Aluminum Corporation of China Limited (ALMMF) 20-F22 Apr 222021 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2021shares
Document Information [Line Items]
Entity Central Index Key	0001161611
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-15264
Entity Registrant Name	ALUMINUM CORP OF CHINA LTD
Entity Incorporation, State or Country Code	F4
Entity Address, Address Line One	No. 62 North Xizhimen Street
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100082
Title of 12(b) Security	American Depositary Shares*
Trading Symbol	ACH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	No. 62 North Xizhimen Street
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100082
City Area Code	86
Local Phone Number	10 8229 8322
Contact Personnel Name	Zhu Runzhou
Contact Personnel Email Address	ir@chalco.com.cn
Domestic Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	13,078,706,983
H Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	3,943,965,968

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Non-current assets
Intangible assets	¥ 12,986,876	$ 2,037,924	¥ 13,448,304
Property, plant and equipment	93,427,029	14,660,740	100,712,423
Investment properties	1,814,589	284,749	1,601,876
Right-of-use assets	18,346,136	2,878,909	14,287,838
Investments in joint ventures	3,350,959	525,839	3,374,553
Investments in associates	9,636,634	1,512,198	9,173,410
Other financial assets measured at fair value	239,538	37,589	1,526,703
Deferred tax assets	1,386,147	217,517	1,481,235
Other non-current assets	2,474,946	388,373	3,165,920
Total non-current assets	143,662,854	22,543,838	148,772,262
Current assets
Inventories	18,677,875	2,930,966	19,861,776
Trade and notes receivables	6,904,850	1,083,522	9,313,647
Other current assets	3,953,326	620,363	6,348,401
Other financial assets measured at fair value			17,311
Restricted cash	1,324,748	207,882	1,056,037
Cash and cash equivalents (excluding bank overdrafts)	17,853,244	2,801,564	9,671,477
Total current assets	48,714,043	7,644,297	46,268,649
Total assets	192,376,897	30,188,135	195,040,911
Equity attributable to owners of the Company
Share capital	17,022,673	2,671,229	17,022,673
Other equity instruments	2,498,429	392,058	4,486,429
Other reserves	30,919,358	4,851,922	34,915,968
Retained earnings/(Accumulated losses)	6,824,227	1,070,870	(1,975,753)
Equity attributable to owners of the parent	57,264,687	8,986,079	54,449,317
Non-controlling interests	15,518,810	2,435,240	16,855,847
Total equity	72,783,497	11,421,319	71,305,164
Non-current liabilities
Interest-bearing loans and borrowings	64,095,849	10,058,037	57,518,097
Other non-current liabilities	1,938,240	304,152	2,147,558
Deferred tax liabilities	1,378,519	216,320	1,437,087
Total non-current liabilities	67,412,608	10,578,509	61,102,742
Current liabilities
Trade and notes payables	15,505,443	2,433,142	15,444,354
Other payables and accrued liabilities	9,353,693	1,467,802	10,755,679
Contract liabilities	2,177,072	341,630	1,399,340
Financial liabilities at fair value through profit or loss	68,871	10,807	26,684
Income tax payable	569,591	89,381	299,665
Interest-bearing loans and borrowings	24,506,122	3,845,545	34,707,283
Total current liabilities	52,180,792	8,188,307	62,633,005
Total liabilities	119,593,400	18,766,816	123,735,747
Total equity and liabilities	192,376,897	30,188,135	195,040,911
Net current liabilities	(3,467,000)	(544,010)	(16,364,356)
Total assets less current liabilities	¥ 140,196,105	$ 21,999,828	¥ 132,407,906

CONSOLIDATED STATEMENT OF PROFI

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)¥ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020CNY (¥)¥ / shares	Dec. 31, 2019CNY (¥)¥ / shares
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Revenue	¥ 269,748,232	$ 42,329,384	¥ 185,990,577	¥ 190,215,398
Cost of sales	(243,269,910)	(38,174,357)	(173,674,234)	(179,283,995)
Gross profit	26,478,322	4,155,027	12,316,343	10,931,403
Selling and distribution expenses	(314,926)	(49,419)	(315,653)	(447,368)
General and administrative expenses	(5,204,208)	(816,654)	(4,157,694)	(3,972,056)
Research and development expenses	(2,362,204)	(370,681)	(1,434,056)	(940,828)
Impairment losses on property, plant and equipment	(2,328,131)	(365,335)	(416,842)	(259,354)
Net impairment losses on financial assets	(1,384,888)	(217,319)	(979,161)	(171,016)
Other income	148,000	23,287	139,551	84,611
Other gains/(losses) - net	(1,623,503)	(254,763)	903,871	981,677
Operating profit	13,408,861	2,104,143	6,056,359	6,207,069
Finance income	275,996	43,310	227,201	261,194
Finance costs	(3,942,761)	(618,705)	(4,420,528)	(4,921,541)
Finance costs, net	(3,666,765)	(575,395)	(4,193,327)	(4,660,347)
Share of net profits of investments accounted for using the equity method
Joint ventures	164,100	25,751	180,502	270,115
Associates	272,584	42,774	145,737	48,767
Total	436,684	68,525	326,239	318,882
Profit before income tax	10,178,780	1,597,273	2,189,271	1,865,604
Income tax expense	(2,389,761)	(375,006)	(590,023)	(631,512)
Profit for the year	7,789,019	1,222,267	1,599,248	1,234,092
Profit attributable to:
Owners of the Company	5,079,562	797,094	764,306	595,643
Non-controlling interests	¥ 2,709,457	$ 425,173	¥ 834,942	¥ 638,449
Basic earnings per share \| (per share)	¥ 0.286	$ 0.045	¥ 0.030	¥ 0.022
Diluted earnings per share \| (per share)	¥ 0.286	$ 0.045	¥ 0.030	¥ 0.022
Available-for-sale investments:
Exchange differences on translation of foreign operations	¥ 255,230	$ 40,051	¥ 163,008	¥ (32,323)
Equity investments designated at fair value through other comprehensive income:
Changes in fair value of financial assets measured at fair value through other comprehensive income	52,207	8,192	43,920	(57,815)
Income tax effect	11,117	1,744	3,066	(14,642)
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	8,879	1,394	(2,522)
Other comprehensive income for the year, net of tax	223,019	34,997	119,632	10,850
Total comprehensive income for the year attributable to:
Owners of the parent	5,303,141	832,179	885,421	606,243
Non-controlling interests	2,708,897	425,085	833,459	638,699
Total comprehensive income for the year	¥ 8,012,038	$ 1,257,264	¥ 1,718,880	¥ 1,244,942

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands	Attributable to owners of the CompanyCNY (¥)	Share capital (Note 17)CNY (¥)	Share premiumCNY (¥)	Other reservesCNY (¥)	Statutory surplus reserveCNY (¥)	Special reserveCNY (¥)	Fair value reserveCNY (¥)	Other equity instrumentsCNY (¥)	Foreign currency translation reserveCNY (¥)	Retained earnings/ (Accumulated losses)CNY (¥)	Non-controlling interestsCNY (¥)	CNY (¥)	USD ($)
Adjustment due to business combinations under common control (Note 39)	¥ 84,265		¥ 341,724							¥ (257,459)	¥ 11,124	¥ 95,389
Restated balance at Dec. 31, 2018	52,425,550	¥ 14,903,798	18,457,678	¥ 11,690,292	¥ 5,867,557	¥ 145,938	¥ 6,588	¥ 3,988,000	¥ 214,520	(2,848,821)	15,273,971	67,699,521
Profit for the year	595,643									595,643	638,449	1,234,092
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	42,923						42,923				250	43,173
Exchange differences on translation of foreign operations	(32,323)								(32,323)			(32,323)
Total comprehensive income for the year	606,243						42,923		(32,323)	595,643	638,699	1,244,942
Business combinations under common control (Note 39)	341,487		341,487								10,158	351,645
Capital injection from non-controlling shareholders	4,144			4,144							706,970	711,114
Acquisition of non-controlling interests	149,322			149,322							(149,322)
Disposal of subsidiaries	(1,547)					(1,666)				119	(26,234)	(27,781)
Issuance of senior perpetual securities	1,499,104							1,499,104				1,499,104
Issuance of share capital	(51,678)	2,118,875	8,564,661	(10,735,214)								(51,678)
Other appropriations	(5,317)					(5,317)					(17,768)	(23,085)
Share of reserves of joint ventures and associates	936					936						936
Distribution of other equity instruments	(212,000)									(212,000)	(140,648)	(352,648)
Dividends distribution of subsidiaries to non- controlling shareholders											(199,215)	(199,215)
Balance at Dec. 31, 2019	54,756,244	17,022,673	27,363,826	1,108,544	5,867,557	139,891	49,511	5,487,104	182,197	(2,465,059)	16,096,611	70,852,855
Balance at December 31	54,671,979	17,022,673	27,022,102	1,108,544	5,867,557	139,891	49,511	5,487,104	182,197	(2,207,600)	16,085,487	70,757,466
Adjustment due to business combinations under common control (Note 39)	117,307		350,291			1,173				(234,157)	16,141	133,448
Profit for the year	764,306									764,306	834,942	1,599,248
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	(39,371)						(39,371)				(1,483)	(40,854)
Exchange differences on translation of foreign operations	163,008								163,008			163,008
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	(2,522)						(2,522)					(2,522)
Total comprehensive income for the year	885,421						(41,893)		163,008	764,306	833,459	1,718,880
Business combinations under common control (Note 39)	(13,329)		(13,329)								23,996	10,667
Capital injection from non-controlling shareholders	3,271		3,271								426,751	430,022
Disposal of subsidiaries	3,616			3,616								3,616
Issuance of senior perpetual securities	1,000,000							1,000,000				1,000,000
Release of deferred government subsidies	49,290			49,290								49,290
Other appropriations	33,432					33,432					(19,741)	13,691
Share of reserves of joint ventures and associates	7,047			(58)		7,105						7,047
Distribution of other equity instruments	(275,000)									(275,000)	(146,416)	(421,416)
Underwriting fees of other equity instruments	(675)							(675)				(675)
Dividends distribution of subsidiaries to non- controlling shareholders											(358,813)	(358,813)
Repayment of senior perpetual securities	(2,000,000)							(2,000,000)				(2,000,000)
Balance at Dec. 31, 2020	54,449,317	17,022,673	27,353,768	1,161,392	5,867,557	180,428	7,618	4,486,429	345,205	(1,975,753)	16,855,847	71,305,164
Balance at December 31	54,332,010	17,022,673	27,003,477	1,161,392	5,867,557	179,255	7,618	4,486,429	345,205	(1,741,596)	16,839,706	71,171,716
Profit for the year	5,079,562									5,079,562	2,709,457	7,789,019	$ 1,222,267
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	(41,090)						(41,090)					(41,090)
Exchange differences on translation of foreign operations	255,790								255,790		(560)	255,230
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	8,879						8,879					8,879	1,394
Total comprehensive income for the year	5,303,141						(32,211)		255,790	5,079,562	2,708,897	8,012,038	1,257,264
Business combinations under common control (Note 39)	(395,624)		(395,624)									(395,624)
Capital injection from non-controlling shareholders	9,798			9,798							(15,087)	(5,289)
Appropriation to surplus reserves					254,642					(254,642)
Disposal of subsidiaries											(3,886)	(3,886)
Other appropriations	92,003					92,003					39,834	131,837
Share of reserves of joint ventures and associates	15,552					15,552						15,552
Distribution of other equity instruments	(209,500)									(209,500)	(140,127)	(349,627)
Offset of statutory surplus reserves against accumulated losses (Note 18)					(4,229,913)					4,229,913
Dividends distribution of subsidiaries to non- controlling shareholders											(540,418)	(540,418)
Repayment of senior perpetual securities	(2,000,000)			(12,000)				(1,988,000)			(3,386,250)	(5,386,250)
Disposal of other equity instrument investments							45,353			(45,353)
Balance at Dec. 31, 2021	¥ 57,264,687	¥ 17,022,673	¥ 26,958,144	¥ 1,159,190	¥ 1,892,286	¥ 287,983	¥ 20,760	¥ 2,498,429	¥ 600,995	¥ 6,824,227	¥ 15,518,810	¥ 72,783,497	$ 11,421,319

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
CONSOLIDATED STATEMENT OF CASH FLOW
Net cash flows from operating activities	¥ 28,230,385	$ 4,429,963	¥ 14,907,468	¥ 12,505,876
Investing activities
Purchases of property, plant and equipment	(2,039,354)	(320,019)	(5,038,896)	(9,050,859)
Purchase of other financial assets measured at fair value	(11,900,000)	(1,867,370)	(7,020,000)	(3,500,700)
Purchases of investment properties				(44,063)
Purchases of intangible assets	(93,654)	(14,696)
Purchases of land use rights	(2,544)	(399)
Proceeds from disposal of property, plant and equipment	1,011,232	158,684	1,534,275	1,132,847
Proceeds from disposal of a joint venture and an associate	50,984	8,001		367,867
Proceeds from disposal of subsidiaries, net of cash	20,950	3,288	42,910	23,797
Proceeds from disposal of other financial assets measured at fair value	12,850,400	2,016,508	11,207,783	2,155
Proceeds from disposal of intangible assets	9,548	1,498	277,715	5,764
Proceeds from disposal of right-of-use assets	21,421	3,361	15,117
Investments in joint ventures			(4,333)	(50,000)
Investments in associates	(341,000)	(53,510)	(7,473)	(2,653,244)
Dividend received from other financial assets measured at fair value	10,912	1,712	82,794	97,775
Dividends received from associates and joint ventures	606,236	95,132	323,109	236,708
Change in deposit of futures contracts	(628,661)	(98,651)	(56,156)	(67,253)
Assets-related government grants received	75,971	11,922	47,558	103,373
Investment income/(loss) from other financial assets measured at fair value	(447,137)	(70,166)	524,727
Repayment of entrusted loans	50,395	7,908
Proceeds from acquisition of subsidiaries, net of cash			3,690
Net cash flows (used in)/ generated from investing activities	(744,301)	(116,797)	1,932,820	(13,395,833)
Financing activities
Repayments of short-term bonds and mid-term notes	(21,537,420)	(3,379,691)	(30,638,813)	(22,400,000)
Repayments of short-term and long-term bank borrowings and other loans	(40,560,042)	(6,364,756)	(43,111,460)	(66,105,388)
Repayments of gold leasing arrangements			(6,921,860)	(1,607,905)
Cash consideration paid for business combination under common control	(395,624)	(62,081)		(237)
Proceeds from gold leasing arrangements				6,921,860
Proceeds from issuance of short-term bonds and medium-term notes	24,845,054	3,898,731	25,900,000	37,974,402
Drawdown of short-term and long-term bank borrowings and other loans	29,542,456	4,635,856	46,021,404	40,669,197
Senior perpetual securities' distribution paid	(349,627)	(54,864)	(421,416)	(352,648)
Capital injection from non-controlling shareholders			197,276	711,114
Share issue cost				(51,678)
Principal portion of lease payments	(639,675)	(100,379)	(1,748,202)	(3,032,106)
Dividends paid by subsidiaries to non-controlling shareholders	(460,744)	(72,301)	(356,340)	(222,930)
Interest paid	(3,505,649)	(550,113)	(3,664,725)	(4,467,803)
Repayments of senior perpetual securities	(5,386,250)	(845,220)	(2,000,000)
Instalment payment of bonds issuance expenses	(30,752)	(4,826)	(29,285)	(9,913)
Proceeds from issuance of perpetual securities			1,000,000	1,500,000
Net cash flows used in financing activities	(18,478,273)	(2,899,644)	(15,773,421)	(10,474,035)
Net increase/(decrease) in cash and cash equivalents	9,007,811	1,413,522	1,066,867	(11,363,992)
Cash and cash equivalents at beginning of year	8,771,522	1,376,443	7,793,056	19,135,843
Effect of foreign exchange rate changes, net	73,911	11,599	(88,401)	21,205
Cash and cash equivalents as of December 31	¥ 17,853,244	$ 2,801,564	¥ 8,771,522	¥ 7,793,056

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
GENERAL INFORMATION	Dec. 31, 2021
GENERAL INFORMATION
GENERAL INFORMATION	1 GENERAL INFORMATION Aluminum Corporation of China Limited (the “Company”) ( 中國鋁業股份有限公司 The Company is a joint stock company which was established on September 10, 2001 and is domiciled in the People’s Republic of China (the “PRC”) with limited liability. 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 immediate and ultimate parent company of the Company is Aluminum Corporation of China (“Chinalco”) ( 中國鋁業集團有限公司 1 GENERAL INFORMATION (CONTINUED) Information about subsidiaries Particulars of the Company’s principal subsidiaries are as follows: Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Shanxi Huaxing Aluminum Co. Ltd. (“Shanxi Huaxing”) (山西華興鋁業有限公司) PRC/Mainland China 1,850,000 Manufacture and distribution of alumina 60.00 % 40.00 % Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) (包頭鋁業有限公司) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 100.00 % — China Aluminum International Trading Co., Ltd. (“Chalco Trading”) (中鋁國際貿易有限公司) PRC/Mainland China 1,731,111 Import and export activities 100.00 % — Chalco Shanxi New Material Co., Ltd. (“Shanxi New Material”) (中鋁山西新材料有限公司) PRC/Mainland China 4,279,601 Manufacture and distribution of alumina, primary aluminum and anode carbon products and electricity generation and supply 85.98 % — China Aluminum International Trading Group Co., Ltd. (“Trading Group”) (中鋁國際貿易集團有限公司) PRC/Mainland China 1,030,000 Import and export activities 100.00 % — Zunyi Aluminum Co., Ltd. (遵義鋁業股份有限公司) PRC/Mainland China 3,204,900 Manufacture and distribution of primary aluminum and alumina 67.45 % — Chalco Hong Kong Ltd. (“Chalco Hong Kong”) ( Hong Kong HKD849,940 in thousand Overseas investments and alumina import and export activities, and mining and distribution of bauxite. 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 and alumina 100.00 % — Chalco Energy Co., Ltd. (中鋁能源有限公司) PRC/Mainland China 1,384,398 Thermoelectric supply and 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 Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd. (中國鋁業鄭州有色金屬研究院有限公司) PRC/Mainland China 214,858 Research and development services 100.00 % — Chalco Shandong Co., Ltd. ("Chalco Shandong“) (中鋁山東有限公司) PRC/Mainland China 4,052,847 Manufacture and distribution of alumina 100.00 % — Chalco Zhongzhou Aluminum Co., Ltd. ("Zhongzhou Aluminum“) (中鋁中州鋁業有限公司) PRC/Mainland China 5,071,235 Manufacture and distribution of alumina 100.00 % — China Aluminum Logistics Group Corporation Co., Ltd. (中鋁物流集團有限公司) PRC/Mainland China 964,291 Logistics and 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 China 588,182 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 China 968,300 Trading and engineering project management and leasing 100.00 % — Shanxi China Huarun Co., Ltd. (“Shanxi Huarun”) (山西中鋁華潤有限公司) PRC/Mainland China 1,641,750 Manufacture and distribution of primary aluminum 40.00 % — Guizhou Huaren New Material Co., Ltd. (“Guizhou Huaren”) (貴州華仁新材料有限公司) PRC/Mainland China 1,200,000 Manufacture and distribution of primary aluminum 40.00 % — Chinalco Materials Co., Ltd. (中鋁物資有限公司) PRC/Mainland China 1,000,000 Import and export activities and trading 100.00 % —

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group consisting of the Company and its subsidiaries. 2.1 Basis of preparation 2.1.1 Compliance with IFRS The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. 2.1.2 Going Concern As of December 31, 2021, the Group’s current liabilities exceeded its current assets by approximately RMB3,467 million (December 31, 2020 (restated): RMB16,364 million). The directors of the Company have considered the Group’s available sources of funds as follows: ● The Group’s expected net cash inflows from operating activities in 2022; ● Unutilized banking facilities of approximately RMB 92,044 million as of December 31, 2021, of which amounts totaling RMB 25,530 million will remain unexpired over 12 months from December 31, 2021. The directors of the Company are confident that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; ● Other available sources of financing from banks and other financial institutions given the Group’s credit history. The directors of the Company believe that the Group has adequate resources to continue operations for the foreseeable future of not less than 12 months from December 31, 2021. The directors of the Company therefore are of the opinion that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. 2.1.3 Historical cost convention The financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities measured at fair value. 2.1.4 New and amended standards adopted by the Group New standards and amendments that are effective for the first time for periods commencing on or after January 1, 2021 did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.1 Basis of preparation (Continued) 2.1.5 New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatorily effective for December 31, 2021 reporting period and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 2.1.6 Changes in accounting policies (i) Presentation of transportation and logistic costs The Group previously presented the transportation and logistic costs incurred to fulfill the sales contracts in “selling and distribution expenses” in the consolidated statement of profit or loss. In 2021, due to the mandatory change in the presentation of such transportation and logistic costs in the consolidated statement of profit or loss of the Group under Accounting Standard for Business Enterprise issued by the Ministry of Finance of China (“CAS”), i.e., change from “selling and distribution expenses” to “cost of sales”, the Group made the same change in presentation in the consolidated statement of profit or loss under IFRS. Accordingly, the comparative consolidated statement of profit or loss for the year ended December 31, 2019 and 2020 were restated with the amount of RMB1,229 million and RMB1,141 million reclassified from selling distribution (ii) Accounting for the investments in associates and joint ventures in the separate financial statements In the prior years, the Company accounted for the investments in associates and joint ventures at cost. In 2021, to make the carrying amounts of these investments better reflect their status and values, and to reduce the difference between the financial statements of the Company under IFRS and CAS, the Company changed the accounting for the investment in associates and joint ventures in the separate financial statements from cost method to equity method. This change in accounting treatment has been accounted for retrospectively and comparative information has been restated. 2.2 Principles of consolidation and equity accounting 2.2.1 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Principles of consolidation and equity accounting (Continued) 2.2.1 Subsidiaries (Continued) The acquisition method of accounting is used to account for business combinations by the Group (Note 2.3). Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and balance sheet respectively. 2.2.2 Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (Note 2.2.4), after initially being recognized at cost. 2.2.3 Joint arrangements Under IFRS 11 ‘Joint Arrangements’, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group only has joint ventures. Joint ventures Interests in joint ventures are accounted for using the equity method (Note 2.2.4), after initially being recognized at cost in the consolidated statement of financial position. 2.2.4 Equity method Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Principles of consolidation and equity accounting (Continued) 2.2.4 Equity method (Continued) Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 2.11. 2.2.5 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. 2.3 Business combination (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control 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 consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognized for goodwill or excess of the Group‘s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Business combination (Continued) (a) Merger accounting for business combinations under common control (Continued) The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date 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 restated to reflect the business combinations under common control occurred during this year (Note 39). Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations and goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred is measured at the acquisition date fair value which is the sum of acquisition date fair value of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The consideration transferred included the fair value of any assets and liabilities 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 fair value at the acquisition date. All other components of non-controlling interests are measured at fair value. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportional share of net assets in the event of liquidation at fair value or at the proportional share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Business combination (Continued) (b) Acquisition method of accounting for other business combinations and goodwill (Continued) After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31,. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash- generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. 2.4 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill. 2.5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the executive presidents committee of the Company that make strategic decisions. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.6 Foreign currency translation (a) 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 and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income. (c) Group companies The results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from 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 profit and loss and other 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. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.6 Foreign currency translation (Continued) (d) Disposal of foreign operation and partial disposal On the disposal of a foreign operation (that is, a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the currency translation differences accumulated in equity in respect of that operation attributable to the owners of the company are reclassified to profit or loss. 2.7 Property, plant and equipment Property, plant and equipment, other than construction in progress, 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. Construction in progress represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. The cost of an item of property, 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. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings and infrastructure 8 – 45 years Machinery 3 – 30 years Transportation facilities 6 – 10 years Office and other equipment 3 – 10 years Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property, plant and equipment when completed and ready for use. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.11). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.8 Investment properties Investment properties are interests in land use rights and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of 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 methods to measure all of its investment properties. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings 25 – 50 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. 2.9 Intangible assets (a) Goodwill Goodwill is measured as described in Note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (Note 5). 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.9 Intangible assets (Continued) (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 Except for mineral exploration rights and mining rights acquired in a business combination, 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 obtain mining rights certification, or 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 Mining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years. Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards 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 capitalized 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.9 Intangible assets (Continued) (d) Aluminum production quota Historically the Group acquired aluminum production quotas from third parties as the license for certain newly developed aluminum production lines. Currently such aluminum production quotas have no definite legal or regulatory terms, and their residual values at the end of the lives of the production lines to which they are currently attached are very uncertain. Aluminum production quota are initially recorded at cost and subsequently states at cost less any amortization and impairment. Amortization is provided on a straight-line basis over expected useful life of related aluminum production lines. 2.10 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. The Group has not had any development expenditure capitalized. 2.11 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.12 Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group

SIGNIFICANT ACCOUNTING JUDGEMEN

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	12 Months Ended
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	Dec. 31, 2021
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 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 a significant effect on the amounts recognized in the consolidated financial statements. (a) Significant influence over an entity in which the Group holds less than 20% of voting rights As of December 31, 2021, the Group owned a 6.68% equity interest in China Copper Mineral Resources Co.,Ltd. (“Chalco Resources”) ( 中銅礦產資源有限公司 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Judgements (Continued) (a) Significant influence over an entity in which the Group holds less than 20% of voting rights (Continued) As of December 31, 2021, the Group owned a 16% equity interest in Baise New Aluminum Power Co., Ltd. (“New Aluminum Power”) ( 百色新鋁電力有限公司 As of December 31, 2021, the Group owned 14.71% of the voting right of Chinalco Capital Holdings Co., Ltd. (“Chinalco Capital”) ( 中鋁資本控股有限公司 As of December 31, 2021, the Group owned a 14.29% equity interest in Inner Mongolia Geliugou Co., Ltd. (“Inner Mongolia Geliugou”) ( 內蒙古圪柳溝能源有限公司 As of December 31, 2021, the Group owned 10.10% equity interest in Yunnan Aluminum Co., Ltd. (“Yunnan Aluminum”) ( 雲南鋁業股份有限公司 As of December 31, 2021, the Group owned a 19.49% equity interest in Chalco Innovation Development Investment Co., Ltd. (“Chalco Innovation”) ( 中鋁創新開發投資有限公司 (b) Consolidation of entities in which the Group holds less than a majority of voting rights As of December 31, 2021, the Group owned a 40.23% equity interest in Ningxia Yinxing Energy Co., Ltd. (“Yinxing Energy”) ( 寧夏銀星能源股份有限公司 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Judgements (Continued) (b) Consolidation of entities in which the Group holds less than a majority of voting rights (Continued) As of December 31, 2021, the Company owned a 40% equity interest in Guizhou Huaren New Materials Co., Ltd. (“Guizhou Huaren”)( 貴州華仁新材料有限公司清鎮市工業投資有限公司貴州成黔企業集團有限公司 As of December 31, 2021, the Company owned 40% of the shares of Shanxi China Aluminum China Resources Co., Ltd. (“Shanxi Zhongrun”)( 山西中鋁華潤有限公司 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) Impairment assessment of property, plant and equipment As of December 31, 2021, the Group’s net carrying amount of property, plant and equipment (“PP&E”) was RMB93,427 million. Management assesses related assets for potential impairment whenever there are indications that the carrying value of an asset or a group of assets may not be recoverable. As of December 31, 2021, management performed impairment assessment on property, plant and equipment (“PP&E”) with impairment indications at the level of cash generating unit (“CGU”) to which the PP&E was allocated using discounted cash flow model. The discounted cash flows model used for the impairment assessment of PP&E involved significant assumptions including product prices and the discount rate. Based on the impairment test, RMB2,328 million of impairment was recognized by management for PP&E for the year ended December 31, 2021. 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (b) Impairment assessment of goodwill As of December 31, 2021, the Group’s carrying value of goodwill was RMB3,510 million. Management performed impairment assessment of goodwill on an annual basis. When performing the impairment assessment, the recoverable amount of the CGU to which the goodwill was allocated was estimated by management using discounted cash flow model, and compared with the carrying amount of the CGU to determine if goodwill was impaired. The discounted cash flow models used for the impairment assessment of goodwill involved significant assumptions including product prices, the long-term growth rate and the discount rate. Based on the impairment test, no impairment provision is required for goodwill for the year ended December 31, 2021. (c) Property, plant and equipment and intangible assets (excluding goodwill) – estimated useful lives and residual 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 the useful life 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. (d) Coal reserve estimates and units-of-production amortization 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) Estimated net realizable value of inventories In accordance with the Group’s accounting policy, the Group’s management estimated net realizable value of inventories based on specific facts and circumstances. 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 realizable amount of inventories. For inventories held for executed sales contracts, management estimates the net realizable amount based on the contracted price. For raw materials and work-in-progress, management has established a model in estimating the net realizable amount at which the inventories can be realized in the normal course of business 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. 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (f) Investments in joint ventures and associates – recoverable amount In accordance with the Group’s accounting policy, each investment in a joint venture and an associate is evaluated in every reporting period to determine whether there are any indicators of impairment. If any such indicators exists, an estimate of the recoverable amount is performed and an impairment loss is recognized to the extent that the 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. (g) Determination of the lease term The Group leased certain land use rights from Chinalco for operation use. Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001, the lease term is 50 years from July 1, 2001 with a termination option entitled to the Company. Under this framework contract, the related branches and subsidiaries of the Group signed lease agreements annually respectively with subsidiaries of Chinalco which owns the related land use right, with the extension option entitled to the leasees. The lease term is determined based on the Group's assessment if the related termination option or extension option would be reasonably exercised taking into account the use of the land and operating status. The Group will reassess the lease term if any significant events or changes in circumstances that may have impact on the exercise of such options and are under the control of the Group occurred. (h) 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. 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (h) Income tax (Continued) Deferred tax assets are recognized for unused tax losses and deductible temporary differences, such as the provision for impairment of receivables, inventories and property, plant and equipment and accruals of expenses not yet deductible for tax purposes, to the extent that it is probable that taxable profits will be available against which the losses deductible temporary difference can be utilized. An entity shall recognize a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and joint ventures, except to the extent that both of the following conditions are satisfied: ● the parent, investor or joint venture is able to control the timing of the reversal of the temporary difference; and ● it is probable that the temporary difference will not reverse in the foreseeable future. In the event that future tax rules and regulations or related circumstances change, adjustments to current and deferred taxation may be necessary which would impact on the Group’s results or financial position. (i) Impairment of receivables The loss allowances for receivables are based on assumptions about risk of default and expected loss rates to determine the expected loss. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s history, existing market conditions as well as forward looking estimates at the end of each reporting period. The Group takes into account different macroeconomic scenarios in considering forward looking information. The Group regularly monitors and reviews the key macroeconomic assumptions and parameters related to the calculation of expected credit losses, including the risk of economic downturn, external market environment, technological environment, changes in customer conditions, GDP and consumer price index, etc. During the year ended December 31, 2021, the Group has taken into account the uncertainties arising from the COVID-19 outbreak and updated the relevant assumptions and parameters accordingly. The key macroeconomic parameters are listed below: Scenarios As of December 31, 2021 Year Basic Negative Positive Growth Rate of GDP 2022 5.30 % 5.04 % 5.57 % 2023 and subsequent years 5.00 % 4.75 % 5.25 % Growth Rate of CPI 2022 2.20 % 2.09 % 2.31 % 2023 and subsequent years 1.60 % 1.52 % 1.68 % 3 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (i) Impairment of receivables (Continued) Scenarios As of December 31, 2020 Year Basic Negative Positive Growth Rate of GDP 2021 8.83 % 8.39 % 9.27 % 2022 and subsequent years 5.30 % 5.04 % 5.57 % Growth Rate of CPI 2021 1.33 % 1.26 % 1.40 % 2022 and subsequent years 2.40 % 2.28 % 2.52 %

SIGNIFICANT CHANGES IN THE CURR

SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	12 Months Ended
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	Dec. 31, 2021
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	4 SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD The significant increase of revenue and net profit for 2021 is mainly due to the rise in market price of aluminum.

REVENUE AND SEGMENT INFORMATION

REVENUE AND SEGMENT INFORMATION	12 Months Ended
REVENUE AND SEGMENT INFORMATION	Dec. 31, 2021
REVENUE AND SEGMENT INFORMATION
REVENUE AND SEGMENT INFORMATION	5 REVENUE AND SEGMENT INFORMATION (a) Revenue Revenue recognized during the year is as follows: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Revenue from contracts with customers (net of value-added tax) Sale of goods 188,752,179 184,073,342 268,034,695 Transportation services 1,145,304 1,587,246 1,414,732 189,897,483 185,660,588 269,449,427 Revenue from other sources Rental income 317,915 329,989 298,805 190,215,398 185,990,577 269,748,232 5 REVENUE AND SEGMENT INFORMATION (Continued) (a) Revenue (Continued) (i) For the year ended December 31, 2021 Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 56,315,755 72,586,897 7,915,219 214,724,462 483,349 (83,990,987) 268,034,695 Transportation services — — — 5,652,938 — (4,238,206) 1,414,732 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 Geographical markets Mainland China 56,315,755 72,586,897 7,915,219 207,570,682 483,349 (88,229,193) 256,642,709 Outside of Mainland China — — — 12,806,718 — — 12,806,718 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 Timing of revenue recognition Goods transferred at a point in time 56,315,755 72,586,897 7,915,219 214,724,462 483,349 (83,990,987) 268,034,695 Services transferred over time — — — 5,652,938 — (4,238,206) 1,414,732 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (i) For the year ended December 31, 2020 (Restated) Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 42,292,130 51,729,483 7,184,216 151,540,471 449,058 (69,122,016) 184,073,342 Transportation services — — — 3,768,342 — (2,181,096) 1,587,246 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 Geographical markets Mainland China 42,292,130 51,729,483 7,184,216 146,666,981 449,058 (71,303,112) 177,018,756 Outside of Mainland China — — — 8,641,832 — — 8,641,832 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 Timing of revenue recognition Goods transferred at a point in time 42,292,130 51,729,483 7,184,216 151,540,471 449,058 (69,122,016) 184,073,342 Services transferred over time — — — 3,768,342 — (2,181,096) 1,587,246 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 For the year ended December 31, 2019 (Restated) Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 43,722,845 49,043,864 7,335,347 156,158,740 492,624 (68,001,241) 188,752,179 Transportation services — — — 2,724,083 — (1,578,779) 1,145,304 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 Geographical markets Mainland China 43,722,845 49,043,864 7,335,347 153,106,808 492,624 (69,580,020) 184,121,468 Outside of Mainland China — — — 5,776,015 — — 5,776,015 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 Timing of revenue recognition Goods transferred at a point in time 43,722,845 49,043,864 7,335,347 156,158,740 492,624 (68,001,241) 188,752,179 Services transferred over time — — — 2,724,083 — (1,578,779) 1,145,304 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 (i) The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period: 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (j) Disaggregated revenue information (Continued) For the years ended December 31 2020 2021 Revenue recognized that was included in contract liabilities at the beginning of the reporting period: Sale of goods 1,565,285 1,151,341 Others 73,541 88,090 1,638,826 1,239,431 (ii) Performance obligations Information about the Group’s performance obligations is summarized below: Revenue from sales of products (including sales of the other materials) The performance obligation is satisfied upon delivery of the industrial products and payment is generally due within 30 to 90 days from delivery, except for new customers, where advance is normally required. Sales of goods were made in a short period of time and the performance obligation was mostly satisfied in one year or less at the end of each year, thus the Group applied the expedient of not to disclose the transaction price allocated to unsatisfied performance obligation. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (i) Transportation service The performance obligation is satisfied over time as services are rendered and payment is generally due upon completion of the relevant services. Amounts expected to be recognized as revenue for remaining contract performance obligation: For the years ended December 31 2020 2021 Within one year 1,399,340 2,177,072 After one year 182,859 108,545 1,582,199 2,285,617 The remaining performance obligations expected to be recognized in more than one year relate to rendering of services that are to be satisfied within 1 – 10 years. All the other remaining performance obligations are satisfied in one year or less at the end of each year. (b) Segment information The executive presidents committee of the Company have been identified as the chief operating decision makers. The committee is responsible for the review of the internal reports in order to allocate resources to operating segments and assess their performance. The committee considers the business from a product perspective comprising alumina, primary aluminum and energy for the Group’s manufacturing business, which 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 reportable operating segments also include corporate and other operating segments. The committee assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment used by the committee is consistent with that applied to the consolidated financial information for the year ended December 31, 2020. Management has determined the reportable operating segments based on the reports reviewed by the committee that are used to make strategic decisions. The Group’s five reportable operating segments are summarized as follows: ● The alumina segment, which consists of mining and purchasing bauxite and other raw materials, refining bauxite into alumina, and selling alumina both internally to the Group’s aluminum enterprises and trading enterprises and externally to customers outside the Group. This segment also includes the production and sale of multi-form alumina bauxite. ● The primary aluminum segment, which consists of procuring alumina and other raw materials, supplemental materials and electricity power, smelting alumina to produce primary aluminum which is sold to the Group’s 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. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) ● The trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products and raw materials and supplemental materials and logistics and transport services to internal manufacturing plants and external customers. The products are sourced from fellow subsidiaries and 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 supplied the products to the trading segment. ● The energy segment mainly includes coal mining, electricity generation by thermal power, wind power and solar power, new energy related equipment manufacturing business. Sales of coals are mainly to the Group’s internal and external coal consuming customers; electricity is sold to regional power grid corporations. ● Corporate and other operating segments, which mainly include management of corporate, research and development activities and others. Prepaid current income tax and deferred tax assets are excluded from segment assets, and income tax payable and deferred tax liabilities are excluded from segment liabilities. All sales among the reportable operating segments were conducted on terms mutually agreed among group companies, and have been eliminated upon consolidation. Year ended December 31, 2021 Corporate and Primary other operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 56,545,788 72,644,206 7,915,219 220,447,914 483,739 (88,288,634) 269,748,232 Inter-segment revenue (37,981,574) (8,657,079) (240,575) (41,287,709) (121,697) 88,288,634 — Sales of self-produced products (i) 28,054,635 Sales of products sourced from external suppliers 151,105,570 Revenue from external customers 18,564,214 63,987,127 7,674,644 179,160,205 362,042 — 269,748,232 Segment profit /(loss) before income tax 4,049,058 7,402,039 (234,808) 1,230,756 (1,849,784) (418,481) 10,178,780 Income tax expense (2,389,761) Profit for the year 7,789,019 Other items Finance income 116,660 62,292 38,313 50,318 8,413 — 275,996 Finance costs (1,034,889) (1,114,821) (578,079) (117,365) (1,097,607) — (3,942,761) Share of profits and losses of joint ventures 80,612 — 16,095 13,240 54,153 — 164,100 Share of profits and losses of associates (5,976) (1,969) (633,467) 45,538 868,458 — 272,584 Depreciation of right-of-use assets (334,825) (199,086) (32,088) (128,043) (50,469) — (744,511) Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,959,908) (3,016,367) (1,889,351) (33,617) (70,628) — (7,969,871) Losses on disposal of property, plant and equipment and intangible assets (583,142) (58,699) (9,772) 3,222 (2,320) — (650,711) Realized loss on futures contracts, net — — — (132,354) (413,171) — (545,525) Other income 11,909 32,541 56,022 47,836 91 — 148,399 Impairment loss on property, plant and equipment (1,854,694) (470,004) (3,433) — — — (2,328,131) Unrealized losses on futures contracts, net — — — (30,552) (28,657) — (59,209) Losses on disposal of a subsidiaries — — (27,404) — — — (27,404) Changes for impairment of inventories (18,737) (114,171) 12,250 (13,039) (2,601) — (136,298) Provision for impairment of receivables (122,370) (37,400) (176,715) (328,754) (719,649) — (1,384,888) Dividends of equity investments at fair value through other comprehensive income — — — 3,333 7,579 — 10,912 Derecognition of financial assets — (8,055) (83,293) — — — (91,348) Investments in associates 81,784 526,831 759,194 371,499 7,897,326 — 9,636,634 Investments in joint ventures 1,076,120 — 353,177 55,712 1,865,950 — 3,350,959 Additions during the period: Intangible assets 72,735 20,779 — 140 — — 93,654 Right-of-use assets 3,400,546 2,721,001 377 212,812 266,342 — 6,601,078 Property, plant and equipment (ii) 1,170,356 621,694 391,894 26,231 94,686 — 2,304,861 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB18,552 million, sales of self-produced primary aluminum amounting to RMB7,087 million, and sales of self-produced other products amounting to RMB2,416 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2020 (Restated) Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 42,378,421 51,889,084 7,184,216 155,392,357 449,611 (71,303,112) 185,990,577 Inter-segment revenue (29,436,854) (11,458,500) (243,788) (30,058,138) (105,832) 71,303,112 — Sales of self-produced products (i) 21,492,083 Sales of products sourced from external suppliers 103,842,136 Revenue from external customers 12,941,567 40,430,584 6,940,428 125,334,219 343,779 — 185,990,577 Segment profit /(loss) before income tax 1,435,129 2,023,168 (77,235) 582,083 (1,705,175) (68,699) 2,189,271 Income tax expense (590,023) Profit for the year 1,599,248 Other items Finance income 43,192 58,437 36,333 72,632 16,607 — 227,201 Finance costs (826,521) (1,364,606) (995,572) (170,937) (1,062,892) — (4,420,528) Share of profits and losses of joint ventures 75,405 - 35,308 5,011 64,778 — 180,502 Share of profits and losses of associates 4,930 (35,328) (17,905) 38,683 155,357 — 145,737 Depreciation of right-of-use assets (364,655) (234,387) (96,967) (21,075) (50,469) — (767,553) Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,944,255) (2,937,761) (1,867,632) (99,179) (71,281) — (7,920,108) (Losses)/gain on disposal of property, plant and equipment and intangible assets (25,489) 442,089 (99,363) 1,911 648 — 319,796 Realized loss on futures, forward and option contracts, net — — — 675,442 (152,064) — 523,378 Other income 21,549 11,087 55,561 33,207 18,147 — 139,551 Impairment loss on property, plant and equipment (23,136) (388,755) — (4,951) — — (416,842) Unrealized (losses)/gains on futures contracts, net — — — (27,705) 17,311 — (10,394) Gain on disposal of a subsidiaries — — — — 11,305 — 11,305 Changes for impairment of inventories (121,286) 103,524 (15,642) 2,184 981 — (30,239) Provision for impairment of receivables (59,105) (14,417) (108,059) (414,342) (383,238) — (979,161) Dividends from other financial assets measured at fair value — — — — 82,794 — 82,794 Investments in associates 88,356 539,058 1,565,235 396,454 6,584,307 — 9,173,410 Investments in joint ventures 1,076,085 — 334,763 43,258 1,920,447 — 3,374,553 Additions during the period: Intangible assets 2,157 3,546 — 1,413 266 — 7,382 Right-of-use assets 12,001 — 59,010 2,875 2,893 — 76,779 Property, plant and equipment(ii) 2,317,271 1,069,086 881,810 328,033 25,119 — 4,621,319 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB12,465 million, sales of self-produced primary aluminum amounting to RMB8,784 million, and sales of self-produced other products amounting to RMB243 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts are not included. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) Year ended December 31, 2019 (Restated) Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 43,931,832 49,089,019 7,345,971 158,935,656 492,940 (69,580,020) 190,215,398 Inter-segment revenue (29,605,251) (11,694,382) (236,136) (27,877,188) (167,063) 69,580,020 — Sales of self-produced products (i) 24,380,771 Sales of products sourced from external suppliers 106,677,697 Revenue from external customers 14,326,581 37,394,637 7,109,835 131,058,468 325,877 — 190,215,398 Segment profit/(loss) before income tax 591,491 687,246 403,479 958,007 (987,704) 213,085 1,865,604 Income tax expense (631,512) Profit for the year 1,234,092 Other items Finance income 61,645 53,252 35,093 105,664 5,540 — 261,194 Finance costs (651,238) (1,328,730) (1,064,769) (224,292) (1,652,512) — (4,921,541) Share of profits and losses of joint ventures 86,245 - (22,272) 3,767 202,375 — 270,115 Share of profits and losses of associates (6,319) 11,621 (32,660) 36,579 39,546 — 48,767 Depreciation of right-of-use assets (495,693) (338,975) (146,139) (45,541) (49,477) — (1,075,825) Depreciation and amortization (excluding the depreciation of right-of-use assets) (2,836,142) (3,235,356) (1,488,077) (79,365) (81,467) — (7,720,407) (Losses)/gains on disposal of property, plant and equipment and intangible assets (576,669) 833,288 (3,982) 7,271 (224) — 259,684 Realized gain on futures, forward and option contracts, net — — 60,671 — — — 60,671 Other income 21,252 716 11,382 47,666 3,595 — 84,611 Impairment on property, plant and equipment (8,742) (247,112) — (3,500) — — (259,354) Unrealized gain on futures, forward and option contracts, net — — — (9,851) — — (9,851) Gain on share of associates’ net assets — — — — 295,288 — 295,288 Gain on disposal of subsidiaries 118 — 3,014 2,738 255,317 — 261,187 Gain on disposal of associates — — 159,514 — — — 159,514 Changes for impairment of inventories 69,740 166,331 34,136 (19,076) — — 251,131 Reversal of/(provision for) impairment of receivables, net of bad debts recovered 6,837 1,088 (53,227) (122,420) (3,294) — (171,016) Dividends from other financial assets measured at fair value — — 1,000 — 96,775 — 97,775 Investments in associates 83,424 574,385 362,757 2,021,964 6,469,871 — 9,512,401 Investments in joint ventures 1,076,085 — 79,199 298,991 1,931,307 — 3,385,582 Additions during the year: Intangible assets 209,366 949,013 (5,062) 1,869 200 — 1,155,386 Right-of- use assets 1,080,285 131,797 8,411 27,365 — — 1,247,858 Property, plant and equipment (ii) 6,490,041 2,381,644 1,454,659 132,841 165,832 — 10,625,017 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB13,330 million, sales of self-produced primary aluminum amounting to RMB10,689 million, and sales of self-produced other products amounting to RMB362 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts are not included. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) As of December 31, 2021 Corporate and other Alumina Primary aluminum Energy Trading operating segments Total Segment assets 90,345,545 63,578,662 35,261,548 20,961,774 49,644,646 259,792,175 Reconciliation: Elimination of inter-segment receivables (67,940,192) Other eliminations (920,811) Corporate and other unallocated assets: Deferred tax assets 1,386,147 Prepaid income tax 59,578 Total assets 192,376,897 Segment liabilities 48,065,682 33,688,693 25,419,575 13,511,644 64,899,888 185,585,482 Elimination of inter-segment payables (67,940,192) Corporate and other unallocated liabilities: Deferred tax liabilities 1,378,519 Income tax payable 569,591 Total liabilities 119,593,400 As of December 31, 2020 (Restated) Corporate and other Primary operating Alumina aluminum Energy Trading segments Total Segment assets 87,549,047 62,050,175 39,671,083 20,520,759 44,594,935 254,385,999 Reconciliation: — Elimination of inter-segment receivables (60,582,399) Other eliminations (360,498) Corporate and other unallocated assets: Deferred tax assets 1,481,235 Prepaid income tax 116,574 Total assets 195,040,911 Segment liabilities 48,888,621 39,204,713 26,197,235 12,815,610 55,475,215 182,581,394 Elimination of inter-segment payables (60,582,399) Corporate and other unallocated liabilities: Deferred tax liabilities 1,437,087 Income tax payable 299,665 Total liabilities 123,735,747 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) The Group mainly operates in Mainland China. Geographical information on operating segments is as follows: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Segment revenue from external customers – Mainland China 184,439,383 177,348,745 256,941,514 – Outside of Mainland China 5,776,015 8,641,832 12,806,718 190,215,398 185,990,577 269,748,232 December 31, December 31, 2021 2020 (Restated) Non-current assets (excluding financial assets and deferred tax assets) – Mainland China 139,348,364 142,746,232 – Outside Mainland China 2,576,957 2,890,338 141,925,321 145,636,570 For the year ended December 31, 2021, revenues of approximately RMB53,205 million (2020: RMB46,262 million, 2019: RMB40,567 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 individual customers that contributed 10% or more of the Group’s revenue during the years ended December 31, 2019, 2020 and 2021.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2021
INTANGIBLE ASSETS
INTANGIBLE ASSETS	6 INTANGIBLE ASSETS Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2021 Opening net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304 Additions — 91,412 — 2,242 93,654 Disposals — (3,639) — — (3,639) Impairment (i) — (11,340) (185,086) — (196,426) Amortization — (326,052) — (51,662) (377,714) Transfer from property, plant and equipment (Note 7) — 17,595 — 10,346 27,941 Currency translation differences (342) (1,692) (2,225) (985) (5,244) Closing net carrying amount 3,509,515 7,192,117 801,063 1,484,181 12,986,876 As of December 31, 2021 Cost 3,509,515 9,972,299 984,092 1,929,188 16,395,094 Accumulated amortization and impairment — (2,780,182) (183,029) (445,007) (3,408,218) Net carrying amount 3,509,515 7,192,117 801,063 1,484,181 12,986,876 (i) The Group made the decision in 2021 to discontinue its exploration activities in Laos due to the continuous impact of Covid-19 on the feasibility of further exploration and development on the related mining properties. As a result, the total carrying amount of the mineral exploration rights amounting to RMB 185 million was fully impaired. Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2020 Opening net carrying amount 3,510,892 7,972,911 1,001,332 1,279,325 13,764,460 Additions — — — 7,382 7,382 Disposals — (277,715) — — (277,715) Impairment — — — (416) (416) Amortization — (412,599) — (46,883) (459,482) Business combination — — — 89 89 Transfer from property, plant and equipment (Note 7) — 149,544 — 284,743 434,287 Currency translation differences (1,035) (6,308) (12,958) — (20,301) Closing net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304 As of December 31, 2020 Cost 3,509,857 9,876,722 988,374 1,932,329 16,307,282 Accumulated amortization and impairment — (2,450,889) — (408,089) (2,858,978) Net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304 6 INTANGIBLE ASSETS (CONTINUED) For the years ended December 31, 2019, 2020 and 2021, the amortization expenses of intangible assets recognized in profit or loss were analyzed as follows: For the years ended December 31 2019 2020 2021 Cost of sales 294,766 371,616 305,484 General and administrative expenses 44,172 87,866 72,230 338,938 459,482 377,714 As of December 31 2021, the Group pledged mining rights and mineral exploration rights with a net carrying value amounting to RMB1,400 million (December 31, 2020: RMB960 million) for interest-bearing loans and borrowings as set out in Note 24. Impairment testing of goodwill The lowest level within the Group at which goodwill is monitored for internal management purposes is the operating segment before aggregation. Therefore, goodwill is allocated to the Group’s CGUs and groups of CGUs that are expected to benefit from the synergies of the relevant business combination. A summary of goodwill allocation is presented below: December 31, 2021 December 31, 2020 Alumina Primary aluminum Alumina Primary aluminum Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Aluminum Co., Ltd. — 1,924,259 — 1,924,259 PT. Nusapati Prima (“PTNP“) 14,621 — 14,963 — Shanxi Huaxing 1,163,949 — 1,163,949 — 1,367,989 2,141,526 1,368,331 2,141,526 The recoverable amount of a CGU is determined based on value-in-use calculations. These calculation of VIU use pre-tax cash flow projections based on financial 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% (2020: 2%) not exceeding the long-term average growth rate for the businesses in which the CGU operates. Other key assumptions applied in the impairment testing include future prices of aluminum and alumina and the discount rate. Management determined these key assumptions based on past performance and their expectations on market development. Furthermore, the Group adopts a nominal pre-tax rate of 12.62% (2020: 12.62%) that reflects specific risks related to CGUs and groups of CGUs and an underlying inflation rate of 2% as the discount rate. The assumptions above are used in analyzing the recoverable amounts of CGUs and groups of CGUs within operating segments. These estimates and judgments may be affected by unexpected changes in the future market or economic conditions. Based on their assessment, there was no impairment of goodwill as of December 31, 2021 and December 31, 2020.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	7 PROPERTY, PLANT AND EQUIPMENT Office Buildings and Transportation and other Construction infrastructure Machinery facilities equipment in progress Total Year ended December 31, 2021 Opening net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423 Reclassifications and internal transfers 1,443,486 1,435,604 105,359 63,774 (3,048,223) — Transfer to intangible assets (Note 6) — — — — (27,941) (27,941) Transfer from right-of-use assets and non-current assets (i) 143,646 1,398,593 — 85 — 1,542,324 Transfer to investment properties (Note 8) (139,377) — — — — (139,377) Transfer to right-of-use assets (Note 20(a)) — — — — (68,377) (68,377) Additions 27,528 230,516 7,947 4,318 2,034,552 2,304,861 Government grants (447) (81,171) — — — (81,618) Disposals (122,110) (699,493) (12,441) (4,545) (275,835) (1,114,424) Depreciation (1,798,811) (5,360,059) (181,204) (35,485) — (7,375,559) Impairment loss (1,163,722) (1,000,412) (2,182) (46) (161,769) (2,328,131) Currency translation differences 21,368 (18,141) (198) (181) — 2,848 Closing net carrying amount 40,676,815 48,940,413 1,080,588 390,087 2,339,126 93,427,029 As of December 31, 2021 Cost 64,118,401 111,919,569 2,731,095 892,122 2,555,618 182,216,805 Accumulated depreciation and impairment (23,441,586) (62,979,156) (1,650,507) (502,035) (216,492) (88,789,776) Net carrying amount 40,676,815 48,940,413 1,080,588 390,087 2,339,126 93,427,029 (i) This includes the right-of-use assets recognized previously under sale and leaseback contracts of RMB 1,343 million that were classified from property, plant and equipment, upon initial adoption of IFRS 16. After the expiration of those contracts, they were recognized as property, plant and equipment. Office Buildings and Transportation and other Construction infrastructures Machinery facilities equipment in progress Total Year ended December 31, 2020 (Restated) Opening net carrying amount 40,777,430 49,569,408 429,581 355,094 12,361,039 103,492,552 Reclassifications and internal transfers 3,301,076 7,114,160 809,433 47,546 (11,272,215) — Transfer to intangible assets (Note 6) — — — — (434,287) (434,287) Transfer from right-of-use assets and non-current assets — 1,982,812 — — — 1,982,812 Transfer to investment properties (Note 8) (78,135) — — — — (78,135) Transfer to other non-current assets — — — — (38,430) (38,430) Transfer to right-of-use assets (Note 20(a)) (140,254) — — — (744,887) (885,141) Additions 296,395 182,427 48,607 10,659 4,083,231 4,621,319 Business combination 1,290 52,357 (18) (28) — 53,601 Government grants (1,646) (40,676) — — — (42,322) Disposals (120,386) (173,788) (27,145) (918) (58,659) (380,896) Depreciation (1,689,772) (5,325,096) (96,999) (49,609) — (7,161,476) Impairment loss (80,641) (326,445) (125) (558) (9,073) (416,842) Currency translation differences (103) (183) (27) (19) — (332) Closing net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423 As of December 31, 2020 (Restated) Cost 63,188,384 114,561,974 2,844,604 871,037 4,007,082 185,473,081 Accumulated depreciation and impairment (20,923,130) (61,526,998) (1,681,297) (508,870) (120,363) (84,760,658) Net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423 7 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) For the year ended December 31, 2019, 2020 and 2021, depreciation expenses recognized in profit or loss are analyzed as follows: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Cost of sales 6,936,008 6,877,532 6,998,349 General and administrative expenses 164,150 123,521 183,934 Research and development expenses — 155,288 185,108 Selling and distribution expenses 6,607 5,135 8,168 7,106,765 7,161,476 7,375,559 As of December 31, 2021, the Group was in the process of applying for the ownership certificates of buildings with a net carrying value of RMB6,609 million (December 31, 2020: RMB7,616 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of these buildings as of the date of approval of these financial statements. For the year ended December 31, 2021, interest expenses of RMB2 million (2020: RMB124 million, 2019: RMB289 million) (Note 29) arising from borrowings attributable to the construction of property, plant and equipment during the year were capitalized at an annual rate of 4.00% (2020: 4.00% to 6.68%, 2019: 4.00% to 6.96)% (Note 29), and were included in additions to property, plant and equipment. As of December 31, 2021, the Group pledged property, plant and equipment with a net carrying value amounting to RMB5,111 million (December 31, 2020: RMB5,191 million) for interest-bearing loans and borrowings as set out in Note 24. As of December 31, 2021, the carrying value of temporarily idle property, plant and equipment of the Group was RMB723 million (December 31, 2020: RMB750 million). Impairment testing for property, plant and equipment As of December 31, 2021, certain CGUs of the Group are discontinued or in status of temporarily idle or insufficient utilization of capacity, due to the adjustment of overall production allocation within the Group or other specific adverse changes in circumstances related to the respective CGUs. The Group considered these CGUs had impairment indications and therefore performed impairment test on them. As a result, provision of impairment of RMB2,328 million was made for property, plant and equipment for the year ended December 31, 2021. When any indicators of impairment are identified, property, plant and equipment are reviewed for impairment based on each CGU. The CGU is an individual plant or entity. The carrying values of these individual plants or entities were compared to the recoverable amounts of the CGUs, which were based predominantly on value-in-use. Value-in-use calculations use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the same cash flow projections of the fifth year. Other key assumptions applied in the impairment testing include the future prices of aluminum and alumina, expected production and sales volumes, production costs and operating expenses. Management determined these key assumptions based on past performance and their expectations on market development. Further, the Group adopts a real pre-tax rate (excluding inflation) of 10.16% to 11.91% (2020: 10.16%) that reflects specific risks related to the CGUs as discount rate. The assumptions above are used in analyzing the recoverable amounts of the CGUs within operating segments. These estimates and judgments may be affected by unexpected changes in the future market or economic conditions.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
INVESTMENT PROPERTIES	Dec. 31, 2021
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	8 INVESTMENT PROPERTIES Buildings Land use rights Total Year ended December 31, 2021 Opening net carrying amount 481,489 1,120,387 1,601,876 Transfer from property, plant and equipment (Note 7) 139,377 — 139,377 Transfer from right-of-use assets (Note 20(a)) — 90,314 90,314 Others — 7,472 7,472 Depreciation (11,900) (12,550) (24,450) Closing net carrying amount 608,966 1,205,623 1,814,589 As of December 31, 2021 Cost 779,253 1,346,953 2,126,206 Accumulated depreciation and impairment (170,287) (141,330) (311,617) Net carrying amount 608,966 1,205,623 1,814,589 Buildings Land use rights Total Year ended December 31, 2020 Opening net carrying amount 414,168 1,089,098 1,503,266 Transfer from property, plant and equipment (Note 7) 78,135 — 78,135 Transfer from right-of-use assets (Note 20(a)) — 45,885 45,885 Disposal — (1,005) (1,005) Depreciation (10,814) (13,591) (24,405) Closing net carrying amount 481,489 1,120,387 1,601,876 As of December 31, 2020 Cost 601,850 1,221,710 1,823,560 Accumulated depreciation and impairment (120,361) (101,323) (221,684) Net carrying amount 481,489 1,120,387 1,601,876 The Group's investment properties consist of land use rights held for rental income and buildings leased to third parties under operating leases.

