equivalents			¥ 20,762,306		$ 4,265,202	¥ 27,750,686		$ 3,660,104	¥ 23,813,736			¥ 16,385,252
Restricted cash and time deposits					330,832	2,152,492			2,087,447
Trade and notes receivables					1,233,606	8,026,209			7,349,563
Other current assets					1,546,759	10,063,676			15,247,745
Inventories					3,127,232	20,346,709			17,933,432
Property, plant and equipment			91,989,216		14,769,795	96,096,715			90,868,235
Land use rights					571,827	3,720,478			3,346,008
Intangible assets			10,439,015		1,637,363	10,653,175			10,608,791
Deferred tax assets						1,602,825			1,426,707
Other non-current assets					541,150	3,520,892			4,188,121
Available-for-sale financial investments					296,359	1,928,201			164,393
Trade and notes payables					(1,893,852)	(12,321,970)			(11,342,870)
Interest-bearing loans and borrowings					(6,192,414)	(40,289,703)			(47,322,748)
Income tax payable					(32,308)	(210,205)			(356,683)
Deferred tax liabilities					(152,735)	(993,742)			(984,304)
Other non-current liabilities					(518,327)	(3,372,390)			(3,237,741)
Non-controlling interests					4,001,572	26,035,429			17,618,510
Total equity			51,988,916		10,069,299	65,513,879	¥ 55,786,808		55,786,808	¥ 51,988,916	¥ 41,419,623
Investments in joint ventures			¥ 5,150,887		$ 923,355	¥ 6,007,624			¥ 6,240,200
Shanxi Huaxing
DISPOSAL OF BUSINESSES
Ownership interest in subsidiary (in percent)			50.00%
Percentage of consideration received			30.00%
Fair value gain recognized for remaining 40% equity interest			¥ 1,294,067
Net assets disposed of:
Cash and cash equivalents			114,794
Restricted cash and time deposits			46,716
Trade and notes receivables			34,479
Other current assets			30,849
Inventories			340,218
Property, plant and equipment			4,495,019
Land use rights			251,295
Intangible assets			365,427
Deferred tax assets			3,057
Other non-current assets			487,076
Trade and notes payables			(426,288)
Other payables and accrued expenses			(898,781)
Interest-bearing loans and borrowings			(2,312,574)
Income tax payable			(4,271)
Other non-current liabilities			(412,192)
Net assets			2,114,824
50% of net assets transferred into joint venture (Note)			(1,057,412)
Net assets disposed of			1,057,412
Gain on disposal			1,294,067
The fair value of the remaining equity interest in subsidiary			2,351,000
Consideration			2,351,479
Cash			705,444
Notes receivable			1,646,035
Investments in joint ventures			2,351,479
50% of net assets transferred into joint venture			¥ 1,057,412
Percentage of net assets transferred			50.00%
Shanxi Huaxing | Shenzhen CR Yuanda
DISPOSAL OF BUSINESSES
Equity interests transferred (as a percent)			50.00%
Ningxia photovoltaic subsidiaries
Net assets disposed of:
Cash and cash equivalents				¥ 189
Trade and notes receivables				47,619
Other current assets				166,377
Inventories				18,718
Property, plant and equipment				387,324
Land use rights				114,330
Intangible assets				3,954
Other non-current assets				8,432
Available-for-sale financial investments				5,686
Trade and notes payables				(290,441)
Other payables and accrued expenses				(215,198)
Deferred tax liabilities				(36,389)
Other non-current liabilities				(61,123)
Net assets				149,478
Release of unrealized gains or losses				16,515
Gain on disposal				(18,873)
Consideration				114,090
Notes receivable				15,644
Other current amount				1,435,802
Provision for trade and notes receivable				(15,644)
Provision for other current assets				¥ (1,321,712)
Environmental Protection Business
Net assets disposed of:
Property, plant and equipment		¥ 1,187,802
Trade and notes payables		(2,042)
Other payables and accrued expenses		(2,665)
Net assets		1,183,095
Gain on disposal		571,270
Cash		¥ 1,754,365
Shandong Engineering
DISPOSAL OF BUSINESSES
Ownership interest in subsidiary (in percent)	40.00%
Fair value gain recognized for remaining 40% equity interest	¥ 102,000
Other gains from unrealized profit arises from past services	59,000
Net assets disposed of:
Cash and cash equivalents	123,530
Trade and notes receivables	1,067,636
Other current assets	23,136
Inventories	167,499
Property, plant and equipment	109,103
Intangible assets	428
Deferred tax assets	3,106
Trade and notes payables	(727,622)
Other payables and accrued expenses	(282,232)
Interest-bearing loans and borrowings	(130,000)
Other non-current liabilities	(4,637)
Net assets	349,947
Non-controlling interests	3,961
Total equity	345,986
Gain on disposal	254,659
The fair value of the remaining equity interest in subsidiary	240,258
Consideration	360,387
Cash	387
Notes receivable	¥ 360,000
Shandong Engineering | CHALIECO
DISPOSAL OF BUSINESSES
Equity interests transferred (as a percent)	60.00%