INVESTMENTS IN JOINT VENTURES A

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	12 Months Ended
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	Dec. 31, 2021
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: December 31, December 31, 2021 2020 As of January 1 3,374,553 3,385,582 Capital injections — 4,333 Share of profits for the year 164,100 180,502 Share of changes in reserves 60 1,491 Cash dividends declared (187,754) (197,355) As of December 31 3,350,959 3,374,553 As of December 31, 2021, all joint ventures of the Group were unlisted. As of December 31, 2021, particulars of the Group’s material joint venture are as follows: a Place of Registered Effective equity interest held establishment and paid-in Principal Ownership Voting Profit Name and operation capital activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd. (“Guangxi Huayin”) (廣西華銀鋁業有限公司) PRC/ 2,441,987 Manufacturing 33.00 % 33.00 % 33.00 % Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method. 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name. The following table illustrates the summarized financial information in respect of Guangxi Huayin: December 31, December 31, 2021 2020 Cash and cash equivalents 224,154 247,680 Other current assets 1,498,110 970,096 Current assets 1,722,264 1,217,776 Non-current assets 5,024,444 5,361,592 Current liabilities 1,844,884 1,522,700 Non-current liabilities 526,827 580,419 Net assets 4,374,997 4,476,249 Reconciliation to the Group’s interest in the joint venture: Proportion of the Group’s ownership 33.00 % 33.00 % The Group’s share of net assets of the joint venture 1,443,749 1,477,162 Carrying amount of the investment 1,443,749 1,477,162 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) For the year ended December 31 2019 2020 2021 Revenue 5,226,893 4,631,737 5,126,994 Gross profit 1,303,254 800,965 890,301 Interest income 9,781 7,388 14,465 Depreciation and amortization 525,109 531,512 553,493 Interest expenses 63,351 51,855 40,506 Profit before income tax 621,315 195,189 246,447 Income tax 79,300 21,152 44,333 Other comprehensive income — — — Total comprehensive income for the year 542,015 174,037 202,114 Dividend received 198,000 99,000 99,000 The following table illustrates the aggregate financial information of the Group’s joint ventures that are not individually material: December 31, 2021 December 31, 2020 Share of the joint ventures’ profits and losses for the year 96,255 121,120 Share of the joint ventures’ total comprehensive income 96,255 121,120 Aggregate carrying amount of the Group’s investments in joint ventures 1,907,210 1,897,391 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: December 31, 2021 December 31, 2020 As of January 1 9,173,410 9,512,401 Investment to Yunnan Aluminum 320,000 — Capital injections, other than to Yunnan Aluminum 309,251 — Subsidiaries changed into associates — 7,473 Capital reduction (83,984) (14,850) Share of profits for the year 272,584 145,737 Dividends declared (378,998) (480,397) Share of changes in reserves 24,371 3,046 As of December 31 9,636,634 9,173,410 As of December 31, 2021, except for Yunnan Aluminum, all associates of the Group were unlisted. As of December 31, 2021, no associate was individually material to the Group except for Yunnan Aluminum. 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) As of December 31, 2021, particulars of the Group’s material associate are as follows: Place of Effective equity interest held establishment and Registered and Principal Ownership Voting Profit Name operation paid-in capital activities interest power sharing Yunnan Aluminum PRC/Mainland China 3,448,207 Manufacturing 10.10 % 10.10 % 10.10 % Yunnan Aluminum, which is considered a material associate of the Group, is accounted for using the equity method. The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name. The following table illustrates the summarized financial information in respect of Yunnan Aluminum: December 31, December 31, 2021 2020 Cash and cash equivalents 1,622,638 1,186,778 Other current assets 3,762,507 4,848,942 Current assets 5,385,145 6,035,720 Non-current assets 37,267,619 39,960,249 Current liabilities 9,782,242 17,360,609 Non-current liabilities 7,869,719 10,658,126 Net assets 25,000,803 17,977,234 Non-controlling interests 3,286,333 2,504,346 Reconciliation to the Group’s interest in the associate: Proportion of the Group’s ownership 10.10 % 10.04 % The Group’s share of net assets of the associate 2,193,161 1,553,478 Carrying amount of the investment 2,193,161 1,553,478 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) For the years ended December 31 2019 2020 2021 Revenue 24,283,623 29,567,864 41,668,819 Gross profit 3,241,005 4,084,535 9,440,917 Interest income 46,865 35,345 31,058 Depreciation and amortization 1,381,066 1,571,308 1,866,030 Interest expenses 945,786 649,600 607,126 Profit before income tax 596,546 1,032,497 3,527,700 Income tax 51,340 122,384 436,429 Other comprehensive income 28,183 (36,602) 23,321 Total comprehensive income for the year 573,389 873,511 3,114,592 Dividend received — — — The following table illustrates the aggregate financial information of the Group’s associates that are not individually material: December 31, December 31, 2021 2020 Share of the associates’ profits and losses (37,780) 83,519 Share of the associates’ total other comprehensive income 6,292 — Share of the associates' total comprehensive income (31,488) 83,519 Aggregate carrying amount of the Group’s investments in the associates 7,443,473 7,619,932 There were no material contingent liabilities relating to the Group’s interests in the associates and the associates themselves. As of December 31, 2020, the Group had pledged investments in associates amounting to RMB396 million as set out in Note 24 to the financial statements.

OTHER FINANCIAL ASSETS MEASURED

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	12 Months Ended
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	Dec. 31, 2021
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	10 OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE December 31, December 31, 2021 2020 (Restated) Listed equity investments, at fair value Dongxing securities Co., Ltd.(東興證券股份有限公司) 7,674 8,812 Unlisted equity investments, at fair value Sanmenxia Dachang Mining Co., Ltd.(三門峽達昌礦業有限公司) 20,921 20,921 Inner Mongolia Ganqimaodu Port Development Co., Ltd.(內蒙古甘其毛都港務發展股份有限公司) 16,669 16,669 Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd. (銀川經濟技術開發區投資控股有限公司) 20,577 17,234 China Color International Alumina Development Co., Ltd.(中色國際氧化鋁開發有限公司) 5,998 6,636 Luoyang Jianyuan Mining Co., Ltd. (洛陽建元礦業有限公司) 4,975 4,975 NingXia Electric Power Trading Center Co., Ltd(寧夏電力交易中心有限公司) 4,305 4,305 Ningxia Ningdian Logistics Transportation Co., Ltd.(寧夏寧電物流運輸有限公司) 1,640 1,640 Chinalco Innovative Development Investment Company Limited (“Chinalco Innovative”) (中鋁創新開發投資有限公司) (ii) — 329,234 Size Industry Investment Fund (四則產業投資基金) (i) — 980,498 Fangchenggang Chisha Pier Co., Ltd.(防城港赤沙碼頭有限公司) 21,700 700 Xingxian Shengxing Highway Investment Management Co., Ltd. (興縣盛興公路投資管理有限公司) 135,079 135,079 231,864 1,517,891 239,538 1,526,703 The above equity investments were irrevocably designated at fair value through other comprehensive income as the Group considers these investments to be strategic in nature. Note: (i) During the year ended December 31,2021, the Group redeemed the investment in Size Industry Investment Fund with capital of RMB 950 million, and dividend of RMB 7 million received. (ii) During the year ended December 31, 2021, the Group appointed one out of seven directors of the Board of Directors of Chinalco Innovative, resulting in the ability to exert significant influence on Chinalco Innovative. Accordingly, the investment in Chinalco Innovative became an investment in an associate.

DEFERRED TAX

DEFERRED TAX	12 Months Ended
DEFERRED TAX	Dec. 31, 2021
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, 2021 without taking into consideration the offsetting of balances within the same tax jurisdiction, are as follows: Movements in deferred tax assets: Unrealised Provision for Accrued profit at impairment expenses Tax losses consolidation Others Total As of January 1, 2020 445,322 209,395 576,190 169,355 179,427 1,579,689 Acquisition of subsidiaries — — — — 36 36 Credit/(charged) to profit or loss 65,196 (99,810) (105,811) 56,731 51,116 (32,578) As of December 31, 2020 510,518 109,585 470,379 226,086 230,579 1,547,147 As of January 1, 2021 510,518 109,585 470,379 226,086 230,579 1,547,147 Credit/(charged) to profit or loss 185,470 (85,912) (226,769) 67,564 (41,937) (101,584) As of December 31, 2021 695,988 23,673 243,610 293,650 188,642 1,445,563 Movements in deferred tax liabilities: Fair value adjustments Fair value Depreciation arising from changes of and acquisition Interest financial amortization of capitalisation assets and others subsidiaries Total As of January 1, 2020 38,007 7,731 23,873 1,700,088 1,769,699 Exchange realignment — — — (1,406) (1,406) Charged to other comprehensive income — (3,066) — — (3,066) Acquisition of subsidiaries — — — 1,274 1,274 Credited to profit or loss (12,167) 4,235 13,234 (268,804) (263,502) As of December 31, 2020 25,840 8,900 37,107 1,431,152 1,502,999 As of January 1, 2021 25,840 8,900 37,107 1,431,152 1,502,999 Charged to other comprehensive income — (11,117) — — (11,117) Credited to profit or loss (7,915) 4,059 34,860 (84,951) (53,947) As of December 31, 2021 17,925 1,842 71,967 1,346,201 1,437,935 The temporary differences associated with investments in the Group’s associates and joint ventures, for which a deferred tax liability has not been recognized in the periods presented, aggregate to RMB437 million (2020: RMB317 million), considering dividends from investments in associates and joint ventures are exempted from the PRC income tax and the Group has no plan to dispose any of these investees in the foreseeable future. 11 DEFERRED TAX (CONTINUED) For presentation purposes, certain deferred tax assets and liabilities have been offset in the consolidated statement of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes: December 31, December 31, 2021 2020 Net deferred tax assets 1,386,147 1,481,235 Net deferred tax liabilities 1,378,519 1,437,087 As of December 31, 2021, the Group has not recognized deferred tax assets of RMB1,514 million (December 31, 2020: RMB1,514 million) in respect of accumulated tax losses amounting to RMB6,930 million (December 31, 2020: RMB 6,593 As of December 31, 2021, the expiry profile of these tax losses not recognized for deferred tax assets was analyzed as follows: December 31, December 31, 2021 2020 Expiring in 2021 — 213,992 2022 742,693 795,012 2023 590,293 536,394 2024 1,778,927 1,890,765 2025 2,405,862 2,590,350 2026 and beyond 1,412,128 566,997 6,929,903 6,593,510

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
OTHER NON-CURRENT ASSETS	Dec. 31, 2021
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	12 OTHER NON-CURRENT ASSETS December 31, December 31, 2021 2020 Financial assets Long-term receivables 127,390 127,754 Less: impairment (15,542) — 111,848 127,754 Prepayment for mining rights 806,534 809,722 Long-term prepaid expenses 593,011 654,291 Deferred losses for sale and leaseback transactions(i) 97,070 396,368 Input VAT to be deducted 294,420 388,271 Rent concessions 376,917 257,899 Others 195,146 531,615 2,363,098 3,038,166 2,474,946 3,165,920 (i) In previous years, the Group entered into several sale and leaseback agreements (Note 20(a)). The deferred losses arising from the sale are classified as other non-current assets and were amortized over the useful lives of the assets leased back. As of December 31, 2021 and December 31, 2020, long-term receivables were denominated in RMB and non-interest bearing.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2021
INVENTORIES
INVENTORIES	13 INVENTORIES December 31, December 31, 2021 2020 (Restated) Raw materials 5,628,872 7,450,822 Work-in-progress 8,732,604 7,290,838 Finished goods 4,310,607 4,835,098 Spare parts 645,564 789,136 Packaging materials and others 26,353 25,709 19,344,000 20,391,603 Less: provision for impairment of inventories (666,125) (529,827) 18,677,875 19,861,776 Movements in the provision for impairment of inventories are as follows: December 31, December 31, 2021 2020 As of January 1 529,827 560,066 Provision for impairment of inventories 471,162 1,492,153 Reversal arising from increase in net realizable value (14,624) (170,766) Written off upon sales of inventories (320,240) (1,351,626) As of December 31 666,125 529,827 As of December 31, 2021 and 2020, the Group had no pledged inventories for bank and other borrowings.

TRADE RECEIVABLES AND NOTES REC

TRADE RECEIVABLES AND NOTES RECEIVABLE	12 Months Ended
TRADE RECEIVABLES AND NOTES RECEIVABLE	Dec. 31, 2021
TRADE RECEIVABLES AND NOTES RECEIVABLE
TRADE RECEIVABLES AND NOTES RECEIVABLE	14 TRADE RECEIVABLES AND NOTES RECEIVABLE December 31, December 31, 2021 2020 (Restated) Trade receivables 4,025,441 5,687,100 Less: impairment (958,787) (933,890) 3,066,654 4,753,210 Notes receivable 3,838,196 4,560,437 6,904,850 9,313,647 As of December 31, 2021, other than trade and notes receivables amounting to RMB512 million which were denominated in USD (December 31,2020: RMB685 million which were denominated in USD), all other trade and notes receivables were denominated in RMB. Trade and notes receivables due from the Group’s joint ventures and associates amounted to RMB641 million (December 31, 2020: RMB741 million) and RMB11 million (December 31, 2020: RMB14 million) respectively, which are repayable on credit terms similar to those offered to the major customers of the Group. As of December 31, 2021, the Group pledged trade and notes receivable amounting to RMB1,983 million (December 31, 2020: RMB2,748 million) as set out in Note 24 to the financial statements. Trade receivables and notes receivable are non-interest bearing and generally with credit terms of 3 to 12 months. Certain of the Group’s sales were on advance payments or documents against payment. In some cases, these terms are extended for qualifying long term customers that have met specific credit requirements. As of December 31, 2021, the ageing analysis of trade receivables based on invoice date was as follows: As of December 31 2021 2020 (Restated) Within 1 year 2,367,787 2,984,665 Between 1 and 2 years 153,161 1,031,050 Between 2 and 3 years 225,796 183,288 Over 3 years 1,278,697 1,488,097 4,025,441 5,687,100 Less: loss allowance for impairment (958,787) (933,890) 3,066,654 4,753,210 An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group also assesses impairment loss individually if there is evidence of significant increases in credit risk at an individual level. 14 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED) Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: As of December 31, 2021 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Alumina and primary aluminum Within 1 year 172,625 1,574 0.91 Between 1 and 2 years 25,430 1,331 5.23 Between 2 and 3 years 3,146 1,708 54.29 Over 3 years 46,210 41,896 90.66 247,411 46,509 Trading Within 1 year 365,158 361 0.10 Between 1 and 2 years 6,131 103 1.68 Between 2 and 3 years 23 1 4.35 Over 3 years 2,918 1,525 52.26 374,230 1,990 Energy Within 1 year 1,108,505 52 0.00 Between 1 and 2 years 119,108 1,298 1.09 Between 2 and 3 years 138,660 3,332 2.40 Over 3 years 171,184 42,054 24.57 1,537,457 46,736 Corporate and other operating segments Within 1 year 10,138 610 6.02 Between 1 and 2 years 2,491 1,763 70.77 Between 2 and 3 years 1,887 1,792 94.97 Over 3 years 10,018 9,763 97.45 24,534 13,928 2,183,632 109,163 Individually assessed trade receivables 1,841,809 849,624 4,025,441 958,787 14 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED) Set out below is the information about individually assessed trade receivables: As of December 31, 2021 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) China Aluminum Zibo International Trading Co., Ltd 617,974 — — Zhuhai Hongfan nonferrous metal Chemical Co., Ltd 270,419 270,419 100.00 Aluminum Industry Co., Ltd., Luoyang, Henan 247,163 — — Xinjiang Jiarun Resources Holdings Co., Ltd. 213,293 213,293 100.00 Guizhou Jinpingguo Aluminum Rod Co., Ltd. 111,138 111,138 100.00 Others 381,822 254,774 66.73 1,841,809 849,624 The Group has no individual provision for impairment of notes receivables. The Group measures the provision for loss on the basis of expected credit losses. The Group considers that notes receivables are not exposed to significant credit risk and has limited default risk. Movements in the loss allowance for impairment of trade receivables are as follows: 2021 2020 2019 (Restated) As of January 1 933,890 715,597 659,261 Impairment loss 364,120 403,633 237,504 Write off (285,178) (122,459) (98,554) Reversal (36,989) (64,661) (83,095) Others (17,056) 1,780 481 As of December 31 958,787 933,890 715,597

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
OTHER CURRENT ASSETS	Dec. 31, 2021
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	15 OTHER CURRENT ASSETS December 31, 2021 December 31, 2020 (Restated) Financial assets — Deposits paid to suppliers 1,320,448 691,786 — Dividends receivable 373,252 412,736 — Receivables from disposal of businesses and assets — 20,950 — Entrusted loans and loans receivable from third parties 1,466,236 1,530,452 — Entrusted loans and loans receivable from related parties 1,324,016 1,264,423 — Recoverable reimbursement for freight charges 251,113 381,866 — Receivable from disposal of aluminum capacity quota — 538,655 — Other financial assets 693,068 1,365,951 5,428,133 6,206,819 Less: impairment allowance (3,153,226) (2,224,511) 2,274,907 3,982,308 Advances to employees — 17,043 Deductible input value added tax receivables 529,760 1,379,288 Prepaid income tax 59,578 116,574 Prepayments to related parties for purchases 144,098 78,724 Prepayments to suppliers for purchases and others 870,762 726,487 Others 74,221 49,598 1,678,419 2,367,714 Less: impairment allowance — (1,621) 1,678,419 2,366,093 Total other current assets 3,953,326 6,348,401 As of December 31, 2021, except for amounts included in other current assets amounting to RMB99 million, which were denominated in USD (December 31, 2020: other current assets amounting to RMB152 million denominated in USD), remaining amounts in other current assets were denominated in RMB. As of December 31, 2021 and 2020, except for entrusted loans and loans receivable which were interest-bearing assets, all amounts in other current assets were non-interest bearing. As of December 31, 2021, the ageing analysis of financial assets included in other current assets was as follows: December 31, 2021 December 31, 2020 (Restated) Within 1 year 1,832,596 2,385,470 Between 1 and 2 years 175,193 142,887 Between 2 and 3 years 36,709 191,228 Over 3 years 3,383,635 3,487,234 5,428,133 6,206,819 Less: provision for impairment (3,153,226) (2,224,511) 2,274,907 3,982,308 15 OTHER CURRENT ASSETS (CONTINUED) Movements in the provision for impairment of in other current assets are as follows: 2021 2020 As of January 1 2,226,132 1,699,450 Impairment loss 1,046,565 657,200 Write off (135,049) (113,507) Reversal (4,524) (17,011) Others 20,102 — As of December 31 3,153,226 2,226,132 Financial assets included in other current assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs. Gross carrying Expected credit As of December 31, 2021 amount losses Stage 1 – 12 months expected credit loss 1,943,470 2,988 Stage 2 – life time expected credit loss 188,324 7,713 Stage 3 – life time expected credit loss with credit-impaired 3,296,339 3,142,525 5,428,133 3,153,226 December 31, 2020 Gross carrying Expected credit (Restated) amount losses Stage 1 – 12 months expected credit loss 2,218,072 5,961 Stage 2 – life time expected credit loss 578,213 14,966 Stage 3 – life time expected credit loss with credit-impaired 3,410,534 2,203,584 6,206,819 2,224,511 During the year ended December 31, 2021, RMB937 millions of provision for bad debt was made for certain long-aged stage 3 receivables, mainly due to further decreased in the value of securities for the related receivables based on the Group’s assessment as of December 31, 2021.

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	12 Months Ended
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	Dec. 31, 2021
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	16 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31, 2021 2020 (Restated) Restricted cash 1,324,748 1,056,037 Cash and cash equivalents 17,853,244 9,671,477 19,177,992 10,727,514 Reconciliation to the consolidated statement of cash flow: 16 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (CONTINUED) The above figures reconcile to the amount of cash and cash equivalent shown in the consolidated statement of cash flows at the end of the financial year as follows: December 31, December 31, 2021 2020 (Restated) Balances as above 17,853,244 9,671,477 Bank overdrafts — (899,955) Balances per statement of cash flows 17,853,244 8,771,522 Restricted cash mainly represented deposits held for use in issuing notes payable and letters of credit. As of December 31, 2021, cash and cash equivalent and restricted cash of the Group were denominated in the following currencies: December 31, December 31, 2021 2020 (Restated) RMB 17,605,127 9,621,499 USD 1,557,373 1,095,713 HKD 7,314 2,763 EUR 1,957 2,055 Others 6,221 5,484 19,177,992 10,727,514 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
SHARE CAPITAL	Dec. 31, 2021
SHARE CAPITAL
SHARE CAPITAL	17 SHARE CAPITAL As of December 31, 2020 and December 31, 2021, all issued shares were registered and fully paid. Both A shares and H shares rank pari passu with each other. The number of the Company’s authorised and issued ordinary shares was 17,022,672,951 at par value of RMB1.00 per share as of December 31, 2021. December 31, December 31, 2021 2020 Listed A shares 13,078,707 13,078,707 Listed H shares 3,943,966 3,943,966 17,022,673 17,022,673

RESERVES

RESERVES	12 Months Ended
RESERVES	Dec. 31, 2021
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 changes in equity of the financial statements. As approved in the 2021 Annual General Meeting, the Company made up for the accumulated losses with the surplus reserve of RMB4,230 million in 2021.

INTEREST-BEARING LOANS AND BORR

INTEREST-BEARING LOANS AND BORROWINGS	12 Months Ended
INTEREST-BEARING LOANS AND BORROWINGS	Dec. 31, 2021
INTEREST-BEARING LOANS AND BORROWINGS
INTEREST-BEARING LOANS AND BORROWINGS	19 INTEREST-BEARING LOANS AND BORROWINGS December 31, December 31, 2021 2020 Long-term loans and borrowings Lease liabilities (Note 20 (b)) 12,594,455 7,086,151 Medium-term notes and bonds (Note 19(b)) – Unsecured 19,222,586 18,975,379 Long-term bank and other loans (Note 19(a)) – Secured (Note 19(f)) 11,008,215 9,216,299 – Guaranteed (Note 19(e)) 3,132,529 4,846,446 – Unsecured 27,984,442 28,951,819 42,125,186 43,014,564 Total long-term loans and borrowings 73,942,227 69,076,094 Current portion of lease liabilities (987,664) (828,272) Current portion of medium-term notes and bonds (2,999,599) (7,100,711) Current portion of long-term bank and other loans (5,859,115) (3,629,014) (9,846,378) (11,557,997) Non-current portion of long-term loans and borrowings 64,095,849 57,518,097 December 31, December 31, 2021 2020 Short-term loans and borrowings Bank and other loans (Note 19(c)) – Secured (Note 19(f)) 513,100 863,738 – Guaranteed — 50,000 – Unsecured 8,706,230 19,824,292 9,219,330 20,738,030 Short-term bonds, unsecured (Note 19(d)) 5,440,414 2,411,256 Current portion of lease liabilities 987,664 828,272 Current portion of medium-term notes and bonds 2,999,599 7,100,711 Current portion of long-term bank and other loans 5,859,115 3,629,014 15,286,792 13,969,253 Total short-term borrowings and current portion of long-term loans and borrowings 24,506,122 34,707,283 As of December 31, 2021, except for loans and borrowings of the Group amounting to RMB11 million (December 31, 2020: RMB15 million) and RMB1,333 million (December 31, 2020:RMB1,312 million) which were denominated in JPY and USD, respectively, all loans and borrowings were denominated in RMB. 19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) As of December 31, 2021, included in the Group’s interest-bearing loans and borrowings are loans provided by subsidiaries of Chinalco RMB13,029 million (December 31, 2020: RMB8,887 million), as set out in Note 36(b). There were no interest-bearing loans and borrowings obtained from joint ventures and associates as of December 31, 2021 and 2020. As of December 31, 2021, Shangdong Huayu Alloy Materials Co. Ltd. (“Shangdong Huayu”), a subsidiary of the Company did not repay short-term secured bank loans with principal amount of RMB113 million, which resulted in an event of default and there is no further impact extended to the Group. (a) Long-term bank and other loans The maturity of long-term bank and other loans is set out below: Loans from banks and other Total of long-term bank and financial institutions Other loans other loans December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 Within 1 year 5,856,967 3,626,564 2,148 2,450 5,859,115 3,629,014 Between 1 and 2 years 11,835,504 6,700,238 2,148 2,450 11,837,652 6,702,688 Between 2 and 5 years 9,764,992 15,630,738 6,445 7,350 9,771,437 15,638,088 Over 5 years 14,656,982 17,042,324 — 2,450 14,656,982 17,044,774 42,114,445 42,999,864 10,741 14,700 42,125,186 43,014,564 19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (b) Medium-term notes and bonds Outstanding medium-term bonds and private placement notes of the Group as of December 31, 2021 are summarized as follows: Effective December 31, December 31, Face value /maturity interest rate 2021 2020 2018 Medium-term notes 2,000,000RMB/2021 5.84 % — 1,998,802 2019 Medium-term notes 2,000,000RMB/2024 4.31 % 1,989,090 1,985,264 2020 Medium-term notes 900,000RMB/2023 3.04 % 898,866 897,972 2021 Medium-term notes 1,000,000RMB/2024 3.21 % 997,028 — 2018 Medium-term bonds 1,100,000RMB/2021 4.66 % — 1,099,284 2018 Medium-term bonds 900,000RMB/2023 5.06 % 899,323 898,807 2018 Medium-term bonds 1,400,000RMB/2021 4.30 % — 1,398,160 2018 Medium-term bonds 1,600,000RMB/2023 4.57 % 1,597,988 1,597,071 2019 Medium-term bonds 2,000,000RMB/2022 3.84 % 1,999,809 1,999,196 2019 Medium-term bonds 2,000,000RMB/2029 4.57 % 1,997,440 1,997,265 2019 Medium-term bonds 1,000,000RMB/2022 3.52 % 999,790 999,623 2020 Medium-term bonds 500,000RMB/2025 3.31 % 499,876 499,853 2020 Medium-term bonds 1,000,000RMB/2023 3.07 % 999,787 999,617 2018 Hong Kong Medium-term bonds 400,000USD/2021 5.25 % — 2,604,465 2021 Hong Kong Medium-term bonds 500,000USD/2024 1.74 % 3,173,180 — 2021 Hong Kong Medium-term bonds 500,000USD/2026 2.24 % 3,170,409 — 19,222,586 18,975,379 Medium-term notes and bonds were issued for capital expenditure and operating cash flows purposes, as well as for the purpose of re-financing of bank loans. 19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (c) Short-term bank and other loans The weighted average annual interest rate of short-term bank and other loans for the year ended December 31, 2021 was 3.03% (2020: 3.46%). (d) Short-term bonds Outstanding short-term bonds as of December 31, 2021 are summarized as follows: Effective December 31, December 31, Face value /maturity interest rate 2021 2020 short-term bonds 400,000RMB/2021 2.46 % — 405,997 short-term bonds 500,000RMB/2021 1.52 % — 501,781 short-term bonds 1,000,000RMB/2021 2.45 % — 1,002,925 short-term bonds 500,000RMB/2021 1.61 % — 500,553 short-term bonds 400,000RMB/2022 2.70 % 406,036 — short-term bonds 2,000,000RMB/2022 2.59 % 2,022,571 — short-term bonds 1,000,000RMB/2022 2.55 % 1,006,240 — short-term bonds 2,000,000RMB/2022 2.80 % 2,005,567 — 5,440,414 2,411,256 All the above short-term bonds were issued for working capital needs. (e) Guaranteed interest-bearing loans and borrowings Details of guarantors for the Group’s loans and borrowings are set out as follows: Guarantors December 31, December 31, 2021 2020 Long-term loans The Company 1,053,744 2,092,761 Baotou Aluminum Limited Company(包頭鋁業有限公司) and Baotou Communications Investment Group Limited Company(包頭交通投資集團有限公司) (i) 825,000 1,137,500 Ningxia Energy (ii) 935,000 1,134,400 The Company and COSCO SHIPPING BULK Limited company (中遠海運散貨運輸有限公司) (iii) 318,785 318,785 Yinyi Fengdian, Neimenggu, Alashan (ii) — 144,000 Yinxing Energy (ii) — 19,000 3,132,529 4,846,446 Short-term loans Ningxia Energy (ii) — 50,000 3,132,529 4,896,446 Notes: (i) The guarantors are a subsidiary of the Company and a related party respectively. (ii) The guarantor is a subsidiary of the Company. 19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (e) Guaranteed interest-bearing loans and borrowings (Continued) (iii) The joint guarantors are the Company and a third party. The English names represent the best effort by management of the Group in translating the Chinese names of the companies as they do not have any official English names. (f) Details of the assets pledged for bank and other borrowings were set out in Note 24 to the financial statements.

LEASE

LEASE	12 Months Ended
LEASE	Dec. 31, 2021
LEASE
LEASE	20 LEASE The Group as a lessee The Group has lease contracts for various items of plant and machinery, motor vehicles, other equipment and land use rights used in its operations. (a) Right-of-use assets The carrying amounts of the Group’s right-of-use assets and the movements during 2021 and 2020 are as follows: Buildings Machinery Land use rights Total As of January 1, 2021 235,169 1,764,196 12,288,473 14,287,838 Additions 8,547 6,424 109,927 124,898 Transfer from property, plant and equipment (Note 7) — — 68,377 68,377 Lease modification 377,873 — 5,769,223 6,147,096 Transfer to property, plant and equipment (143,646) (1,199,382) — (1,343,028) Transfer to investment properties (Note 8) — — (90,314) (90,314) Disposal — — (17,774) (17,774) Depreciation (121,955) (128,617) (493,939) (744,511) Impairment losses — (67,744) (22,346) (90,090) Currency translation differences (23) — 3,667 3,644 As of December 31, 2021 355,965 374,877 17,615,294 18,346,136 Buildings Machinery Land use rights Total As of January 1, 2020 287,255 3,756,305 11,846,877 15,890,437 Additions 15,023 8,831 52,925 76,779 Transfer from property, plant and equipment (Note 7) — — 885,141 885,141 Lease modification (12,301) — (43,496) (55,797) Transfer to property, plant and equipment — (1,663,686) — (1,663,686) Transfer to investment properties (Note 8) — — (45,885) (45,885) Disposal — — (15,792) (15,792) Depreciation (54,792) (321,464) (391,297) (767,553) Impairment losses — (15,790) — (15,790) Currency translation differences (16) — — (16) As of December 31, 2020 235,169 1,764,196 12,288,473 14,287,838 As of December 31, 2021, the Group has pledged land use rights at a net carrying value amounting to RMB180 million (December 31, 2020: RMB273 million) for bank and other borrowings as set out in Note 24 to the financial statements. 20 LEASE (CONTINUED) The Group as a lessee (Continued) (b) Lease liabilities The carrying amount of lease liabilities (included under interest-bearing bank and other borrowings) and the movements during the year are as follows: Year ended December 31, 2021 Carrying amount as of January 1 7,086,151 New leases 122,354 Lease modification (i) 6,147,096 Accretion of interest recognized during the year 366,858 Payments (1,128,004) Carrying amount as of December 31 12,594,455 Analyzed into: Current portion 987,664 Non-current portion 11,606,791 (i) Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001 (Note 3(g)), the annual consideration for certain lands leased by the Group from Chinalco for the period commencing January 1, 2022 was re-negotiated between contract parties, which constitute lease modifications as of December 31, 2021 and results in remeasurement of the lease liabilities and a corresponding adjustment to the right-of-use assets. (c) The amounts recognized in profit or loss in relation to leases are as follows: 2021 2020 2019 Interest on lease liabilities 366,858 466,796 487,249 Depreciation charge of right-of-use assets 744,511 767,553 1,075,825 Expense relating to short-term leases and leases of low-value assets 51,739 91,537 65,426 　 Total amount recognized in profit or loss 1,163,108 1,325,886 1,628,500 (d) The total cash outflow for leases is disclosed in Notes 35(c), to the financial statements. The Group as a lessor Rental income recognized by the Group during the year was RMB299 million (2020: RMB330 million, 2019: RMB318 million), details of which are included in Note 5 to the financial statements. In the opinions of the directors, the undiscounted lease payments receivable by the Group in future periods under non-cancellable operating leases are not material.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	12 Months Ended
OTHER NON-CURRENT LIABILITIES	Dec. 31, 2021
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES	21 OTHER NON-CURRENT LIABILITIES December 31, 2021 December 31, 2020 Financial liabilities –Long-term payables for mining rights 798,204 1,014,169 –Other financial liabilities 82,660 22,748 880,864 1,036,917 Obligations in relation to early retirement schemes (i) 205,802 217,864 Deferred government grants 153,290 182,221 Deferred gain relating to sales and leaseback agreements 50,630 58,844 Contract liabilities 108,545 182,859 Provision for rehabilitation 393,896 316,812 Others 145,213 152,041 1,057,376 1,110,641 1,938,240 2,147,558 Note: (i) Obligations in relation to early retirement schemes Since 2014, certain subsidiaries and branches implemented termination retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. The Group undertakes the obligations to pay the termination retirement employees’ living expenses for a period of no more than five years in the future on a monthly basis according to the termination retirement benefit schemes, in addition to the social insurance and housing fund pursuant to the regulation of the local Social Security Office. Living expenses, social insurance and the housing fund are together referred to as “the Payments”. The Payments are forecasted to increase by 3% per annum with reference to the inflation rate and adjusted based on the average death rate in China. The Payments are discounted at the treasury bond rate as of December 31, 2021. As of December 31, 2021, the current portion of the Payments payable within one year is included in “Other payables and accrued liabilities”. As of December 31, 2021 and 2020, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows: December 31, December 31, 2021 2020 As of January 1 497,334 843,253 Provision made during the year (Note 30) 269,895 53,339 Interest costs 4,612 11,582 Payment during the year (343,362) (410,840) As of December 31 428,479 497,334 Non-current 205,802 217,864 Current (Note 22) 222,677 279,470 428,479 497,334

OTHER PAYABLES AND ACCRUED LIAB

OTHER PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
OTHER PAYABLES AND ACCRUED LIABILITIES	Dec. 31, 2021
OTHER PAYABLES AND ACCRUED LIABILITIES
OTHER PAYABLES AND ACCRUED LIABILITIES	22 OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2021 December 31, 2020 (Restated) Financial liabilities – Payable for capital expenditures 2,990,377 4,677,705 – Interest payable 485,426 533,382 – Deposits 1,653,524 1,748,356 – Dividends payable by subsidiaries to non-controlling shareholders 369,465 289,791 – Consideration payable for investment projects 38,255 23,740 – Current portion of payables for mining rights (Note 21) 182,959 460,101 – Payable of the government levies on self-operated power plants 411,021 423,728 – Others 1,035,189 809,149 7,166,216 8,965,952 Output value-added tax payable 263,297 271,963 Taxes other than income taxes payable (i) 1,298,548 798,481 Accrued payroll and bonus 123,981 72,289 Staff welfare payables 213,305 323,214 Current portion of obligations in relation to termination retirement schemes (Note 21) 222,677 279,470 Contribution payable for pension insurance 19,278 22,935 Others 46,391 21,375 2,187,477 1,789,727 9,353,693 10,755,679 (i) Taxes other than income taxes payable mainly comprise accruals for value-added tax, resource tax, city construction tax and education surcharge. As of December 31, 2021, except for other payables and accrued liabilities of the Group amounting to RMB1.24 million and RMB0.16 million which were denominated in USD and HKD, respectively (December 31, 2020: RMB92 million and RMB0.16 million which were denominated in USD and HKD, respectively), all remaining balances of payables and accrued liabilities were denominated in RMB.

TRADE AND NOTES PAYABLES

TRADE AND NOTES PAYABLES	12 Months Ended
TRADE AND NOTES PAYABLES	Dec. 31, 2021
TRADE AND NOTES PAYABLES
TRADE AND NOTES PAYABLES	23 TRADE AND NOTES PAYABLES December 31, 2021 December 31, 2020 (Restated) Trade payables 10,946,272 9,976,432 Notes payable 4,559,171 5,467,922 15,505,443 15,444,354 As of December 31, 2021, except for trade and notes payables of the Group amounting to RMB241 million which were denominated in USD (December 31, 2020: RMB35 million in USD), all remaining balances of trade and notes payables were denominated in RMB. 23 TRADE AND NOTES PAYABLES (CONTINUED) The ageing analysis of trade and notes payables is as follows: December 31, 2021 December 31, 2020 (Restated) Within 1 year 14,941,793 14,926,948 Between 1 and 2 years 131,152 210,587 Between 2 and 3 years 129,356 119,587 Over 3 years 303,142 187,232 15,505,443 15,444,354 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
PLEDGE OF ASSETS	Dec. 31, 2021
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 of December 31, 2021, a summary of these pledged assets was as follows: December 31, 2021 December 31, 2020 Property, plant and equipment (Note 7) 5,111,165 5,191,185 Right-of-use assets (Note 20(a)) 179,683 273,451 Intangible assets (Note 6) 1,399,972 960,000 Trade receivables and notes receivables (Note 14) 1,982,986 2,747,768 Investments in joint ventures and associates (Note 9) — 395,610 8,673,806 9,568,014 As of December 31, 2021, in addition to the loans and borrowings which were secured by the above assets, the current portion of long-term loans and borrowings amounting to RMB1,525 million (December 31, 2020: RMB1,209 million), and the non-current portion of long-term loans and borrowings amounting to RMB7,959 million (December 31, 2020: RMB10,265 million) were secured by the contractual right to charge users for electricity generated in the future.

EXPENSE BY NATURE

EXPENSE BY NATURE	12 Months Ended
EXPENSE BY NATURE	Dec. 31, 2021
EXPENSE BY NATURE
EXPENSE BY NATURE	25 EXPENSE BY NATURE For the years ended December 31 2019 2020 2021 (Restated) (Restated) Purchase of inventories in relation to trading activities 104,928,962 102,515,791 149,177,935 Raw materials and consumables used, and changes in work-in-progress and finished goods 35,550,482 32,935,620 45,735,508 Power and utilities 16,755,424 16,766,950 24,283,691 Depreciation of right-of-use assets (Note 20) 1,075,825 767,553 744,511 Depreciation and amortization (other than depreciation of right-of-use assets) expenses 7,720,407 7,920,108 7,969,871 Employee benefit expenses (Note 30) 7,777,692 7,877,451 8,878,784 Repairs and maintenance 1,867,160 1,595,880 2,797,464 Transportation expenses and logistic cost 3,420,360 4,079,157 5,662,341 Taxes other than income tax expense (i) 1,431,587 1,601,728 2,247,649 Inventory impairment loss 1,163,272 1,321,387 456,538 Research and development expenses 940,828 1,014,604 1,842,295 Auditors’ remuneration -The Company’s auditor -Audit services 25,444 18,170 18,170 -Non-audit services 2,388 700 870 -Other auditors 5,505 12,436 2,746 Others 1,978,911 1,154,102 1,332,875 184,644,247 179,581,637 251,151,248 Note: (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty .

NET IMPAIRMENT LOSSES ON FINANC

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	12 Months Ended
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	Dec. 31, 2021
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	26 NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS For the years ended December 31 2019 2020 2021 (Restated) Impairment losses on other non-current assets (Note 12) — — 15,716 Impairment losses on trade and notes receivables (Note 14) 154,409 338,972 327,131 Impairment losses on other current assets (Note 15) 16,607 640,189 1,042,041 171,016 979,161 1,384,888

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Dec. 31, 2021
OTHER INCOME
OTHER INCOME	27 OTHER INCOME For the year ended December 31, 2021, government grants amounting to RMB148 million (2020: RMB140 million, 2019: RMB85 million) were recognized as income for the year to facilitate the Group’s development. There are no unfulfilled conditions or contingencies attached to the grants.

OTHER (LOSSES) GAINS-NET

OTHER (LOSSES) GAINS-NET	12 Months Ended
OTHER (LOSSES) GAINS-NET	Dec. 31, 2021
OTHER (LOSSES)/GAINS-NET
OTHER (LOSSES)/GAINS-NET	28 OTHER (LOSSES)/GAINS-NET For the years ended December 31 2019 2020 2021 (Restated) (Loss)/gain on disposal of subsidiaries (Note 40) 261,187 11,305 (27,404) Realized and unrealized gains on futures, forward and option contracts, net(i) 50,820 512,984 (604,734) (Loss)/gain on disposal of property, plant and equipment and intangible assets, net (ii) 259,684 319,796 (650,711) (Loss)/gain on acquisition of associates (iii) 295,288 — — Losses on derecognition of financial assets measured at amortized cost — — (91,348) Gain on disposal of investment in a joint venture (iv) 159,514 — — Others (44,816) 59,786 (249,306) 981,677 903,871 (1,623,503) (i) The Group does not apply hedge accounting for these futures, forward and option contracts. (ii) During the year ended December 31, 2021, the Group abandoned or replaced certain idle or inefficient property, plant and equipment in the process of production line improvement or disposal, resulting in a loss of RMB 651 million. During the year ended December 31, 2020, the aluminum capacity quota of Shandong Huayu has been disposed of, and the Group recognized the disposal gain of RMB539 million. During the year ended December 31, 2019, the electrolytic aluminum capacity quota was transferred from Shanxi Huasheng Co., Ltd. to Yixin Aluminum with a gain of RMB800 million recorded. The fixed assets related to the electrolytic aluminum production line of Guizhou Branch have been disposed of, and the Company recognized the disposal loss of RMB541 million. (iii) During the year ended December 31, 2019, the Group recognized a gain of RMB 204 million and a gain of RMB 91 million on barging purchase of associates Yunnan Aluminum and Yixin Aluminum, respectively. (iv) In March 2019, Ningxia Energy transferred, through an auction transaction, its 50% equity interest in Ningxia Zhongning Power Co., Ltd. to Ningxia Tianyuan Manganese Industry Group Co., Ltd. A gain of RMB 159 million from disposal of investment in a joint venture was recorded by the Group.

FINANCE INCOME_FINANCE COSTS

FINANCE INCOME/FINANCE COSTS	12 Months Ended
FINANCE INCOME/FINANCE COSTS	Dec. 31, 2021
FINANCE INCOME/FINANCE COSTS
FINANCE INCOME/FINANCE COSTS	29 FINANCE INCOME/FINANCE COSTS An analysis of finance income/finance costs is as follows: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Finance income-interest income (261,194) (227,201) (275,996) Interest expense 4,665,537 3,986,264 3,522,241 Less: Interest expense capitalized in property, plant and equipment (Note 7) (289,499) (123,571) (1,727) Interest expense, net of capitalized interest 4,376,038 3,862,693 3,520,514 Interest on lease liability and amortization of unrecognized finance expenses 547,820 481,512 401,927 Exchange losses/(gains), net (2,317) 76,323 20,320 Finance costs 4,921,541 4,420,528 3,942,761 Finance costs, net 4,660,347 4,193,327 3,666,765 Capitalization rate during the year (Note 7) 4.00% to 6.96% 4.00% to 6.68% 4.00%

EMPLOYEE BENEFIT EXPENSE

EMPLOYEE BENEFIT EXPENSE	12 Months Ended
EMPLOYEE BENEFIT EXPENSE	Dec. 31, 2021
EMPLOYEE BENEFIT EXPENSE
EMPLOYEE BENEFIT EXPENSE	30 EMPLOYEE BENEFIT EXPENSE An analysis of employee benefit expenses is as follows: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Salaries and bonuses 4,942,843 5,327,833 5,563,500 Housing fund 488,901 532,842 558,392 Staff welfare and other expenses* 2,037,041 1,955,447 2,435,282 Employment expense in relation to early retirement schemes 210,428 53,339 269,895 Employment expenses in relation to termination benefits 98,479 7,990 51,715 7,777,692 7,877,451 8,878,784 (i) Staff welfare and other expenses include staff welfare, staff union expenses, staff education expenses and unemployment insurance expenses etc. In 2020, the group entities in Mainland China were exempt from payment of employee social benefits during the period from February to December in 2020 under national Covid-19 supportive policies. Employee benefit expenses include remuneration payables to directors, supervisors and senior management as set out in Note 31.

DIRECTORS' AND SUPERVISORS' REM

DIRECTORS' AND SUPERVISORS' REMUNERATION	12 Months Ended
DIRECTORS' AND SUPERVISORS' REMUNERATION	Dec. 31, 2021
DIRECTORS' AND SUPERVISORS' REMUNERATION
DIRECTORS' AND SUPERVISORS' REMUNERATION	31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (a) Directors’ and supervisors’ remuneration Directors’ and supervisors’ remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies Regulation (Disclosure of Information about Benefits of Directors), is as follows: For the years ended December 31 2019 2020 2021 Fees 780 683 579 Basic salaries, housing fund, other allowances and benefits in kind 4,665 3,996 4,526 Pension costs 513 207 449 5,958 4,886 5,554 The remuneration of each director and supervisor of the Company for the year ended December 31, 2021 is set out below: Discretionary Names of directors and supervisors Fees Salaries bonuses Pension costs Total Executive Directors: Liu Jianping (ii) — — — — — Zhu Runzhou — 1,176 — 93 1,269 Ou Xiaowu (iii) — 973 — 93 1,066 Jiang Tao (iv) — 837 — 77 914 — 2,986 — 263 3,249 Non-executive Directors: Ao Hong (i) — — — — — Zhang Jilong (iv) — — — — — Wang Jun — — — — — Chen Lijie (x) 95 — — — 95 Lie-A-Cheong Tai-Chong, David(x) 95 — — — 95 Hu Shihai(x) 95 — — — 95 Qiu Guanzhou(vi) 98 — — — 98 Chan Yuen Sau Kelly (viii) 98 — — — 98 Yu Jingsong (vii) 98 — — — 98 579 — — — 579 Supervisors: Ye Guohua — — — — — Shan Shulan — — — — — Guan Xiaoguang — 770 — 93 863 Yue Xuguang — 770 — 93 863 Lin Ni (ix) — — — — — Total — 1,540 — 186 1,726 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2020 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs Total Executive Directors: Lu Dongliang — — — — — He Zhihui — 866 — 37 903 Jiang Yinggang — 562 — 31 593 Zhu Runzhou — 894 — 44 938 — 2,322 — 112 2,434 Non-executive Directors: Ao Hong(i) — — — — — Wang Jun 50 — — — 50 Chen Lijie(x) 211 — — — 211 Lie-A-Cheong Tai-Chong, David(x) 211 — — — 211 Hu Shihai(x) 211 — — — 211 683 — — — 683 Supervisors: Ye Guohua — — — — — Ou Xiaowu(iii) — 134 — 7 141 Shan shulan — — — — — Guan Xiaoguang — 770 — 44 814 Yue Xuguang — 770 — 44 814 Total — 1,674 — 95 1,769 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2019 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Lu Dongliang — — — — — He Zhihui — 885 — 73 958 Jiang Yinggang — 889 — 88 977 Zhu Runzhou — 833 — 88 921 — 2,607 — 249 2,856 Non-executive Directors: Ao Hong(i) — — — — — Wang Jun 150 — — — 150 Chen Lijie(x) 210 — — — 210 Lie-A-Cheong Tai-Chong, David(x) 210 — — — 210 Hu Shihai(x) 210 — — — 210 780 — — — 780 Supervisors: Ye Guohua — — — — — Ou Xiaowu(iii) — — — — — Shan shulan — — — — — Guan Xiaoguang — 710 — 88 798 Yue Xuguang — 770 — 88 858 Wu Zuoming — 578 — 88 666 Total — 2,058 — 264 2,322 Notes: (i) On June 29, 2021, Mr. Ao Hong was resigned as an non-executive Director of the Company. (ii) On June 29, 2021, Mr. Liu Jianping was appointed as an executive Director of the Company in the seventh session of the Board of the Company. (iii) On June 29, 2021, Mr. Ou Xiaowu was appointed as an executive Director in the seventh session of the Board of the Company. (iv) On June 29, 2021, Mr. Jiang Tao was appointed as an executive Director of the Company in the seventh session of the Board of the Company. (v) On June 29, 2021, Mr. Zhang Jilong was appointed as an non-executive Director of the Company in the seventh session of the Board of the Company. (vi) On June 29, 2021, Mr. Qiu Guanzhou was appointed as an independent non-executive Director in the seventh session of the Board of the Company. (vii) On June 29, 2021, Mr. Yu Jinsong was appointed as an independent non-executive Director in the seventh session of the Board of the Company. 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) (viii) On June 29, 2021, Ms. Chan Yuen Sau Kelly was appointed as an independent non-executive Director in the seventh session of the Board of the Company (ix) On December 21, 2021, Ms. Lin Ni was appointed as the supervisor in the seventh session of the supervisory Committee of the Company. (x) On June 29, 2021, Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai-Chong, David were resigned as non-executive Directors of the Company. The remuneration of the directors and supervisors of the Company fell within the following band: Number of individuals December 31, 2019 December 31, 2020 December 31, 2021 Nil to RMB1,000,000 14 14 14 During the year, no options were granted to the directors or the supervisors of the Company (2020: Nil, 2019: Nil). During the year, no emoluments were paid to the directors or the supervisors of the Company (among which included the five highest paid employees) as an inducement to join or upon joining the Company or as compensation for loss of office (2020: Nil, 2019: Nil). Director Wang Jun waived his director’s remuneration with effect from May 2020. The annual remuneration before tax as a non-executive director of the Company is RMB 150,000 for 2021. (b) Five highest paid individuals During the year ended December 31, 2021, the five highest paid individuals of the Group include three directors (2020: three directors, 2019: three directors) whose remuneration is reflected in the analysis presented above. The remuneration payable to the remaining two individuals during 2021 (2020: two, 2019: two) is as follows: For the years ended December 31 2019 2020 2021 Basic salaries, housing fund, other allowances and benefits in kind 1,670 1,594 1,699 Discretionary bonuses — — — Pension costs 137 88 186 1,807 1,682 1,885 The number of the remaining two highest paid individuals during 2021 (2020: two) whose remuneration fell within the following band is as follows: Number of individuals December 31, December 31, December 31, 2019 2020 2021 Nil to RMB1,000,000 2 2 2

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
INCOME TAX EXPENSE	Dec. 31, 2021
INCOME TAX EXPENSE
INCOME TAX EXPENSE	32 INCOME TAX EXPENSE For the years ended December 31 2019 2020 2021 (Restated) (Restated) Current income tax expense 726,198 820,947 2,342,124 Deferred tax benefit (94,686) (230,924) 47,637 631,512 590,023 2,389,761 In general, the Group’s PRC entities are subject to PRC corporate income tax at the standard rate of 25% (2020: 25%, 2019: 25%) on their respective estimated 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% (2020: 15%, 2019: 15%). A reconciliation of the tax expense applicable to profit before tax at the statutory rates for the countries in which the Company and the majority of its subsidiaries are 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: For the years ended December 31 2019 2020 2021 (Restated) (Restated) Profit before income tax 1,865,604 2,189,271 10,178,780 Tax expense calculated at the statutory tax rate of 25% (2020: 25%, 2019: 25%) 466,401 547,318 2,544,695 Tax effects of: Different income tax rates applicable to certain branches and subsidiaries (464,912) (357,018) (1,018,602) Impact of change in income tax rate 4,594 (52,177) 32,107 Net impact of unrecognized temporary differences and tax losses for current and prior years 861,896 620,001 1,166,082 Expenses subject to additional deduction (50,921) (42,958) (142,326) Interest expenses of perpetual bonds — (86,034) (76,807) Expenses not deductible for tax purposes 56,448 51,583 42,786 Non-taxable income (173,686) — — Profits and losses attributable to joint ventures and associates (79,720) (70,577) (156,762) Others 11,412 (20,115) (1,412) Income tax expense 631,512 590,023 2,389,761 Effective tax rate 34 % 27 % 23 %

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	12 Months Ended
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	Dec. 31, 2021
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	33 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY For the years ended December 31 2019 2020 2021 (Restated) (Restated) Profit attributable to owners of the Company (in thousands of RMB) 595,643 764,306 5,079,562 Adjustment: cumulative distribution reserved of other equity instruments (in thousands of RMB) (219,249) (261,168) (209,500) Adjusted profit attributable to ordinary shares holders of the Company 376,394 503,138 4,870,062 For the purpose of calculating basic earnings per share, the Group adjusted the profit attributable to owners of the Company by deducting the after-tax amounts of cumulative distribution reserved for the year for other equity instruments, which were issued by the Group and classified as equity instrument (Note 41). Number of ordinary shares in issue (thousands) as of January 1 14,903,798 17,022,673 17,022,673 Issuance of share capital (thousands) 2,118,875 — — Weighted average number of ordinary shares in issuance 17,022,673 17,022,673 17,022,673 Basic earnings per share (RMB) 0.022 0.030 0.286 The Group had no potentially dilutive ordinary shares in issuance during the years ended December 31, 2021, 2020 and 2019, thus the diluted earnings per share were the same as basic earnings per share. Basic earnings per share was calculated by dividing the adjusted profit attributable to ordinary shares holders of the Company by the weighted average number of shares in issue during the year.

DIVIDENDS

DIVIDENDS	12 Months Ended
DIVIDENDS	Dec. 31, 2021
DIVIDENDS
DIVIDENDS	34 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 less statutory surplus reserve and the opening retained earnings for the current period in accordance with IFRSs; (ii) the sum of the net profit less statutory surplus reserve and the opening retained earnings for the current period in accordance with the PRC Accounting Standards 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, 2022, the directors proposed a final dividend of RMB545 million for the year ended December 31, 2021.

NOTES TO THE CONSOLIDATED STATE

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	12 Months Ended
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	Dec. 31, 2021
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	35 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (a) Reconciliation of profit before taxation to cash generated from operations For the years ended December 31 Notes 2019 2020 2021 (Restated) (Restated) Cash flows generated from operating activities Profit before income tax 1,865,604 2,189,271 10,178,780 Adjustments for: Share of profits of joint ventures 9 (a) (270,115) (180,502) (164,100) Share of profits of associates 9 (b) (48,767) (145,737) (272,584) Depreciation of property, plant and equipment 7 7,106,765 7,161,476 7,375,559 Depreciation of investment properties 8 26,559 24,405 24,450 Depreciation of right-of-use assets 20 1,075,825 767,553 744,511 Amortization of intangible assets 6 338,938 459,482 377,714 Amortization of prepaid expenses included in other non-current assets 248,145 274,745 192,148 Loss/(gain) on write-off and disposal of property, plant and equipment and intangible assets, net (243,622) (319,796) 650,711 Impairment loss on property, plant and equipment 259,354 416,842 2,328,131 Impairment loss of investment properties 87 — — Impairment loss of intangible assets — 416 196,426 Impairment loss of right-of-use assets 20 1,448 15,790 90,090 Impairment loss of inventory 1,163,272 1,321,387 456,538 Impairment loss of trade and notes receivables 154,409 338,972 327,131 Impairment loss of other currents assets 16,607 640,189 1,042,041 Impairment loss of non-current assets — — 15,716 Realized and unrealized gains on futures, option and forward contracts 28 (50,820) (512,984) 604,734 Loss/(gain) on disposal of subsidiaries 28 (261,187) (11,305) 27,404 Loss on factoring of accounts receivable — — 83,293 Gain on disposal of investment in a joint venture (159,514) — — Gain on acquisition of associates (295,288) — — Dividends from other financial assets measured at fair value (97,775) (82,794) (10,912) Finance cost 29 4,921,541 4,420,438 3,846,101 Others (146,171) 5,106 127,680 15,605,295 16,782,954 28,241,562 Changes in working capital: Decrease/(increase) in inventories (233,278) (1,667,622) 727,363 Increase in trade and notes receivables (1,173,422) (4,524,806) (1,294,952) Decrease/ (increase) in other current assets (382,938) 230,869 125,731 Decrease in restricted cash 859,507 249,744 (268,711) (Increase)/decrease in other non-current assets 547,856 (70,637) 25,803 Increase/(decrease) in trade and notes payables (1,400,318) 3,004,899 1,318,486 Increase/(decrease) in other payables and accrued liabilities (555,890) 1,884,283 1,702,821 (Decrease)/increase in other non-current liabilities (206,354) (177,045) (62,592) Cash generated from operations 13,060,458 15,712,639 30,515,511 PRC corporate income taxes paid (554,582) (805,171) (2,285,126) Net cash generated from operating activities 12,505,876 14,907,468 28,230,385 Major non-cash transactions of investing activities and financing activities Acquisition of minority interests for nil consideration 149,322 — — Notes receivables endorsed as payment for purchase of property, plant and equipment and lease liabilities 1,504,162 2,276,782 3,135,322 Acquisition of other financial assets measured at fair value through other comprehensive income by exchanging equity in a subsidiary 350,911 — — Increase/(decrease) of right of use assets — (7,361) 6,269,450 Acquisition of business — 42,230 — 2,004,395 2,311,651 9,404,772 (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. 35 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) (b) Reconciliation of liabilities arising from financing activities (Continued) Liabilities from financing activities Other assets Other payables arising from Medium-term financing Cash/bank Borrowings notes and bonds Leases activities Sub Total Overdraft Total Net debt as of January 1, 2020 60,074,053 33,086,852 8,369,262 10,791,507 112,321,674 — 112,321,674 Financing cash flows 2,909,944 (11,689,958) (1,748,202) (4,021,065) (14,549,281) — (14,549,281) New leases and modification of contract — — (7,361) — (7,361) — (7,361) Foreign exchange adjustments (131,358) (178,972) — — (310,330) — (310,330) Other changes — — — — — — — Non-cash financing activities — 168,713 472,452 4,282,403 4,923,568 — 4,923,568 Transfer between bank deposits and overdrafts — — — — — 899,955 899,955 Net debt as of December 31, 2020 62,852,639 21,386,635 7,086,151 11,052,845 102,378,270 899,955 103,278,225 Financing cash flows (11,477,586) 3,276,882 (639,675) (3,966,393) (12,806,772) — (12,806,772) New leases and modification of contract — — 6,269,450 — 6,269,450 — 6,269,450 Foreign exchange adjustments (30,537) (143,597) — — (174,134) — (174,134) Other changes — — — — — — — Non-cash financing activities — 143,080 (121,471) 3,677,507 3,699,116 — 3,699,116 Transfer between bank deposits and overdrafts — — — — — (899,955) (899,955) Net debt as of December 31, 2021 51,344,516 24,663,000 12,594,455 10,763,959 99,365,930 — 99,365,930 (c) Total cash outflow for leases The total cash outflow for leases included in the statement of cash flows is as follows: For the years ended December 31 2019 2020 2021 Within operating activities 65,426 91,537 51,739 Within financing activities 3,032,106 1,748,202 639,675 3,097,532 1,839,739 691,414

SIGNIFICANT RELATED PARTY TRANS

SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	12 Months Ended
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	Dec. 31, 2021
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES 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. 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions For the years ended December 31 Notes 2019 2020 2021 (Restated) Sales of goods and services rendered: Sales of materials and finished goods to: (i) Chinalco and its subsidiaries (ix) 13,612,817 13,986,133 19,261,538 Associates of Chinalco 514,414 520,485 1,497,639 Joint ventures 5,676,548 6,694,824 9,071,474 Associates 3,812,565 9,232,432 672,403 Non-controlling shareholder of a subsidiary and its subsidiaries — 42,298 — 23,616,344 30,476,172 30,503,054 Provision of utility services to: (ii) Chinalco and its subsidiaries (ix) 687,290 1,104,542 910,655 Associates of Chinalco 4,062 3,268 14,380 Joint ventures 263,436 470,984 250,525 Associates 35,650 18,568 375 990,438 1,597,362 1,175,935 Rental revenue of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 52,571 39,284 34,221 Associates of Chinalco 65 237 237 Joint ventures 1,967 1,426 1,446 Associates 775 365 507 55,378 41,312 36,411 Purchases of goods and services: Purchases of engineering, construction and supervisory services from: (iii) Chinalco and its subsidiaries (ix) 2,949,866 1,755,092 746,966 Associates of Chinalco — 265 192 Joint ventures 69,332 — 251 Associates 218,616 12,233 12,413 3,237,814 1,767,590 759,822 Provision of social services and logistics services by: (v) Chinalco and its subsidiaries (ix) 309,180 475,532 480,828 309,180 475,532 480,828 Purchases of primary and auxiliary materials, equipment and finished goods from: Chinalco and its subsidiaries (iv) 8,161,223 6,176,513 5,526,965 Associates of Chinalco (ix) 18 2,586 37,187 Joint ventures 2,647,234 5,501,158 8,141,929 Associates 1,893,449 10,576,907 7,407,805 Non-controlling shareholder of a subsidiary and its subsidiaries — 30,101 — 12,701,924 22,287,265 21,113,886 Purchases of utility services from: (ii) Chinalco and its subsidiaries (ix) 763,812 644,638 731,222 Associates of Chinalco 100,835 85,469 98,966 Joint ventures 280,523 443,290 820,031 Associates 8,326 — — 1,153,496 1,173,397 1,650,219 Purchases of other services by: (vii) A joint venture 272,220 373,655 270,972 272,220 373,655 270,972 Rental expense of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 499,191 661,888 734,097 499,191 661,888 734,097 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) For the years ended December 31 Notes 2019 2020 2021 (Restated) New right-of-use assets in current period Additions Chinalco and its subsidiaries 1,950 22,936 83,249 Contract modification Chinalco and its subsidiaries (91,351) (43,395) 6,147,096 Other significant related party transactions: Borrowing from subsidiaries of Chinalco (viii), (ix) 3,890,000 1,925,000 3,370,000 Repayment of borrowings from subsidiaries of Chinalco (viii) 4,677,000 1,676,000 5,318,000 Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco 141,991 87,985 61,878 Investment in subsidiaries of Chinalco 2,137,608 — 320,000 Disposal of aluminum capacity quota to a subsidiary of Chinalco 800,000 — — Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco (x) 500,000 — — Finance lease under a sale and leaseback contract from a subsidiary of Chinalco (x), (ix) 558,924 — — Trade receivable factoring arrangement from a subsidiary of Chinalco (ix) 136,656 — 1,566,707 Interest income from cash and cash equivalents deposited (viii) 68,455 51,163 67,269 Discounted notes receivable to a subsidiary of Chinalco (viii) 679,517 36,750 128,000 Provision of financial guarantees to a joint venture 12,450 — — All transactions with related parties were conducted at prices and on terms mutually agreed by the parties involved, which are determined as follows: (i) Sales of materials and finished goods comprised sales of alumina, primary aluminum, copper and scrap materials. Transactions entered into are covered by general agreements on a mutual provision of production supplies and ancillary services. The pricing policy is summarized below: 1. The price prescribed by the PRC government (“state-prescribed price”) is adopted; 2. If there is no state-prescribed price, state-guidance price is adopted; 3. If there is neither state-prescribed price nor state-guidance price, then the market price (being price charged to and from independent third parties) is adopted; and 4. If none of the above is available, then the adoption of a contractual price (being reasonable costs incurred in providing the relevant services plus not more than 5% of such costs is adopted). (ii) Utility services, including electricity, gas, heat and water, are provided at the state-prescribed price. (iii) Engineering, project construction and supervisory services were provided for construction projects. The state-guidance price or prevailing market price (including the tender price where by way of tender) is adopted for pricing purposes. (iv) The pricing policy for purchases of key and auxiliary materials (including bauxite, limestone, carbon, cement and coal) is the same as that set out in (i) above. 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) (v) Social services and logistics services provided by Chinalco Group cover public security, fire services, education and training, school and hospital services, cultural and physical education, newspaper and magazines, broadcasting and printing as well as property management, environmental and hygiene, greenery, nurseries and kindergartens, sanatoriums, canteens and offices, public transport and retirement management and other services. Provisions of these services are covered by the Comprehensive Social and Logistics Services Agreement. The pricing policy is the same as that set out in (i) above. (vi) Pursuant to the Land Use Right Lease Agreements entered into between the Group and Chinalco Group, operating leases for industrial or commercial land are charged at the market rent rate. The Group also entered into a building rental agreement with Chinalco Group and paid rents based on the market rate for its lease of buildings owned by Chinalco. (vii) Other services are environmental protection operation services. The prevailing market price is adopted for pricing purposes. (viii) As of December 31, 2021, the Group derecognized accounts receivable of RMB1,650 million (December 31, 2020: Nil, December 31 2019: RMB137 million) by factoring transaction with Chinalco Finance, and the related fees incurred were RMB83 million recognized in other losses (December 31, 2020: Nil, December 31 2019: RMB5 million). (ix) These related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. In September 2021, Pursuant to the agreement entered into between China Rare Earth Co., Ltd. (“China Rare Earth”, “ 中國稀有稀土有限公司，遵義鋁業股份有限公司中鋁礦業有限公司 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. 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (b) Balances with related parties Other than those disclosed elsewhere in the consolidated financial statements, the outstanding balances with related parties at the year-end are as follows: December 31, 2020 December 31, 2021 (Restated) Cash and cash equivalents deposited with A subsidiary of Chinalco (i) 3,561,997 7,832,441 Trade and notes receivables Chinalco and its subsidiaries 762,489 1,476,833 Associates of Chinalco 44,958 45,180 Joint ventures 761,392 628,231 Associates 2,287 1 Non-controlling shareholder of a subsidiary and its subsidiaries 46,450 24,465 1,617,576 2,174,710 Provision for impairment of receivables (103,592) (80,102) 1,513,984 2,094,608 (i) On August 26, 2011, the Company entered into an agreement with Chinalco Finance, pursuant to which, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. On August 24, 2012, April 28, 2015, October 26, 2017 and April 27, 2020, the Company renewed the financial service agreement with Chinalco Finance with a validation term of three years ending October 25, 2023. 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (b) Balances with related parties (Continued) December 31, 2020 December 31, 2021 Other current assets (Restated) Chinalco and its subsidiaries 818,318 325,247 Associates of Chinalco 21,753 21,820 Joint ventures 1,364,615 1,486,510 Associates 421,947 359,917 Non-controlling shareholder of a subsidiary and its subsidiaries 11,700 7,450 Provision for impairment of other current assets (496,703) (1,310,379) 2,141,630 890,565 Other non-current assets Associates 111,845 111,845 Interest-bearing loans and borrowings: Subsidiaries of Chinalco (including lease liabilities) 8,887,422 13,028,565 Associates of Chinalco — 2,245 8,887,422 13,030,810 Trade and notes payables Chinalco and its subsidiaries 437,732 301,386 Associates of Chinalco 1,511 26,288 Joint ventures 561,508 229,994 Associates 10,562 32,668 Non-controlling shareholder of a subsidiary and its subsidiaries — 105,174 1,011,313 695,510 Other payables and accrued liabilities Chinalco and its subsidiaries 2,193,344 1,054,724 Associates of Chinalco 1,019 42,659 Associates 28,424 19,926 Joint ventures 3,940 49,618 2,226,727 1,166,927 Contract liabilities: Chinalco and its subsidiaries 17,460 150,730 Associates of Chinalco 13,453 27,190 Associates 79 139 Joint ventures 519 535 Non-controlling shareholder of subsidiary and its subsidiaries 656 — 32,167 178,594 As of December 31, 2021, included in long-term loans and borrowings and short-term loans and borrowings were from other state-owned enterprises amounting to RMB37,287 million (December 31, 2020: RMB35,029 million) and RMB4,906 million (December 31, 2020: RMB29,781 million), respectively. The terms of all balances were unsecured. 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (c) Compensation of key management personnel For the years ended December 31 2019 2020 2021 Fees 780 683 580 Basic salaries, housing fund, other allowances and benefits in kind 6,945 5,810 6,225 Pension costs 715 301 634 8,440 6,794 7,439 Key management includes directors, supervisors and members of senior management. (d) Commitments with related parties As of December 31, 2021 and 2020, except for the other capital commitments disclosed in Note 43(b) to these financial statements, the Group had no significant commitments with related parties.

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
FINANCIAL AND CAPITAL RISK MANAGEMENT	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
FINANCIAL AND CAPITAL RISK MANAGEMENT	37 FINANCIAL AND CAPITAL RISK MANAGEMENT 37.1 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 minimize 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 cooperation with the Group’s operating units. (a) Market risk (i) Foreign currency risk The Group’s foreign currency risk arose from transaction conducted in currency other than the functional currency of the group entities. The Group’s foreign currency risk primarily arises from foreign currency deposits, trade receivables, trade payables and short-term and long-term loans denominated in United States dollars (“USD”), Euro (“EUR”), Japanese yen (“JPY”), and Hong Kong dollars (“HKD”). Related exposures are disclosed in Notes 16, 14, 23, 15 and 19 to the financial statements, respectively. 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 of December 31, 2021, the Group only had significant exposure to USD. As of December 31, 2021, if RMB had strengthened/weakened by 5% against USD with all other variables held constant, the profit would 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 significant foreign currency risk arising from other assets and liabilities denominated in currency other than the functional currency of the group entities as of December 31, 2021 and 2020. 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.1 Financial risk management (Continued) (a) Market risk (Continued) (ii) Interest rate risk As of December 31, 2021 and 2020, as the Group had no significant interest-bearing assets or liabilities except for bank deposits (Note 16), entrusted loans (Note 15) and Interest-bearing loans (Note 19). Most of the bank deposits are maintained in savings and time deposit accounts in the PRC. The interest rates are regulated by the People’s Bank of China and the 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 of December 31, 2021 and 2020. 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 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 of December 31, 2021, if interest rates had been 100 basis points ( December 31, 2020 (2020: The fair value interest rate risk of the Group mainly arises from medium term notes and short term bonds issued at fixed rates. As the fluctuation of comparable interest rates of corporate bonds with similar terms was relatively low, the directors of the Company are of the opinion that the Group was not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as of December 31, 2021 and 2020. (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 offsetting 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 of December 31, 2021, the fair values of the outstanding futures contracts amounting to RMB0 million (December 31, 2020: RMB17 million) and RMB69 million (December 31, 2020: RMB27 million) were recognized in financial assets and financial liabilities at fair value through profit or loss, respectively. As of December 31, 2021, if the commodity futures prices increased December 31, 2021 December 31, 2020 Primary aluminum Decrease/increase Decrease/increase 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.1 Financial risk management (Continued) (b) Credit risk Credit risk arises from balances with banks and financial institutions, trade and notes receivables, other current and non-current receivables as well as credit exposures of customers, including outstanding receivables and committed transactions. The Group maintains substantially all of its bank balances and cash and short-term investments in several major state-owned banks in the PRC. With strong support from 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. The Group applies the simplified approach to most of its trade receivables to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for trade receivables. The Group has made individual assessment for trade receivables from clients with top rating and those receivables with pledged assets separately and impairment provisions are made. To measure the expected credit losses of trade receivables other than those assessed individually as mentioned above, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected credit loss model also incorporates forward-looking information. For other current and non-current receivables, the Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of a default occurring on the asset as of the reporting date with the risk of default as of the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated: ● internal credit rating ● external credit rating ● actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations ● actual or expected significant changes in the operating results of individual clients ● significant changes in the expected performance and behavior of the clients The Group measures expected credit loss rates on the basis of a loss rate approach by segmenting its portfolio into appropriate groupings based on shared credit risk characteristics. At the end of each year, the Group updates its historical loss information with forward-looking information. As the historical credit loss rates were comparatively stable and no significant changes were expected to the forward-looking information after the consideration of reasonable and supportable forecasts of comparatively stable customer relationship and customers’ credit ratings, the expected credit loss rates remained consistent during 2021. 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.1 Financial risk management (Continued) (b) Credit risk (Continued) The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as of December 31, 2021. The amounts presented are carrying amounts for financial assets and the exposure to credit risk for the financial guarantee contracts. Stage 1 Stage 2 Stage 3 Simplified Total Trade receivables — — — 3,066,654 3,066,654 Financial assets in other current assets 1,940,482 180,611 153,814 — 2,274,907 Restricted cash 1,324,748 — — — 1,324,748 Notes receivable — — — 3,838,196 3,838,196 Cash and cash equivalents 17,853,244 — — — 17,853,244 Financial assets in other non-current assets 111,848 — — — 111,848 Total 21,230,322 180,611 153,814 6,904,850 28,469,597 The carrying amounts of short-term investments and these receivables included in Notes 12, 14, 15 and 16 represent the Group’s maximum exposure to credit risk in relation to its financial assets. The directors of the Company are of the opinion that the Group was not exposed to any significant concentration of credit risk as of December 31, 2021 and 2020. (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. Management also monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash flows. As of December 31, 2021, the Group’s current liabilities exceeded its current assets by approximately RMB3,467 million (December 31, 2020 (restated): RMB16,364 million), please refer to Note 2.1.2 for the assessment made by the Company. The table below analyses the maturity profile of the Group’s financial liabilities as of the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows. 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.1 Financial risk management (Continued) (c) Liquidity risk (Continued) Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2021 Lease liabilities, including current portion 1,590,204 1,473,711 4,347,713 15,394,370 22,805,998 Long-term bank and other loans, including current portion 5,859,115 11,837,652 9,771,437 14,656,982 42,125,186 Medium-term notes and bonds, including current portion 3,000,000 4,400,000 9,875,700 2,000,000 19,275,700 Short-term bonds 5,400,000 — — — 5,400,000 Short-term bank and other loans 9,219,330 — — — 9,219,330 Interest payables for loans and borrowings 2,620,867 2,147,795 3,941,541 1,680,396 10,390,599 Financial liabilities at fair value through profit or loss 68,871 — — — 68,871 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 6,497,831 — — — 6,497,831 Financial liabilities included in other non-current liabilities 234,900 202,231 147,002 885,208 1,469,341 Trade and notes payables 15,505,443 — — — 15,505,443 49,996,561 20,061,389 28,083,393 34,616,956 132,758,299 Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2020 (Restated) Lease liabilities, including current portion 1,151,332 473,410 1,263,824 9,708,710 12,597,276 Long-term bank and other loans, including current portion 3,629,014 6,702,688 15,638,088 17,044,774 43,014,564 Medium-term notes and bonds, including current portion 7,109,960 3,000,000 6,900,000 2,000,000 19,009,960 Short-term bonds 2,400,000 — — — 2,400,000 Short-term bank and other loans 20,738,030 — — — 20,738,030 Interest payables for loans and borrowings 2,935,356 2,105,844 4,046,106 2,039,075 11,126,381 Financial liabilities at fair value through profit or loss 26,684 — — — 26,684 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 7,972,469 — — — 7,972,469 Financial liabilities included in other non-current liabilities 460,101 194,609 74,367 767,941 1,497,018 Trade and notes payables 15,444,354 — — — 15,444,354 61,867,300 12,476,551 27,922,385 31,560,500 133,826,736 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (a) Financial instruments by category The carrying amounts of each of the categories of financial instruments of the Group as of the end of the reporting period are as follows: Financial assets As of December 31, 2021 Debt Equity instruments Financial instruments at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 3,066,654 — — 3,066,654 Notes receivable — 1,140,930 — 2,697,266 3,838,196 Restricted cash — 1,324,748 — — 1,324,748 Cash and cash equivalents — 17,853,244 — — 17,853,244 Financial assets included in other current assets — 2,274,907 — — 2,274,907 Subtotal — 25,660,483 — 2,697,266 28,357,749 Non-current Other financial assets measured at fair value — — 239,538 — 239,538 Other non-current assets — 111,848 — — 111,848 Subtotal — 111,848 239,538 — 351,386 Total — 25,772,331 239,538 2,697,266 28,709,135 Financial liabilities As of December 31, 2021 Financial assets at fair Financial value through profit or liabilities at loss-held for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 68,871 — 68,871 Interest-bearing loans and borrowings — 24,506,122 24,506,122 Financial liabilities included in other payables and accrued liabilities (Note 22) — 7,166,216 7,166,216 Trade and notes payables — 15,505,443 15,505,443 Subtotal 68,871 47,177,781 47,246,652 Non-current Financial liabilities included in other non-current liabilities (Note 21) — 880,864 880,864 Interest-bearing loans and borrowings — 64,095,849 64,095,849 Subtotal — 64,976,713 64,976,713 Total 68,871 112,154,494 112,223,365 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial assets As of December 31, 2020 (Restated) Equity Debt instruments instruments Financial at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 4,753,210 — — 4,753,210 Notes receivable — — — 4,560,437 4,560,437 Financial assets at fair value through profit or loss 17,311 — — — 17,311 Restricted cash — 1,056,037 — — 1,056,037 Cash and cash equivalents — 9,671,477 — — 9,671,477 Financial assets included in other current assets — 3,982,308 — — 3,982,308 Subtotal 17,311 19,463,032 — 4,560,437 24,040,780 Non-current Other financial assets measured at fair value — — 1,526,703 — 1,526,703 Other non-current assets — 127,754 — — 127,754 Subtotal — 127,754 1,526,703 — 1,654,457 Total 17,311 19,590,786 1,526,703 4,560,437 25,695,237 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial Liabilities As of December 31, 2020 (Restated) Financial assets at fair value Financial through profit or loss- held liabilities at for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 26,684 — 26,684 Interest-bearing loans and borrowings — 34,707,283 34,707,283 Financial liabilities included in other payables and accrued liabilities (Note 22) — 8,965,952 8,965,952 Trade and notes payables — 15,444,354 15,444,354 Subtotal 26,684 59,117,589 59,144,273 Non-current Financial liabilities included in other non- current liabilities (Note 21) — 1,036,917 1,036,917 Interest-bearing loans and borrowings — 57,518,097 57,518,097 Subtotal — 58,555,014 58,555,014 Total 26,684 117,672,603 117,699,287 (b) Fair value and fair value hierarchy Fair value The carrying amounts and fair values of the Group’s financial instruments at amortized cost, other than those with carrying amounts that reasonably approximate to fair values and those carried at fair value, are as follows: Carrying amounts Fair values December 31, December 31, December 31, December 31, 2020 2021 2020 2021 Financial liabilities Financial liabilities included in other non-current liabilities (Note 21) 880,864 1,036,917 767,922 903,141 Long-term interest-bearing loans and borrowings, excluding lease liability (Note 19) 52,489,058 51,260,218 49,233,629 49,729,548 53,369,922 52,297,135 50,001,551 50,632,689 Except for financial assets and financial liabilities mentioned above, 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. 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) The fair values of the financial assets included in other non-current assets and financial liabilities included in other non-current liabilities and long-term interest bearing 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 of December 31, 2021 and 2020 were 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 As of December 31, 2021 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Notes receivable — — 2,697,266 2,697,266 Listed equity investments 7,674 — — 7,674 Other unlisted investment — — 231,864 231,864 7,674 — 2,929,130 2,936,804 As of December 31, 2020 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 17,311 — — 17,311 Notes receivable — — 3,343,880 3,343,880 Listed equity investments 8,812 — — 8,812 Other unlisted investment — — 1,517,891 1,517,891 26,123 — 4,861,771 4,887,894 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Liabilities measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 68,871 — — 68,871 68,871 — — 68,871 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2020 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 26,684 — — 26,684 26,684 — — 26,684 Liabilities for which fair values are disclosed ： As of December 31, 2021 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 767,922 — 767,922 Long-term interest-bearing loans and borrowings — 49,233,629 — 49,233,629 — 50,001,551 — 50,001,551 As of December 31, 2020 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 903,141 — 903,141 Long-term interest-bearing loans and borrowings — 49,729,548 — 49,729,548 — 50,632,689 — 50,632,689 During the year ended December 31, 2021 the Group had no transfers of fair value measurements between Level 1 Level 2 Level 3 assets 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Below is a summary of significant unobservable inputs to the valuation of financial instruments as of December 31, 2021: Significant Valuation Technique unobservable input Other equity investments Discounted Cashflow model Discounted rate Notes receivable Discounted Cashflow model Discounted rate 37.3 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) 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 of December 31, 2020 and 2021 are as follows: December 31, December 31, 2020 2021 (Restated) Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) 121,816,774 117,492,000 Less: Restricted cash and cash and cash equivalents 10,727,514 19,177,992 Net debt 111,089,260 98,314,008 Total equity 71,305,164 72,783,497 Add: Net debt 111,089,260 98,314,008 Less: Non-controlling interests 16,855,847 15,518,810 Total capital attributable to owners of the Company 165,538,577 155,578,695 Gearing ratio 67 % 63 %