DISPOSAL OF BUSINESSES - Cash f

DISPOSAL OF BUSINESSES - Cash flows (Details) - CNY (¥) ¥ in Thousands	Oct. 31, 2017	Dec. 31, 2015	Oct. 31, 2015
Shanxi Huaxing
Analysis of the cash flows of cash and cash equivalents
Cash consideration received		¥ 705,444
Cash and bank balances disposed of		(114,794)
Net inflows of cash and cash equivalents in respect of the disposal of Shanxi Huaxing		¥ 590,650
Ningxia photovoltaic subsidiaries
Analysis of the cash flows of cash and cash equivalents
Cash and bank balances disposed of			¥ 189
Net outflows of cash and cash equivalents in respect of disposal			¥ (189)
Shandong Engineering
Analysis of the cash flows of cash and cash equivalents
Cash consideration received	¥ 387
Cash and bank balances disposed of	(123,530)
Net outflows of cash and cash equivalents in respect of disposal	¥ (123,143)

DISPOSAL OF BUSINESSES - Other

DISPOSAL OF BUSINESSES - Other disposals (Details) ¥ in Thousands	Feb. 15, 2017CNY (¥)shareholder	Feb. 14, 2017	Jun. 30, 2016CNY (¥)	Nov. 30, 2017CNY (¥)	Sep. 30, 2017CNY (¥)
Shanxi Zhongrun
DISPOSAL OF BUSINESSES
Ownership interest in associate (in percent)	40.00%	50.00%
Amount of equity interest subscribed	¥ 100,000
Number of other shareholders | shareholder	3
Fair value of investment in associates	¥ 100,000
Fair value gain (loss) recognized for remaining equity interest	¥ 4,000
Shanxi Zhongrun | Shanxi Zhongrun with Huarun (Coal) Group
DISPOSAL OF BUSINESSES
Ownership interest in associate (in percent)	20.00%
Amount of equity interest subscribed	¥ 100,000
Shanxi Zhongrun | Xishan Coal Electricity
DISPOSAL OF BUSINESSES
Ownership interest in associate (in percent)	20.00%
Amount of equity interest subscribed	¥ 100,000
Shanxi Zhongrun | Jin Energy Power
DISPOSAL OF BUSINESSES
Ownership interest in associate (in percent)	20.00%
Amount of equity interest subscribed	¥ 100,000
Zibo Trading
DISPOSAL OF BUSINESSES
Equity interests transferred (as a percent)				50.00%
Gain (loss) on disposal				¥ 2,000
Ownership interest in subsidiary (in percent)				50.00%
The fair value of the remaining equity interest in subsidiary				¥ 12,000
Fair value gain (loss) recognized for remaining equity interest				¥ (2,000)
Longmen Aluminum
DISPOSAL OF BUSINESSES
Gain (loss) on disposal					¥ (26,000)
Beijing Yike
DISPOSAL OF BUSINESSES
Gain (loss) on disposal					¥ 38,000
Environmental Protection Business
DISPOSAL OF BUSINESSES
Gain (loss) on disposal			¥ 571,270