NON - CONTROLLING INTERESTS

NON - CONTROLLING INTERESTS	12 Months Ended
NON - CONTROLLING INTERESTS	Dec. 31, 2021
NON - CONTROLLING INTERESTS
NON - CONTROLLING INTERESTS	38 NON - CONTROLLING INTERESTS Other than the senior perpetual securities issued by a subsidiary of the Group that presented as non-controlling interests in the consolidated financial statements and disclosed in Note 40, details of the Group’s subsidiaries that have material non-controlling interests are set out below: December 31, December 31, 2020 2021 Percentage of equity interest held by non-controlling interests Ningxia Energy 29.18 % 29.18 % Shanxi Zhongrun 60.00 % 60.00 % Guizhou Huaren 60.00 % 60.00 % Profit/(loss) for the year allocated to non-controlling interests Ningxia Energy 48,040 (90,237) Shanxi Zhongrun 147,747 745,212 Guizhou Huaren 420,737 558,020 Dividends distributed to non-controlling interests Ningxia Energy — 115,380 Shanxi Zhongrun — — Guizhou Huaren — 252,837 Accumulated balances of non-controlling interests at the year end Ningxia Energy 5,178,314 5,055,069 Shanxi Zhongrun 1,277,602 2,020,621 Guizhou Huaren 1,359,716 1,642,061 38 NON - CONTROLLING INTERESTS (CONTINUED) The following tables illustrate the summarized financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations: Ningxia Energy 2020 2021 Revenue 6,932,708 7,670,316 Total expenses 6,768,073 7,979,557 Profit for the year 164,635 (309,241) Total comprehensive (loss)/ income for the year 164,635 (309,241) Current assets 6,037,632 2,912,805 Non-current assets 31,242,070 29,086,775 Current liabilities 9,779,461 8,256,229 Non-current liabilities 16,256,073 12,710,354 Net cash flows from operating activities 2,617,463 5,458,921 Net cash flows used in investing activities (652,297) (802,678) Net cash flows used in financing activities (1,792,661) (5,381,480) Effect of foreign exchange rate changes, net — — Net (decrease)/increase in cash and cash equivalents 172,505 (725,237) Shanxi Zhongrun 2020 2021 Revenue 3,561,831 8,028,780 Total expenses 3,315,585 6,786,760 Profit for the year 246,246 1,242,020 Total comprehensive income for the year 246,246 1,242,020 Current assets 643,121 375,567 Non-current assets 4,138,211 3,945,351 Current liabilities 2,595,397 890,245 Non-current liabilities 45,365 25,773 Net cash flows from operating activities 418,528 1,895,610 Net cash flows used in investing activities (188,504) (365,340) Net cash flows used in financing activities (404,548) (1,530,330) Effect of foreign exchange rate changes, net — — Net decrease in cash and cash equivalents (174,524) (60) 38 NON - CONTROLLING INTERESTS (CONTINUED) Guizhou Huaren 2020 2021 Revenue 6,094,811 7,284,585 Total expenses 5,393,582 6,354,551 Profit for the year 701,229 930,034 Total comprehensive income for the year 701,229 930,034 Current assets 1,610,363 2,150,014 Non-current assets 2,601,807 2,529,274 Current liabilities 1,003,650 1,026,955 Non-current liabilities 932,570 530,531 Net cash flows from operating activities 992,304 1,677,338 Net cash flows used in investing activities (27,475) (16,069) Net cash flows used in financing activities (612,892) (974,588) Effect of foreign exchange rate changes, net — — Net increase in cash and cash equivalents 351,937 686,681

BUSINESS COMBINATION UNDER COMM

BUSINESS COMBINATION UNDER COMMON CONTROL	12 Months Ended
BUSINESS COMBINATION UNDER COMMON CONTROL	Dec. 31, 2021
BUSINESS COMBINATION UNDER COMMON CONTROL
BUSINESS COMBINATION UNDER COMMON CONTROL	39 BUSINESS COMBINATION UNDER COMMON CONTROL (a) Acquisition of gallium business In September 2021, Pursuant to the agreement entered into between China Rare Earth, Zunyi Aluminum and Chalco Mining, the Group acquired the gallium business of China Rare Earth, a subsidiary of Chinalco, for a cash consideration of RMB396 million. This transaction is regarded as a business combination under common control. The consolidated financial statements for the year ended December 31, 2021 has combined the financial statements of the acquired gallium business from the beginning of the earliest period presented (Note 2.3(a)). The comparative financial data have been restated accordingly. Revenue and net profit of the gallium business for the period from January 1, 2021 to the acquisition date and for the year ended December 31, 2020 are as follows: For the period from January 1, 2021 to the acquisition date 2020 Revenue 178,229 112,428 Net profit 32,315 26,219 Details of the purchase consideration, the net assets acquired are as follows: Purchase consideration: Cash paid 395,624 Total purchase consideration 395,624 39 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (a) Acquisition of gallium business (continued) The carrying amounts of assets, liabilities and equity of the gallium business at the acquisition date and December 31, 2020 are as follows: December 31, Acquisition date 2020 Current assets 103,353 66,215 Non-current assets 70,660 74,270 Current liabilities (3,770) (7,037) Non-current liabilities (4,480) — Net assets – closing balance 165,763 133,448 Net assets – beginning balance 133,448 95,389 The adjustment on the beginning balance of the Group's total equity amounting to RMB95 million and RMB 133 (b) Acquisition of Henan Zhongzhou Logistics In April 2020, pursuant to the agreement entered into between Chalco Logistics Group Zhongzhou Co., Ltd. (“Chalco Logistics Zhongzhou”, “ 中鋁物流集團中州有限公司河南中州物流有限公司中鋁物流集團有限公司河南中州鋁廠有限公司中鋁中州鋁業有限公司 (c) Acquisition of Chongqing Xinan Transportation Pursuant to the agreement entered into between Chalco Logistics, Southwest Aluminum Industry (Group) Co., Ltd. (“Southwest Aluminum Industry”, “ 西南鋁業集團有限責任公司重慶西南鋁運輸有限公司 39 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (d) Acquisition of Suzhou Zhongcai On April 29, 2019, Chinalco Shanghai Company Limited (“Chinalco Shanghai”) (“中鋁上海有限公司”), a subsidiary of the Company, entered into an equity transfer agreement with Zhongse Technology Co., Ltd.* (“Zhongse Technology”) (“中色科技股份有限公司”) and Suzhou Research Institute of Non-ferrous Metals Co., Ltd.* (“Suzhou Research Institute”) (“蘇州有色金屬研究院有限公司”), pursuant to which, Chinalco Shanghai acquired 70% and 30% equity interests in Suzhou Zhongse Metal Materials Technology Co., Ltd.* (“Suzhou Zhongcai”) (“蘇州中色金屬材料科技有限公司”) from Zhongse Technology and Suzhou Research Institute, respectively. The consideration for the acquisition was RMB237 thousand, which was determined based on the appraisal value of the 100% equity interest in Suzhou Zhongcai. Chinalco Shanghai has paid the consideration in full as of June 30, 2019. The acquisition date was June 1, 2019, which was the date that the Group obtained control of Suzhou Zhongcai. Before and after the acquisition, both Suzhou Zhongcai and Chinalco Shanghai were controlled by Chinalco, and the control was not temporary. Thus, the acquisition of the 100% equity interest in Suzhou Zhongcai is considered to be a business combination under common control, other than significant influence or joint control. The carrying amounts of the assets and liabilities of Suzhou Zhongcai as of the acquisition date and the comparative financial figures were as follows: December 31, 2018 June 1, 2019 Assets Property, plant and equipment 55,747 55,746 Land use rights 26,574 — Right-of-use assets — 26,318 Other current assets 2,561 2,229 Deferred tax assets 86 143 Trade and notes receivables 3,485 2,758 Cash and cash equivalents 183 136 Liabilities Deferred tax liabilities 111 — Interest-bearing loans and borrowings 51,908 51,908 Other payables and accrued expenses 34,536 33,404 Trade and notes payables 1,664 1,564 Net assets 417 454 Non-controlling interests — — Net assets acquired — 454 Difference recognized in equity — (217) Total purchase consideration — 237 * The English names represent the best effort by management of the Group in translating the Chinese names of the companies as they do not have any official English names.

DISPOSAL OF SUBSIDIARIES

DISPOSAL OF SUBSIDIARIES	12 Months Ended
DISPOSAL OF SUBSIDIARIES	Dec. 31, 2021
DISPOSAL OF SUBSIDIARIES
DISPOSAL OF SUBSIDIARIES	40 DISPOSAL OF SUBSIDIARIES (a) Disposal of 75% equity of Shandong Shanlv Electronic Ltd. In July 2020, the Group entered into a Capital Contribution Agreement with a third party on disposal of 75% equity interest of Shandong Shanlv Electronic Ltd.. A gain of RMB10.72 million from partial disposal of the subsidiary was recognized. (b) Disposal of 100% equity of China Aluminum Nanhai Alloy In January 2019, the Company entered into a Capital Contribution Agreement with Chinalco and its subsidiary Chinalco Innovative, pursuant to which the Company shall make a capital contribution to Chinalco Innovative in form of its 100% equity interests in China Aluminum Nanhai Alloy Co., Ltd. ("China Aluminum Nanhai Alloy"). After the transaction, the Company holds 19.4852% in Chinalco Innovative. As of the date of deemed disposal, the Company re-measured the equity of China Aluminum Nanhai Alloy to a fair value of RMB350 million and recognized the fair value gain of RMB258 million accordingly. (c) Disposal of 40% equity interest of Inner Mongolia Fengrong and disposal of 60% equity interest of Ningxia Fenghao On February 20, 2019, Chalco Energy Co., Ltd., a wholly-owned subsidiary of the Company, entered into equity transfer agreements with Chinalco Environment Protection Co., Ltd. on the partial disposal of 40% equity interests in Inner Mongolia Fengrong Co., Ltd. and 60% equity interests in Ningxia Fenghao Co., Ltd., respectively. A gain of RMB3,014 thousands from partial disposal of the two subsidiaries was recorded by the Group. (d) Deregistration of Shanghai Kailin Chalco Trade, a subsidiary of the Company, held 100% equity interest of Shanghai Chalco Kailin Aluminum Co., Ltd. * ( 上海中鋁凱林鋁業有限公司 (e) Disposal of Ruzhou Jinhua Zhongzhou Aluminum, a subsidiary of the Company, held a 51% equity interest in Ruzhou Chinalco Jinhua Mining Co., Ltd. * ( 汝州中鋁金華礦業有限公司 * 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.

OTHER EQUITY INSTRUMENTS

OTHER EQUITY INSTRUMENTS	12 Months Ended
OTHER EQUITY INSTRUMENTS	Dec. 31, 2021
OTHER EQUITY INSTRUMENTS
OTHER EQUITY INSTRUMENTS	41 OTHER EQUITY INSTRUMENTS On November 19, 2019, the Company issued RMB1,500 million perpetual medium-term notes with an initial distribution rate at 4.20% (the “2019 Perpetual Medium-term Notes”). The proceeds from the issuance of the 2019 Perpetual Medium-term Notes were RMB1,499 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 4.20% per annum on the 2019 Perpetual Medium-term Notes have been made annually in arrears from November 19, 2019 and may be deferred at the discretion of the Company. The 2019 Perpetual Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on November 20, 2022 or any coupon distribution date after November 20, 2022 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 1.31 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every five years after November 20, 2022. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital or make material fixed asset investments. On December 2, 2020, the Company issued RMB1,000 million perpetual medium-term notes with an initial distribution rate at 4.45% (the “2020 Perpetual Medium-term Notes”). The proceeds from the issuance of the 2020 Perpetual Medium-term Notes were RMB1,000 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 4.45% per annum on the 2020 Perpetual Medium-term Notes have been made annually in arrears from December 2, 2020 and may be deferred at the discretion of the Company. The 2020 Perpetual Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on December 3, 2022 or any coupon distribution date after December 3, 2022 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 1.42 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 Bps every five years after December 3, 2022. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital or make material fixed asset investments. Pursuant to the terms and conditions of the 2019 Perpetual Medium-term Notes and the 2020 Perpetual Medium-term Notes, the Group has no contractual obligations to 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. On October 21, 2021, the Group redeemed RMB2 billion of the 2018 Perpetual Medium-term Notes and paid the principal amounts together with any accrued, unpaid or deferred coupon distribution payments. On November 7, 2021, the Group redeemed USD500 million of the 2016 Senior Perpetual Securities and paid the principal amounts together with any accrued, unpaid or deferred coupon distribution payments.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	12 Months Ended
CONTINGENT LIABILITIES	Dec. 31, 2021
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES	42 CONTINGENT LIABILITIES As of December 31, 2021 and the date of this report, the Group is in process of application with related government departments for re-verifying carbon emission data for certain coal-fired power plants to avoid unnecessary obligations of excessive emission, the conclusion of which will not result in material additional liabilities to be recognized by the Group. The Group is a defendant in a number of lawsuits arising in the ordinary course of business. While the outcomes of such lawsuits cannot be determined at present, management believes that any resulting liabilities will not have a material adverse effect on the financial position or operating results the Group.

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2021
COMMITMENTS
COMMITMENTS	43 COMMITMENTS (a) Capital commitments December 31, 2020 December 31, 2021 (Restated) Property, plant and equipment 1,437,354 1,375,405 (b) Other capital commitments As of December 31, 2021, the commitments to make capital contributions to the Group’s joint ventures and associates were as follows: December 31, 2020 December 31, 2021 (Restated) Joint ventures and associates 761,800 441,800

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
EVENTS AFTER THE REPORTING PERIOD	Dec. 31, 2021
EVENTS AFTER THE REPORTING PERIOD
EVENTS AFTER THE REPORTING PERIOD	44 EVENTS AFTER THE REPORTING PERIOD (a) On January 19, 2022, the Group completed an issuance of short-term bonds with a total face value of RMB 2 billion at par value of RMB 100.00 per unit which will mature in October 2022 for working capital needs and repayment of bank borrowings. The fixed annual coupon interest rate of these bonds is 2.49% . (b) On February 21, 2022, the Group completed an issuance of short-term bonds with a total face value of RMB 1 billion at par value of RMB 100.00 per unit which will mature in November 2022 for working capital needs and repayment of bank borrowings. The fixed annual coupon interest rate of these bonds is 2.20% . (c) On January 26, 2022, the Group completed an issuance of medium-term bonds with a total face value of RMB 2 billion, an annual interest rate of 3% which will mature in January 2025. The above medium-term notes will pay interest once a year from January 26, 2022, and the Company intends to use the proceeds from the offering to refinance existing debt. (d) On February 22, 2022, the Group completed an issuance of medium-term bonds with a total face value of RMB 400 million, an annual interest rate of 2.68% which will mature in February 2025. The above medium-term notes will pay interest once a year from February 23, 2022, and the Company intends to use the proceeds from the offering to refinance existing debt. (e) On March 22, 2022, the Board of Directors proposed a final dividend of RMB 545 million for the year ended December 31, 2021, which is subject to the approval of the shareholders of the Company at the forthcoming annual general meeting.

COMPARATIVE AMOUNT

COMPARATIVE AMOUNT	12 Months Ended
COMPARATIVE AMOUNT	Dec. 31, 2021
COMPARATIVE AMOUNT
COMPARATIVE AMOUNT	45 COMPARATIVE AMOUNT Certain comparative amounts have been restated as a result of the business combinations under common control as disclosed in Note 39 and changes in accounting policies (Note 2.1.6).

APPROVAL OF THE FINANCIAL STATE

APPROVAL OF THE FINANCIAL STATEMENT	12 Months Ended
APPROVAL OF THE FINANCIAL STATEMENT	Dec. 31, 2021
APPROVAL OF THE FINANCIAL STATEMENT
APPROVAL OF THE FINANCIAL STATEMENT	46 APPROVAL OF THE FINANCIAL STATEMENT The financial statements were approved and authorised for issue by the Board of Directors on April 22, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation	2.1 Basis of preparation 2.1.1 Compliance with IFRS The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. 2.1.2 Going Concern As of December 31, 2021, the Group’s current liabilities exceeded its current assets by approximately RMB3,467 million (December 31, 2020 (restated): RMB16,364 million). The directors of the Company have considered the Group’s available sources of funds as follows: ● The Group’s expected net cash inflows from operating activities in 2022; ● Unutilized banking facilities of approximately RMB 92,044 million as of December 31, 2021, of which amounts totaling RMB 25,530 million will remain unexpired over 12 months from December 31, 2021. The directors of the Company are confident that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; ● Other available sources of financing from banks and other financial institutions given the Group’s credit history. The directors of the Company believe that the Group has adequate resources to continue operations for the foreseeable future of not less than 12 months from December 31, 2021. The directors of the Company therefore are of the opinion that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. 2.1.3 Historical cost convention The financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities measured at fair value. 2.1.4 New and amended standards adopted by the Group New standards and amendments that are effective for the first time for periods commencing on or after January 1, 2021 did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.1 Basis of preparation (Continued) 2.1.5 New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatorily effective for December 31, 2021 reporting period and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 2.1.6 Changes in accounting policies (i) Presentation of transportation and logistic costs The Group previously presented the transportation and logistic costs incurred to fulfill the sales contracts in “selling and distribution expenses” in the consolidated statement of profit or loss. In 2021, due to the mandatory change in the presentation of such transportation and logistic costs in the consolidated statement of profit or loss of the Group under Accounting Standard for Business Enterprise issued by the Ministry of Finance of China (“CAS”), i.e., change from “selling and distribution expenses” to “cost of sales”, the Group made the same change in presentation in the consolidated statement of profit or loss under IFRS. Accordingly, the comparative consolidated statement of profit or loss for the year ended December 31, 2019 and 2020 were restated with the amount of RMB1,229 million and RMB1,141 million reclassified from selling distribution (ii) Accounting for the investments in associates and joint ventures in the separate financial statements In the prior years, the Company accounted for the investments in associates and joint ventures at cost. In 2021, to make the carrying amounts of these investments better reflect their status and values, and to reduce the difference between the financial statements of the Company under IFRS and CAS, the Company changed the accounting for the investment in associates and joint ventures in the separate financial statements from cost method to equity method. This change in accounting treatment has been accounted for retrospectively and comparative information has been restated.
Principles of consolidation and equity accounting	2.2 Principles of consolidation and equity accounting 2.2.1 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Principles of consolidation and equity accounting (Continued) 2.2.1 Subsidiaries (Continued) The acquisition method of accounting is used to account for business combinations by the Group (Note 2.3). Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and balance sheet respectively. 2.2.2 Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (Note 2.2.4), after initially being recognized at cost. 2.2.3 Joint arrangements Under IFRS 11 ‘Joint Arrangements’, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group only has joint ventures. Joint ventures Interests in joint ventures are accounted for using the equity method (Note 2.2.4), after initially being recognized at cost in the consolidated statement of financial position. 2.2.4 Equity method Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.2 Principles of consolidation and equity accounting (Continued) 2.2.4 Equity method (Continued) Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 2.11. 2.2.5 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate.
Business combination	2.3 Business combination (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control 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 consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognized for goodwill or excess of the Group‘s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Business combination (Continued) (a) Merger accounting for business combinations under common control (Continued) The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date 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 restated to reflect the business combinations under common control occurred during this year (Note 39). Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations and goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred is measured at the acquisition date fair value which is the sum of acquisition date fair value of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The consideration transferred included the fair value of any assets and liabilities 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 fair value at the acquisition date. All other components of non-controlling interests are measured at fair value. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportional share of net assets in the event of liquidation at fair value or at the proportional share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.3 Business combination (Continued) (b) Acquisition method of accounting for other business combinations and goodwill (Continued) After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31,. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash- generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained.
Separate financial statements	2.4 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill.
Segment reporting	Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the executive presidents committee of the Company that make strategic decisions. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.6 Foreign currency translation (a) 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 and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income. (c) Group companies The results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from 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 profit and loss and other 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. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.6 Foreign currency translation (Continued) (d) Disposal of foreign operation and partial disposal On the disposal of a foreign operation (that is, a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the currency translation differences accumulated in equity in respect of that operation attributable to the owners of the company are reclassified to profit or loss.
Foreign currency translation	2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property, plant and equipment	2.7 Property, plant and equipment Property, plant and equipment, other than construction in progress, 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. Construction in progress represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. The cost of an item of property, 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. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings and infrastructure 8 – 45 years Machinery 3 – 30 years Transportation facilities 6 – 10 years Office and other equipment 3 – 10 years Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property, plant and equipment when completed and ready for use. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.11). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Investment properties	2.8 Investment properties Investment properties are interests in land use rights and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of 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 methods to measure all of its investment properties. Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings 25 – 50 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.
Intangible assets	2.9 Intangible assets (a) Goodwill Goodwill is measured as described in Note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (Note 5). 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.9 Intangible assets (Continued) (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 Except for mineral exploration rights and mining rights acquired in a business combination, 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 obtain mining rights certification, or 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 Mining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years. Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards 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 capitalized 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.9 Intangible assets (Continued) (d) Aluminum production quota Historically the Group acquired aluminum production quotas from third parties as the license for certain newly developed aluminum production lines. Currently such aluminum production quotas have no definite legal or regulatory terms, and their residual values at the end of the lives of the production lines to which they are currently attached are very uncertain. Aluminum production quota are initially recorded at cost and subsequently states at cost less any amortization and impairment. Amortization is provided on a straight-line basis over expected useful life of related aluminum production lines.
Research and development costs	2.10 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. The Group has not had any development expenditure capitalized.
Impairment of non-financial assets	2.11 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Non-current assets (or disposal groups) held for sale	2.12 Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.
Investments and other financial assets	2.13 Investments and other financial assets (a) Classification The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables and notes receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. For a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.13 Investments and other financial assets (Continued) (a) Classification (Continued) The Group’s business model for managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular 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 market place. (b) Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: (i) Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. (ii) Financial assets at fair value through other comprehensive income (debt instruments) For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to profit or loss. (iii) Financial assets designated at fair value through other comprehensive income (equity investments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments designated at fair value through other comprehensive income are not subject to impairment assessment. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.13 Investments and other financial assets (Continued) (b) Subsequent measurement (Continued) (iv) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss. This category includes derivative instruments, wealth management products and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other gains in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’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 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.13 Investments and other financial assets (Continued) (c) Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.The impact of COVID-19 on GDP and other key indicators have been considered when determining the severity and likelihood of downside economic scenarios that are used to estimate ECL under IFRS 9 in 2021. General approach ECLs are recognized in three stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For those have objective evidence of impairment at the reporting date, lifetime ECL are recognized and interest revenue is calculated on the net carrying amount. At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as of the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Debt investments at fair value through other comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables and contract assets which apply the simplified approach as detailed below. Stage 1 - Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 - Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 - Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.13 Investments and other financial assets (Continued) (c) Impairment of financial assets (Continued) Simplified approach For trade receivables, notes receivable and contract assets that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For trade receivables, notes receivable and contract assets that contain a significant financial component and lease receivables, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.
Financial liabilities	2.14 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, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, derivative financial instruments and interest-bearing bank and other borrowings. (b) Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: (i) 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 of fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.14 Financial liabilities (Continued) (b) (ii) Financial liabilities at amortized cost (loans and borrowings) After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect 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. (iii) Financial liabilities at amortized cost (trade and other payables) These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are subsequently measured at amortized cost using the effective interest method. (iv) 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 contracts at the higher of: (i) the ECL allowance determined in accordance with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognized less, when appropriate, the cumulative amount of income recognized. (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	2.15 Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet where the Group currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Derivatives	2.16 Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument. The Group’s derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other gains/(losses).
Inventories	2.17 Inventories Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cash and cash equivalents	2.18 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and demand deposits, and short term highly liquid 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, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
Borrowing costs	2.19 Borrowing costs General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for 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 capitalization. Other borrowing costs are expensed in the period in which they are incurred.
Current and deferred income tax	2.20 Current and deferred income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.20 Current and deferred income tax (Continued) Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Employee benefits	2.21 Employee benefits Employee benefits mainly include salaries, bonuses, allowances and subsidies, pension insurance, social insurance and housing funds, labor 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. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.21 Employee benefits (Continued) (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. 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) In addition, the Company and its eligible subsidiaries have established an enterprise annuity plan in accordance with national policies and relevant requirements under the Company's system. Fees required for the enterprise annuity plan shall be jointly paid by the enterprise and its employees. Employees may elect to join or not to join the enterprise annuity plan on voluntary basis. As of December 31, 2021, the Group had no forfeited contributions available to offset contributions payable in future years. For the year ended December 31, 2021, the Group did not have any defined benefit plan. (d) 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 organizations 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. (e) Termination benefit obligations Termination benefit obligations are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination 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. The specific terms vary among the terminated 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.
Provisions	2.22 Provisions Provisions for legal claims, asset retirement obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
Revenue recognition	2.23 Revenue recognition Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. (a) Sale of industrial products Revenue from the sale of industrial products (including sales of scrap and other materials) is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the industrial products. Revenue from electricity is recognized upon transmission of electricity based on the confirmation from the power grid. (b) Rendering of services The Group provides transportation service and the revenue from services is recognized over time, using an input method to measure progress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group.
Earning per share	2.24 Earnings per share (a) Basic earnings per share Basic earnings per share is calculated by dividing: ● the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares; ● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. (b) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: ● the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and ● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
Dividend income	2.25 Dividend income Dividend income is recognized when the shareholders' right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.
Leases	2.26 Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date which the leased asset is available for use by the Group. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.26 Leases (Continued) ● variable lease payment that are based on an index or a rate, initially measured using the index or rate as of the commencement date; ● amounts expected to be payable by the Group under residual value guarantees; ● the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: ● where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; ● uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing, and, ● makes adjustments specific to the lease, eg term, country, currency and security. If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the Group entities use that rate as a starting point to determine the incremental borrowing rate. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: ● the amount of the initial measurement of lease liability; ● any lease payments made at or before the commencement date less any lease incentives received; ● any initial direct costs, and 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.26 Leases (Continued) ● restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis as follows: Buildings 2 – 20 years Machinery 2 – 10 years Land use rights 10 – 50 years If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. While the Group revalues its land and buildings that are presented within property, plant and equipment, it has chosen not to do so for the right-of-use buildings held by the Group. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment that are considered to be of low value (i.e. below RMB30,000). Rental income Rental income is recognized on a time proportion basis over the lease terms. Variable lease payments that do not depend on an index or a rate are recognized as income in the accounting period in which they are incurred.
Dividend distribution	2.27 Dividend distribution Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
Government grants	2.28 Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. Asset-related government grants are recognized when the government document designates that the government grants are used for constructing or forming long-term assets. If the government document is inexplicit, the Group should make a judgement based on the basic conditions to obtain the government grants, and recognize them as asset-related government grants if the conditions are to construct or to form long-term assets. Otherwise, the government grants should be income-related. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 2.28 Government grants (Continued) For asset-related government grants that is related to long lived assets that already exist at the time of recognizing the government grant, the grant is deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. If the asset is not yet purchased or constructed at the time of recognizing the government grant, the grant is recognized as deferred income and will be deducted from the cost of the asset once the asset is recognized. Income-related government grants that are specific to compensate expenses or costs that have already incurred, they are directly recognized in profit or loss for the current period as deduction of the related expenses or costs. If the income-related government grants are specific to compensate future expenses or costs of the Group, they are recognized as deferred income and will be released to profit or loss when the related expenses or costs are incurred.
Interest income	2.29 Interest income Interest income from financial assets at FVPL is included in the net fair value gains/(losses) on these assets. Interest income on financial assets at amortized cost and financial assets at FVOCI calculated using the effective interest method is recognized in profit or loss as part of other income. Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Any other interest income is included in other income. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).

GENERAL INFORMATION (Tables)

GENERAL INFORMATION (Tables)	12 Months Ended
GENERAL INFORMATION (Tables)	Dec. 31, 2021
GENERAL INFORMATION
Schedule of company's principal subsidiaries	Particulars of the Company’s principal subsidiaries are as follows: Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Shanxi Huaxing Aluminum Co. Ltd. (“Shanxi Huaxing”) (山西華興鋁業有限公司) PRC/Mainland China 1,850,000 Manufacture and distribution of alumina 60.00 % 40.00 % Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) (包頭鋁業有限公司) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 100.00 % — China Aluminum International Trading Co., Ltd. (“Chalco Trading”) (中鋁國際貿易有限公司) PRC/Mainland China 1,731,111 Import and export activities 100.00 % — Chalco Shanxi New Material Co., Ltd. (“Shanxi New Material”) (中鋁山西新材料有限公司) PRC/Mainland China 4,279,601 Manufacture and distribution of alumina, primary aluminum and anode carbon products and electricity generation and supply 85.98 % — China Aluminum International Trading Group Co., Ltd. (“Trading Group”) (中鋁國際貿易集團有限公司) PRC/Mainland China 1,030,000 Import and export activities 100.00 % — Zunyi Aluminum Co., Ltd. (遵義鋁業股份有限公司) PRC/Mainland China 3,204,900 Manufacture and distribution of primary aluminum and alumina 67.45 % — Chalco Hong Kong Ltd. (“Chalco Hong Kong”) ( Hong Kong HKD849,940 in thousand Overseas investments and alumina import and export activities, and mining and distribution of bauxite. 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 and alumina 100.00 % — Chalco Energy Co., Ltd. (中鋁能源有限公司) PRC/Mainland China 1,384,398 Thermoelectric supply and 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 Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd. (中國鋁業鄭州有色金屬研究院有限公司) PRC/Mainland China 214,858 Research and development services 100.00 % — Chalco Shandong Co., Ltd. ("Chalco Shandong“) (中鋁山東有限公司) PRC/Mainland China 4,052,847 Manufacture and distribution of alumina 100.00 % — Chalco Zhongzhou Aluminum Co., Ltd. ("Zhongzhou Aluminum“) (中鋁中州鋁業有限公司) PRC/Mainland China 5,071,235 Manufacture and distribution of alumina 100.00 % — China Aluminum Logistics Group Corporation Co., Ltd. (中鋁物流集團有限公司) PRC/Mainland China 964,291 Logistics and 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 China 588,182 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 China 968,300 Trading and engineering project management and leasing 100.00 % — Shanxi China Huarun Co., Ltd. (“Shanxi Huarun”) (山西中鋁華潤有限公司) PRC/Mainland China 1,641,750 Manufacture and distribution of primary aluminum 40.00 % — Guizhou Huaren New Material Co., Ltd. (“Guizhou Huaren”) (貴州華仁新材料有限公司) PRC/Mainland China 1,200,000 Manufacture and distribution of primary aluminum 40.00 % — Chinalco Materials Co., Ltd. (中鋁物資有限公司) PRC/Mainland China 1,000,000 Import and export activities and trading 100.00 % —

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of property, plant and equipment	Buildings and infrastructure 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 25 – 50 years Land use rights 40 – 70 years
Schedule of estimated useful lives of right-of-use assets	Buildings 2 – 20 years Machinery 2 – 10 years Land use rights 10 – 50 years

SIGNIFICANT ACCOUNTING JUDGEM_2

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables)	Dec. 31, 2021
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
Schedule of key macroeconomic parameters for estimation of expected credit losses	Scenarios As of December 31, 2021 Year Basic Negative Positive Growth Rate of GDP 2022 5.30 % 5.04 % 5.57 % 2023 and subsequent years 5.00 % 4.75 % 5.25 % Growth Rate of CPI 2022 2.20 % 2.09 % 2.31 % 2023 and subsequent years 1.60 % 1.52 % 1.68 % Scenarios As of December 31, 2020 Year Basic Negative Positive Growth Rate of GDP 2021 8.83 % 8.39 % 9.27 % 2022 and subsequent years 5.30 % 5.04 % 5.57 % Growth Rate of CPI 2021 1.33 % 1.26 % 1.40 % 2022 and subsequent years 2.40 % 2.28 % 2.52 %

REVENUE AND SEGMENT INFORMATI_2

REVENUE AND SEGMENT INFORMATION (Tables)	12 Months Ended
REVENUE AND SEGMENT INFORMATION (Tables)	Dec. 31, 2021
REVENUE AND SEGMENT INFORMATION
Schedule of revenue recognized during the years	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Revenue from contracts with customers (net of value-added tax) Sale of goods 188,752,179 184,073,342 268,034,695 Transportation services 1,145,304 1,587,246 1,414,732 189,897,483 185,660,588 269,449,427 Revenue from other sources Rental income 317,915 329,989 298,805 190,215,398 185,990,577 269,748,232
Schedule of disaggregated revenue information	For the year ended December 31, 2021 Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 56,315,755 72,586,897 7,915,219 214,724,462 483,349 (83,990,987) 268,034,695 Transportation services — — — 5,652,938 — (4,238,206) 1,414,732 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 Geographical markets Mainland China 56,315,755 72,586,897 7,915,219 207,570,682 483,349 (88,229,193) 256,642,709 Outside of Mainland China — — — 12,806,718 — — 12,806,718 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 Timing of revenue recognition Goods transferred at a point in time 56,315,755 72,586,897 7,915,219 214,724,462 483,349 (83,990,987) 268,034,695 Services transferred over time — — — 5,652,938 — (4,238,206) 1,414,732 Total 56,315,755 72,586,897 7,915,219 220,377,400 483,349 (88,229,193) 269,449,427 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (i) For the year ended December 31, 2020 (Restated) Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 42,292,130 51,729,483 7,184,216 151,540,471 449,058 (69,122,016) 184,073,342 Transportation services — — — 3,768,342 — (2,181,096) 1,587,246 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 Geographical markets Mainland China 42,292,130 51,729,483 7,184,216 146,666,981 449,058 (71,303,112) 177,018,756 Outside of Mainland China — — — 8,641,832 — — 8,641,832 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 Timing of revenue recognition Goods transferred at a point in time 42,292,130 51,729,483 7,184,216 151,540,471 449,058 (69,122,016) 184,073,342 Services transferred over time — — — 3,768,342 — (2,181,096) 1,587,246 Total 42,292,130 51,729,483 7,184,216 155,308,813 449,058 (71,303,112) 185,660,588 For the year ended December 31, 2019 (Restated) Corporate Primary and other Alumina Aluminum Energy operating Inter-segment segment segment Segment Trading segments elimination Total Type of goods or services Sales of goods 43,722,845 49,043,864 7,335,347 156,158,740 492,624 (68,001,241) 188,752,179 Transportation services — — — 2,724,083 — (1,578,779) 1,145,304 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 Geographical markets Mainland China 43,722,845 49,043,864 7,335,347 153,106,808 492,624 (69,580,020) 184,121,468 Outside of Mainland China — — — 5,776,015 — — 5,776,015 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 Timing of revenue recognition Goods transferred at a point in time 43,722,845 49,043,864 7,335,347 156,158,740 492,624 (68,001,241) 188,752,179 Services transferred over time — — — 2,724,083 — (1,578,779) 1,145,304 Total 43,722,845 49,043,864 7,335,347 158,882,823 492,624 (69,580,020) 189,897,483 (i) The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period:
Schedule of revenue that was included in contract liabilities at beginning of period	For the years ended December 31 2020 2021 Revenue recognized that was included in contract liabilities at the beginning of the reporting period: Sale of goods 1,565,285 1,151,341 Others 73,541 88,090 1,638,826 1,239,431
Schedule of performance obligations	Amounts expected to be recognized as revenue for remaining contract performance obligation: For the years ended December 31 2020 2021 Within one year 1,399,340 2,177,072 After one year 182,859 108,545 1,582,199 2,285,617
Schedule of operating segments	Prepaid current income tax and deferred tax assets are excluded from segment assets, and income tax payable and deferred tax liabilities are excluded from segment liabilities. All sales among the reportable operating segments were conducted on terms mutually agreed among group companies, and have been eliminated upon consolidation. Year ended December 31, 2021 Corporate and Primary other operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 56,545,788 72,644,206 7,915,219 220,447,914 483,739 (88,288,634) 269,748,232 Inter-segment revenue (37,981,574) (8,657,079) (240,575) (41,287,709) (121,697) 88,288,634 — Sales of self-produced products (i) 28,054,635 Sales of products sourced from external suppliers 151,105,570 Revenue from external customers 18,564,214 63,987,127 7,674,644 179,160,205 362,042 — 269,748,232 Segment profit /(loss) before income tax 4,049,058 7,402,039 (234,808) 1,230,756 (1,849,784) (418,481) 10,178,780 Income tax expense (2,389,761) Profit for the year 7,789,019 Other items Finance income 116,660 62,292 38,313 50,318 8,413 — 275,996 Finance costs (1,034,889) (1,114,821) (578,079) (117,365) (1,097,607) — (3,942,761) Share of profits and losses of joint ventures 80,612 — 16,095 13,240 54,153 — 164,100 Share of profits and losses of associates (5,976) (1,969) (633,467) 45,538 868,458 — 272,584 Depreciation of right-of-use assets (334,825) (199,086) (32,088) (128,043) (50,469) — (744,511) Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,959,908) (3,016,367) (1,889,351) (33,617) (70,628) — (7,969,871) Losses on disposal of property, plant and equipment and intangible assets (583,142) (58,699) (9,772) 3,222 (2,320) — (650,711) Realized loss on futures contracts, net — — — (132,354) (413,171) — (545,525) Other income 11,909 32,541 56,022 47,836 91 — 148,399 Impairment loss on property, plant and equipment (1,854,694) (470,004) (3,433) — — — (2,328,131) Unrealized losses on futures contracts, net — — — (30,552) (28,657) — (59,209) Losses on disposal of a subsidiaries — — (27,404) — — — (27,404) Changes for impairment of inventories (18,737) (114,171) 12,250 (13,039) (2,601) — (136,298) Provision for impairment of receivables (122,370) (37,400) (176,715) (328,754) (719,649) — (1,384,888) Dividends of equity investments at fair value through other comprehensive income — — — 3,333 7,579 — 10,912 Derecognition of financial assets — (8,055) (83,293) — — — (91,348) Investments in associates 81,784 526,831 759,194 371,499 7,897,326 — 9,636,634 Investments in joint ventures 1,076,120 — 353,177 55,712 1,865,950 — 3,350,959 Additions during the period: Intangible assets 72,735 20,779 — 140 — — 93,654 Right-of-use assets 3,400,546 2,721,001 377 212,812 266,342 — 6,601,078 Property, plant and equipment (ii) 1,170,356 621,694 391,894 26,231 94,686 — 2,304,861 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB18,552 million, sales of self-produced primary aluminum amounting to RMB7,087 million, and sales of self-produced other products amounting to RMB2,416 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2020 (Restated) Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 42,378,421 51,889,084 7,184,216 155,392,357 449,611 (71,303,112) 185,990,577 Inter-segment revenue (29,436,854) (11,458,500) (243,788) (30,058,138) (105,832) 71,303,112 — Sales of self-produced products (i) 21,492,083 Sales of products sourced from external suppliers 103,842,136 Revenue from external customers 12,941,567 40,430,584 6,940,428 125,334,219 343,779 — 185,990,577 Segment profit /(loss) before income tax 1,435,129 2,023,168 (77,235) 582,083 (1,705,175) (68,699) 2,189,271 Income tax expense (590,023) Profit for the year 1,599,248 Other items Finance income 43,192 58,437 36,333 72,632 16,607 — 227,201 Finance costs (826,521) (1,364,606) (995,572) (170,937) (1,062,892) — (4,420,528) Share of profits and losses of joint ventures 75,405 - 35,308 5,011 64,778 — 180,502 Share of profits and losses of associates 4,930 (35,328) (17,905) 38,683 155,357 — 145,737 Depreciation of right-of-use assets (364,655) (234,387) (96,967) (21,075) (50,469) — (767,553) Depreciation and amortization (excluding the depreciation of right- of-use assets) (2,944,255) (2,937,761) (1,867,632) (99,179) (71,281) — (7,920,108) (Losses)/gain on disposal of property, plant and equipment and intangible assets (25,489) 442,089 (99,363) 1,911 648 — 319,796 Realized loss on futures, forward and option contracts, net — — — 675,442 (152,064) — 523,378 Other income 21,549 11,087 55,561 33,207 18,147 — 139,551 Impairment loss on property, plant and equipment (23,136) (388,755) — (4,951) — — (416,842) Unrealized (losses)/gains on futures contracts, net — — — (27,705) 17,311 — (10,394) Gain on disposal of a subsidiaries — — — — 11,305 — 11,305 Changes for impairment of inventories (121,286) 103,524 (15,642) 2,184 981 — (30,239) Provision for impairment of receivables (59,105) (14,417) (108,059) (414,342) (383,238) — (979,161) Dividends from other financial assets measured at fair value — — — — 82,794 — 82,794 Investments in associates 88,356 539,058 1,565,235 396,454 6,584,307 — 9,173,410 Investments in joint ventures 1,076,085 — 334,763 43,258 1,920,447 — 3,374,553 Additions during the period: Intangible assets 2,157 3,546 — 1,413 266 — 7,382 Right-of-use assets 12,001 — 59,010 2,875 2,893 — 76,779 Property, plant and equipment(ii) 2,317,271 1,069,086 881,810 328,033 25,119 — 4,621,319 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB12,465 million, sales of self-produced primary aluminum amounting to RMB8,784 million, and sales of self-produced other products amounting to RMB243 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts are not included. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) Year ended December 31, 2019 (Restated) Corporate and other Primary operating Inter-segment Alumina aluminum Energy Trading segments elimination Total Total revenue 43,931,832 49,089,019 7,345,971 158,935,656 492,940 (69,580,020) 190,215,398 Inter-segment revenue (29,605,251) (11,694,382) (236,136) (27,877,188) (167,063) 69,580,020 — Sales of self-produced products (i) 24,380,771 Sales of products sourced from external suppliers 106,677,697 Revenue from external customers 14,326,581 37,394,637 7,109,835 131,058,468 325,877 — 190,215,398 Segment profit/(loss) before income tax 591,491 687,246 403,479 958,007 (987,704) 213,085 1,865,604 Income tax expense (631,512) Profit for the year 1,234,092 Other items Finance income 61,645 53,252 35,093 105,664 5,540 — 261,194 Finance costs (651,238) (1,328,730) (1,064,769) (224,292) (1,652,512) — (4,921,541) Share of profits and losses of joint ventures 86,245 - (22,272) 3,767 202,375 — 270,115 Share of profits and losses of associates (6,319) 11,621 (32,660) 36,579 39,546 — 48,767 Depreciation of right-of-use assets (495,693) (338,975) (146,139) (45,541) (49,477) — (1,075,825) Depreciation and amortization (excluding the depreciation of right-of-use assets) (2,836,142) (3,235,356) (1,488,077) (79,365) (81,467) — (7,720,407) (Losses)/gains on disposal of property, plant and equipment and intangible assets (576,669) 833,288 (3,982) 7,271 (224) — 259,684 Realized gain on futures, forward and option contracts, net — — 60,671 — — — 60,671 Other income 21,252 716 11,382 47,666 3,595 — 84,611 Impairment on property, plant and equipment (8,742) (247,112) — (3,500) — — (259,354) Unrealized gain on futures, forward and option contracts, net — — — (9,851) — — (9,851) Gain on share of associates’ net assets — — — — 295,288 — 295,288 Gain on disposal of subsidiaries 118 — 3,014 2,738 255,317 — 261,187 Gain on disposal of associates — — 159,514 — — — 159,514 Changes for impairment of inventories 69,740 166,331 34,136 (19,076) — — 251,131 Reversal of/(provision for) impairment of receivables, net of bad debts recovered 6,837 1,088 (53,227) (122,420) (3,294) — (171,016) Dividends from other financial assets measured at fair value — — 1,000 — 96,775 — 97,775 Investments in associates 83,424 574,385 362,757 2,021,964 6,469,871 — 9,512,401 Investments in joint ventures 1,076,085 — 79,199 298,991 1,931,307 — 3,385,582 Additions during the year: Intangible assets 209,366 949,013 (5,062) 1,869 200 — 1,155,386 Right-of- use assets 1,080,285 131,797 8,411 27,365 — — 1,247,858 Property, plant and equipment (ii) 6,490,041 2,381,644 1,454,659 132,841 165,832 — 10,625,017 (i) The sales of self-produced products include sales of self-produced alumina amounting to RMB13,330 million, sales of self-produced primary aluminum amounting to RMB10,689 million, and sales of self-produced other products amounting to RMB362 million. (ii) The additions to property, plant and equipment under sale and leaseback contracts are not included. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) As of December 31, 2021 Corporate and other Alumina Primary aluminum Energy Trading operating segments Total Segment assets 90,345,545 63,578,662 35,261,548 20,961,774 49,644,646 259,792,175 Reconciliation: Elimination of inter-segment receivables (67,940,192) Other eliminations (920,811) Corporate and other unallocated assets: Deferred tax assets 1,386,147 Prepaid income tax 59,578 Total assets 192,376,897 Segment liabilities 48,065,682 33,688,693 25,419,575 13,511,644 64,899,888 185,585,482 Elimination of inter-segment payables (67,940,192) Corporate and other unallocated liabilities: Deferred tax liabilities 1,378,519 Income tax payable 569,591 Total liabilities 119,593,400 As of December 31, 2020 (Restated) Corporate and other Primary operating Alumina aluminum Energy Trading segments Total Segment assets 87,549,047 62,050,175 39,671,083 20,520,759 44,594,935 254,385,999 Reconciliation: — Elimination of inter-segment receivables (60,582,399) Other eliminations (360,498) Corporate and other unallocated assets: Deferred tax assets 1,481,235 Prepaid income tax 116,574 Total assets 195,040,911 Segment liabilities 48,888,621 39,204,713 26,197,235 12,815,610 55,475,215 182,581,394 Elimination of inter-segment payables (60,582,399) Corporate and other unallocated liabilities: Deferred tax liabilities 1,437,087 Income tax payable 299,665 Total liabilities 123,735,747
Schedule of geographical information of operating segments	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Segment revenue from external customers – Mainland China 184,439,383 177,348,745 256,941,514 – Outside of Mainland China 5,776,015 8,641,832 12,806,718 190,215,398 185,990,577 269,748,232 December 31, December 31, 2021 2020 (Restated) Non-current assets (excluding financial assets and deferred tax assets) – Mainland China 139,348,364 142,746,232 – Outside Mainland China 2,576,957 2,890,338 141,925,321 145,636,570

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2021
INTANGIBLE ASSETS
Schedule of intangible assets	Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2021 Opening net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304 Additions — 91,412 — 2,242 93,654 Disposals — (3,639) — — (3,639) Impairment (i) — (11,340) (185,086) — (196,426) Amortization — (326,052) — (51,662) (377,714) Transfer from property, plant and equipment (Note 7) — 17,595 — 10,346 27,941 Currency translation differences (342) (1,692) (2,225) (985) (5,244) Closing net carrying amount 3,509,515 7,192,117 801,063 1,484,181 12,986,876 As of December 31, 2021 Cost 3,509,515 9,972,299 984,092 1,929,188 16,395,094 Accumulated amortization and impairment — (2,780,182) (183,029) (445,007) (3,408,218) Net carrying amount 3,509,515 7,192,117 801,063 1,484,181 12,986,876 (i) The Group made the decision in 2021 to discontinue its exploration activities in Laos due to the continuous impact of Covid-19 on the feasibility of further exploration and development on the related mining properties. As a result, the total carrying amount of the mineral exploration rights amounting to RMB 185 million was fully impaired. Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2020 Opening net carrying amount 3,510,892 7,972,911 1,001,332 1,279,325 13,764,460 Additions — — — 7,382 7,382 Disposals — (277,715) — — (277,715) Impairment — — — (416) (416) Amortization — (412,599) — (46,883) (459,482) Business combination — — — 89 89 Transfer from property, plant and equipment (Note 7) — 149,544 — 284,743 434,287 Currency translation differences (1,035) (6,308) (12,958) — (20,301) Closing net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304 As of December 31, 2020 Cost 3,509,857 9,876,722 988,374 1,932,329 16,307,282 Accumulated amortization and impairment — (2,450,889) — (408,089) (2,858,978) Net carrying amount 3,509,857 7,425,833 988,374 1,524,240 13,448,304
Schedule of amortization expenses of intangible assets recognized in profit or loss	For the years ended December 31 2019 2020 2021 Cost of sales 294,766 371,616 305,484 General and administrative expenses 44,172 87,866 72,230 338,938 459,482 377,714
Schedule of summary of goodwill allocated to each segment	December 31, 2021 December 31, 2020 Alumina Primary aluminum Alumina Primary aluminum Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Aluminum Co., Ltd. — 1,924,259 — 1,924,259 PT. Nusapati Prima (“PTNP“) 14,621 — 14,963 — Shanxi Huaxing 1,163,949 — 1,163,949 — 1,367,989 2,141,526 1,368,331 2,141,526

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Office Buildings and Transportation and other Construction infrastructure Machinery facilities equipment in progress Total Year ended December 31, 2021 Opening net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423 Reclassifications and internal transfers 1,443,486 1,435,604 105,359 63,774 (3,048,223) — Transfer to intangible assets (Note 6) — — — — (27,941) (27,941) Transfer from right-of-use assets and non-current assets (i) 143,646 1,398,593 — 85 — 1,542,324 Transfer to investment properties (Note 8) (139,377) — — — — (139,377) Transfer to right-of-use assets (Note 20(a)) — — — — (68,377) (68,377) Additions 27,528 230,516 7,947 4,318 2,034,552 2,304,861 Government grants (447) (81,171) — — — (81,618) Disposals (122,110) (699,493) (12,441) (4,545) (275,835) (1,114,424) Depreciation (1,798,811) (5,360,059) (181,204) (35,485) — (7,375,559) Impairment loss (1,163,722) (1,000,412) (2,182) (46) (161,769) (2,328,131) Currency translation differences 21,368 (18,141) (198) (181) — 2,848 Closing net carrying amount 40,676,815 48,940,413 1,080,588 390,087 2,339,126 93,427,029 As of December 31, 2021 Cost 64,118,401 111,919,569 2,731,095 892,122 2,555,618 182,216,805 Accumulated depreciation and impairment (23,441,586) (62,979,156) (1,650,507) (502,035) (216,492) (88,789,776) Net carrying amount 40,676,815 48,940,413 1,080,588 390,087 2,339,126 93,427,029 (i) This includes the right-of-use assets recognized previously under sale and leaseback contracts of RMB 1,343 million that were classified from property, plant and equipment, upon initial adoption of IFRS 16. After the expiration of those contracts, they were recognized as property, plant and equipment. Office Buildings and Transportation and other Construction infrastructures Machinery facilities equipment in progress Total Year ended December 31, 2020 (Restated) Opening net carrying amount 40,777,430 49,569,408 429,581 355,094 12,361,039 103,492,552 Reclassifications and internal transfers 3,301,076 7,114,160 809,433 47,546 (11,272,215) — Transfer to intangible assets (Note 6) — — — — (434,287) (434,287) Transfer from right-of-use assets and non-current assets — 1,982,812 — — — 1,982,812 Transfer to investment properties (Note 8) (78,135) — — — — (78,135) Transfer to other non-current assets — — — — (38,430) (38,430) Transfer to right-of-use assets (Note 20(a)) (140,254) — — — (744,887) (885,141) Additions 296,395 182,427 48,607 10,659 4,083,231 4,621,319 Business combination 1,290 52,357 (18) (28) — 53,601 Government grants (1,646) (40,676) — — — (42,322) Disposals (120,386) (173,788) (27,145) (918) (58,659) (380,896) Depreciation (1,689,772) (5,325,096) (96,999) (49,609) — (7,161,476) Impairment loss (80,641) (326,445) (125) (558) (9,073) (416,842) Currency translation differences (103) (183) (27) (19) — (332) Closing net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423 As of December 31, 2020 (Restated) Cost 63,188,384 114,561,974 2,844,604 871,037 4,007,082 185,473,081 Accumulated depreciation and impairment (20,923,130) (61,526,998) (1,681,297) (508,870) (120,363) (84,760,658) Net carrying amount 42,265,254 53,034,976 1,163,307 362,167 3,886,719 100,712,423
Schedule of depreciation expenses recognized in profit or loss	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Cost of sales 6,936,008 6,877,532 6,998,349 General and administrative expenses 164,150 123,521 183,934 Research and development expenses — 155,288 185,108 Selling and distribution expenses 6,607 5,135 8,168 7,106,765 7,161,476 7,375,559

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
INVESTMENT PROPERTIES (Tables)	Dec. 31, 2021
INVESTMENT PROPERTIES
Schedule of net carrying amount of investment properties	8 INVESTMENT PROPERTIES Buildings Land use rights Total Year ended December 31, 2021 Opening net carrying amount 481,489 1,120,387 1,601,876 Transfer from property, plant and equipment (Note 7) 139,377 — 139,377 Transfer from right-of-use assets (Note 20(a)) — 90,314 90,314 Others — 7,472 7,472 Depreciation (11,900) (12,550) (24,450) Closing net carrying amount 608,966 1,205,623 1,814,589 As of December 31, 2021 Cost 779,253 1,346,953 2,126,206 Accumulated depreciation and impairment (170,287) (141,330) (311,617) Net carrying amount 608,966 1,205,623 1,814,589 Buildings Land use rights Total Year ended December 31, 2020 Opening net carrying amount 414,168 1,089,098 1,503,266 Transfer from property, plant and equipment (Note 7) 78,135 — 78,135 Transfer from right-of-use assets (Note 20(a)) — 45,885 45,885 Disposal — (1,005) (1,005) Depreciation (10,814) (13,591) (24,405) Closing net carrying amount 481,489 1,120,387 1,601,876 As of December 31, 2020 Cost 601,850 1,221,710 1,823,560 Accumulated depreciation and impairment (120,361) (101,323) (221,684) Net carrying amount 481,489 1,120,387 1,601,876 The Group's investment properties consist of land use rights held for rental income and buildings leased to third parties under operating leases.

INVESTMENTS IN JOINT VENTURES_2

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)	12 Months Ended
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)	Dec. 31, 2021
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of information about joint venture	a Place of Registered Effective equity interest held establishment and paid-in Principal Ownership Voting Profit Name and operation capital activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd. (“Guangxi Huayin”) (廣西華銀鋁業有限公司) PRC/ 2,441,987 Manufacturing 33.00 % 33.00 % 33.00 % Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method.
Schedule of summarized financial information joint venture	December 31, December 31, 2021 2020 Cash and cash equivalents 224,154 247,680 Other current assets 1,498,110 970,096 Current assets 1,722,264 1,217,776 Non-current assets 5,024,444 5,361,592 Current liabilities 1,844,884 1,522,700 Non-current liabilities 526,827 580,419 Net assets 4,374,997 4,476,249 Reconciliation to the Group’s interest in the joint venture: Proportion of the Group’s ownership 33.00 % 33.00 % The Group’s share of net assets of the joint venture 1,443,749 1,477,162 Carrying amount of the investment 1,443,749 1,477,162 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) For the year ended December 31 2019 2020 2021 Revenue 5,226,893 4,631,737 5,126,994 Gross profit 1,303,254 800,965 890,301 Interest income 9,781 7,388 14,465 Depreciation and amortization 525,109 531,512 553,493 Interest expenses 63,351 51,855 40,506 Profit before income tax 621,315 195,189 246,447 Income tax 79,300 21,152 44,333 Other comprehensive income — — — Total comprehensive income for the year 542,015 174,037 202,114 Dividend received 198,000 99,000 99,000
Schedule of information about associate	9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) As of December 31, 2021, particulars of the Group’s material associate are as follows: Place of Effective equity interest held establishment and Registered and Principal Ownership Voting Profit Name operation paid-in capital activities interest power sharing Yunnan Aluminum PRC/Mainland China 3,448,207 Manufacturing 10.10 % 10.10 % 10.10 %
Schedule of summarized financial information associates	December 31, December 31, 2021 2020 Cash and cash equivalents 1,622,638 1,186,778 Other current assets 3,762,507 4,848,942 Current assets 5,385,145 6,035,720 Non-current assets 37,267,619 39,960,249 Current liabilities 9,782,242 17,360,609 Non-current liabilities 7,869,719 10,658,126 Net assets 25,000,803 17,977,234 Non-controlling interests 3,286,333 2,504,346 Reconciliation to the Group’s interest in the associate: Proportion of the Group’s ownership 10.10 % 10.04 % The Group’s share of net assets of the associate 2,193,161 1,553,478 Carrying amount of the investment 2,193,161 1,553,478 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) For the years ended December 31 2019 2020 2021 Revenue 24,283,623 29,567,864 41,668,819 Gross profit 3,241,005 4,084,535 9,440,917 Interest income 46,865 35,345 31,058 Depreciation and amortization 1,381,066 1,571,308 1,866,030 Interest expenses 945,786 649,600 607,126 Profit before income tax 596,546 1,032,497 3,527,700 Income tax 51,340 122,384 436,429 Other comprehensive income 28,183 (36,602) 23,321 Total comprehensive income for the year 573,389 873,511 3,114,592 Dividend received — — —
Associates
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments	December 31, 2021 December 31, 2020 As of January 1 9,173,410 9,512,401 Investment to Yunnan Aluminum 320,000 — Capital injections, other than to Yunnan Aluminum 309,251 — Subsidiaries changed into associates — 7,473 Capital reduction (83,984) (14,850) Share of profits for the year 272,584 145,737 Dividends declared (378,998) (480,397) Share of changes in reserves 24,371 3,046 As of December 31 9,636,634 9,173,410
Schedule of summarized financial information associates	December 31, December 31, 2021 2020 Share of the associates’ profits and losses (37,780) 83,519 Share of the associates’ total other comprehensive income 6,292 — Share of the associates' total comprehensive income (31,488) 83,519 Aggregate carrying amount of the Group’s investments in the associates 7,443,473 7,619,932
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments	December 31, December 31, 2021 2020 As of January 1 3,374,553 3,385,582 Capital injections — 4,333 Share of profits for the year 164,100 180,502 Share of changes in reserves 60 1,491 Cash dividends declared (187,754) (197,355) As of December 31 3,350,959 3,374,553
Schedule of summarized financial information joint venture	December 31, 2021 December 31, 2020 Share of the joint ventures’ profits and losses for the year 96,255 121,120 Share of the joint ventures’ total comprehensive income 96,255 121,120 Aggregate carrying amount of the Group’s investments in joint ventures 1,907,210 1,897,391

OTHER FINANCIAL ASSETS MEASUR_2

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Tables)	12 Months Ended
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Tables)	Dec. 31, 2021
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE
Schedule of equity investments designated at fair value through other comprehensive income/available-for-sale financial investments	December 31, December 31, 2021 2020 (Restated) Listed equity investments, at fair value Dongxing securities Co., Ltd.(東興證券股份有限公司) 7,674 8,812 Unlisted equity investments, at fair value Sanmenxia Dachang Mining Co., Ltd.(三門峽達昌礦業有限公司) 20,921 20,921 Inner Mongolia Ganqimaodu Port Development Co., Ltd.(內蒙古甘其毛都港務發展股份有限公司) 16,669 16,669 Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd. (銀川經濟技術開發區投資控股有限公司) 20,577 17,234 China Color International Alumina Development Co., Ltd.(中色國際氧化鋁開發有限公司) 5,998 6,636 Luoyang Jianyuan Mining Co., Ltd. (洛陽建元礦業有限公司) 4,975 4,975 NingXia Electric Power Trading Center Co., Ltd(寧夏電力交易中心有限公司) 4,305 4,305 Ningxia Ningdian Logistics Transportation Co., Ltd.(寧夏寧電物流運輸有限公司) 1,640 1,640 Chinalco Innovative Development Investment Company Limited (“Chinalco Innovative”) (中鋁創新開發投資有限公司) (ii) — 329,234 Size Industry Investment Fund (四則產業投資基金) (i) — 980,498 Fangchenggang Chisha Pier Co., Ltd.(防城港赤沙碼頭有限公司) 21,700 700 Xingxian Shengxing Highway Investment Management Co., Ltd. (興縣盛興公路投資管理有限公司) 135,079 135,079 231,864 1,517,891 239,538 1,526,703

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
DEFERRED TAX (Tables)	Dec. 31, 2021
DEFERRED TAX
Schedule of movements in deferred tax assets and deferred tax liabilities	Unrealised Provision for Accrued profit at impairment expenses Tax losses consolidation Others Total As of January 1, 2020 445,322 209,395 576,190 169,355 179,427 1,579,689 Acquisition of subsidiaries — — — — 36 36 Credit/(charged) to profit or loss 65,196 (99,810) (105,811) 56,731 51,116 (32,578) As of December 31, 2020 510,518 109,585 470,379 226,086 230,579 1,547,147 As of January 1, 2021 510,518 109,585 470,379 226,086 230,579 1,547,147 Credit/(charged) to profit or loss 185,470 (85,912) (226,769) 67,564 (41,937) (101,584) As of December 31, 2021 695,988 23,673 243,610 293,650 188,642 1,445,563 Movements in deferred tax liabilities: Fair value adjustments Fair value Depreciation arising from changes of and acquisition Interest financial amortization of capitalisation assets and others subsidiaries Total As of January 1, 2020 38,007 7,731 23,873 1,700,088 1,769,699 Exchange realignment — — — (1,406) (1,406) Charged to other comprehensive income — (3,066) — — (3,066) Acquisition of subsidiaries — — — 1,274 1,274 Credited to profit or loss (12,167) 4,235 13,234 (268,804) (263,502) As of December 31, 2020 25,840 8,900 37,107 1,431,152 1,502,999 As of January 1, 2021 25,840 8,900 37,107 1,431,152 1,502,999 Charged to other comprehensive income — (11,117) — — (11,117) Credited to profit or loss (7,915) 4,059 34,860 (84,951) (53,947) As of December 31, 2021 17,925 1,842 71,967 1,346,201 1,437,935
Schedule of analysis of the deferred tax balances of the Group for financial reporting purposes	December 31, December 31, 2021 2020 Net deferred tax assets 1,386,147 1,481,235 Net deferred tax liabilities 1,378,519 1,437,087
Schedule of the expiry profile of unprovided tax losses	December 31, December 31, 2021 2020 Expiring in 2021 — 213,992 2022 742,693 795,012 2023 590,293 536,394 2024 1,778,927 1,890,765 2025 2,405,862 2,590,350 2026 and beyond 1,412,128 566,997 6,929,903 6,593,510

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
OTHER NON-CURRENT ASSETS (Tables)	Dec. 31, 2021
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	December 31, December 31, 2021 2020 Financial assets Long-term receivables 127,390 127,754 Less: impairment (15,542) — 111,848 127,754 Prepayment for mining rights 806,534 809,722 Long-term prepaid expenses 593,011 654,291 Deferred losses for sale and leaseback transactions(i) 97,070 396,368 Input VAT to be deducted 294,420 388,271 Rent concessions 376,917 257,899 Others 195,146 531,615 2,363,098 3,038,166 2,474,946 3,165,920 (i) In previous years, the Group entered into several sale and leaseback agreements (Note 20(a)). The deferred losses arising from the sale are classified as other non-current assets and were amortized over the useful lives of the assets leased back.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2021
INVENTORIES
Schedule of inventories	December 31, December 31, 2021 2020 (Restated) Raw materials 5,628,872 7,450,822 Work-in-progress 8,732,604 7,290,838 Finished goods 4,310,607 4,835,098 Spare parts 645,564 789,136 Packaging materials and others 26,353 25,709 19,344,000 20,391,603 Less: provision for impairment of inventories (666,125) (529,827) 18,677,875 19,861,776
Schedule of provision for inventories	December 31, December 31, 2021 2020 As of January 1 529,827 560,066 Provision for impairment of inventories 471,162 1,492,153 Reversal arising from increase in net realizable value (14,624) (170,766) Written off upon sales of inventories (320,240) (1,351,626) As of December 31 666,125 529,827

TRADE RECEIVABLES AND NOTES R_2

TRADE RECEIVABLES AND NOTES RECEIVABLES (Tables)	12 Months Ended
TRADE RECEIVABLES AND NOTES RECEIVABLES (Tables)	Dec. 31, 2021
TRADE RECEIVABLES AND NOTES RECEIVABLE
Schedule of trade and notes receivables	December 31, December 31, 2021 2020 (Restated) Trade receivables 4,025,441 5,687,100 Less: impairment (958,787) (933,890) 3,066,654 4,753,210 Notes receivable 3,838,196 4,560,437 6,904,850 9,313,647
Schedule of ageing analysis of trade and notes receivables	As of December 31 2021 2020 (Restated) Within 1 year 2,367,787 2,984,665 Between 1 and 2 years 153,161 1,031,050 Between 2 and 3 years 225,796 183,288 Over 3 years 1,278,697 1,488,097 4,025,441 5,687,100 Less: loss allowance for impairment (958,787) (933,890) 3,066,654 4,753,210
Schedule of credit risk exposure	As of December 31, 2021 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Alumina and primary aluminum Within 1 year 172,625 1,574 0.91 Between 1 and 2 years 25,430 1,331 5.23 Between 2 and 3 years 3,146 1,708 54.29 Over 3 years 46,210 41,896 90.66 247,411 46,509 Trading Within 1 year 365,158 361 0.10 Between 1 and 2 years 6,131 103 1.68 Between 2 and 3 years 23 1 4.35 Over 3 years 2,918 1,525 52.26 374,230 1,990 Energy Within 1 year 1,108,505 52 0.00 Between 1 and 2 years 119,108 1,298 1.09 Between 2 and 3 years 138,660 3,332 2.40 Over 3 years 171,184 42,054 24.57 1,537,457 46,736 Corporate and other operating segments Within 1 year 10,138 610 6.02 Between 1 and 2 years 2,491 1,763 70.77 Between 2 and 3 years 1,887 1,792 94.97 Over 3 years 10,018 9,763 97.45 24,534 13,928 2,183,632 109,163 Individually assessed trade receivables 1,841,809 849,624 4,025,441 958,787 14 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED) Set out below is the information about individually assessed trade receivables: As of December 31, 2021 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) China Aluminum Zibo International Trading Co., Ltd 617,974 — — Zhuhai Hongfan nonferrous metal Chemical Co., Ltd 270,419 270,419 100.00 Aluminum Industry Co., Ltd., Luoyang, Henan 247,163 — — Xinjiang Jiarun Resources Holdings Co., Ltd. 213,293 213,293 100.00 Guizhou Jinpingguo Aluminum Rod Co., Ltd. 111,138 111,138 100.00 Others 381,822 254,774 66.73 1,841,809 849,624
Schedule of movements on the provision for impairment of trade and notes receivables	2021 2020 2019 (Restated) As of January 1 933,890 715,597 659,261 Impairment loss 364,120 403,633 237,504 Write off (285,178) (122,459) (98,554) Reversal (36,989) (64,661) (83,095) Others (17,056) 1,780 481 As of December 31 958,787 933,890 715,597

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
OTHER CURRENT ASSETS (Tables)	Dec. 31, 2021
OTHER CURRENT ASSETS
Schedule of other current assets	December 31, 2021 December 31, 2020 (Restated) Financial assets — Deposits paid to suppliers 1,320,448 691,786 — Dividends receivable 373,252 412,736 — Receivables from disposal of businesses and assets — 20,950 — Entrusted loans and loans receivable from third parties 1,466,236 1,530,452 — Entrusted loans and loans receivable from related parties 1,324,016 1,264,423 — Recoverable reimbursement for freight charges 251,113 381,866 — Receivable from disposal of aluminum capacity quota — 538,655 — Other financial assets 693,068 1,365,951 5,428,133 6,206,819 Less: impairment allowance (3,153,226) (2,224,511) 2,274,907 3,982,308 Advances to employees — 17,043 Deductible input value added tax receivables 529,760 1,379,288 Prepaid income tax 59,578 116,574 Prepayments to related parties for purchases 144,098 78,724 Prepayments to suppliers for purchases and others 870,762 726,487 Others 74,221 49,598 1,678,419 2,367,714 Less: impairment allowance — (1,621) 1,678,419 2,366,093 Total other current assets 3,953,326 6,348,401
Schedule of ageing analysis of financial assets included in other current assets	December 31, 2021 December 31, 2020 (Restated) Within 1 year 1,832,596 2,385,470 Between 1 and 2 years 175,193 142,887 Between 2 and 3 years 36,709 191,228 Over 3 years 3,383,635 3,487,234 5,428,133 6,206,819 Less: provision for impairment (3,153,226) (2,224,511) 2,274,907 3,982,308
Schedule of movements in the provision for impairment of other current assets	2021 2020 As of January 1 2,226,132 1,699,450 Impairment loss 1,046,565 657,200 Write off (135,049) (113,507) Reversal (4,524) (17,011) Others 20,102 — As of December 31 3,153,226 2,226,132
Schedule of financial assets included in other current assets at amortized cost	Gross carrying Expected credit As of December 31, 2021 amount losses Stage 1 – 12 months expected credit loss 1,943,470 2,988 Stage 2 – life time expected credit loss 188,324 7,713 Stage 3 – life time expected credit loss with credit-impaired 3,296,339 3,142,525 5,428,133 3,153,226 December 31, 2020 Gross carrying Expected credit (Restated) amount losses Stage 1 – 12 months expected credit loss 2,218,072 5,961 Stage 2 – life time expected credit loss 578,213 14,966 Stage 3 – life time expected credit loss with credit-impaired 3,410,534 2,203,584 6,206,819 2,224,511

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Dec. 31, 2021
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of cash and cash equivalents and restricted cash	December 31, December 31, 2021 2020 (Restated) Restricted cash 1,324,748 1,056,037 Cash and cash equivalents 17,853,244 9,671,477 19,177,992 10,727,514
Schedule of cash and cash equivalents and restricted cash denominated in foreign currency	December 31, December 31, 2021 2020 (Restated) RMB 17,605,127 9,621,499 USD 1,557,373 1,095,713 HKD 7,314 2,763 EUR 1,957 2,055 Others 6,221 5,484 19,177,992 10,727,514

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2021
SHARE CAPITAL
Schedule of Number of Company's Authorised and Issued Ordinary Shares	December 31, December 31, 2021 2020 Listed A shares 13,078,707 13,078,707 Listed H shares 3,943,966 3,943,966 17,022,673 17,022,673

INTEREST -BEARING LOANS AND BOR

INTEREST -BEARING LOANS AND BORROWINGS (Tables)	12 Months Ended
INTEREST -BEARING LOANS AND BORROWINGS (Tables)	Dec. 31, 2021
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	December 31, December 31, 2021 2020 Long-term loans and borrowings Lease liabilities (Note 20 (b)) 12,594,455 7,086,151 Medium-term notes and bonds (Note 19(b)) – Unsecured 19,222,586 18,975,379 Long-term bank and other loans (Note 19(a)) – Secured (Note 19(f)) 11,008,215 9,216,299 – Guaranteed (Note 19(e)) 3,132,529 4,846,446 – Unsecured 27,984,442 28,951,819 42,125,186 43,014,564 Total long-term loans and borrowings 73,942,227 69,076,094 Current portion of lease liabilities (987,664) (828,272) Current portion of medium-term notes and bonds (2,999,599) (7,100,711) Current portion of long-term bank and other loans (5,859,115) (3,629,014) (9,846,378) (11,557,997) Non-current portion of long-term loans and borrowings 64,095,849 57,518,097 December 31, December 31, 2021 2020 Short-term loans and borrowings Bank and other loans (Note 19(c)) – Secured (Note 19(f)) 513,100 863,738 – Guaranteed — 50,000 – Unsecured 8,706,230 19,824,292 9,219,330 20,738,030 Short-term bonds, unsecured (Note 19(d)) 5,440,414 2,411,256 Current portion of lease liabilities 987,664 828,272 Current portion of medium-term notes and bonds 2,999,599 7,100,711 Current portion of long-term bank and other loans 5,859,115 3,629,014 15,286,792 13,969,253 Total short-term borrowings and current portion of long-term loans and borrowings 24,506,122 34,707,283
Schedule of maturity of long-term bank and other loans	Loans from banks and other Total of long-term bank and financial institutions Other loans other loans December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 Within 1 year 5,856,967 3,626,564 2,148 2,450 5,859,115 3,629,014 Between 1 and 2 years 11,835,504 6,700,238 2,148 2,450 11,837,652 6,702,688 Between 2 and 5 years 9,764,992 15,630,738 6,445 7,350 9,771,437 15,638,088 Over 5 years 14,656,982 17,042,324 — 2,450 14,656,982 17,044,774 42,114,445 42,999,864 10,741 14,700 42,125,186 43,014,564
Schedule of interest-bearing loans and borrowings in which the Group received guarantees	Guarantors December 31, December 31, 2021 2020 Long-term loans The Company 1,053,744 2,092,761 Baotou Aluminum Limited Company(包頭鋁業有限公司) and Baotou Communications Investment Group Limited Company(包頭交通投資集團有限公司) (i) 825,000 1,137,500 Ningxia Energy (ii) 935,000 1,134,400 The Company and COSCO SHIPPING BULK Limited company (中遠海運散貨運輸有限公司) (iii) 318,785 318,785 Yinyi Fengdian, Neimenggu, Alashan (ii) — 144,000 Yinxing Energy (ii) — 19,000 3,132,529 4,846,446 Short-term loans Ningxia Energy (ii) — 50,000 3,132,529 4,896,446 Notes: (i) The guarantors are a subsidiary of the Company and a related party respectively. (ii) The guarantor is a subsidiary of the Company. 19 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (e) Guaranteed interest-bearing loans and borrowings (Continued) (iii) The joint guarantors are the Company and a third party.
Medium-term notes and bonds and long-term bonds and private placement notes
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Effective December 31, December 31, Face value /maturity interest rate 2021 2020 2018 Medium-term notes 2,000,000RMB/2021 5.84 % — 1,998,802 2019 Medium-term notes 2,000,000RMB/2024 4.31 % 1,989,090 1,985,264 2020 Medium-term notes 900,000RMB/2023 3.04 % 898,866 897,972 2021 Medium-term notes 1,000,000RMB/2024 3.21 % 997,028 — 2018 Medium-term bonds 1,100,000RMB/2021 4.66 % — 1,099,284 2018 Medium-term bonds 900,000RMB/2023 5.06 % 899,323 898,807 2018 Medium-term bonds 1,400,000RMB/2021 4.30 % — 1,398,160 2018 Medium-term bonds 1,600,000RMB/2023 4.57 % 1,597,988 1,597,071 2019 Medium-term bonds 2,000,000RMB/2022 3.84 % 1,999,809 1,999,196 2019 Medium-term bonds 2,000,000RMB/2029 4.57 % 1,997,440 1,997,265 2019 Medium-term bonds 1,000,000RMB/2022 3.52 % 999,790 999,623 2020 Medium-term bonds 500,000RMB/2025 3.31 % 499,876 499,853 2020 Medium-term bonds 1,000,000RMB/2023 3.07 % 999,787 999,617 2018 Hong Kong Medium-term bonds 400,000USD/2021 5.25 % — 2,604,465 2021 Hong Kong Medium-term bonds 500,000USD/2024 1.74 % 3,173,180 — 2021 Hong Kong Medium-term bonds 500,000USD/2026 2.24 % 3,170,409 — 19,222,586 18,975,379
Short-term bonds
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Effective December 31, December 31, Face value /maturity interest rate 2021 2020 short-term bonds 400,000RMB/2021 2.46 % — 405,997 short-term bonds 500,000RMB/2021 1.52 % — 501,781 short-term bonds 1,000,000RMB/2021 2.45 % — 1,002,925 short-term bonds 500,000RMB/2021 1.61 % — 500,553 short-term bonds 400,000RMB/2022 2.70 % 406,036 — short-term bonds 2,000,000RMB/2022 2.59 % 2,022,571 — short-term bonds 1,000,000RMB/2022 2.55 % 1,006,240 — short-term bonds 2,000,000RMB/2022 2.80 % 2,005,567 — 5,440,414 2,411,256

LEASE (Tables)

LEASE (Tables)	12 Months Ended
LEASE (Tables)	Dec. 31, 2021
LEASE
Summary of carrying amounts of right-of-use assets and the movements during the period	Buildings Machinery Land use rights Total As of January 1, 2021 235,169 1,764,196 12,288,473 14,287,838 Additions 8,547 6,424 109,927 124,898 Transfer from property, plant and equipment (Note 7) — — 68,377 68,377 Lease modification 377,873 — 5,769,223 6,147,096 Transfer to property, plant and equipment (143,646) (1,199,382) — (1,343,028) Transfer to investment properties (Note 8) — — (90,314) (90,314) Disposal — — (17,774) (17,774) Depreciation (121,955) (128,617) (493,939) (744,511) Impairment losses — (67,744) (22,346) (90,090) Currency translation differences (23) — 3,667 3,644 As of December 31, 2021 355,965 374,877 17,615,294 18,346,136 Buildings Machinery Land use rights Total As of January 1, 2020 287,255 3,756,305 11,846,877 15,890,437 Additions 15,023 8,831 52,925 76,779 Transfer from property, plant and equipment (Note 7) — — 885,141 885,141 Lease modification (12,301) — (43,496) (55,797) Transfer to property, plant and equipment — (1,663,686) — (1,663,686) Transfer to investment properties (Note 8) — — (45,885) (45,885) Disposal — — (15,792) (15,792) Depreciation (54,792) (321,464) (391,297) (767,553) Impairment losses — (15,790) — (15,790) Currency translation differences (16) — — (16) As of December 31, 2020 235,169 1,764,196 12,288,473 14,287,838
Summary of carrying amounts of lease liabilities and the movements during the period	Year ended December 31, 2021 Carrying amount as of January 1 7,086,151 New leases 122,354 Lease modification (i) 6,147,096 Accretion of interest recognized during the year 366,858 Payments (1,128,004) Carrying amount as of December 31 12,594,455 Analyzed into: Current portion 987,664 Non-current portion 11,606,791
Summary of amounts recognised in profit or loss in relation to leases	2021 2020 2019 Interest on lease liabilities 366,858 466,796 487,249 Depreciation charge of right-of-use assets 744,511 767,553 1,075,825 Expense relating to short-term leases and leases of low-value assets 51,739 91,537 65,426 　 Total amount recognized in profit or loss 1,163,108 1,325,886 1,628,500

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	12 Months Ended
OTHER NON-CURRENT LIABILITIES (Tables)	Dec. 31, 2021
OTHER NON-CURRENT LIABILITIES
Schedule of other non current liabilities	December 31, 2021 December 31, 2020 Financial liabilities –Long-term payables for mining rights 798,204 1,014,169 –Other financial liabilities 82,660 22,748 880,864 1,036,917 Obligations in relation to early retirement schemes (i) 205,802 217,864 Deferred government grants 153,290 182,221 Deferred gain relating to sales and leaseback agreements 50,630 58,844 Contract liabilities 108,545 182,859 Provision for rehabilitation 393,896 316,812 Others 145,213 152,041 1,057,376 1,110,641 1,938,240 2,147,558 Note: (i) Obligations in relation to early retirement schemes Since 2014, certain subsidiaries and branches implemented termination retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. The Group undertakes the obligations to pay the termination retirement employees’ living expenses for a period of no more than five years in the future on a monthly basis according to the termination retirement benefit schemes, in addition to the social insurance and housing fund pursuant to the regulation of the local Social Security Office. Living expenses, social insurance and the housing fund are together referred to as “the Payments”. The Payments are forecasted to increase by 3% per annum with reference to the inflation rate and adjusted based on the average death rate in China. The Payments are discounted at the treasury bond rate as of December 31, 2021. As of December 31, 2021, the current portion of the Payments payable within one year is included in “Other payables and accrued liabilities”.
Schedule of obligations in relation to retirement benefits under the Group's early retirement schemes	As of December 31, 2021 and 2020, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows: December 31, December 31, 2021 2020 As of January 1 497,334 843,253 Provision made during the year (Note 30) 269,895 53,339 Interest costs 4,612 11,582 Payment during the year (343,362) (410,840) As of December 31 428,479 497,334 Non-current 205,802 217,864 Current (Note 22) 222,677 279,470 428,479 497,334

OTHER PAYABLES AND ACCRUED LI_2

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	Dec. 31, 2021
OTHER PAYABLES AND ACCRUED LIABILITIES
Schedule of other payables and accrued liabilities	December 31, 2021 December 31, 2020 (Restated) Financial liabilities – Payable for capital expenditures 2,990,377 4,677,705 – Interest payable 485,426 533,382 – Deposits 1,653,524 1,748,356 – Dividends payable by subsidiaries to non-controlling shareholders 369,465 289,791 – Consideration payable for investment projects 38,255 23,740 – Current portion of payables for mining rights (Note 21) 182,959 460,101 – Payable of the government levies on self-operated power plants 411,021 423,728 – Others 1,035,189 809,149 7,166,216 8,965,952 Output value-added tax payable 263,297 271,963 Taxes other than income taxes payable (i) 1,298,548 798,481 Accrued payroll and bonus 123,981 72,289 Staff welfare payables 213,305 323,214 Current portion of obligations in relation to termination retirement schemes (Note 21) 222,677 279,470 Contribution payable for pension insurance 19,278 22,935 Others 46,391 21,375 2,187,477 1,789,727 9,353,693 10,755,679 (i) Taxes other than income taxes payable mainly comprise accruals for value-added tax, resource tax, city construction tax and education surcharge.

TRADE AND NOTES PAYABLES (Table

TRADE AND NOTES PAYABLES (Tables)	12 Months Ended
TRADE AND NOTES PAYABLES (Tables)	Dec. 31, 2021
TRADE AND NOTES PAYABLES
Schedule of trade and notes payables	December 31, 2021 December 31, 2020 (Restated) Trade payables 10,946,272 9,976,432 Notes payable 4,559,171 5,467,922 15,505,443 15,444,354
Schedule of ageing analysis of trade and notes payables	December 31, 2021 December 31, 2020 (Restated) Within 1 year 14,941,793 14,926,948 Between 1 and 2 years 131,152 210,587 Between 2 and 3 years 129,356 119,587 Over 3 years 303,142 187,232 15,505,443 15,444,354

PLEDGE OF ASSETS (Tables)

PLEDGE OF ASSETS (Tables)	12 Months Ended
PLEDGE OF ASSETS (Tables)	Dec. 31, 2021
PLEDGE OF ASSETS
Summary of pledged assets	December 31, 2021 December 31, 2020 Property, plant and equipment (Note 7) 5,111,165 5,191,185 Right-of-use assets (Note 20(a)) 179,683 273,451 Intangible assets (Note 6) 1,399,972 960,000 Trade receivables and notes receivables (Note 14) 1,982,986 2,747,768 Investments in joint ventures and associates (Note 9) — 395,610 8,673,806 9,568,014

EXPENSE BY NATURE (Tables)

EXPENSE BY NATURE (Tables)	12 Months Ended
EXPENSE BY NATURE (Tables)	Dec. 31, 2021
EXPENSE BY NATURE
Schedule of expenses by nature	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Purchase of inventories in relation to trading activities 104,928,962 102,515,791 149,177,935 Raw materials and consumables used, and changes in work-in-progress and finished goods 35,550,482 32,935,620 45,735,508 Power and utilities 16,755,424 16,766,950 24,283,691 Depreciation of right-of-use assets (Note 20) 1,075,825 767,553 744,511 Depreciation and amortization (other than depreciation of right-of-use assets) expenses 7,720,407 7,920,108 7,969,871 Employee benefit expenses (Note 30) 7,777,692 7,877,451 8,878,784 Repairs and maintenance 1,867,160 1,595,880 2,797,464 Transportation expenses and logistic cost 3,420,360 4,079,157 5,662,341 Taxes other than income tax expense (i) 1,431,587 1,601,728 2,247,649 Inventory impairment loss 1,163,272 1,321,387 456,538 Research and development expenses 940,828 1,014,604 1,842,295 Auditors’ remuneration -The Company’s auditor -Audit services 25,444 18,170 18,170 -Non-audit services 2,388 700 870 -Other auditors 5,505 12,436 2,746 Others 1,978,911 1,154,102 1,332,875 184,644,247 179,581,637 251,151,248 Note: (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty .

NET IMPAIRMENT LOSSES ON FINA_2

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Tables)	12 Months Ended
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Tables)	Dec. 31, 2021
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
Schedule of net impairment losses on financial assets	For the years ended December 31 2019 2020 2021 (Restated) Impairment losses on other non-current assets (Note 12) — — 15,716 Impairment losses on trade and notes receivables (Note 14) 154,409 338,972 327,131 Impairment losses on other current assets (Note 15) 16,607 640,189 1,042,041 171,016 979,161 1,384,888

OTHER GAINS, NET (Tables)

OTHER GAINS, NET (Tables)	12 Months Ended
OTHER GAINS, NET (Tables)	Dec. 31, 2021
OTHER (LOSSES)/GAINS-NET
Schedule of other gains, net	For the years ended December 31 2019 2020 2021 (Restated) (Loss)/gain on disposal of subsidiaries (Note 40) 261,187 11,305 (27,404) Realized and unrealized gains on futures, forward and option contracts, net(i) 50,820 512,984 (604,734) (Loss)/gain on disposal of property, plant and equipment and intangible assets, net (ii) 259,684 319,796 (650,711) (Loss)/gain on acquisition of associates (iii) 295,288 — — Losses on derecognition of financial assets measured at amortized cost — — (91,348) Gain on disposal of investment in a joint venture (iv) 159,514 — — Others (44,816) 59,786 (249,306) 981,677 903,871 (1,623,503) (i) The Group does not apply hedge accounting for these futures, forward and option contracts. (ii) During the year ended December 31, 2021, the Group abandoned or replaced certain idle or inefficient property, plant and equipment in the process of production line improvement or disposal, resulting in a loss of RMB 651 million. During the year ended December 31, 2020, the aluminum capacity quota of Shandong Huayu has been disposed of, and the Group recognized the disposal gain of RMB539 million. During the year ended December 31, 2019, the electrolytic aluminum capacity quota was transferred from Shanxi Huasheng Co., Ltd. to Yixin Aluminum with a gain of RMB800 million recorded. The fixed assets related to the electrolytic aluminum production line of Guizhou Branch have been disposed of, and the Company recognized the disposal loss of RMB541 million. (iii) During the year ended December 31, 2019, the Group recognized a gain of RMB 204 million and a gain of RMB 91 million on barging purchase of associates Yunnan Aluminum and Yixin Aluminum, respectively. (iv) In March 2019, Ningxia Energy transferred, through an auction transaction, its 50% equity interest in Ningxia Zhongning Power Co., Ltd. to Ningxia Tianyuan Manganese Industry Group Co., Ltd. A gain of RMB 159 million from disposal of investment in a joint venture was recorded by the Group.

FINANCE INCOME_FINANCE COSTS (T

FINANCE INCOME/FINANCE COSTS (Tables)	12 Months Ended
FINANCE INCOME/FINANCE COSTS (Tables)	Dec. 31, 2021
FINANCE INCOME/FINANCE COSTS
Schedule of analysis of finance income/finance costs	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Finance income-interest income (261,194) (227,201) (275,996) Interest expense 4,665,537 3,986,264 3,522,241 Less: Interest expense capitalized in property, plant and equipment (Note 7) (289,499) (123,571) (1,727) Interest expense, net of capitalized interest 4,376,038 3,862,693 3,520,514 Interest on lease liability and amortization of unrecognized finance expenses 547,820 481,512 401,927 Exchange losses/(gains), net (2,317) 76,323 20,320 Finance costs 4,921,541 4,420,528 3,942,761 Finance costs, net 4,660,347 4,193,327 3,666,765 Capitalization rate during the year (Note 7) 4.00% to 6.96% 4.00% to 6.68% 4.00%

EMPLOYEE BENEFIT EXPENSES (Tabl

EMPLOYEE BENEFIT EXPENSES (Tables)	12 Months Ended
EMPLOYEE BENEFIT EXPENSES (Tables)	Dec. 31, 2021
EMPLOYEE BENEFIT EXPENSE
Schedule of analysis of employee benefit expenses	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Salaries and bonuses 4,942,843 5,327,833 5,563,500 Housing fund 488,901 532,842 558,392 Staff welfare and other expenses* 2,037,041 1,955,447 2,435,282 Employment expense in relation to early retirement schemes 210,428 53,339 269,895 Employment expenses in relation to termination benefits 98,479 7,990 51,715 7,777,692 7,877,451 8,878,784 (i) Staff welfare and other expenses include staff welfare, staff union expenses, staff education expenses and unemployment insurance expenses etc. In 2020, the group entities in Mainland China were exempt from payment of employee social benefits during the period from February to December in 2020 under national Covid-19 supportive policies.