OTHER EQUITY INSTRUMENTS (Detai

OTHER EQUITY INSTRUMENTS (Details) ¥ in Thousands, $ in Millions	Oct. 31, 2016USD ($)	Oct. 31, 2016CNY (¥)	Oct. 27, 2015CNY (¥)	Apr. 10, 2014USD ($)	Apr. 10, 2014CNY (¥)	Oct. 22, 2013USD ($)	Oct. 22, 2013CNY (¥)	Dec. 31, 2016CNY (¥)	Dec. 31, 2015CNY (¥)
OTHER EQUITY INSTRUMENTS
Proceeds from issuance of the Senior Perpetual Securities after the issuance costs | ¥								¥ 3,513,068	¥ 2,000,000
2015 Perpetual Medium-term Notes
OTHER EQUITY INSTRUMENTS
Notional amount | ¥			¥ 2,000,000
Interest rate (as a percent)			5.50%
Proceeds from Medium-term Notes | ¥			¥ 2,000,000
Initial spread (as a percent)			2.61%
2015 Perpetual Medium-term Notes | Maximum
OTHER EQUITY INSTRUMENTS
Margin rate (as a percent)			3.00%
Margin rate term (in years)			5 years
Chalco Hong Kong | 2013 Senior Perpetual Securities
OTHER EQUITY INSTRUMENTS
Notional amount | $						$ 350
Interest rate (as a percent)						6.625%
Proceeds from issuance of the Senior Perpetual Securities after the issuance costs						$ 347	¥ 2,123,000
Initial spread (as a percent)						5.312%
Margin rate (as a percent)						5.00%
Chalco Hong Kong | 2014 Senior Perpetual Securities
OTHER EQUITY INSTRUMENTS
Notional amount | $				$ 400
Interest rate (as a percent)				6.25%
Proceeds from issuance of the Senior Perpetual Securities after the issuance costs				$ 398	¥ 2,462,000
Chalco Hong Kong | 2016 Senior Perpetual Securities
OTHER EQUITY INSTRUMENTS
Notional amount | $	$ 500
Interest rate (as a percent)	4.25%
Proceeds from issuance of the Senior Perpetual Securities after the issuance costs	$ 498	¥ 3,374,000
Initial spread (as a percent)	2.931%
Margin rate (as a percent)	5.00%

COMMITMENTS (Details)

COMMITMENTS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2017HKD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016CNY (¥)
Capital commitments of property, plant and equipment
Contracted, but not provided for		¥ 2,967,541	¥ 7,594,756
Commitments under operating leases
Total commitments under operating leases	$ 15,315	15,315,482	15,536,899
Other capital commitments
Commitments to make capital contributions		374,800	1,018,639
Associates
Other capital commitments
Commitments to make capital contributions		374,800	739,975
Joint ventures
Other capital commitments
Commitments to make capital contributions			278,664
Within 1 year
Commitments under operating leases
Total commitments under operating leases		658,574	515,276
In the second to fifth years, inclusive
Commitments under operating leases
Total commitments under operating leases		2,112,800	1,925,606
After 5 years
Commitments under operating leases
Total commitments under operating leases		¥ 12,544,108	¥ 13,096,017

EVENTS AFTER THE REPORTING P183

EVENTS AFTER THE REPORTING PERIOD (Details) - CNY (¥) ¥ / shares in Units, ¥ in Billions	Mar. 20, 2018	Jan. 18, 2018
Short-term bonds | Issuance of short-term bonds
EVENTS AFTER THE REPORTING PERIOD
Face value		¥ 3
Par value (RMB per unit)		¥ 100
Interest rate (as a percent)		4.70%
2021 medium-term 5.55% note | Issuance of medium term notes
EVENTS AFTER THE REPORTING PERIOD
Face value	¥ 2
Par value (RMB per unit)	¥ 100
Interest rate (as a percent)	5.55%