DIRECTORS' AND SUPERVISORS' R_2

DIRECTORS' AND SUPERVISORS' REMUNERATION (Tables)	12 Months Ended
DIRECTORS' AND SUPERVISORS' REMUNERATION (Tables)	Dec. 31, 2021
Significant related party transactions
Schedule of directors' and supervisors' remuneration	For the years ended December 31 2019 2020 2021 Fees 780 683 579 Basic salaries, housing fund, other allowances and benefits in kind 4,665 3,996 4,526 Pension costs 513 207 449 5,958 4,886 5,554
Schedule of remuneration of each director and supervisor	The remuneration of each director and supervisor of the Company for the year ended December 31, 2021 is set out below: Discretionary Names of directors and supervisors Fees Salaries bonuses Pension costs Total Executive Directors: Liu Jianping (ii) — — — — — Zhu Runzhou — 1,176 — 93 1,269 Ou Xiaowu (iii) — 973 — 93 1,066 Jiang Tao (iv) — 837 — 77 914 — 2,986 — 263 3,249 Non-executive Directors: Ao Hong (i) — — — — — Zhang Jilong (iv) — — — — — Wang Jun — — — — — Chen Lijie (x) 95 — — — 95 Lie-A-Cheong Tai-Chong, David(x) 95 — — — 95 Hu Shihai(x) 95 — — — 95 Qiu Guanzhou(vi) 98 — — — 98 Chan Yuen Sau Kelly (viii) 98 — — — 98 Yu Jingsong (vii) 98 — — — 98 579 — — — 579 Supervisors: Ye Guohua — — — — — Shan Shulan — — — — — Guan Xiaoguang — 770 — 93 863 Yue Xuguang — 770 — 93 863 Lin Ni (ix) — — — — — Total — 1,540 — 186 1,726 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2020 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs Total Executive Directors: Lu Dongliang — — — — — He Zhihui — 866 — 37 903 Jiang Yinggang — 562 — 31 593 Zhu Runzhou — 894 — 44 938 — 2,322 — 112 2,434 Non-executive Directors: Ao Hong(i) — — — — — Wang Jun 50 — — — 50 Chen Lijie(x) 211 — — — 211 Lie-A-Cheong Tai-Chong, David(x) 211 — — — 211 Hu Shihai(x) 211 — — — 211 683 — — — 683 Supervisors: Ye Guohua — — — — — Ou Xiaowu(iii) — 134 — 7 141 Shan shulan — — — — — Guan Xiaoguang — 770 — 44 814 Yue Xuguang — 770 — 44 814 Total — 1,674 — 95 1,769 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2019 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Lu Dongliang — — — — — He Zhihui — 885 — 73 958 Jiang Yinggang — 889 — 88 977 Zhu Runzhou — 833 — 88 921 — 2,607 — 249 2,856 Non-executive Directors: Ao Hong(i) — — — — — Wang Jun 150 — — — 150 Chen Lijie(x) 210 — — — 210 Lie-A-Cheong Tai-Chong, David(x) 210 — — — 210 Hu Shihai(x) 210 — — — 210 780 — — — 780 Supervisors: Ye Guohua — — — — — Ou Xiaowu(iii) — — — — — Shan shulan — — — — — Guan Xiaoguang — 710 — 88 798 Yue Xuguang — 770 — 88 858 Wu Zuoming — 578 — 88 666 Total — 2,058 — 264 2,322 Notes: (i) On June 29, 2021, Mr. Ao Hong was resigned as an non-executive Director of the Company. (ii) On June 29, 2021, Mr. Liu Jianping was appointed as an executive Director of the Company in the seventh session of the Board of the Company. (iii) On June 29, 2021, Mr. Ou Xiaowu was appointed as an executive Director in the seventh session of the Board of the Company. (iv) On June 29, 2021, Mr. Jiang Tao was appointed as an executive Director of the Company in the seventh session of the Board of the Company. (v) On June 29, 2021, Mr. Zhang Jilong was appointed as an non-executive Director of the Company in the seventh session of the Board of the Company. (vi) On June 29, 2021, Mr. Qiu Guanzhou was appointed as an independent non-executive Director in the seventh session of the Board of the Company. (vii) On June 29, 2021, Mr. Yu Jinsong was appointed as an independent non-executive Director in the seventh session of the Board of the Company. 31 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) (viii) On June 29, 2021, Ms. Chan Yuen Sau Kelly was appointed as an independent non-executive Director in the seventh session of the Board of the Company (ix) On December 21, 2021, Ms. Lin Ni was appointed as the supervisor in the seventh session of the supervisory Committee of the Company. (x) On June 29, 2021, Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai-Chong, David were resigned as non-executive Directors of the Company.
Schedule of remuneration payable to the remaining two highest paid individuals	For the years ended December 31 2019 2020 2021 Basic salaries, housing fund, other allowances and benefits in kind 1,670 1,594 1,699 Discretionary bonuses — — — Pension costs 137 88 186 1,807 1,682 1,885
Schedule of remuneration of the directors and supervisors of the Company whose remuneration fell within the following band	Number of individuals December 31, 2019 December 31, 2020 December 31, 2021 Nil to RMB1,000,000 14 14 14
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 individuals December 31, December 31, December 31, 2019 2020 2021 Nil to RMB1,000,000 2 2 2

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
INCOME TAX EXPENSE (Tables)	Dec. 31, 2021
INCOME TAX EXPENSE
Schedule of income tax expense	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Current income tax expense 726,198 820,947 2,342,124 Deferred tax benefit (94,686) (230,924) 47,637 631,512 590,023 2,389,761
Schedule of reconciliation of the tax expense applicable to profit before tax at the statutory rates	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Profit before income tax 1,865,604 2,189,271 10,178,780 Tax expense calculated at the statutory tax rate of 25% (2020: 25%, 2019: 25%) 466,401 547,318 2,544,695 Tax effects of: Different income tax rates applicable to certain branches and subsidiaries (464,912) (357,018) (1,018,602) Impact of change in income tax rate 4,594 (52,177) 32,107 Net impact of unrecognized temporary differences and tax losses for current and prior years 861,896 620,001 1,166,082 Expenses subject to additional deduction (50,921) (42,958) (142,326) Interest expenses of perpetual bonds — (86,034) (76,807) Expenses not deductible for tax purposes 56,448 51,583 42,786 Non-taxable income (173,686) — — Profits and losses attributable to joint ventures and associates (79,720) (70,577) (156,762) Others 11,412 (20,115) (1,412) Income tax expense 631,512 590,023 2,389,761 Effective tax rate 34 % 27 % 23 %

EARNINGS PER SHARE ATTRIBUTAB_2

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (Tables)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Schedule of basic earnings per share	For the years ended December 31 2019 2020 2021 (Restated) (Restated) Profit attributable to owners of the Company (in thousands of RMB) 595,643 764,306 5,079,562 Adjustment: cumulative distribution reserved of other equity instruments (in thousands of RMB) (219,249) (261,168) (209,500) Adjusted profit attributable to ordinary shares holders of the Company 376,394 503,138 4,870,062 Number of ordinary shares in issue (thousands) as of January 1 14,903,798 17,022,673 17,022,673 Issuance of share capital (thousands) 2,118,875 — — Weighted average number of ordinary shares in issuance 17,022,673 17,022,673 17,022,673 Basic earnings per share (RMB) 0.022 0.030 0.286

NOTES TO THE CONSOLIDATED STA_2

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)	12 Months Ended
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)	Dec. 31, 2021
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Schedule of cash flows generated from operating activities	For the years ended December 31 Notes 2019 2020 2021 (Restated) (Restated) Cash flows generated from operating activities Profit before income tax 1,865,604 2,189,271 10,178,780 Adjustments for: Share of profits of joint ventures 9 (a) (270,115) (180,502) (164,100) Share of profits of associates 9 (b) (48,767) (145,737) (272,584) Depreciation of property, plant and equipment 7 7,106,765 7,161,476 7,375,559 Depreciation of investment properties 8 26,559 24,405 24,450 Depreciation of right-of-use assets 20 1,075,825 767,553 744,511 Amortization of intangible assets 6 338,938 459,482 377,714 Amortization of prepaid expenses included in other non-current assets 248,145 274,745 192,148 Loss/(gain) on write-off and disposal of property, plant and equipment and intangible assets, net (243,622) (319,796) 650,711 Impairment loss on property, plant and equipment 259,354 416,842 2,328,131 Impairment loss of investment properties 87 — — Impairment loss of intangible assets — 416 196,426 Impairment loss of right-of-use assets 20 1,448 15,790 90,090 Impairment loss of inventory 1,163,272 1,321,387 456,538 Impairment loss of trade and notes receivables 154,409 338,972 327,131 Impairment loss of other currents assets 16,607 640,189 1,042,041 Impairment loss of non-current assets — — 15,716 Realized and unrealized gains on futures, option and forward contracts 28 (50,820) (512,984) 604,734 Loss/(gain) on disposal of subsidiaries 28 (261,187) (11,305) 27,404 Loss on factoring of accounts receivable — — 83,293 Gain on disposal of investment in a joint venture (159,514) — — Gain on acquisition of associates (295,288) — — Dividends from other financial assets measured at fair value (97,775) (82,794) (10,912) Finance cost 29 4,921,541 4,420,438 3,846,101 Others (146,171) 5,106 127,680 15,605,295 16,782,954 28,241,562 Changes in working capital: Decrease/(increase) in inventories (233,278) (1,667,622) 727,363 Increase in trade and notes receivables (1,173,422) (4,524,806) (1,294,952) Decrease/ (increase) in other current assets (382,938) 230,869 125,731 Decrease in restricted cash 859,507 249,744 (268,711) (Increase)/decrease in other non-current assets 547,856 (70,637) 25,803 Increase/(decrease) in trade and notes payables (1,400,318) 3,004,899 1,318,486 Increase/(decrease) in other payables and accrued liabilities (555,890) 1,884,283 1,702,821 (Decrease)/increase in other non-current liabilities (206,354) (177,045) (62,592) Cash generated from operations 13,060,458 15,712,639 30,515,511 PRC corporate income taxes paid (554,582) (805,171) (2,285,126) Net cash generated from operating activities 12,505,876 14,907,468 28,230,385 Major non-cash transactions of investing activities and financing activities Acquisition of minority interests for nil consideration 149,322 — — Notes receivables endorsed as payment for purchase of property, plant and equipment and lease liabilities 1,504,162 2,276,782 3,135,322 Acquisition of other financial assets measured at fair value through other comprehensive income by exchanging equity in a subsidiary 350,911 — — Increase/(decrease) of right of use assets — (7,361) 6,269,450 Acquisition of business — 42,230 — 2,004,395 2,311,651 9,404,772
Schedule of reconciliation of liabilities arising from financing activities	Liabilities from financing activities Other assets Other payables arising from Medium-term financing Cash/bank Borrowings notes and bonds Leases activities Sub Total Overdraft Total Net debt as of January 1, 2020 60,074,053 33,086,852 8,369,262 10,791,507 112,321,674 — 112,321,674 Financing cash flows 2,909,944 (11,689,958) (1,748,202) (4,021,065) (14,549,281) — (14,549,281) New leases and modification of contract — — (7,361) — (7,361) — (7,361) Foreign exchange adjustments (131,358) (178,972) — — (310,330) — (310,330) Other changes — — — — — — — Non-cash financing activities — 168,713 472,452 4,282,403 4,923,568 — 4,923,568 Transfer between bank deposits and overdrafts — — — — — 899,955 899,955 Net debt as of December 31, 2020 62,852,639 21,386,635 7,086,151 11,052,845 102,378,270 899,955 103,278,225 Financing cash flows (11,477,586) 3,276,882 (639,675) (3,966,393) (12,806,772) — (12,806,772) New leases and modification of contract — — 6,269,450 — 6,269,450 — 6,269,450 Foreign exchange adjustments (30,537) (143,597) — — (174,134) — (174,134) Other changes — — — — — — — Non-cash financing activities — 143,080 (121,471) 3,677,507 3,699,116 — 3,699,116 Transfer between bank deposits and overdrafts — — — — — (899,955) (899,955) Net debt as of December 31, 2021 51,344,516 24,663,000 12,594,455 10,763,959 99,365,930 — 99,365,930
Schedule of total cash outflow for leases	For the years ended December 31 2019 2020 2021 Within operating activities 65,426 91,537 51,739 Within financing activities 3,032,106 1,748,202 639,675 3,097,532 1,839,739 691,414

SIGNIFICANT RELATED PARTY TRA_2

SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
Summary of significant related party transactions	For the years ended December 31 Notes 2019 2020 2021 (Restated) Sales of goods and services rendered: Sales of materials and finished goods to: (i) Chinalco and its subsidiaries (ix) 13,612,817 13,986,133 19,261,538 Associates of Chinalco 514,414 520,485 1,497,639 Joint ventures 5,676,548 6,694,824 9,071,474 Associates 3,812,565 9,232,432 672,403 Non-controlling shareholder of a subsidiary and its subsidiaries — 42,298 — 23,616,344 30,476,172 30,503,054 Provision of utility services to: (ii) Chinalco and its subsidiaries (ix) 687,290 1,104,542 910,655 Associates of Chinalco 4,062 3,268 14,380 Joint ventures 263,436 470,984 250,525 Associates 35,650 18,568 375 990,438 1,597,362 1,175,935 Rental revenue of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 52,571 39,284 34,221 Associates of Chinalco 65 237 237 Joint ventures 1,967 1,426 1,446 Associates 775 365 507 55,378 41,312 36,411 Purchases of goods and services: Purchases of engineering, construction and supervisory services from: (iii) Chinalco and its subsidiaries (ix) 2,949,866 1,755,092 746,966 Associates of Chinalco — 265 192 Joint ventures 69,332 — 251 Associates 218,616 12,233 12,413 3,237,814 1,767,590 759,822 Provision of social services and logistics services by: (v) Chinalco and its subsidiaries (ix) 309,180 475,532 480,828 309,180 475,532 480,828 Purchases of primary and auxiliary materials, equipment and finished goods from: Chinalco and its subsidiaries (iv) 8,161,223 6,176,513 5,526,965 Associates of Chinalco (ix) 18 2,586 37,187 Joint ventures 2,647,234 5,501,158 8,141,929 Associates 1,893,449 10,576,907 7,407,805 Non-controlling shareholder of a subsidiary and its subsidiaries — 30,101 — 12,701,924 22,287,265 21,113,886 Purchases of utility services from: (ii) Chinalco and its subsidiaries (ix) 763,812 644,638 731,222 Associates of Chinalco 100,835 85,469 98,966 Joint ventures 280,523 443,290 820,031 Associates 8,326 — — 1,153,496 1,173,397 1,650,219 Purchases of other services by: (vii) A joint venture 272,220 373,655 270,972 272,220 373,655 270,972 Rental expense of land use rights and buildings from: (vi) Chinalco and its subsidiaries (ix) 499,191 661,888 734,097 499,191 661,888 734,097 36 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) For the years ended December 31 Notes 2019 2020 2021 (Restated) New right-of-use assets in current period Additions Chinalco and its subsidiaries 1,950 22,936 83,249 Contract modification Chinalco and its subsidiaries (91,351) (43,395) 6,147,096 Other significant related party transactions: Borrowing from subsidiaries of Chinalco (viii), (ix) 3,890,000 1,925,000 3,370,000 Repayment of borrowings from subsidiaries of Chinalco (viii) 4,677,000 1,676,000 5,318,000 Interest expense on borrowings, discounted notes and factoring arrangement from subsidiaries of Chinalco 141,991 87,985 61,878 Investment in subsidiaries of Chinalco 2,137,608 — 320,000 Disposal of aluminum capacity quota to a subsidiary of Chinalco 800,000 — — Disposal of assets under a sale and leaseback contract to a subsidiary of Chinalco (x) 500,000 — — Finance lease under a sale and leaseback contract from a subsidiary of Chinalco (x), (ix) 558,924 — — Trade receivable factoring arrangement from a subsidiary of Chinalco (ix) 136,656 — 1,566,707 Interest income from cash and cash equivalents deposited (viii) 68,455 51,163 67,269 Discounted notes receivable to a subsidiary of Chinalco (viii) 679,517 36,750 128,000 Provision of financial guarantees to a joint venture 12,450 — —
Summary of outstanding balances with related entities	December 31, 2020 December 31, 2021 (Restated) Cash and cash equivalents deposited with A subsidiary of Chinalco (i) 3,561,997 7,832,441 Trade and notes receivables Chinalco and its subsidiaries 762,489 1,476,833 Associates of Chinalco 44,958 45,180 Joint ventures 761,392 628,231 Associates 2,287 1 Non-controlling shareholder of a subsidiary and its subsidiaries 46,450 24,465 1,617,576 2,174,710 Provision for impairment of receivables (103,592) (80,102) 1,513,984 2,094,608 (i) On August 26, 2011, the Company entered into an agreement with Chinalco Finance, pursuant to which, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. On August 24, 2012, April 28, 2015, October 26, 2017 and April 27, 2020, the Company renewed the financial service agreement with Chinalco Finance with a validation term of three years ending October 25, 2023. December 31, 2020 December 31, 2021 Other current assets (Restated) Chinalco and its subsidiaries 818,318 325,247 Associates of Chinalco 21,753 21,820 Joint ventures 1,364,615 1,486,510 Associates 421,947 359,917 Non-controlling shareholder of a subsidiary and its subsidiaries 11,700 7,450 Provision for impairment of other current assets (496,703) (1,310,379) 2,141,630 890,565 Other non-current assets Associates 111,845 111,845 Interest-bearing loans and borrowings: Subsidiaries of Chinalco (including lease liabilities) 8,887,422 13,028,565 Associates of Chinalco — 2,245 8,887,422 13,030,810 Trade and notes payables Chinalco and its subsidiaries 437,732 301,386 Associates of Chinalco 1,511 26,288 Joint ventures 561,508 229,994 Associates 10,562 32,668 Non-controlling shareholder of a subsidiary and its subsidiaries — 105,174 1,011,313 695,510 Other payables and accrued liabilities Chinalco and its subsidiaries 2,193,344 1,054,724 Associates of Chinalco 1,019 42,659 Associates 28,424 19,926 Joint ventures 3,940 49,618 2,226,727 1,166,927 Contract liabilities: Chinalco and its subsidiaries 17,460 150,730 Associates of Chinalco 13,453 27,190 Associates 79 139 Joint ventures 519 535 Non-controlling shareholder of subsidiary and its subsidiaries 656 — 32,167 178,594
Summary of compensation of key management personnel	For the years ended December 31 2019 2020 2021 Fees 780 683 580 Basic salaries, housing fund, other allowances and benefits in kind 6,945 5,810 6,225 Pension costs 715 301 634 8,440 6,794 7,439

FINANCIAL AND CAPITAL RISK MA_2

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of carrying amounts of each of the categories of financial instruments of the Group	As of December 31, 2021 Debt Equity instruments Financial instruments at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 3,066,654 — — 3,066,654 Notes receivable — 1,140,930 — 2,697,266 3,838,196 Restricted cash — 1,324,748 — — 1,324,748 Cash and cash equivalents — 17,853,244 — — 17,853,244 Financial assets included in other current assets — 2,274,907 — — 2,274,907 Subtotal — 25,660,483 — 2,697,266 28,357,749 Non-current Other financial assets measured at fair value — — 239,538 — 239,538 Other non-current assets — 111,848 — — 111,848 Subtotal — 111,848 239,538 — 351,386 Total — 25,772,331 239,538 2,697,266 28,709,135 Financial liabilities As of December 31, 2021 Financial assets at fair Financial value through profit or liabilities at loss-held for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 68,871 — 68,871 Interest-bearing loans and borrowings — 24,506,122 24,506,122 Financial liabilities included in other payables and accrued liabilities (Note 22) — 7,166,216 7,166,216 Trade and notes payables — 15,505,443 15,505,443 Subtotal 68,871 47,177,781 47,246,652 Non-current Financial liabilities included in other non-current liabilities (Note 21) — 880,864 880,864 Interest-bearing loans and borrowings — 64,095,849 64,095,849 Subtotal — 64,976,713 64,976,713 Total 68,871 112,154,494 112,223,365 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial assets As of December 31, 2020 (Restated) Equity Debt instruments instruments Financial at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 4,753,210 — — 4,753,210 Notes receivable — — — 4,560,437 4,560,437 Financial assets at fair value through profit or loss 17,311 — — — 17,311 Restricted cash — 1,056,037 — — 1,056,037 Cash and cash equivalents — 9,671,477 — — 9,671,477 Financial assets included in other current assets — 3,982,308 — — 3,982,308 Subtotal 17,311 19,463,032 — 4,560,437 24,040,780 Non-current Other financial assets measured at fair value — — 1,526,703 — 1,526,703 Other non-current assets — 127,754 — — 127,754 Subtotal — 127,754 1,526,703 — 1,654,457 Total 17,311 19,590,786 1,526,703 4,560,437 25,695,237 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial Liabilities As of December 31, 2020 (Restated) Financial assets at fair value Financial through profit or loss- held liabilities at for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 26,684 — 26,684 Interest-bearing loans and borrowings — 34,707,283 34,707,283 Financial liabilities included in other payables and accrued liabilities (Note 22) — 8,965,952 8,965,952 Trade and notes payables — 15,444,354 15,444,354 Subtotal 26,684 59,117,589 59,144,273 Non-current Financial liabilities included in other non- current liabilities (Note 21) — 1,036,917 1,036,917 Interest-bearing loans and borrowings — 57,518,097 57,518,097 Subtotal — 58,555,014 58,555,014 Total 26,684 117,672,603 117,699,287
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, 2020 2021 2020 2021 Financial liabilities Financial liabilities included in other non-current liabilities (Note 21) 880,864 1,036,917 767,922 903,141 Long-term interest-bearing loans and borrowings, excluding lease liability (Note 19) 52,489,058 51,260,218 49,233,629 49,729,548 53,369,922 52,297,135 50,001,551 50,632,689
Schedule of fair value measurement hierarchy	Assets measured at fair value As of December 31, 2021 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Notes receivable — — 2,697,266 2,697,266 Listed equity investments 7,674 — — 7,674 Other unlisted investment — — 231,864 231,864 7,674 — 2,929,130 2,936,804 As of December 31, 2020 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial assets at fair value through profit or loss: Futures contracts 17,311 — — 17,311 Notes receivable — — 3,343,880 3,343,880 Listed equity investments 8,812 — — 8,812 Other unlisted investment — — 1,517,891 1,517,891 26,123 — 4,861,771 4,887,894 37 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 37.2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Liabilities measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 68,871 — — 68,871 68,871 — — 68,871 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2020 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 26,684 — — 26,684 26,684 — — 26,684 Liabilities for which fair values are disclosed ： As of December 31, 2021 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 767,922 — 767,922 Long-term interest-bearing loans and borrowings — 49,233,629 — 49,233,629 — 50,001,551 — 50,001,551 As of December 31, 2020 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — 903,141 — 903,141 Long-term interest-bearing loans and borrowings — 49,729,548 — 49,729,548 — 50,632,689 — 50,632,689
Summary of significant unobservable inputs to the valuation of financial instruments	Significant Valuation Technique unobservable input Other equity investments Discounted Cashflow model Discounted rate Notes receivable Discounted Cashflow model Discounted rate
Schedule of the gearing ratio	December 31, December 31, 2020 2021 (Restated) Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants) 121,816,774 117,492,000 Less: Restricted cash and cash and cash equivalents 10,727,514 19,177,992 Net debt 111,089,260 98,314,008 Total equity 71,305,164 72,783,497 Add: Net debt 111,089,260 98,314,008 Less: Non-controlling interests 16,855,847 15,518,810 Total capital attributable to owners of the Company 165,538,577 155,578,695 Gearing ratio 67 % 63 %
Commodity price risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of impact of change in futures prices	December 31, 2021 December 31, 2020 Primary aluminum Decrease/increase Decrease/increase
Credit risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of maximum exposure to credit risk	Stage 1 Stage 2 Stage 3 Simplified Total Trade receivables — — — 3,066,654 3,066,654 Financial assets in other current assets 1,940,482 180,611 153,814 — 2,274,907 Restricted cash 1,324,748 — — — 1,324,748 Notes receivable — — — 3,838,196 3,838,196 Cash and cash equivalents 17,853,244 — — — 17,853,244 Financial assets in other non-current assets 111,848 — — — 111,848 Total 21,230,322 180,611 153,814 6,904,850 28,469,597
Liquidity risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of maturity profile of Group's financial liabilities	Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2021 Lease liabilities, including current portion 1,590,204 1,473,711 4,347,713 15,394,370 22,805,998 Long-term bank and other loans, including current portion 5,859,115 11,837,652 9,771,437 14,656,982 42,125,186 Medium-term notes and bonds, including current portion 3,000,000 4,400,000 9,875,700 2,000,000 19,275,700 Short-term bonds 5,400,000 — — — 5,400,000 Short-term bank and other loans 9,219,330 — — — 9,219,330 Interest payables for loans and borrowings 2,620,867 2,147,795 3,941,541 1,680,396 10,390,599 Financial liabilities at fair value through profit or loss 68,871 — — — 68,871 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 6,497,831 — — — 6,497,831 Financial liabilities included in other non-current liabilities 234,900 202,231 147,002 885,208 1,469,341 Trade and notes payables 15,505,443 — — — 15,505,443 49,996,561 20,061,389 28,083,393 34,616,956 132,758,299 Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2020 (Restated) Lease liabilities, including current portion 1,151,332 473,410 1,263,824 9,708,710 12,597,276 Long-term bank and other loans, including current portion 3,629,014 6,702,688 15,638,088 17,044,774 43,014,564 Medium-term notes and bonds, including current portion 7,109,960 3,000,000 6,900,000 2,000,000 19,009,960 Short-term bonds 2,400,000 — — — 2,400,000 Short-term bank and other loans 20,738,030 — — — 20,738,030 Interest payables for loans and borrowings 2,935,356 2,105,844 4,046,106 2,039,075 11,126,381 Financial liabilities at fair value through profit or loss 26,684 — — — 26,684 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 7,972,469 — — — 7,972,469 Financial liabilities included in other non-current liabilities 460,101 194,609 74,367 767,941 1,497,018 Trade and notes payables 15,444,354 — — — 15,444,354 61,867,300 12,476,551 27,922,385 31,560,500 133,826,736

NON - CONTROLLING INTERESTS (Ta

NON - CONTROLLING INTERESTS (Tables)	12 Months Ended
NON - CONTROLLING INTERESTS (Tables)	Dec. 31, 2021
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Schedule of Group's subsidiaries that have material non-controlling interests	December 31, December 31, 2020 2021 Percentage of equity interest held by non-controlling interests Ningxia Energy 29.18 % 29.18 % Shanxi Zhongrun 60.00 % 60.00 % Guizhou Huaren 60.00 % 60.00 % Profit/(loss) for the year allocated to non-controlling interests Ningxia Energy 48,040 (90,237) Shanxi Zhongrun 147,747 745,212 Guizhou Huaren 420,737 558,020 Dividends distributed to non-controlling interests Ningxia Energy — 115,380 Shanxi Zhongrun — — Guizhou Huaren — 252,837 Accumulated balances of non-controlling interests at the year end Ningxia Energy 5,178,314 5,055,069 Shanxi Zhongrun 1,277,602 2,020,621 Guizhou Huaren 1,359,716 1,642,061
Ningxia Energy
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Summarized financial information of subsidiaries	Ningxia Energy 2020 2021 Revenue 6,932,708 7,670,316 Total expenses 6,768,073 7,979,557 Profit for the year 164,635 (309,241) Total comprehensive (loss)/ income for the year 164,635 (309,241) Current assets 6,037,632 2,912,805 Non-current assets 31,242,070 29,086,775 Current liabilities 9,779,461 8,256,229 Non-current liabilities 16,256,073 12,710,354 Net cash flows from operating activities 2,617,463 5,458,921 Net cash flows used in investing activities (652,297) (802,678) Net cash flows used in financing activities (1,792,661) (5,381,480) Effect of foreign exchange rate changes, net — — Net (decrease)/increase in cash and cash equivalents 172,505 (725,237)
Shanxi Zhongrun
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Summarized financial information of subsidiaries	Shanxi Zhongrun 2020 2021 Revenue 3,561,831 8,028,780 Total expenses 3,315,585 6,786,760 Profit for the year 246,246 1,242,020 Total comprehensive income for the year 246,246 1,242,020 Current assets 643,121 375,567 Non-current assets 4,138,211 3,945,351 Current liabilities 2,595,397 890,245 Non-current liabilities 45,365 25,773 Net cash flows from operating activities 418,528 1,895,610 Net cash flows used in investing activities (188,504) (365,340) Net cash flows used in financing activities (404,548) (1,530,330) Effect of foreign exchange rate changes, net — — Net decrease in cash and cash equivalents (174,524) (60)
Guizhou Huaren New Material Company Limited
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Summarized financial information of subsidiaries	Guizhou Huaren 2020 2021 Revenue 6,094,811 7,284,585 Total expenses 5,393,582 6,354,551 Profit for the year 701,229 930,034 Total comprehensive income for the year 701,229 930,034 Current assets 1,610,363 2,150,014 Non-current assets 2,601,807 2,529,274 Current liabilities 1,003,650 1,026,955 Non-current liabilities 932,570 530,531 Net cash flows from operating activities 992,304 1,677,338 Net cash flows used in investing activities (27,475) (16,069) Net cash flows used in financing activities (612,892) (974,588) Effect of foreign exchange rate changes, net — — Net increase in cash and cash equivalents 351,937 686,681

BUSINESS COMBINATION UNDER CO_2

BUSINESS COMBINATION UNDER COMMON CONTROL (Tables)	12 Months Ended
BUSINESS COMBINATION UNDER COMMON CONTROL (Tables)	Dec. 31, 2021
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, Acquisition date 2020 Current assets 103,353 66,215 Non-current assets 70,660 74,270 Current liabilities (3,770) (7,037) Non-current liabilities (4,480) — Net assets – closing balance 165,763 133,448 Net assets – beginning balance 133,448 95,389
Suzhou Zhongcai
BUSINESS COMBINATION
Schedule of values of the assets and liabilities at the acquisition date	December 31, 2018 June 1, 2019 Assets Property, plant and equipment 55,747 55,746 Land use rights 26,574 — Right-of-use assets — 26,318 Other current assets 2,561 2,229 Deferred tax assets 86 143 Trade and notes receivables 3,485 2,758 Cash and cash equivalents 183 136 Liabilities Deferred tax liabilities 111 — Interest-bearing loans and borrowings 51,908 51,908 Other payables and accrued expenses 34,536 33,404 Trade and notes payables 1,664 1,564 Net assets 417 454 Non-controlling interests — — Net assets acquired — 454 Difference recognized in equity — (217) Total purchase consideration — 237
Gallium business
BUSINESS COMBINATION
Schedule of revenue and net profit of the acquired	For the period from January 1, 2021 to the acquisition date 2020 Revenue 178,229 112,428 Net profit 32,315 26,219
Schedule of details of the purchase consideration, the net assets acquired	Purchase consideration: Cash paid 395,624 Total purchase consideration 395,624

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
COMMITMENTS (Tables)	Dec. 31, 2021
COMMITMENTS
Schedule of capital commitments on property, plant and equipment	December 31, 2020 December 31, 2021 (Restated) Property, plant and equipment 1,437,354 1,375,405
Schedule of commitments to make capital contributions to the Group's joint ventures and associates	December 31, 2020 December 31, 2021 (Restated) Joint ventures and associates 761,800 441,800

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021HKD ($)
Shanxi Huaxing
GENERAL INFORMATION
Registered capital	¥ 1,850,000
Ownership interest in subsidiary (in percent)	60.00%	60.00%
Indirect ownership interest in subsidiary (in percent)	40.00%	40.00%
Baotou Aluminum Company Limited [Member]
GENERAL INFORMATION
Registered capital	¥ 2,245,510
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Chalco Trading
GENERAL INFORMATION
Registered capital	¥ 1,731,111
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Shanxi New Material
GENERAL INFORMATION
Registered capital	¥ 4,279,601
Ownership interest in subsidiary (in percent)	85.98%	85.98%
China Aluminum International Trading Group Co. Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,030,000
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Zunyi Aluminum Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 3,204,900
Ownership interest in subsidiary (in percent)	67.45%	67.45%
Chalco Hong Kong
GENERAL INFORMATION
Registered capital \| $		$ 849,940
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Chalco Mining
GENERAL INFORMATION
Registered capital	¥ 4,028,859
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Chalco Energy Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,384,398
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Ningxia Energy
GENERAL INFORMATION
Registered capital	¥ 5,025,800
Ownership interest in subsidiary (in percent)	70.82%	70.82%
Guizhou Huajin
GENERAL INFORMATION
Registered capital	¥ 1,000,000
Ownership interest in subsidiary (in percent)	60.00%	60.00%
Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd
GENERAL INFORMATION
Registered capital	¥ 214,858
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Chalco Shandong
GENERAL INFORMATION
Registered capital	¥ 4,052,847
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Zhongzhou Aluminum
GENERAL INFORMATION
Registered capital	¥ 5,071,235
Ownership interest in subsidiary (in percent)	100.00%	100.00%
China Aluminum Logistics Group Corporation Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 964,291
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Xinghua Technology
GENERAL INFORMATION
Registered capital	¥ 588,182
Ownership interest in subsidiary (in percent)	33.00%	33.00%
Indirect ownership interest in subsidiary (in percent)	33.00%	33.00%
Chinalco Shanghai
GENERAL INFORMATION
Registered capital	¥ 968,300
Ownership interest in subsidiary (in percent)	100.00%	100.00%
Shanxi Huarun
GENERAL INFORMATION
Registered capital	¥ 1,641,750
Ownership interest in subsidiary (in percent)	40.00%	40.00%
Guizhou Huaren New Material Company Limited
GENERAL INFORMATION
Registered capital	¥ 1,200,000
Ownership interest in subsidiary (in percent)	40.00%	40.00%
Chinalco Materials Co. Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,000,000
Ownership interest in subsidiary (in percent)	100.00%	100.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of preparation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
Disclosure of initial application of standards or interpretations [line items]
Net current liabilities	¥ 3,467,000		¥ 16,364,356		$ 544,010
Unutilized banking facilities	92,044,000
Unutilized banking facilities subject to renewal	¥ 25,530,000
Unutilized banking facilities, renewal term	12 months	12 months
Amount is recognized in consideration for goodwill	¥ 0
Cost of sales	¥ 243,269,910	$ 38,174,357	173,674,234	¥ 179,283,995
Previously Stated \| Reclassification from selling and distribution expenses to cost of sales
Disclosure of initial application of standards or interpretations [line items]
Sales and marketing expense			(1,141,000)	(1,229,000)
Increase (decrease) due to changes in accounting policy required by IFRSs
Disclosure of initial application of standards or interpretations [line items]
Cost of sales			¥ 1,141,000	¥ 1,229,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - CNY (¥)	Jul. 01, 2001	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Lease threshold considered to be of low value		¥ 30,000
Minimum \| Buildings
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		25 years
Minimum \| Land use rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		40 years
Useful life, leases (in years)		10 years
Minimum \| Mining rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)		3 years
Maximum \| Buildings
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		50 years
Maximum \| Land use rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		70 years
Useful life, leases (in years)		50 years
Maximum \| Mining rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)		30 years
Maximum \| Computer software
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)		10 years
Buildings and infrastructure \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		8 years
Buildings and infrastructure \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		45 years
Buildings \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, leases (in years)		2 years
Buildings \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, leases (in years)		20 years
Machinery \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		3 years
Useful life, leases (in years)		2 years
Machinery \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		30 years
Useful life, leases (in years)		10 years
Transportation facilities \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		6 years
Transportation facilities \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		10 years
Office and other equipment \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		3 years
Office and other equipment \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)		10 years
Land use rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, leases (in years)	50 years

SIGNIFICANT ACCOUNTING JUDGEM_3

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)director	Dec. 31, 2021USD ($)director	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Net carrying amount of property, plant and equipment	¥ 93,427,029		¥ 100,712,423	¥ 103,492,552	$ 14,660,740
Carrying value of goodwill \| ¥	3,510,000
Impairment of property, plant and equipment	¥ 2,328,131	$ 365,335	¥ 416,842	¥ 259,354
Yinxing Energy
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40.23%	40.23%
Ownership interest held by others (in percent)	59.77%	59.77%
Guizhou Huaren New Material Company Limited
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40.00%	40.00%
Non-controlling interests (in percent)	60.00%	60.00%	60.00%
Ownership interest in subsidiary (in percent)	40.00%	40.00%
Shanxi Zhongrun
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40.00%	40.00%
China Resources
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	6.68%	6.68%
Chalco Resources
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Number of directors can be appointed	1	1
Total number of directors	5	5
New Aluminum Power
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	16.00%	16.00%
Number of directors can be appointed	1	1
Total number of directors	9	9
Chinalco Capital
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	14.71%	14.71%
Number of directors can be appointed	1	1
Total number of directors	3	3
Inner Mongolia Geliugou
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	14.29%	14.29%
Number of directors can be appointed	1	1
Total number of directors	7	7
Yunnan Aluminium Co
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	10.10%	10.10%
Number of directors can be appointed	1	1
Total number of directors	11	11
Chalco Innovation Development Investment Co
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	19.49%	19.49%
Number of directors can be appointed	1	1
Total number of directors	7	7

SIGNIFICANT ACCOUNTING JUDGEM_4

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES - Key macroeconomic parameters (Details)	Jul. 01, 2001	Dec. 31, 2021	Dec. 31, 2020
Right of use assets
key macroeconomic parameters
Useful Life Measured as Period of Time, Leases	50 years
Within 1 year \| Basic
key macroeconomic parameters
Growth rate of GDP		5.30%	8.83%
Growth Rate of CPI		2.20%	1.33%
Within 1 year \| Negative
key macroeconomic parameters
Growth rate of GDP		5.04%	8.39%
Growth Rate of CPI		2.09%	1.26%
Within 1 year \| Positive
key macroeconomic parameters
Growth rate of GDP		5.57%	9.27%
Growth Rate of CPI		2.31%	1.40%
Later than one year \| Basic
key macroeconomic parameters
Growth rate of GDP		5.00%	5.30%
Growth Rate of CPI		1.60%	2.40%
Later than one year \| Negative
key macroeconomic parameters
Growth rate of GDP		4.75%	5.04%
Growth Rate of CPI		1.52%	2.28%
Later than one year \| Positive
key macroeconomic parameters
Growth rate of GDP		5.25%	5.57%
Growth Rate of CPI		1.68%	2.52%

REVENUE AND SEGMENT INFORMATI_3

REVENUE AND SEGMENT INFORMATION - Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Revenue
Sales of goods	¥ 268,034,695		¥ 184,073,342	¥ 188,752,179
Transportation services	1,414,732		1,587,246	1,145,304
Total revenue from contracts with customers (net of value-added tax)	269,449,427		185,660,588	189,897,483
Rental income	298,805		329,989	317,915
Total revenue	¥ 269,748,232	$ 42,329,384	¥ 185,990,577	¥ 190,215,398

REVENUE AND SEGMENT INFORMATI_4

REVENUE AND SEGMENT INFORMATION - Disaggregated revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregated revenue:
Sales of goods	¥ 268,034,695	¥ 184,073,342	¥ 188,752,179
Transportation services	1,414,732	1,587,246	1,145,304
Total revenue from contracts with customers (net of value-added tax)	269,449,427	185,660,588	189,897,483
Sale of goods	1,151,341	1,565,285
Others	88,090	73,541
Revenue recognised that was included in contract liabilities at the beginning of the reporting period	1,239,431	1,638,826
Amounts expected to be recognised allocated to remaining performance obligations	2,285,617	1,582,199
Within 1 year
Disaggregated revenue:
Amounts expected to be recognised allocated to remaining performance obligations	2,177,072	1,399,340
Later than one year
Disaggregated revenue:
Amounts expected to be recognised allocated to remaining performance obligations	108,545	182,859
Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	268,034,695	184,073,342
Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	¥ 1,414,732	1,587,246
Minimum
Disaggregated revenue:
Period of remaining performance obligation	1 year
Maximum
Disaggregated revenue:
Period of remaining performance obligation	10 years
Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	¥ 256,642,709	177,018,756
Outside of Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	12,806,718	8,641,832
Operating segment
Disaggregated revenue:
Sales of goods			188,752,179
Transportation services			1,145,304
Inter-segment revenue	88,288,634
Total revenue from contracts with customers (net of value-added tax)			189,897,483
Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)			188,752,179
Operating segment \| Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)			1,145,304
Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)			184,121,468
Operating segment \| Outside of Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)			5,776,015
Inter-segment elimination
Disaggregated revenue:
Sales of goods	(83,990,987)	(69,122,016)	(68,001,241)
Transportation services	(4,238,206)	(2,181,096)	(1,578,779)
Inter-segment revenue		71,303,112	69,580,020
Total revenue from contracts with customers (net of value-added tax)	(88,229,193)	(71,303,112)	(69,580,020)
Inter-segment elimination \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(83,990,987)	(69,122,016)	(68,001,241)
Inter-segment elimination \| Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(4,238,206)	(2,181,096)	(1,578,779)
Inter-segment elimination \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(88,229,193)	(71,303,112)	(69,580,020)
Alumina \| Operating segment
Disaggregated revenue:
Sales of goods	56,315,755	42,292,130	43,722,845
Inter-segment revenue	(37,981,574)	(29,436,854)	(29,605,251)
Total revenue from contracts with customers (net of value-added tax)	56,315,755	42,292,130	43,722,845
Alumina \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	56,315,755	42,292,130	43,722,845
Alumina \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	56,315,755	42,292,130	43,722,845
Primary aluminum \| Operating segment
Disaggregated revenue:
Sales of goods	72,586,897	51,729,483	49,043,864
Inter-segment revenue	(8,657,079)	(11,458,500)	(11,694,382)
Total revenue from contracts with customers (net of value-added tax)	72,586,897	51,729,483	49,043,864
Primary aluminum \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	72,586,897	51,729,483	49,043,864
Primary aluminum \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	72,586,897	51,729,483	49,043,864
Energy \| Operating segment
Disaggregated revenue:
Sales of goods	7,915,219	7,184,216	7,335,347
Inter-segment revenue	(240,575)	(243,788)	(236,136)
Total revenue from contracts with customers (net of value-added tax)	7,915,219	7,184,216	7,335,347
Energy \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	7,915,219	7,184,216	7,335,347
Energy \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	7,915,219	7,184,216	7,335,347
Trading \| Operating segment
Disaggregated revenue:
Sales of goods	214,724,462	151,540,471	156,158,740
Transportation services	5,652,938	3,768,342	2,724,083
Inter-segment revenue	(41,287,709)	(30,058,138)	(27,877,188)
Total revenue from contracts with customers (net of value-added tax)	220,377,400	155,308,813	158,882,823
Trading \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	214,724,462	151,540,471	156,158,740
Trading \| Operating segment \| Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	5,652,938	3,768,342	2,724,083
Trading \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	207,570,682	146,666,981	153,106,808
Trading \| Operating segment \| Outside of Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	12,806,718	8,641,832	5,776,015
Corporate and other operating segments \| Operating segment
Disaggregated revenue:
Sales of goods	483,349	449,058	492,624
Inter-segment revenue	(121,697)	(105,832)	(167,063)
Total revenue from contracts with customers (net of value-added tax)	483,349	449,058	492,624
Corporate and other operating segments \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	483,349	449,058	492,624
Corporate and other operating segments \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	¥ 483,349	¥ 449,058	¥ 492,624

REVENUE AND SEGMENT INFORMATI_5

REVENUE AND SEGMENT INFORMATION - Information about operating segments results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)segment	Dec. 31, 2021USD ($)segment	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
Segment information
Number of reportable operating segments \| segment	5	5
Total revenue	¥ 269,748,232	$ 42,329,384	¥ 185,990,577	¥ 190,215,398
Total revenue from contracts with customers (net of value-added tax)	269,449,427		185,660,588	189,897,483
Segment profit /(loss) before income tax	10,178,780	1,597,273	2,189,271	1,865,604
Income tax expense	(2,389,761)	(375,006)	(590,023)	(631,512)
Profit for the year	7,789,019	1,222,267	1,599,248	1,234,092
Finance income	275,996	43,310	227,201	261,194
Finance costs	(3,942,761)	(618,705)	(4,420,528)	(4,921,541)
Share of profits for the year	164,100	25,751	180,502	270,115
Share of the joint ventures associates profits and losses for the year	272,584	42,774	145,737	48,767
Depreciation of right-of-use assets	(744,511)		(767,553)	(1,075,825)
Depreciation and amortization (excluding the amortization of right-of-use)	(7,969,871)		(7,920,108)	(7,720,407)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(650,711)		319,796	259,684
Realized gain/(loss) on futures, forward and option contracts, net	(545,525)		523,378	60,671
Unrealized (losses)/gains on futures, forward and option contracts, net	(59,209)		(10,394)	(9,851)
Other income	148,399		139,551	84,611
Impairment losses on property, plant and equipment	(2,328,131)	(365,335)	(416,842)	(259,354)
Gain (loss) on disposal of subsidiaries	(27,404)		11,305	261,187
Gain on barging purchase of associates				295,288
Gain on disposal of associates				159,514
Dividends of equity investments at fair value through other comprehensive income	10,912	$ 1,712	82,794	97,775
Derecognition of financial assets	(91,348)
Impairment losses	(196,426)		(416)
Changes for impairment of inventories	(136,298)		(30,239)	251,131
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(1,384,888)		(979,161)	(171,016)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			82,794
Dividends from other financial assets measured at fair value				97,775
Investments in joint ventures	3,350,959		3,374,553	3,385,582	$ 525,839
Investments in associates	9,636,634		9,173,410	9,512,401	$ 1,512,198
Capital expenditure in:
Intangible assets	93,654		7,382	1,155,386
Additions	6,601,078		76,779	1,247,858
Property, plant and equipment	2,304,861		4,621,319	10,625,017
Revenue from external customer
Segment information
Total revenue	269,748,232		185,990,577	190,215,398
Self-produced alumina
Segment information
Sales of self- produced products	18,552,000		12,465,000	13,330,000
Self-produced primary aluminum
Segment information
Sales of self- produced products	7,087,000		8,784,000	10,689,000
Self-produced other products
Segment information
Sales of self- produced products	2,416,000		243,000	362,000
Operating segment
Segment information
Inter-segment revenue	88,288,634
Total revenue from contracts with customers (net of value-added tax)				189,897,483
Inter-segment elimination
Segment information
Total revenue	(88,288,634)		(71,303,112)	(69,580,020)
Inter-segment revenue			71,303,112	69,580,020
Total revenue from contracts with customers (net of value-added tax)	(88,229,193)		(71,303,112)	(69,580,020)
Segment profit /(loss) before income tax	(418,481)		(68,699)	213,085
Alumina \| Operating segment
Segment information
Total revenue	56,545,788		42,378,421	43,931,832
Inter-segment revenue	(37,981,574)		(29,436,854)	(29,605,251)
Total revenue from contracts with customers (net of value-added tax)	56,315,755		42,292,130	43,722,845
Segment profit /(loss) before income tax	4,049,058		1,435,129	591,491
Finance income	116,660		43,192	61,645
Finance costs	(1,034,889)		(826,521)	(651,238)
Share of profits for the year	80,612		75,405	86,245
Share of the joint ventures associates profits and losses for the year	(5,976)		4,930	(6,319)
Depreciation of right-of-use assets	(334,825)		(364,655)	(495,693)
Depreciation and amortization (excluding the amortization of right-of-use)	(2,959,908)		(2,944,255)	(2,836,142)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(583,142)		(25,489)	(576,669)
Other income	11,909		21,549	21,252
Impairment losses on property, plant and equipment	(1,854,694)		(23,136)	(8,742)
Gain (loss) on disposal of subsidiaries				118
Changes for impairment of inventories	(18,737)		(121,286)	69,740
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(122,370)		(59,105)	6,837
Investments in joint ventures	1,076,120		1,076,085	1,076,085
Investments in associates	81,784		88,356	83,424
Capital expenditure in:
Intangible assets	72,735		2,157	209,366
Additions	3,400,546		12,001	1,080,285
Property, plant and equipment	1,170,356		2,317,271	6,490,041
Alumina \| Operating segment \| Revenue from external customer
Segment information
Total revenue	18,564,214		12,941,567	14,326,581
Primary aluminum \| Operating segment
Segment information
Total revenue	72,644,206		51,889,084	49,089,019
Inter-segment revenue	(8,657,079)		(11,458,500)	(11,694,382)
Total revenue from contracts with customers (net of value-added tax)	72,586,897		51,729,483	49,043,864
Segment profit /(loss) before income tax	7,402,039		2,023,168	687,246
Finance income	62,292		58,437	53,252
Finance costs	(1,114,821)		(1,364,606)	(1,328,730)
Share of the joint ventures associates profits and losses for the year	(1,969)		(35,328)	11,621
Depreciation of right-of-use assets	(199,086)		(234,387)	(338,975)
Depreciation and amortization (excluding the amortization of right-of-use)	(3,016,367)		(2,937,761)	(3,235,356)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(58,699)		442,089	833,288
Other income	32,541		11,087	716
Impairment losses on property, plant and equipment	(470,004)		(388,755)	(247,112)
Derecognition of financial assets	(8,055)
Changes for impairment of inventories	(114,171)		103,524	166,331
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(37,400)		(14,417)	1,088
Investments in associates	526,831		539,058	574,385
Capital expenditure in:
Intangible assets	20,779		3,546	949,013
Additions	2,721,001			131,797
Property, plant and equipment	621,694		1,069,086	2,381,644
Primary aluminum \| Operating segment \| Revenue from external customer
Segment information
Total revenue	63,987,127		40,430,584	37,394,637
Energy \| Operating segment
Segment information
Total revenue	7,915,219		7,184,216	7,345,971
Inter-segment revenue	(240,575)		(243,788)	(236,136)
Total revenue from contracts with customers (net of value-added tax)	7,915,219		7,184,216	7,335,347
Segment profit /(loss) before income tax	(234,808)		(77,235)	403,479
Finance income	38,313		36,333	35,093
Finance costs	(578,079)		(995,572)	(1,064,769)
Share of profits for the year	16,095		35,308	(22,272)
Share of the joint ventures associates profits and losses for the year	(633,467)		(17,905)	(32,660)
Depreciation of right-of-use assets	(32,088)		(96,967)	(146,139)
Depreciation and amortization (excluding the amortization of right-of-use)	(1,889,351)		(1,867,632)	(1,488,077)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(9,772)		(99,363)	(3,982)
Realized gain/(loss) on futures, forward and option contracts, net				60,671
Other income	56,022		55,561	11,382
Impairment losses on property, plant and equipment	(3,433)
Gain (loss) on disposal of subsidiaries	(27,404)			3,014
Gain on disposal of associates				159,514
Derecognition of financial assets	(83,293)
Changes for impairment of inventories	12,250		(15,642)	34,136
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(176,715)		(108,059)	(53,227)
Dividends from other financial assets measured at fair value				1,000
Investments in joint ventures	353,177		334,763	79,199
Investments in associates	759,194		1,565,235	362,757
Capital expenditure in:
Intangible assets				(5,062)
Additions	377		59,010	8,411
Property, plant and equipment	391,894		881,810	1,454,659
Energy \| Operating segment \| Revenue from external customer
Segment information
Total revenue	7,674,644		6,940,428	7,109,835
Trading \| Operating segment
Segment information
Total revenue	220,447,914		155,392,357	158,935,656
Inter-segment revenue	(41,287,709)		(30,058,138)	(27,877,188)
Sales of self- produced products	28,054,635		21,492,083	24,380,771
Sales of products sourced from external suppliers	151,105,570		103,842,136	106,677,697
Total revenue from contracts with customers (net of value-added tax)	220,377,400		155,308,813	158,882,823
Segment profit /(loss) before income tax	1,230,756		582,083	958,007
Finance income	50,318		72,632	105,664
Finance costs	(117,365)		(170,937)	(224,292)
Share of profits for the year	13,240		5,011	3,767
Share of the joint ventures associates profits and losses for the year	45,538		38,683	36,579
Depreciation of right-of-use assets	(128,043)		(21,075)	(45,541)
Depreciation and amortization (excluding the amortization of right-of-use)	(33,617)		(99,179)	(79,365)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	3,222		1,911	7,271
Realized gain/(loss) on futures, forward and option contracts, net	(132,354)		675,442
Unrealized (losses)/gains on futures, forward and option contracts, net	(30,552)		(27,705)	(9,851)
Other income	47,836		33,207	47,666
Impairment losses on property, plant and equipment			(4,951)	(3,500)
Gain (loss) on disposal of subsidiaries				2,738
Dividends of equity investments at fair value through other comprehensive income	3,333
Changes for impairment of inventories	(13,039)		2,184	(19,076)
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(328,754)		(414,342)	(122,420)
Investments in joint ventures	55,712		43,258	298,991
Investments in associates	371,499		396,454	2,021,964
Capital expenditure in:
Intangible assets	140		1,413	1,869
Additions	212,812		2,875	27,365
Property, plant and equipment	26,231		328,033	132,841
Trading \| Operating segment \| Revenue from external customer
Segment information
Total revenue	179,160,205		125,334,219	131,058,468
Corporate and other operating segments \| Operating segment
Segment information
Total revenue	483,739		449,611	492,940
Inter-segment revenue	(121,697)		(105,832)	(167,063)
Total revenue from contracts with customers (net of value-added tax)	483,349		449,058	492,624
Segment profit /(loss) before income tax	(1,849,784)		(1,705,175)	(987,704)
Finance income	8,413		16,607	5,540
Finance costs	(1,097,607)		(1,062,892)	(1,652,512)
Share of profits for the year	54,153		64,778	202,375
Share of the joint ventures associates profits and losses for the year	868,458		155,357	39,546
Depreciation of right-of-use assets	(50,469)		(50,469)	(49,477)
Depreciation and amortization (excluding the amortization of right-of-use)	(70,628)		(71,281)	(81,467)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(2,320)		648	(224)
Realized gain/(loss) on futures, forward and option contracts, net	(413,171)		(152,064)
Unrealized (losses)/gains on futures, forward and option contracts, net	(28,657)		17,311
Other income	91		18,147	3,595
Gain (loss) on disposal of subsidiaries			11,305	255,317
Gain on barging purchase of associates				295,288
Dividends of equity investments at fair value through other comprehensive income	7,579
Changes for impairment of inventories	(2,601)		981
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(719,649)		(383,238)	(3,294)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			82,794
Dividends from other financial assets measured at fair value				96,775
Investments in joint ventures	1,865,950		1,920,447	1,931,307
Investments in associates	7,897,326		6,584,307	6,469,871
Capital expenditure in:
Intangible assets			266	200
Additions	266,342		2,893
Property, plant and equipment	94,686		25,119	165,832
Corporate and other operating segments \| Operating segment \| Revenue from external customer
Segment information
Total revenue	¥ 362,042		¥ 343,779	¥ 325,877

REVENUE AND SEGMENT INFORMATI_6

REVENUE AND SEGMENT INFORMATION - Information about operating segments assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
ASSETS
Assets	¥ 192,376,897	$ 30,188,135	¥ 195,040,911
Deferred tax assets	1,386,147	217,517	1,481,235
Prepaid income tax	59,578		116,574
Liabilities
Liabilities	119,593,400	18,766,816	123,735,747
Deferred tax liabilities	1,378,519	216,320	1,437,087
Income tax payable	569,591	$ 89,381	299,665
Other elimination
ASSETS
Elimination of inter-segment receivables	(920,811)		(360,498)
Operating segment
ASSETS
Assets	259,792,175		254,385,999
Liabilities
Liabilities	185,585,482		182,581,394
Operating segment \| Alumina
ASSETS
Assets	90,345,545		87,549,047
Liabilities
Liabilities	48,065,682		48,888,621
Operating segment \| Primary aluminum
ASSETS
Assets	63,578,662		62,050,175
Liabilities
Liabilities	33,688,693		39,204,713
Operating segment \| Energy
ASSETS
Assets	35,261,548		39,671,083
Liabilities
Liabilities	25,419,575		26,197,235
Operating segment \| Trading
ASSETS
Assets	20,961,774		20,520,759
Liabilities
Liabilities	13,511,644		12,815,610
Operating segment \| Corporate and other operating segments
ASSETS
Assets	49,644,646		44,594,935
Liabilities
Liabilities	64,899,888		55,475,215
Inter-segment elimination
ASSETS
Elimination of inter-segment receivables	(67,940,192)		(60,582,399)
Liabilities
Elimination of inter-segment payables	(67,940,192)		(60,582,399)
Corporate and other unallocated assets
ASSETS
Deferred tax assets	1,386,147		1,481,235
Prepaid income tax	59,578		116,574
Liabilities
Deferred tax liabilities	1,378,519		1,437,087
Income tax payable	¥ 569,591		¥ 299,665

REVENUE AND SEGMENT INFORMATI_7

REVENUE AND SEGMENT INFORMATION - Geographical information of the operating segments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	¥ 141,925,321		¥ 145,636,570
Revenue	269,748,232	$ 42,329,384	185,990,577	¥ 190,215,398
PRC Government
Disclosure of geographical areas [line items]
Revenue	53,205,000		46,262,000	40,567,000
Mainland China
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	139,348,364		142,746,232
Revenue	256,941,514		177,348,745	184,439,383
Outside of Mainland China
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	2,576,957		2,890,338
Revenue	¥ 12,806,718		¥ 8,641,832	¥ 5,776,015

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	¥ 13,448,304		¥ 13,764,460
Additions	93,654		7,382	¥ 1,155,386
Disposals	(3,639)		(277,715)
Impairment	(196,426)		(416)
Amortization	(377,714)		(459,482)	(338,938)
Business combination			89
Transfer from property, plant and equipment	27,941		434,287
Currency translation differences	(5,244)		(20,301)
Closing net carrying amount	12,986,876	$ 2,037,924	13,448,304	13,764,460
Goodwill.
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	3,509,857		3,510,892
Currency translation differences	(342)		(1,035)
Closing net carrying amount	3,509,515		3,509,857	3,510,892
Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	7,425,833		7,972,911
Additions	91,412
Disposals	(3,639)		(277,715)
Impairment	(11,340)
Amortization	(326,052)		(412,599)
Transfer from property, plant and equipment	17,595		149,544
Currency translation differences	(1,692)		(6,308)
Closing net carrying amount	7,192,117		7,425,833	7,972,911
Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	988,374		1,001,332
Impairment	(185,086)
Currency translation differences	(2,225)		(12,958)
Closing net carrying amount	801,063		988,374	1,001,332
Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	1,524,240		1,279,325
Additions	2,242		7,382
Impairment			(416)
Amortization	(51,662)		(46,883)
Business combination			89
Transfer from property, plant and equipment	10,346		284,743
Currency translation differences	(985)
Closing net carrying amount	1,484,181		1,524,240	¥ 1,279,325
Cost
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	16,307,282
Closing net carrying amount	16,395,094		16,307,282
Cost \| Goodwill.
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	3,509,857
Closing net carrying amount	3,509,515		3,509,857
Cost \| Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	9,876,722
Closing net carrying amount	9,972,299		9,876,722
Cost \| Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	988,374
Closing net carrying amount	984,092		988,374
Cost \| Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	1,932,329
Closing net carrying amount	1,929,188		1,932,329
Accumulated amortization and impairment
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(2,858,978)
Closing net carrying amount	(3,408,218)		(2,858,978)
Accumulated amortization and impairment \| Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(2,450,889)
Closing net carrying amount	(2,780,182)		(2,450,889)
Accumulated amortization and impairment \| Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Closing net carrying amount	(183,029)
Accumulated amortization and impairment \| Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(408,089)
Closing net carrying amount	(445,007)		¥ (408,089)
Accumulated Impairment \| Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Closing net carrying amount	¥ (185,000)

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expenses of intangible assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Information about reconciliation of changes in intangible assets and goodwill
Amortization	¥ 377,714	¥ 459,482	¥ 338,938
Intangible assets (Note 6)	1,399,972	960,000
Cost of sales
Information about reconciliation of changes in intangible assets and goodwill
Amortization	305,484	371,616	294,766
General and administrative expenses
Information about reconciliation of changes in intangible assets and goodwill
Amortization	72,230	87,866	¥ 44,172
Mining rights
Information about reconciliation of changes in intangible assets and goodwill
Amortization	326,052	412,599
Mining rights carrying value	¥ 1,400,000	¥ 960,000

INTANGIBLE ASSETS - Impairment

INTANGIBLE ASSETS - Impairment testing of goodwill (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Groups of CGUs according to operating segments
Goodwill	¥ 3,510,000
Nominal 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%
Inflation rate	2.00%
Impairment of goodwill	¥ 0	¥ 0
Alumina
Groups of CGUs according to operating segments
Goodwill	1,367,989	1,368,331
Alumina \| Guangxi Branch
Groups of CGUs according to operating segments
Goodwill	189,419	189,419
Alumina \| PT. Nusapati Prima ("PTNP")
Groups of CGUs according to operating segments
Goodwill	14,621	14,963
Alumina \| Shanxi Huaxing
Groups of CGUs according to operating segments
Goodwill	1,163,949	1,163,949
Primary aluminum
Groups of CGUs according to operating segments
Goodwill	2,141,526	2,141,526
Primary aluminum \| Qinghai Branch
Groups of CGUs according to operating segments
Goodwill	217,267	217,267
Primary aluminum \| Lanzhou Aluminum Co,. Ltd
Groups of CGUs according to operating segments
Goodwill	¥ 1,924,259	¥ 1,924,259

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	¥ 100,712,423		¥ 103,492,552
Transfer to intangible assets (Note 6)	(27,941)		(434,287)
Transfer from right-of-use assets and non-current assets	1,542,324		1,982,812
Transfer from property, plant and equipment (Note 7)	(139,377)		(78,135)
Transfer to other non-current assets			(38,430)
Transfer to right-of-use assets (Note 20)	(68,377)		(885,141)
Additions	2,304,861		4,621,319
Business combination			53,601
Government grants	(81,618)		(42,322)
Disposals	(1,114,424)		(380,896)
Depreciation	(7,375,559)		(7,161,476)
Impairment loss	(2,328,131)	$ (365,335)	(416,842)	¥ (259,354)
Currency translation differences	2,848		(332)
Property, plant and equipment at end of period	93,427,029	$ 14,660,740	100,712,423	103,492,552
Transfer from right-of-use assets	1,343,000
Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	185,473,081
Property, plant and equipment at end of period	182,216,805		185,473,081
Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(84,760,658)
Property, plant and equipment at end of period	(88,789,776)		(84,760,658)
Buildings and infrastructure
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	42,265,254		40,777,430
Reclassifications and internal transfers	1,443,486		3,301,076
Transfer from right-of-use assets and non-current assets	143,646
Transfer from property, plant and equipment (Note 7)	(139,377)		(78,135)
Transfer to right-of-use assets (Note 20)			(140,254)
Additions	27,528		296,395
Business combination			1,290
Government grants	(447)		(1,646)
Disposals	(122,110)		(120,386)
Depreciation	(1,798,811)		(1,689,772)
Impairment loss	(1,163,722)		(80,641)
Currency translation differences	21,368		(103)
Property, plant and equipment at end of period	40,676,815		42,265,254	40,777,430
Buildings and infrastructure \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	63,188,384
Property, plant and equipment at end of period	64,118,401		63,188,384
Buildings and infrastructure \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(20,923,130)
Property, plant and equipment at end of period	(23,441,586)		(20,923,130)
Machinery
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	53,034,976		49,569,408
Reclassifications and internal transfers	1,435,604		7,114,160
Transfer from right-of-use assets and non-current assets	1,398,593		1,982,812
Additions	230,516		182,427
Business combination			52,357
Government grants	(81,171)		(40,676)
Disposals	(699,493)		(173,788)
Depreciation	(5,360,059)		(5,325,096)
Impairment loss	(1,000,412)		(326,445)
Currency translation differences	(18,141)		(183)
Property, plant and equipment at end of period	48,940,413		53,034,976	49,569,408
Machinery \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	114,561,974
Property, plant and equipment at end of period	111,919,569		114,561,974
Machinery \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(61,526,998)
Property, plant and equipment at end of period	(62,979,156)		(61,526,998)
Transportation facilities
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	1,163,307		429,581
Reclassifications and internal transfers	105,359		809,433
Additions	7,947		48,607
Business combination			(18)
Disposals	(12,441)		(27,145)
Depreciation	(181,204)		(96,999)
Impairment loss	(2,182)		(125)
Currency translation differences	(198)		(27)
Property, plant and equipment at end of period	1,080,588		1,163,307	429,581
Transportation facilities \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	2,844,604
Property, plant and equipment at end of period	2,731,095		2,844,604
Transportation facilities \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(1,681,297)
Property, plant and equipment at end of period	(1,650,507)		(1,681,297)
Office and other equipment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	362,167		355,094
Reclassifications and internal transfers	63,774		47,546
Transfer from right-of-use assets and non-current assets	85
Additions	4,318		10,659
Business combination			(28)
Disposals	(4,545)		(918)
Depreciation	(35,485)		(49,609)
Impairment loss	(46)		(558)
Currency translation differences	(181)		(19)
Property, plant and equipment at end of period	390,087		362,167	355,094
Office and other equipment \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	871,037
Property, plant and equipment at end of period	892,122		871,037
Office and other equipment \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(508,870)
Property, plant and equipment at end of period	(502,035)		(508,870)
Construction in progress
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	3,886,719		12,361,039
Reclassifications and internal transfers	(3,048,223)		(11,272,215)
Transfer to intangible assets (Note 6)	(27,941)		(434,287)
Transfer to other non-current assets			(38,430)
Transfer to right-of-use assets (Note 20)	(68,377)		(744,887)
Additions	2,034,552		4,083,231
Disposals	(275,835)		(58,659)
Impairment loss	(161,769)		(9,073)
Property, plant and equipment at end of period	2,339,126		3,886,719	¥ 12,361,039
Construction in progress \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	4,007,082
Property, plant and equipment at end of period	2,555,618		4,007,082
Construction in progress \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(120,363)
Property, plant and equipment at end of period	¥ (216,492)		¥ (120,363)

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
Depreciation and amortisation expense
Depreciation of property, plant and equipment	¥ 7,375,559	¥ 7,161,476	¥ 7,106,765
Net carrying amount of property, plant and equipment	93,427,029	100,712,423	103,492,552	$ 14,660,740
Interest attributable to the construction of property, plant and equipment
Interest expenses	1,727	123,571	¥ 289,499
Additional information
Property, plant and equipment, pledged as security	5,111,165	5,191,185
Carrying value of temporarily idle property, plant and equipment	¥ 723,000	¥ 750,000
Minimum
Interest attributable to the construction of property, plant and equipment
Capitalization rate during the year	4.00%	4.00%	4.00%
Maximum
Interest attributable to the construction of property, plant and equipment
Capitalization rate during the year		6.68%	6.96%
Cost of sales [member]
Depreciation and amortisation expense
Depreciation of property, plant and equipment	¥ 6,998,349	¥ 6,877,532	¥ 6,936,008
General and administrative expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	183,934	123,521	164,150
Research and development expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	185,108	155,288
Selling and distribution expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	8,168	5,135	6,607
Accumulated amortization and impairment
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	(88,789,776)	(84,760,658)
In process applications, Ownership certificates of buildings
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	6,609,000	7,616,000
Interest attributable to the construction of property, plant and equipment
Interest expenses	2,000	124,000	289,000
Machinery
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	48,940,413	53,034,976	49,569,408
Machinery \| Accumulated amortization and impairment
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	(62,979,156)	(61,526,998)
Construction in progress
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	2,339,126	3,886,719	¥ 12,361,039
Construction in progress \| Accumulated amortization and impairment
Depreciation and amortisation expense
Net carrying amount of property, plant and equipment	¥ (216,492)	¥ (120,363)

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT - Impairment tests for property, plant and equipment (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Impairment loss on property, plant and equipment	¥ 2,328,131	$ 365,335	¥ 416,842	¥ 259,354
CGU
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	5 years
CGU \| Minimum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Pre-tax and non-inflation rate that reflects specific risks related to CGUs as discount rates (as a percent)	10.16%	10.16%	10.16%
CGU \| Maximum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Pre-tax and non-inflation rate that reflects specific risks related to CGUs as discount rates (as a percent)	11.91%	11.91%

INVESTMENT PROPERTIES (Details)

INVESTMENT PROPERTIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Investment properties
Investment properties at beginning of period	¥ 1,601,876		¥ 1,503,266
Transfer from property, plant and equipment (Note 7)	(139,377)		(78,135)
Transfer from right-of-use assets (Note 20(a))	90,314		(45,885)
Others	7,472
Disposals			(1,005)
Depreciation	(24,450)		(24,405)	¥ (26,559)
Investment properties at end of period	1,814,589	$ 284,749	1,601,876	1,503,266
Cost
Investment properties
Investment properties at beginning of period	1,823,560
Investment properties at end of period	2,126,206		1,823,560
Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(221,684)
Investment properties at end of period	(311,617)		(221,684)
Buildings
Investment properties
Investment properties at beginning of period	481,489		414,168
Transfer from property, plant and equipment (Note 7)	(139,377)		(78,135)
Depreciation	(11,900)		(10,814)
Investment properties at end of period	608,966		481,489	414,168
Buildings \| Cost
Investment properties
Investment properties at beginning of period	601,850
Investment properties at end of period	779,253		601,850
Buildings \| Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(120,361)
Investment properties at end of period	(170,287)		(120,361)
Land use rights
Investment properties
Investment properties at beginning of period	1,120,387		1,089,098
Transfer from right-of-use assets (Note 20(a))	90,314		(45,885)
Others	7,472
Disposals			(1,005)
Depreciation	(12,550)		(13,591)
Investment properties at end of period	1,205,623		1,120,387	¥ 1,089,098
Land use rights \| Cost
Investment properties
Investment properties at beginning of period	1,221,710
Investment properties at end of period	1,346,953		1,221,710
Land use rights \| Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(101,323)
Investment properties at end of period	¥ (141,330)		¥ (101,323)

INVESTMENTS IN JOINT VENTURES_3

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Joint ventures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As at January 1	¥ 3,374,553		¥ 3,385,582
Share of profits for the year	164,100	$ 25,751	180,502	¥ 270,115
Share of changes in reserves	24,371		3,046
Cash dividends declared	(378,998)		(480,397)
As at December 31	3,350,959	$ 525,839	3,374,553	3,385,582
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As at January 1	3,374,553		3,385,582
Capital injections			4,333
Share of profits for the year	164,100		180,502
Share of changes in reserves	60		1,491
Cash dividends declared	(187,754)		(197,355)
As at December 31	3,350,959		3,374,553	¥ 3,385,582
Guangxi Huayin Aluminum Co., Ltd.
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As at January 1	1,477,162
As at December 31	1,443,749		¥ 1,477,162
Registered and paid-in capital	¥ 2,441,987
Ownership interest in joint venture (as a percent)	33.00%	33.00%	33.00%
Voting power in joint venture (as a percent)	33.00%	33.00%
Profit sharing in joint venture (as a percent)	33.00%	33.00%

INVESTMENTS IN JOINT VENTURES_4

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Financial information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)	Dec. 31, 2021USD ($)
Disclosure of joint ventures [line items]
Cash and cash equivalents	¥ 17,853,244		¥ 9,671,477			$ 2,801,564
Other current assets	3,953,326		6,348,401			620,363
Total current assets	48,714,043		46,268,649			7,644,297
Non-current assets	143,662,854		148,772,262			22,543,838
Total current liabilities	52,180,792		62,633,005			8,188,307
Non-current liabilities	67,412,608		61,102,742			10,578,509
Non-controlling interests	15,518,810		16,855,847			2,435,240
Reconciliation to the Group's interest in the joint venture:
Carrying amount of the investment	3,350,959		3,374,553	¥ 3,385,582		525,839
Revenue	269,748,232	$ 42,329,384	185,990,577	190,215,398
Gross profit	26,478,322	4,155,027	12,316,343	10,931,403
Profit before income tax	10,178,780	1,597,273	2,189,271	1,865,604
Income tax	2,389,761	375,006	590,023	631,512
Other comprehensive income	223,019	34,997	119,632	10,850
Total comprehensive income for the year	8,012,038	1,257,264	1,718,880	1,244,942
Share of profits for the year	164,100	25,751	180,502	270,115
Dividends of equity investments at fair value through other comprehensive income	10,912	$ 1,712	82,794	97,775
Reconciliation to the Group's interest in the associate:
Carrying amount of the investment	9,636,634		9,173,410	9,512,401		$ 1,512,198
Guangxi Huayin Aluminum Co., Ltd.
Disclosure of joint ventures [line items]
Cash and cash equivalents	224,154		247,680
Other current assets	1,498,110		970,096
Total current assets	1,722,264		1,217,776
Non-current assets	5,024,444		5,361,592
Total current liabilities	1,844,884		1,522,700
Non-current liabilities	526,827		580,419
Net assets	¥ 4,374,997		¥ 4,476,249
Reconciliation to the Group's interest in the joint venture:
Proportion of the Group's ownership	33.00%	33.00%	33.00%
The Group's share of net assets of the joint venture	¥ 1,443,749		¥ 1,477,162
Carrying amount of the investment	1,443,749		1,477,162
Revenue			5,126,994	4,631,737	¥ 5,226,893
Gross profit			890,301	800,965	1,303,254
Interest income			14,465	7,388	9,781
Depreciation and amortization			553,493	531,512	525,109
Interest expenses			40,506	51,855	63,351
Profit before income tax			246,447	195,189	621,315
Income tax			44,333	21,152	79,300
Total comprehensive income for the year			202,114	174,037	542,015
Dividends of equity investments at fair value through other comprehensive income			99,000	99,000	¥ 198,000
Yunnan Aluminium
Disclosure of joint ventures [line items]
Cash and cash equivalents	1,622,638		1,186,778
Other current assets	3,762,507		4,848,942
Total current assets	5,385,145		6,035,720
Non-current assets	37,267,619		39,960,249
Total current liabilities	9,782,242		17,360,609
Non-current liabilities	7,869,719		10,658,126
Net assets	25,000,803		17,977,234
Non-controlling interests	¥ 3,286,333		¥ 2,504,346
Reconciliation to the Group's interest in the associate:
Proportion of the Group's ownership	10.10%	10.10%	10.04%
Group's share of net assets of the associate	¥ 2,193,161		¥ 1,553,478
Carrying amount of the investment	2,193,161		1,553,478
Associates
Reconciliation to the Group's interest in the joint venture:
Revenue	41,668,819		29,567,864	24,283,623
Gross profit	9,440,917		4,084,535	3,241,005
Interest income	31,058		35,345	46,865
Depreciation and amortization	1,866,030		1,571,308	1,381,066
Interest expenses	607,126		649,600	945,786
Profit before income tax	3,527,700		1,032,497	596,546
Income tax	436,429		122,384	51,340
Other comprehensive income	23,321		(36,602)	28,183
Total comprehensive income for the year	¥ 3,114,592		¥ 873,511	¥ 573,389

INVESTMENTS IN JOINT VENTURES_5

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Joint ventures not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	¥ 164,100	$ 25,751	¥ 180,502	¥ 270,115
Aggregate carrying amount of the Group's investments in joint ventures	3,350,959		3,374,553	3,385,582	$ 525,839
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	164,100		180,502
Aggregate carrying amount of the Group's investments in joint ventures	3,350,959		3,374,553	¥ 3,385,582
Aggregated individually immaterial joint ventures
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	96,255		121,120
Share of the joint ventures' total comprehensive income	96,255		121,120
Aggregate carrying amount of the Group's investments in joint ventures	¥ 1,907,210		¥ 1,897,391

INVESTMENTS IN JOINT VENTURES_6

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Associates (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Movements in investments in associates
As at January 1	¥ 9,173,410		¥ 9,512,401
Subsidiaries changed into an associate			7,473
Capital reduction	(83,984)		(14,850)
Share of the joint ventures associates profits and losses for the year	272,584	$ 42,774	145,737	¥ 48,767
Cash dividends declared	(378,998)		(480,397)
Share of changes in reserves	24,371		3,046
As at December 31	9,636,634	1,512,198	9,173,410	9,512,401
Total subscription amount	341,000	$ 53,510	¥ 7,473	¥ 2,653,244
Associates Other than Yunnan Aluminum and Yixin Aluminum
Movements in investments in associates
Capital injections	309,251
Yunnan Aluminium
Movements in investments in associates
Investment made in associates	320,000
Registered and paid-in capital	¥ 3,448,207
Ownership interest in associate (in percent)	10.10%	10.10%
Voting power in associate (as a percent)	10.10%	10.10%
Profit sharing in associate (as a percent)	10.10%	10.10%
Guangxi Huayin Aluminum Co., Ltd.
Movements in investments in associates
Registered and paid-in capital	¥ 2,441,987

INVESTMENTS IN JOINT VENTURES_7

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Associates not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the associates' profits	¥ 272,584	$ 42,774	¥ 145,737	¥ 48,767
Aggregate carrying amount of the Group's investments in the associates	9,636,634		9,173,410	¥ 9,512,401	$ 1,512,198
Associates
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Investments in joint ventures and associates (Note 9)			396,000
Aggregate associates that are not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the associates' profits	(37,780)		83,519
Share of the associates' total other comprehensive income	6,292
Share of the associates' total comprehensive income	(31,488)		83,519
Aggregate carrying amount of the Group's investments in the associates	¥ 7,443,473		¥ 7,619,932

OTHER FINANCIAL ASSETS MEASUR_3

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)director	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Disclosure of financial assets [line items]
Other financial assets measured at fair value	¥ 239,538	$ 37,589	¥ 1,526,703
Chinalco Innovative Development Investment Company Limited
Disclosure of financial assets [line items]
Number of board of directors appointed \| director	7
At fair values
Disclosure of financial assets [line items]
Other financial assets measured at fair value	¥ 239,538		1,526,703
At fair values \| Listed equity investments \| Dongxing securities Co., Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value	7,674		8,812
At fair values \| Unlisted Investments
Disclosure of financial assets [line items]
Other financial assets measured at fair value	231,864		1,517,891
At fair values \| Unlisted Investments \| Sanmenxia Dachang Mining Co., Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value	20,921		20,921
At fair values \| Unlisted Investments \| Inner Mongolia Ganqimaodu Port Development Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	16,669		16,669
At fair values \| Unlisted Investments \| Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	20,577		17,234
At fair values \| Unlisted Investments \| China Color International Alumina Development Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	5,998		6,636
At fair values \| Unlisted Investments \| Luoyang Jianyuan Mining Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	4,975		4,975
At fair values \| Unlisted Investments \| NingXia Electric Power Trading Center Co., Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value	4,305		4,305
At fair values \| Unlisted Investments \| Ningxia Ningdian Logistics Transportation Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	1,640		1,640
At fair values \| Unlisted Investments \| Chinalco Innovative Development Investment Company Limited
Disclosure of financial assets [line items]
Other financial assets measured at fair value			329,234
At fair values \| Unlisted Investments \| Size Industry Investment Fund [member]
Disclosure of financial assets [line items]
Other financial assets measured at fair value			980,498
Repayment of capital from equity investment	950,000
Dividend income	7,000
At fair values \| Unlisted Investments \| Fangchenggang Chisha Pier Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	21,700		700
At fair values \| Unlisted Investments \| Xingxian Shengxing Highway Investment Management Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value	¥ 135,079		¥ 135,079

DEFERRED TAX - Assets (Details)

DEFERRED TAX - Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Movements in deferred tax assets:
As at January 1,	¥ 1,481,235
As at December 31,	1,386,147	$ 217,517	¥ 1,481,235
Temporary difference
Movements in deferred tax assets:
As at January 1,	1,547,147		1,579,689
Acquisition of subsidiaries			36
Credit/(charged) to profit or loss	(101,584)		(32,578)
As at December 31,	1,445,563		1,547,147
Provision for impairment
Movements in deferred tax assets:
As at January 1,	510,518		445,322
Credit/(charged) to profit or loss	185,470		65,196
As at December 31,	695,988		510,518
Accrued expenses
Movements in deferred tax assets:
As at January 1,	109,585		209,395
Credit/(charged) to profit or loss	(85,912)		(99,810)
As at December 31,	23,673		109,585
Tax losses
Movements in deferred tax assets:
As at January 1,	470,379		576,190
Credit/(charged) to profit or loss	(226,769)		(105,811)
As at December 31,	243,610		470,379
Unrealized profit at consolidation
Movements in deferred tax assets:
As at January 1,	226,086		169,355
Credit/(charged) to profit or loss	67,564		56,731
As at December 31,	293,650		226,086
Others
Movements in deferred tax assets:
As at January 1,	230,579		179,427
Acquisition of subsidiaries			36
Credit/(charged) to profit or loss	(41,937)		51,116
As at December 31,	¥ 188,642		¥ 230,579

DEFERRED TAX - Liabilities (Det

DEFERRED TAX - Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Movements in deferred tax liabilities:
As at January 1,	¥ 1,437,087
As at December 31,	1,378,519	$ 216,320	¥ 1,437,087
Temporary difference
Movements in deferred tax liabilities:
As at January 1,	1,502,999		1,769,699
Exchange realignment			(1,406)
Charged to other comprehensive income	(11,117)		(3,066)
Acquisition of a subsidiaries			1,274
Credited to profit or loss	(53,947)		(263,502)
As at December 31,	1,437,935		1,502,999
Deferred tax liability associated with investments in the Group's	437,000		317,000
Temporary difference \| Previously Stated
Movements in deferred tax liabilities:
As at January 1,	1,502,999
As at December 31,			1,502,999
Interest capitalization
Movements in deferred tax liabilities:
As at January 1,	25,840		38,007
Credited to profit or loss	(7,915)		(12,167)
As at December 31,	17,925		25,840
Fair value changes of financial assets
Movements in deferred tax liabilities:
As at January 1,	8,900		7,731
Charged to other comprehensive income	(11,117)		(3,066)
Credited to profit or loss	4,059		4,235
As at December 31,	1,842		8,900
Fair value changes of financial assets \| Previously Stated
Movements in deferred tax liabilities:
As at January 1,	8,900
As at December 31,			8,900
Depreciation and amortization
Movements in deferred tax liabilities:
As at January 1,	37,107		23,873
Credited to profit or loss	34,860		13,234
As at December 31,	71,967		37,107
Fair value adjustments arising from acquisition of subsidiaries
Movements in deferred tax liabilities:
As at January 1,	1,431,152		1,700,088
Exchange realignment			(1,406)
Acquisition of a subsidiaries			1,274
Credited to profit or loss	(84,951)		(268,804)
As at December 31,	¥ 1,346,201		¥ 1,431,152

DEFERRED TAX - Balances (Detail

DEFERRED TAX - Balances (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
DEFERRED TAX
Net deferred tax assets	¥ 1,386,147	¥ 1,481,235
Net deferred tax liabilities	1,378,519	1,437,087
Deferred tax assets not recognised for accumulated tax losses	1,514,000	1,514,000
Accumulated tax losses not recognised for OTA	6,929,903	6,593,510
Deferred tax assets not recognised for deductible temporary differences	2,633,000	2,032,000
Deductible temporary differences not recognised for OTA	¥ 12,051,000	¥ 8,849,000

DEFERRED TAX - Unrecognised tax

DEFERRED TAX - Unrecognised tax losses (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Tax losses
Unrecognised tax losses	¥ 6,929,903	¥ 6,593,510
Within 1 year
Tax losses
Unrecognised tax losses		213,992
Between 1 and 2 years
Tax losses
Unrecognised tax losses	742,693	795,012
Between 2 and 3 years
Tax losses
Unrecognised tax losses	590,293	536,394
2024
Tax losses
Unrecognised tax losses	1,778,927	1,890,765
2025
Tax losses
Unrecognised tax losses	2,405,862	2,590,350
2026 and beyond
Tax losses
Unrecognised tax losses	¥ 1,412,128	¥ 566,997

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
OTHER NON-CURRENT ASSETS
Financial assets, Long-term receivables	¥ 127,390		¥ 127,754
Less: impairment	(15,542)
Financial assets, Long-term receivables, net of impairment	111,848		127,754
Prepayment for mining rights	806,534		809,722
Long-term prepaid expenses	593,011		654,291
Deferred losses for sales and leaseback transactions	97,070		396,368
Input VAT to be deducted	294,420		388,271
Rent concessions	376,917		257,899
Others	195,146		531,615
Total non-financial assets	2,363,098		3,038,166
Total other non-current assets	¥ 2,474,946	$ 388,373	¥ 3,165,920

INVENTORIES (Details)

INVENTORIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Inventories
Total inventories	¥ 18,677,875	$ 2,930,966	¥ 19,861,776
Cost
Inventories
Raw materials	5,628,872		7,450,822
Work-in-progress	8,732,604		7,290,838
Finished goods	4,310,607		4,835,098
Spare parts	645,564		789,136
Packaging materials and others	26,353		25,709
Total inventories	19,344,000		20,391,603
Provision for impairment
Inventories
Total inventories	¥ (666,125)		¥ (529,827)	¥ (560,066)

INVENTORIES - Movements in the

INVENTORIES - Movements in the provision for impairment of inventories (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Movements in the provision for impairment of inventories
As at January 1	¥ (19,861,776)
As at December 31	(18,677,875)	$ (2,930,966)	¥ (19,861,776)
Inventories pledged for bank and other borrowings	0		0
Accumulated Impairment
Movements in the provision for impairment of inventories
As at January 1	529,827		560,066
Provision for impairment of inventories	471,162		1,492,153
Reversal arising from increase in net realizable value	(14,624)		(170,766)
Written off upon sales of inventories	(320,240)		(1,351,626)
As at December 31	¥ 666,125		¥ 529,827

TRADE RECEIVABLES AND NOTES R_3

TRADE RECEIVABLES AND NOTES RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables	¥ 3,066,654		¥ 4,753,210
Notes receivable	3,838,196		4,560,437
Total trade and notes receivables	6,904,850	$ 1,083,522	9,313,647
Trade receivables and notes receivables (Note 14)	¥ 1,983,000		2,748,000
Minimum
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables term (in years)	3 months
Maximum
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables term (in years)	12 months
Associates
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Total trade and notes receivables	¥ 11,000		14,000
Joint venture
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Total trade and notes receivables	641,000		741,000
USD
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Total trade and notes receivables	512,000		685,000
Cost
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables	4,025,441		5,687,100
Accumulated Impairment
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Less: provision for impairment	¥ (958,787)		¥ (933,890)	¥ (715,597)	¥ (659,261)

TRADE RECEIVABLES AND NOTES R_4

TRADE RECEIVABLES AND NOTES RECEIVABLES - Ageing analysis of trade receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
TRADE AND NOTES RECEIVABLES
Trade receivables	¥ 3,066,654	¥ 4,753,210
Cost
TRADE AND NOTES RECEIVABLES
Trade receivables	4,025,441	5,687,100
Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade receivables	2,367,787	2,984,665
Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade receivables	153,161	1,031,050
Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	225,796	183,288
Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	1,278,697	1,488,097
Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: impairment allowance	¥ (958,787)	¥ (933,890)	¥ (715,597)	¥ (659,261)

TRADE RECEIVABLES AND NOTES R_5

TRADE RECEIVABLES AND NOTES RECEIVABLES - Credit risk exposure (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
TRADE AND NOTES RECEIVABLES
Trade and notes receivables	¥ 6,904,850	$ 1,083,522	¥ 9,313,647
Trade receivables	3,066,654		4,753,210
Cost
TRADE AND NOTES RECEIVABLES
Trade receivables	4,025,441		5,687,100
Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade receivables	2,367,787		2,984,665
Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade receivables	153,161		1,031,050
Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	225,796		183,288
Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	1,278,697		1,488,097
Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment	¥ (958,787)		¥ (933,890)	¥ (715,597)	¥ (659,261)
Individually assessed \| Zhuhai Hongfan nonferrous metal Chemical Co., Ltd.
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100.00%
Individually assessed \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100.00%
Individually assessed \| Guizhou Jinpingguo Aluminum Rod Co., Ltd.
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100.00%
Individually assessed \| Others
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			66.73%
Individually assessed \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			¥ 1,841,809
Individually assessed \| Cost \| China Aluminum ZiBo International Trading Co.,Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			617,974
Individually assessed \| Cost \| Zhuhai Hongfan nonferrous metal Chemical Co., Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			270,419
Individually assessed \| Cost \| Aluminum Industry Co., Ltd., Luoyang, Henan
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			247,163
Individually assessed \| Cost \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			213,293
Individually assessed \| Cost \| Guizhou Jinpingguo Aluminum Rod Co., Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			111,138
Individually assessed \| Cost \| Others
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			381,822
Individually assessed \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(849,624)
Individually assessed \| Accumulated Impairment \| Zhuhai Hongfan nonferrous metal Chemical Co., Ltd.
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(270,419)
Individually assessed \| Accumulated Impairment \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(213,293)
Individually assessed \| Accumulated Impairment \| Guizhou Jinpingguo Aluminum Rod Co., Ltd.
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(111,138)
Individually assessed \| Accumulated Impairment \| Others
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(254,774)
Total \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			2,183,632
Total \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(109,163)
Alumina and primary aluminum \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.91%	0.91%
Alumina and primary aluminum \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	5.23%	5.23%
Alumina and primary aluminum \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	54.29%	54.29%
Alumina and primary aluminum \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	90.66%	90.66%
Alumina and primary aluminum \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			247,411
Alumina and primary aluminum \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			172,625
Alumina and primary aluminum \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			25,430
Alumina and primary aluminum \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			3,146
Alumina and primary aluminum \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			46,210
Alumina and primary aluminum \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(46,509)
Alumina and primary aluminum \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,574)
Alumina and primary aluminum \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,331)
Alumina and primary aluminum \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,708)
Alumina and primary aluminum \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(41,896)
Energy \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.00%	0.00%
Energy \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	1.09%	1.09%
Energy \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	2.40%	2.40%
Energy \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	24.57%	24.57%
Energy \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			1,537,457
Energy \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			1,108,505
Energy \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			119,108
Energy \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			138,660
Energy \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			171,184
Energy \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(46,736)
Energy \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(52)
Energy \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,298)
Energy \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(3,332)
Energy \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(42,054)
Trading \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.10%	0.10%
Trading \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	1.68%	1.68%
Trading \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	4.35%	4.35%
Trading \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	52.26%	52.26%
Trading \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			374,230
Trading \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			365,158
Trading \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			6,131
Trading \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			23
Trading \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			2,918
Trading \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,990)
Trading \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(361)
Trading \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(103)
Trading \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1)
Trading \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,525)
Corporate and other operating segments \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	6.02%	6.02%
Corporate and other operating segments \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	70.77%	70.77%
Corporate and other operating segments \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	94.97%	94.97%
Corporate and other operating segments \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	97.45%	97.45%
Corporate and other operating segments \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			24,534
Corporate and other operating segments \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			10,138
Corporate and other operating segments \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			2,491
Corporate and other operating segments \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			1,887
Corporate and other operating segments \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			10,018
Corporate and other operating segments \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(13,928)
Corporate and other operating segments \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(610)
Corporate and other operating segments \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,763)
Corporate and other operating segments \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,792)
Corporate and other operating segments \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			¥ (9,763)

TRADE RECEIVABLES AND NOTES R_6

TRADE RECEIVABLES AND NOTES RECEIVABLES - Movements on the provision for impairment of trade receivables (Details) - Accumulated Impairment - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in other provisions
Allowance account for credit losses of financial assets at beginning of period	¥ 933,890	¥ 715,597	¥ 659,261
Provision for impairment	364,120	403,633	237,504
Written off	(285,178)	(122,459)	(98,554)
Reversal	(36,989)	(64,661)	(83,095)
Others (Note)	(17,056)	1,780	481
Allowance account for credit losses of financial assets at end of period	¥ 958,787	¥ 933,890	¥ 715,597

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Financial assets
Deposits paid to suppliers	¥ 1,320,448		¥ 691,786
Dividends receivable	373,252		412,736
Receivables from disposal of assets			20,950
Entrusted loans and loans receivable from third parties	1,466,236		1,530,452
Entrusted loans and loans receivable from related parties	1,324,016		1,264,423
Recoverable reimbursement for freight charges	251,113		381,866
Receivable from disposal of aluminium capacity quota			538,655
Other financial assets	693,068		1,365,951
Financial assets included in other current assets	5,428,133		6,206,819
Financial assets included in other current assets, net of provision for impairment	2,274,907		3,982,308
Advances to employees			17,043
Deductible input value added tax receivables	529,760		1,379,288
Prepaid income tax	59,578		116,574
Prepayments to related parties for purchases	144,098		78,724
Prepayments to suppliers for purchases and others	870,762		726,487
Other receivables	74,221		49,598
Other current assets, excluded financial assets	1,678,419		2,367,714
Less: impairment allowance			(1,621)
Other current assets, excluded financial assets, net of provision for impairment	1,678,419		2,366,093
Total other current assets	3,953,326	$ 620,363	6,348,401
USD
Financial assets
Other receivables	99,000		152,000
Other current assets [member]
Financial assets
Less: impairment allowance	¥ (3,153,226)		¥ (2,224,511)

OTHER CURRENT ASSETS - Analysis

OTHER CURRENT ASSETS - Analysis of financial assets included in other current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER CURRENT ASSETS
Financial assets included in other current assets	¥ 5,428,133	¥ 6,206,819
Financial assets included in other current assets, net of provision for impairment	2,274,907	3,982,308
Within 1 year
OTHER CURRENT ASSETS
Financial assets included in other current assets	1,832,596	2,385,470
Between 1 and 2 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	175,193	142,887
Between 2 and 3 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	36,709	191,228
Over 3 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	3,383,635	3,487,234
Other current assets [member]
OTHER CURRENT ASSETS
Less: provision for impairment	¥ (3,153,226)	¥ (2,224,511)

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 [member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provision for impairment of other current assets
At beginning of year	¥ 2,226,132	¥ 1,699,450
Provision for impairment	1,046,565	657,200
Write off	(135,049)	(113,507)
Reversal	(4,524)	(17,011)
Others	20,102
As at December 31,	¥ 3,153,226	¥ 2,226,132

OTHER CURRENT ASSETS - Financia

OTHER CURRENT ASSETS - Financial assets included in other current assets at amortized cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	¥ 5,428,133	¥ 6,206,819
Provision for bad debt	937,000
Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,153,226	2,224,511
Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	5,428,133	6,206,819
Accumulated Impairment
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	958,787	933,890	¥ 715,597	¥ 659,261
Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,153,226	2,224,511
12-month expected credit losses \| Financial instruments not credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	1,943,470	2,218,072
12-month expected credit losses \| Financial instruments not credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	2,988	5,961
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	188,324	578,213
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	7,713	14,966
Lifetime expected credit losses \| Financial instruments credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	3,296,339	3,410,534
Lifetime expected credit losses \| Financial instruments credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,142,525	2,203,584
Within 1 year
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	1,832,596	2,385,470
Between 1 and 2 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	175,193	142,887
Between 2 and 3 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	36,709	191,228
Over 3 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	¥ 3,383,635	¥ 3,487,234

CASH AND CASH EQUIVALENTS AND_3

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Total (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Restricted cash	¥ 1,324,748		¥ 1,056,037
Cash and cash equivalents	17,853,244	$ 2,801,564	9,671,477
Total cash and cash equivalents, and cash and cash equivalents restricted	¥ 19,177,992		¥ 10,727,514

CASH AND CASH EQUIVALENTS AND_4

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Cash flow (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2020USD ($)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	¥ 17,853,244	$ 2,801,564	¥ 9,671,477
Bank overdrafts			(899,955)
Balances per consolidated statement of cash flows	¥ 17,853,244	$ 2,801,564	¥ 8,771,522	$ 1,376,443	¥ 7,793,056	¥ 19,135,843

CASH AND CASH EQUIVALENTS AND_5

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Cash and cash equivalent and restricted cash denominated in foreign currencies (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	¥ 19,177,992	¥ 10,727,514
RMB
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	17,605,127	9,621,499
USD
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	1,557,373	1,095,713
HKD
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	7,314	2,763
EUR
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	1,957	2,055
Others
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	¥ 6,221	¥ 5,484

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) ¥ / shares in Units, $ in Thousands	Dec. 31, 2021CNY (¥)¥ / sharesshares	Dec. 31, 2021USD ($)shares	Sep. 30, 2021CNY (¥)	Dec. 31, 2020CNY (¥)shares
SHARE CAPITAL
Consideration transferred \| ¥			¥ 395,624,000
Shares authorized (in shares)	17,022,672,951	17,022,672,951
Number of shares issued	17,022,673	17,022,673		17,022,673
Par value per share \| ¥ / shares	¥ 1
Share capital	¥ 17,022,673,000	$ 2,671,229		¥ 17,022,673,000
Listed A Shares
SHARE CAPITAL
Number of shares issued	13,078,707	13,078,707		13,078,707
Listed H Shares
SHARE CAPITAL
Number of shares issued	3,943,966	3,943,966		3,943,966

RESERVES (Details)

RESERVES (Details) ¥ in Millions	Dec. 31, 2021CNY (¥)
RESERVES
Surplus reserve	¥ 4,230

INTEREST BEARING LOANS AND BORR

INTEREST BEARING LOANS AND BORROWINGS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
INTEREST BEARING LOANS AND BORROWINGS
Lease liabilities	¥ 12,594,455		¥ 7,086,151
Medium-term notes and bonds	19,222,586		18,975,379
Bank and other loans	42,125,186		43,014,564
Long-term loans and borrowings	73,942,227		69,076,094
Current portion of lease liabilities	(987,664)		(828,272)
Current portion of medium-term notes and bonds	(2,999,599)		(7,100,711)
Current portion of long-term bank and other loans	(5,859,115)		(3,629,014)
Current portion of long-term loans and borrowings	(9,846,378)		(11,557,997)
Non-current portion of long-term loans and borrowings	64,095,849	$ 10,058,037	57,518,097
Secured
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans	11,008,215		9,216,299
Guaranteed
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans	3,132,529		4,846,446
Unsecured
INTEREST BEARING LOANS AND BORROWINGS
Medium-term notes and bonds	19,222,586		18,975,379
Bank and other loans	¥ 27,984,442		¥ 28,951,819

INTEREST BEARING LOANS AND BO_2

INTEREST BEARING LOANS AND BORROWINGS - Short-term loans and borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Loans and borrowings
Short-term bonds	¥ 5,440,414		¥ 2,411,256
Bank and other loans, current	9,219,330		20,738,030
Current portion of lease liabilities	987,664		828,272
Current portion of medium-term notes and bonds	2,999,599		7,100,711
Current portion of long-term bank and other loans	5,859,115		3,629,014
Current portion of long term borrowings Including bonds	15,286,792		13,969,253
Interest-bearing loans and borrowings	24,506,122	$ 3,845,545	34,707,283
JPY
Loans and borrowings
Interest-bearing loans and borrowings	11,000		15,000
USD
Loans and borrowings
Interest-bearing loans and borrowings	1,333,000		1,312,000
Secured
Loans and borrowings
Bank and other loans, current	513,100		863,738
Guaranteed
Loans and borrowings
Bank and other loans, current			50,000
Unsecured
Loans and borrowings
Bank and other loans, current	¥ 8,706,230		¥ 19,824,292

INTEREST BEARING LOANS AND BO_3

INTEREST BEARING LOANS AND BORROWINGS - Other information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	¥ 24,506,122	$ 3,845,545	¥ 34,707,283
Bank and other loans, current	9,219,330		20,738,030
Associates
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	0		0
Joint venture
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	0		0
Subsidiaries of Chinalco
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	13,029,000		8,887,000
JPY
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	11,000		15,000
USD
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	1,333,000		1,312,000
Secured
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans, current	513,100		¥ 863,738
Secured \| Shandong Huayu
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans, current	¥ 113,000

INTEREST BEARING LOANS AND BO_4

INTEREST BEARING LOANS AND BORROWINGS - Maturity of long-term bank and other loans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Maturity of long-term bank and other loans
Bank and other loans	¥ 42,125,186	¥ 43,014,564
Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	5,859,115	3,629,014
Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	11,837,652	6,702,688
Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	9,771,437	15,638,088
Over 5 years
Maturity of long-term bank and other loans
Bank and other loans	14,656,982	17,044,774
Loans from banks and other financial institutions
Maturity of long-term bank and other loans
Bank and other loans	42,114,445	42,999,864
Loans from banks and other financial institutions \| Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	5,856,967	3,626,564
Loans from banks and other financial institutions \| Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	11,835,504	6,700,238
Loans from banks and other financial institutions \| Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	9,764,992	15,630,738
Loans from banks and other financial institutions \| Over 5 years
Maturity of long-term bank and other loans
Bank and other loans	14,656,982	17,042,324
Other loans
Maturity of long-term bank and other loans
Bank and other loans	10,741	14,700
Other loans \| Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	2,148	2,450
Other loans \| Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	2,148	2,450
Other loans \| Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	¥ 6,445	7,350
Other loans \| Over 5 years
Maturity of long-term bank and other loans
Bank and other loans		¥ 2,450

INTEREST BEARING LOANS AND BO_5

INTEREST BEARING LOANS AND BORROWINGS - Medium-term and long-term notes and bonds and private placement notes (Details) ¥ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Disclosure of detailed information about borrowings [line items]
Medium-term notes and bonds	¥ 19,222,586		¥ 18,975,379
2018 medium-term 5.84% note
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	5.84%	5.84%
Medium-term notes and bonds			1,998,802
2019 Medium-Term 4.31% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	4.31%	4.31%
Medium-term notes and bonds	¥ 1,989,090		1,985,264
2018 medium-term 4.66% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,100,000
Interest rate (as a percent)	4.66%	4.66%
Medium-term notes and bonds			1,099,284
2018 medium-term 5.06% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 900,000
Interest rate (as a percent)	5.06%	5.06%
Medium-term notes and bonds	¥ 899,323		898,807
2018 medium-term 4.30% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,400,000
Interest rate (as a percent)	4.30%	4.30%
Medium-term notes and bonds			1,398,160
2018 medium-term 4.57% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,600,000
Interest rate (as a percent)	4.57%	4.57%
Medium-term notes and bonds	¥ 1,597,988		1,597,071
2019 Medium-Term 3.84% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	3.84%	3.84%
Medium-term notes and bonds	¥ 1,999,809		1,999,196
2019 Medium-term 3.52% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.52%	3.52%
Medium-term notes and bonds	¥ 999,790		999,623
2019 Medium-term 4.57 % bonds.
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	4.57%	4.57%
Medium-term notes and bonds	¥ 1,997,440		1,997,265
2020 Medium-Term 3.04% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 900,000
Interest rate (as a percent)	3.04%	3.04%
Medium-term notes and bonds	¥ 898,866		897,972
2020 Medium-Term 3.31% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 500,000
Interest rate (as a percent)	3.31%	3.31%
Medium-term notes and bonds	¥ 499,876		499,853
2020 Medium-Term 3.07% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.07%	3.07%
Medium-term notes and bonds	¥ 999,787		999,617
2021 Medium- Term 3.21% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.21%	3.21%
Medium-term notes and bonds	¥ 997,028
2018 Hong Kong dollar medium-term 5.25% bonds
Disclosure of detailed information about borrowings [line items]
Face value \| $		$ 400,000
Interest rate (as a percent)	5.25%	5.25%
Medium-term notes and bonds			¥ 2,604,465
2021 Hong Kong Medium-term 1.74% bonds
Disclosure of detailed information about borrowings [line items]
Face value \| $		$ 500,000
Interest rate (as a percent)	1.74%	1.74%
Medium-term notes and bonds	¥ 3,173,180
2021 Hong Kong Medium-term 2.24% bonds.
Disclosure of detailed information about borrowings [line items]
Face value \| $		$ 500,000
Interest rate (as a percent)	2.24%	2.24%
Medium-term notes and bonds	¥ 3,170,409

INTEREST BEARING LOANS AND BO_6

INTEREST BEARING LOANS AND BORROWINGS - Short-term bank, other loans and short-term bonds (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Short-term bonds	¥ 5,440,414	¥ 2,411,256
Short-term bank and other loans
Disclosure of detailed information about borrowings [line items]
Short-term bonds	¥ 5,440,414	¥ 2,411,256
Short-term bank and other loans \| Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	3.03%	3.46%
Short-term 2.46% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 400,000
Interest rate (as a percent)		2.46%
Short-term bonds		¥ 405,997
Short-term 1.52% bonds
Disclosure of detailed information about borrowings [line items]
Face value	500,000
Interest rate (as a percent)		1.52%
Short-term bonds		¥ 501,781
Short-term 2.45 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	1,000,000
Interest rate (as a percent)		2.45%
Short-term bonds		¥ 1,002,925
Short-term 1.61 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	500,000
Interest rate (as a percent)		1.61%
Short-term bonds		¥ 500,553
Short-term 2.70 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 400,000
Interest rate (as a percent)	2.70%
Short-term bonds	¥ 406,036
Short-term 2.59 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	2.59%
Short-term bonds	¥ 2,022,571
Short-term 2.55 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	2.55%
Short-term bonds	¥ 1,006,240
Short-term 2.80 % bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	2.80%
Short-term bonds	¥ 2,005,567

INTEREST BEARING LOANS AND BO_7

INTEREST BEARING LOANS AND BORROWINGS - Guaranteed interest-bearing loans and borrowings (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Bank and other loans	¥ 42,125,186	¥ 43,014,564
Bank and other loans, current	9,219,330	20,738,030
Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	3,132,529	4,846,446
Guaranteed
Disclosure of detailed information about borrowings [line items]
Bank and other loans	3,132,529	4,846,446
Bank and other loans, current		50,000
Total	3,132,529	4,896,446
Ningxia Energy \| Guaranteed \| Short-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans		50,000
Baotou Aluminum Co. Ltd and Baotou Communications Investment Group Co. Ltd \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	825,000	1,137,500
Hangzhou Jinjiang \| Ningxia Energy \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	935,000	1,134,400
Guizhou Investment \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans		144,000
The Company \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	1,053,744	2,092,761
The Company \| Yinxing Energy \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans		19,000
The Company and COSCO SHIPPING BULK Limited company \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	¥ 318,785	¥ 318,785

LEASE - Carrying amount of righ

LEASE - Carrying amount of right-of-use and movement during the year (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	¥ 14,287,838		¥ 15,890,437
Additions	6,601,078		76,779	¥ 1,247,858
Additions	124,898
Transfer from property, plant and equipment (Note 7)	68,377		885,141
Lease modification	6,147,096		(55,797)
Transfer to property, plant and equipment	(1,343,028)		(1,663,686)
Transfer investment properties (Note 8)	(90,314)		45,885
Disposals	(17,774)		(15,792)
Depreciation	(744,511)		(767,553)	(1,075,825)
Impairment losses	(90,090)		(15,790)	(1,448)
Currency translation differences	3,644		(16)
Balance at the end	18,346,136	$ 2,878,909	14,287,838	15,890,437
Right of Use Assets Pledged as Security	179,683		273,451
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	235,169		287,255
Additions			15,023
Additions	8,547
Lease modification	377,873		(12,301)
Transfer to property, plant and equipment	(143,646)
Depreciation	(121,955)		(54,792)
Currency translation differences	(23)		(16)
Balance at the end	355,965		235,169	287,255
Machinery
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	1,764,196		3,756,305
Additions			8,831
Additions	6,424
Transfer to property, plant and equipment	(1,199,382)		(1,663,686)
Depreciation	(128,617)		(321,464)
Impairment losses	(67,744)		(15,790)
Balance at the end	374,877		1,764,196	3,756,305
Land use rights
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	12,288,473		11,846,877
Additions			52,925
Additions	109,927
Transfer from property, plant and equipment (Note 7)	68,377		885,141
Lease modification	5,769,223		(43,496)
Transfer investment properties (Note 8)	(90,314)		45,885
Disposals	(17,774)		(15,792)
Depreciation	(493,939)		(391,297)
Impairment losses	(22,346)
Currency translation differences	3,667
Balance at the end	¥ 17,615,294		¥ 12,288,473	¥ 11,846,877

LEASE - Carrying amount of leas

LEASE - Carrying amount of lease liabilities and movement during the year (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease liabilities
Carrying amount at 1 January	¥ 7,086,151
New leases	122,354
Lease modification (i)	6,147,096
Accretion of interest recognized during the year	366,858	¥ 466,796	¥ 487,249
Payments	(1,128,004)
Carrying amount at 31 December	12,594,455	7,086,151
Current portion	987,664	¥ 828,272
Non-current portion	¥ 11,606,791

LEASE - Amount recognized in pr

LEASE - Amount recognized in profit and loss in relation to leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASE
Interest on lease liabilities	¥ 366,858	¥ 466,796	¥ 487,249
Depreciation charge of right-of-use assets	744,511	767,553	1,075,825
Expense relating to short-term leases and leases of low-value assets	51,739	91,537	65,426
Total amount recognized in profit or loss	¥ 1,163,108	¥ 1,325,886	¥ 1,628,500

LEASE (Details)

LEASE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
LEASE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
LEASE
Rental income recognized	¥ 299	¥ 330	¥ 318

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
Financial liabilities
-Long-term payables for mining rights	¥ 798,204	¥ 1,014,169
-Other financial liabilities	82,660	22,748
Financial liabilities included in other non-current liabilities	880,864	1,036,917
Obligations in relation to early retirement schemes (i)	205,802	217,864
Deferred government grants	153,290	182,221
Deferred gain relating to sales and leaseback agreements	50,630	58,844
Contract liabilities	108,545	182,859
Provision for rehabilitation	393,896	316,812
Others	145,213	152,041
Other non current liabilities excluding financial liabilities	1,057,376	1,110,641
Other non current liabilities	¥ 1,938,240	2,147,558		$ 304,152
Percentage of forecasted increase in living expenses, social insurance and housing fund	3.00%			3.00%
Retirement benefits under the Group's early retirement schemes
As at 1 January	¥ 497,334	843,253
Provision made during the year (Note 30)	269,895	53,339	¥ 210,428
Interest costs	4,612	11,582
Payment during the year	(343,362)	(410,840)
As at 31 December	428,479	497,334	¥ 843,253
Non-current	205,802	217,864
Current (note 22)	¥ 222,677	¥ 279,470

OTHER PAYABLES AND ACCRUED LI_3

OTHER PAYABLES AND ACCRUED LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Financial liabilities
- Payable for capital expenditures	¥ 2,990,377		¥ 4,677,705
- Interest payable	485,426		533,382
- Deposits	1,653,524		1,748,356
- Dividends payable by subsidiaries to non-controlling shareholders	369,465		289,791
- Consideration payable for investment projects	38,255		23,740
- Current portion of payables for mining rights (Note 21)	182,959		460,101
- Payable of the government levies on self-operated power plants	411,021		423,728
- Others	1,035,189		809,149
Financial liabilities included in other payables and accrued liabilities	7,166,216		8,965,952
Output value-added tax payable	263,297		271,963
Taxes other than income taxes payable (i)	1,298,548		798,481
Accrued payroll and bonus	123,981		72,289
Staff welfare payables	213,305		323,214
Current portion of obligations in relation to termination retirement schemes (Note 21)	222,677		279,470
Contribution payable for pension insurance	19,278		22,935
Others	46,391		21,375
Other payables and accrued liabilities, excluded financial liabilities	2,187,477		1,789,727
Total other payables and accrued liabilities	9,353,693	$ 1,467,802	10,755,679
USD
Financial liabilities
Total other payables and accrued liabilities	1,240		92,000
HKD
Financial liabilities
Total other payables and accrued liabilities	¥ 160		¥ 160

TRADE AND NOTES PAYABLES (Detai

TRADE AND NOTES PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
TRADE AND NOTES PAYABLES
Trade payables	¥ 10,946,272		¥ 9,976,432
Notes payable	4,559,171		5,467,922
Total trade and notes payables	15,505,443	$ 2,433,142	15,444,354
USD
TRADE AND NOTES PAYABLES
Total trade and notes payables	¥ 241,000		¥ 35,000

TRADE AND NOTES PAYABLES - AGEI

TRADE AND NOTES PAYABLES - AGEING ANALYSIS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
OTHER CURRENT LIABILITIES
Trade and notes payables	¥ 15,505,443	$ 2,433,142	¥ 15,444,354
Within 1 year
OTHER CURRENT LIABILITIES
Trade and notes payables	14,941,793		14,926,948
Between 1 and 2 years
OTHER CURRENT LIABILITIES
Trade and notes payables	131,152		210,587
Between 2 and 3 years
OTHER CURRENT LIABILITIES
Trade and notes payables	129,356		119,587
Over 3 years
OTHER CURRENT LIABILITIES
Trade and notes payables	¥ 303,142		¥ 187,232

PLEDGE OF ASSETS (Details)

PLEDGE OF ASSETS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
PLEDGE OF ASSETS
Property, plant and equipment (Note 7)	¥ 5,111,165	¥ 5,191,185
Right-of-use assets (Note 20(a))	179,683	273,451
Intangible assets (Note 6)	1,399,972	960,000
Trade receivables and notes receivables	1,982,986	2,747,768
Trade receivables and notes receivables (Note 14)	1,983,000	2,748,000
Investments in joint ventures and associates		395,610
Assets pledged as security	8,673,806	9,568,014
Current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	1,525,000	1,209,000
Non-current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	¥ 7,959,000	¥ 10,265,000

EXPENSE BY NATURE (Details)

EXPENSE BY NATURE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
EXPENSE BY NATURE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
EXPENSE BY NATURE
Purchase of inventories in relation to trading activities	¥ 149,177,935		¥ 102,515,791	¥ 104,928,962
Raw materials and consumables used, and changes in work-in-progress and finished goods	45,735,508		32,935,620	35,550,482
Power and utilities	24,283,691		16,766,950	16,755,424
Depreciation of right-of-use assets	744,511		767,553	1,075,825
Depreciation and amortization (other than depreciation of right-of-use assets) expenses	7,969,871		7,920,108	7,720,407
Employee benefit expenses (Note 30)	8,878,784		7,877,451	7,777,692
Repairs and maintenance	2,797,464		1,595,880	1,867,160
Transportation expenses and logistic cost	5,662,341		4,079,157	3,420,360
Inventory impairment loss	456,538		1,321,387	1,163,272
Research and development expenses	2,362,204	$ 370,681	1,434,056	940,828
Taxes other than income tax expense (Note (i))	2,247,649		1,601,728	1,431,587
-Audit services	18,170		18,170	25,444
-Non-audit services	870		700	2,388
-Other auditors	2,746		12,436	5,505
Others	1,332,875		1,154,102	1,978,911
Total - Expense by nature	¥ 251,151,248		¥ 179,581,637	¥ 184,644,247

NET IMPAIRMENT LOSSES ON FINA_3

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
Impairment losses on other non-current assets (Note 12)	¥ 15,716
Impairment losses on trade and notes receivables (Note 14)	327,131		¥ 338,972	¥ 154,409
Impairment losses on other current assets (Note 15)	1,042,041		640,189	16,607
Total	¥ 1,384,888	$ 217,319	¥ 979,161	¥ 171,016

OTHER INCOME (Details)

OTHER INCOME (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
OTHER INCOME (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
OTHER INCOME
Other income	¥ 148,000	$ 23,287	¥ 139,551	¥ 84,611

OTHER (LOSSES)GAINS-NET (Detail

OTHER (LOSSES)GAINS-NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
OTHER (LOSSES)/GAINS-NET
(Loss)/gain on disposal of subsidiaries (Note 40)	¥ (27,404)		¥ 11,305	¥ 261,187
Realized and unrealized gains on futures, forward and option contracts, net(i)	(604,734)		512,984	50,820
(Loss)/gain on disposal of property, plant and equipment and intangible assets, net(ii)	(650,711)		319,796	259,684
(Loss)/gain on acquisition of associates (iii)				295,288
Losses on derecognition of financial assets measured at amortized cost	(91,348)
Gain on disposal of investment in a joint venture (iv)				159,514
Others	(249,306)		59,786	(44,816)
Other gains, net	¥ (1,623,503)	$ (254,763)	¥ 903,871	¥ 981,677

OTHER (LOSSES)GAINS-NET - Addit

OTHER (LOSSES)GAINS-NET - Additional information (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
IFRS Statement [Line Items]
Gain on barging purchase of associates			¥ 295,288
Ningxia Zhongning Power Co Ltd
IFRS Statement [Line Items]
Percentage of ownership interest transferred	50.00%
Loss on disposal of investment in joint venture	¥ 159,000
Yunnan Aluminium Co
IFRS Statement [Line Items]
Gain on barging purchase of associates			204,000
Investment to Heqing Yixin Aluminum Industry Co., Ltd.
IFRS Statement [Line Items]
Gain on barging purchase of associates			91,000
Shanxi Huasheng
IFRS Statement [Line Items]
Gain from disposal of the aluminum capacity quota			800,000
Guizhou Huajin
IFRS Statement [Line Items]
Gains (losses) on disposals of property, plant and equipment			¥ 541,000
Shandong Huayu
IFRS Statement [Line Items]
Gain on Disposal of Aluminum Capacity Quota		¥ 539,000

FINANCE INCOME_FINANCE COSTS (D

FINANCE INCOME/FINANCE COSTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
FINANCE INCOME/FINANCE COSTS
Finance income-interest income	¥ (275,996)	$ (43,310)	¥ (227,201)	¥ (261,194)
Interest expense	3,522,241		3,986,264	4,665,537
Less: Interest expense capitalized in property, plant and equipment (Note 7)	(1,727)		(123,571)	(289,499)
Interest expense, net of capitalised interest	3,520,514		3,862,693	4,376,038
Interest on lease liability and amortization of unrecognized finance expenses	401,927		481,512	547,820
Exchange losses/(gains), net	20,320		76,323	(2,317)
Finance costs	3,942,761	$ 618,705	4,420,528	4,921,541
Finance costs, net	¥ 3,666,765		¥ 4,193,327	¥ 4,660,347
Minimum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year (Note 7)	4.00%	4.00%	4.00%	4.00%
Maximum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year (Note 7)			6.68%	6.96%

EMPLOYEE BENEFIT EXPENSE (Detai

EMPLOYEE BENEFIT EXPENSE (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFIT EXPENSE (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT EXPENSE
Salaries and bonuses	¥ 5,563,500	¥ 5,327,833	¥ 4,942,843
Housing fund	558,392	532,842	488,901
Staff welfare and other expenses	2,435,282	1,955,447	2,037,041
Employment expense in relation to early retirement schemes (Note 21)	269,895	53,339	210,428
Employment expenses in relation to termination benefits	51,715	7,990	98,479
Total employee benefits expenses	¥ 8,878,784	¥ 7,877,451	¥ 7,777,692

DIRECTORS' AND SUPERVISORS' R_3

DIRECTORS' AND SUPERVISORS' REMUNERATION (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
DIRECTORS' AND SUPERVISORS' REMUNERATION
Fees	¥ 579	¥ 683	¥ 780
Basic salaries, housing fund, other allowances and benefits in kind	4,526	3,996	4,665
Pension costs	449	207	513
Total remuneration	¥ 5,554	¥ 4,886	¥ 5,958

DIRECTORS' AND SUPERVISORS' R_4

DIRECTORS' AND SUPERVISORS' REMUNERATION - Remuneration of each director and supervisor (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant related party transactions
Fees	¥ 579	¥ 683	¥ 780
Salaries	4,526	3,996	4,665
Pension costs	449	207	513
Total remuneration	5,554	4,886	5,958
Executive Directors
Significant related party transactions
Salaries	2,986	2,322	2,607
Pension costs	263	112	249
Total remuneration	3,249	2,434	2,856
Jiang Yinggang
Significant related party transactions
Salaries		562	889
Pension costs		31	88
Total remuneration		593	977
He Zhihui
Significant related party transactions
Salaries		866	885
Pension costs		37	73
Total remuneration		903	958
Zhu Runzhou
Significant related party transactions
Salaries	1,176	894	833
Pension costs	93	44	88
Total remuneration	1,269	938	921
Jiang Tao
Significant related party transactions
Salaries	837
Pension costs	77
Total remuneration	914
Non-executive Directors
Significant related party transactions
Fees	579	683	780
Total remuneration	579	683	780
Wang Jun.
Significant related party transactions
Fees		50	150
Total remuneration		50	150
Chen Lijie
Significant related party transactions
Fees	95	211	210
Total remuneration	95	211	210
Lie-A-Cheong Tai-Chong, David
Significant related party transactions
Fees	95	211	210
Total remuneration	95	211	210
Hu Shihai
Significant related party transactions
Fees	95	211	210
Total remuneration	95	211	210
Chan Yuen Sau Kelly
Significant related party transactions
Fees	98
Total remuneration	98
Qiu Guanzhou
Significant related party transactions
Fees	98
Total remuneration	98
Yu Jingsong
Significant related party transactions
Fees	98
Total remuneration	98
Supervisors
Significant related party transactions
Salaries	1,540	1,674	2,058
Pension costs	186	95	264
Total remuneration	1,726	1,769	2,322
Ou Xiaowu
Significant related party transactions
Salaries	973	134
Pension costs	93	7
Total remuneration	1,066	141
Guan Xiaoguang
Significant related party transactions
Salaries	770	770	710
Pension costs	93	44	88
Total remuneration	863	814	798
Yue Xuguang
Significant related party transactions
Salaries	770	770	770
Pension costs	93	44	88
Total remuneration	863	¥ 814	858
Wang Jun
Significant related party transactions
Total remuneration	¥ 150,000
Wu Zuoming
Significant related party transactions
Salaries			578
Pension costs			88
Total remuneration			¥ 666

DIRECTORS' AND SUPERVISORS' R_5

DIRECTORS' AND SUPERVISORS' REMUNERATION - Remuneration of the directors and supervisors of the Company fell within following band (Details)	12 Months Ended			36 Months Ended
	Dec. 31, 2021CNY (¥)Optionemployeeindividual	Dec. 31, 2020CNY (¥)Optionindividual	Dec. 31, 2019CNY (¥)Optionindividual	Dec. 31, 2021CNY (¥)
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 5,554,000	¥ 4,886,000	¥ 5,958,000
Number of directors and supervisors whose remuneration fell within Nil to RMB1,000,000 \| individual	14	14	14
Options granted to directors or supervisors of the Company \| Option	0	0	0
Emoluments paid to directors or supervisors	¥ 0	¥ 0	¥ 0
Number of highest paid employees included in the emoluments paid to directors or supervisors \| employee	5
Minimum
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 0	¥ 0	¥ 0
Maximum
Directors' and supervisors' remuneration
Key management personnel compensation				¥ 1,000,000

DIRECTORS' AND SUPERVISORS' R_6

DIRECTORS' AND SUPERVISORS' REMUNERATION - Five highest paid individuals (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021employee	Dec. 31, 2021director	Dec. 31, 2020CNY (¥)	Dec. 31, 2020employee	Dec. 31, 2020director	Dec. 31, 2019CNY (¥)director
Significant related party transactions
Emoluments paid to key management personnel, number of highest paid employees \| employee		5
Number of directors among five highest paid employees		2	3		2	3	3
Basic salaries, housing fund, other allowances and benefits in kind	¥ 4,526			¥ 3,996			¥ 4,665
Pension costs	449			207			513
Total remuneration	5,554			4,886			5,958
Highest paid employees other than directors and supervisors
Significant related party transactions
Basic salaries, housing fund, other allowances and benefits in kind	1,699			1,594			1,670
Pension costs	186			88			137
Total remuneration	¥ 1,885			¥ 1,682			¥ 1,807

DIRECTORS' AND SUPERVISORS' R_7

DIRECTORS' AND SUPERVISORS' REMUNERATION - Five highest paid individuals, Others (Details)	12 Months Ended									36 Months Ended
	Dec. 31, 2021individual	Dec. 31, 2021CNY (¥)	Dec. 31, 2021employee	Dec. 31, 2020individual	Dec. 31, 2020CNY (¥)	Dec. 31, 2020employee	Dec. 31, 2019individual	Dec. 31, 2019CNY (¥)	Dec. 31, 2019employee	Dec. 31, 2021CNY (¥)
Significant related party transactions
Number of remaining highest paid individuals other than director and supervisor	2		2	2		2	2		2
Minimum
Significant related party transactions
Remuneration amount for remaining two highest paid individuals		¥ 0			¥ 0			¥ 0
Maximum
Significant related party transactions
Remuneration amount for remaining two highest paid individuals										¥ 1,000,000

INCOME TAX EXPENSE) (Details)

INCOME TAX EXPENSE) (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
INCOME TAX EXPENSE
Current income tax expense	¥ 2,342,124		¥ 820,947	¥ 726,198
Deferred tax (benefit)/expense	47,637		(230,924)	(94,686)
Total income tax expense	¥ 2,389,761	$ 375,006	¥ 590,023	¥ 631,512
Applicable 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 EXPENSE - Reconcilia

INCOME TAX EXPENSE - Reconciliation of tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
Reconciliation of income tax expense (benefit)
Profit before income tax	¥ 10,178,780		¥ 2,189,271	¥ 1,865,604
Tax expense calculated at the statutory tax rate of 25% (2020: 25%, 2019: 25%)	2,544,695		547,318	466,401
Different income tax rates applicable to certain branches and subsidiaries	(1,018,602)		(357,018)	(464,912)
Impact of change in income tax rate	32,107		(52,177)	4,594
Net impact of unrecognized temporary differences and tax losses for current and prior years	1,166,082		620,001	861,896
Expenses subject to additional deduction	(142,326)		(42,958)	(50,921)
Interest expenses of perpetual bonds	(76,807)		(86,034)
Expenses not deductible for tax purposes	42,786		51,583	56,448
Non-taxable income				(173,686)
Profits and losses attributable to joint ventures and associates	(156,762)		(70,577)	(79,720)
Others	(1,412)		(20,115)	11,412
Income tax expense	¥ 2,389,761	$ 375,006	¥ 590,023	¥ 631,512
Effective tax rate	23.00%	23.00%	27.00%	34.00%
Applicable tax rate	25.00%	25.00%	25.00%	25.00%

EARNINGS PER SHARE ATTRIBUTAB_3

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)¥ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020CNY (¥)¥ / sharesshares	Dec. 31, 2019CNY (¥)¥ / sharesshares	Dec. 31, 2018shares
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Profit attributable to owners of the Company	¥ 5,079,562	$ 797,094	¥ 764,306	¥ 595,643
Adjustment: cumulative distribution reserved of other equity instruments (in thousands of RMB) \| ¥	(209,500)		(261,168)	(219,249)
Adjusted profit attributable to ordinary shares holders of the Company \| ¥	¥ 4,870,062		¥ 503,138	¥ 376,394
Number of ordinary shares in issue (thousands) as of January 1			17,022,673	17,022,673	14,903,798
Issuance of share capital (thousands) (Note 17)				2,118,875
Weighted average number of ordinary shares in issuance	17,022,673	17,022,673	17,022,673	17,022,673
Basic earnings per share \| (per share)	¥ 0.286	$ 0.045	¥ 0.030	¥ 0.022
Dilutive potential shares	0	0	0	0

DIVIDENDS (Details)

DIVIDENDS (Details) ¥ in Millions	Dec. 31, 2021CNY (¥)
DIVIDENDS
Final dividend payable	¥ 545

NOTES TO THE CONSOLIDATED STA_3

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Supplemental disclosures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Profit before income tax	¥ 10,178,780	$ 1,597,273	¥ 2,189,271	¥ 1,865,604
Adjustments for:
Share of profits of joint ventures	(164,100)	(25,751)	(180,502)	(270,115)
Share of profits of associates	(272,584)	(42,774)	(145,737)	(48,767)
Depreciation of property, plant and equipment	7,375,559		7,161,476	7,106,765
Depreciation of investment properties	24,450		24,405	26,559
Depreciation of right-of-use assets	744,511		767,553	1,075,825
Amortization of intangible assets	377,714		459,482	338,938
Amortization of prepaid expenses included in other non-current assets	192,148		274,745	248,145
Loss/(gain) on write-off and disposal of property, plant and equipment and intangible assets, net	650,711		(319,796)	(243,622)
Impairment loss on property, plant and equipment	2,328,131	365,335	416,842	259,354
Impairment loss of investment properties				87
Impairment loss of intangible assetss	196,426		416
Impairment loss of right-of-use assets	90,090		15,790	1,448
Impairment loss of inventory	456,538		1,321,387	1,163,272
Impairment loss of trade and notes receivables	327,131		338,972	154,409
Impairment loss of other currents assets	1,042,041		640,189	16,607
Impairment loss of non-current assets	15,716
Realized and unrealized gains on futures, option and forward contracts	604,734		(512,984)	(50,820)
Loss/(gain) on disposal of subsidiaries	27,404		(11,305)	(261,187)
Loss on factoring of accounts receivable	83,293
Gain on disposal of investment in a joint venture				(159,514)
Gain on acquisition of associates				(295,288)
Dividends from other financial assets measured at fair value	(10,912)		(82,794)	(97,775)
Finance cost	3,846,101		4,420,438	4,921,541
Others	127,680		5,106	(146,171)
Cash flows generated from operating activities before working capital changes	28,241,562		16,782,954	15,605,295
Changes in working capital:
Decrease/(increase) in inventories	727,363		(1,667,622)	(233,278)
Increase in trade and notes receivables	(1,294,952)		(4,524,806)	(1,173,422)
Decrease/ (increase) in other current assets	125,731		230,869	(382,938)
Decrease in restricted cash	(268,711)		249,744	859,507
(Increase)/decrease in other non-current assets	25,803		(70,637)	547,856
(Increase)/decrease in trade and notes payables	1,318,486		3,004,899	(1,400,318)
Increase/(decrease) in other payables and accrued liabilities	1,702,821		1,884,283	(555,890)
(Decrease)/increase in other non-current liabilities	(62,592)		(177,045)	(206,354)
Cash generated from operations	30,515,511		15,712,639	13,060,458
PRC corporate income taxes paid	(2,285,126)		(805,171)	(554,582)
Net cash generated from operating activities	28,230,385	$ 4,429,963	14,907,468	12,505,876
Major non-cash transactions of investing activities and financing activities
Acquisition of minority interests for nil consideration				149,322
Notes receivables endorsed as payment for purchase of property, plant and equipment and lease liabilities	3,135,322		2,276,782	1,504,162
Acquisition of other financial assets measured at fair value through other comprehensive income by exchanging equity in a subsidiary				350,911
Increase/(decrease) of right of use assets	6,269,450		(7,361)
Acquisition of business			42,230
Major non-cash transactions of investing activities and financing activities	¥ 9,404,772		¥ 2,311,651	¥ 2,004,395

NOTES TO THE CONSOLIDATED STA_4

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Financing activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	¥ 103,278,225	¥ 112,321,674
Financing cash flows	(12,806,772)	(14,549,281)
New leases and modification of contract	6,269,450	7,361
Foreign exchange adjustments	174,134	(310,330)
Other changes	(12,806,772)	(14,549,281)
Non-cash financing activities	3,699,116	(4,923,568)
Transfer between bank deposits and overdrafts	899,955	899,955
Net debt as at 31 December	99,365,930	103,278,225
Borrowings.
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	62,852,639	60,074,053
Financing cash flows	(11,477,586)	2,909,944
Foreign exchange adjustments	30,537	(131,358)
Other changes	(11,477,586)	2,909,944
Net debt as at 31 December	51,344,516	62,852,639
Medium-term notes and bonds, including current portion
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	21,386,635	33,086,852
Financing cash flows	3,276,882	(11,689,958)
Foreign exchange adjustments	143,597	(178,972)
Other changes	3,276,882	(11,689,958)
Non-cash financing activities	143,080	(168,713)
Net debt as at 31 December	24,663,000	21,386,635
Leases
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	7,086,151	8,369,262
Financing cash flows	(639,675)	(1,748,202)
New leases and modification of contract	6,269,450	7,361
Other changes	(639,675)	(1,748,202)
Non-cash financing activities	(121,471)	(472,452)
Net debt as at 31 December	12,594,455	7,086,151
Other payables arising from financing activities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	11,052,845	10,791,507
Financing cash flows	(3,966,393)	(4,021,065)
Other changes	(3,966,393)	(4,021,065)
Non-cash financing activities	3,677,507	(4,282,403)
Net debt as at 31 December	10,763,959	11,052,845
Sub Total
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	102,378,270	112,321,674
Financing cash flows	(12,806,772)	(14,549,281)
New leases and modification of contract	6,269,450	7,361
Foreign exchange adjustments	174,134	(310,330)
Other changes	(12,806,772)	(14,549,281)
Non-cash financing activities	3,699,116	(4,923,568)
Net debt as at 31 December	99,365,930	102,378,270
Cash/bank Overdraft
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	899,955
Transfer between bank deposits and overdrafts	¥ 899,955	899,955
Net debt as at 31 December		¥ 899,955

NOTES TO THE CONSOLIDATED STA_5

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Cashflows from leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Within operating activities	¥ 51,739	¥ 91,537	¥ 65,426
Within financing activities	639,675	1,748,202	3,032,106
Total cash outflow from leases	¥ 691,414	¥ 1,839,739	¥ 3,097,532

SIGNIFICANT RELATED PARTY BALAN

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Significant related party transactions - Table Content (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021
Sales of goods and services rendered
Sales of materials and finished goods	¥ 30,503,054	¥ 30,476,172	¥ 23,616,344
Provision of utility services	1,175,935	1,597,362	990,438
Provision of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	759,822	1,767,590	3,237,814
Other significant related party transactions
Purchase of services	759,822	1,767,590	3,237,814
Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	36,411	41,312	55,378
Provision of social services and logistics services
Purchase of goods and services
Purchase of services	480,828	475,532	309,180
Other significant related party transactions
Purchase of services	480,828	475,532	309,180
Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	21,113,886	22,287,265	12,701,924
Purchases of utilities services
Purchase of goods and services
Purchase of services	1,650,219	1,173,397	1,153,496
Other significant related party transactions
Purchase of services	1,650,219	1,173,397	1,153,496
Purchases of other services
Purchase of goods and services
Purchase of services	270,972	373,655	272,220
Other significant related party transactions
Purchase of services	270,972	373,655	272,220
Rental expenses/lease liabilities payments for buildings and land use rights
Purchase of goods and services
Rental expense of land use rights and buildings	734,097	661,888	499,191
Chinalco and its subsidiaries
Sales of goods and services rendered
Sales of materials and finished goods	19,261,538	13,986,133	13,612,817
Provision of utility services	910,655	1,104,542	687,290
New right-of-use assets in current period
Additions	83,249	22,936	1,950
Contract modification	6,147,096	(43,395)	(91,351)
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	34,221	39,284	52,571
Chinalco and its subsidiaries \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	746,966	1,755,092	2,949,866
Other significant related party transactions
Purchase of services	746,966	1,755,092	2,949,866
Chinalco and its subsidiaries \| Provision of social services and logistics services
Purchase of goods and services
Purchase of services	480,828	475,532	309,180
Other significant related party transactions
Purchase of services	480,828	475,532	309,180
Chinalco and its subsidiaries \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	5,526,965	6,176,513	8,161,223
Chinalco and its subsidiaries \| Purchases of utilities services
Purchase of goods and services
Purchase of services	731,222	644,638	763,812
Other significant related party transactions
Purchase of services	731,222	644,638	763,812
Chinalco and its subsidiaries \| Rental expenses/lease liabilities payments for buildings and land use rights
Purchase of goods and services
Rental expense of land use rights and buildings	734,097	661,888	499,191
Associates of Chinalco
Sales of goods and services rendered
Sales of materials and finished goods	1,497,639	520,485	514,414
Provision of utility services	14,380	3,268	4,062
Purchase of goods and services
Purchase of services	83,000	0	5,000
Other significant related party transactions
Derecognised accounts receivable	1,650,000	0	137,000
Purchase of services	83,000	0	5,000
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	237	237	65
Associates of Chinalco \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	192	265
Other significant related party transactions
Purchase of services	192	265
Associates of Chinalco \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	37,187	2,586	18
Associates of Chinalco \| Purchases of utilities services
Purchase of goods and services
Purchase of services	98,966	85,469	100,835
Other significant related party transactions
Purchase of services	98,966	85,469	100,835
Joint ventures
Sales of goods and services rendered
Sales of materials and finished goods	9,071,474	6,694,824	5,676,548
Provision of utility services	250,525	470,984	263,436
Other significant related party transactions
Financial guarantee provided to related party			12,450
Joint ventures \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	1,446	1,426	1,967
Joint ventures \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	251		69,332
Other significant related party transactions
Purchase of services	251		69,332
Joint ventures \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	8,141,929	5,501,158	2,647,234
Joint ventures \| Purchases of utilities services
Purchase of goods and services
Purchase of services	820,031	443,290	280,523
Other significant related party transactions
Purchase of services	820,031	443,290	280,523
Joint ventures \| Purchases of other services
Purchase of goods and services
Purchase of services	270,972	373,655	272,220
Other significant related party transactions
Purchase of services	270,972	373,655	272,220
Associates
Sales of goods and services rendered
Sales of materials and finished goods	672,403	9,232,432	3,812,565
Provision of utility services	375	18,568	35,650
Associates \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	507	365	775
Associates \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	12,413	12,233	218,616
Other significant related party transactions
Purchase of services	12,413	12,233	218,616
Associates \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	7,407,805	10,576,907	1,893,449
Associates \| Purchases of utilities services
Purchase of goods and services
Purchase of services			8,326
Other significant related party transactions
Purchase of services			8,326
Subsidiaries of Chinalco
Other significant related party transactions
Borrowing from related parties	3,370,000	1,925,000	3,890,000
Repayment of borrowings	5,318,000	1,676,000	4,677,000
Interest expense on borrowings, discounted notes and factoring arrangement from related parties	61,878	87,985	141,991
Investment in subsidiaries of Chinalco	320,000		2,137,608
Disposal of electronic aluminium capacity quota to a subsidiary of Chinalco			800,000
Disposal assets under sale and leaseback contract to related parties			500,000
Finance lease under a sale and leaseback contract from related parties			558,924
Trade receivable factoring arrangement from related parties	1,566,707		136,656
Interest income from deposited	67,269	51,163	68,455
Discounted notes receivable to a related parties	¥ 128,000	36,750	¥ 679,517
Non-controlling shareholder of a subsidiary and its subsidiaries
Sales of goods and services rendered
Sales of materials and finished goods		42,298
Non-controlling shareholder of a subsidiary and its subsidiaries \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods		¥ 30,101
China Rare Earth
Other significant related party transactions
Consideration				¥ 396,000

SIGNIFICANT RELATED PARTY BAL_2

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Balances with related parties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Balances with related parties
Trade and notes receivables, before provision for impairment	¥ 2,174,710	¥ 1,617,576
Provision for impairment of receivables	(80,102)	(103,592)
Trade and notes receivables	2,094,608	1,513,984
Provision for impairment of other current assets	(1,310,379)	(496,703)
Other current assets	890,565	2,141,630
Interest-bearing loans and borrowings	13,030,810	8,887,422
Trade and notes payables	695,510	1,011,313
Other payables and accrued liabilities	1,166,927	2,226,727
Contract Liabilities	178,594	32,167
Subsidiaries of Chinalco
Balances with related parties
Cash and cash equivalents	7,832,441	3,561,997
Interest-bearing loans and borrowings	13,028,565	8,887,422
Chinalco and its subsidiaries
Balances with related parties
Trade and notes receivables, before provision for impairment	1,476,833	762,489
Other current assets, before provision for impairment	325,247	818,318
Trade and notes payables	301,386	437,732
Other payables and accrued liabilities	1,054,724	2,193,344
Contract Liabilities	150,730	17,460
Associates of Chinalco
Balances with related parties
Trade and notes receivables, before provision for impairment	45,180	44,958
Other current assets, before provision for impairment	21,820	21,753
Interest-bearing loans and borrowings	2,245
Trade and notes payables	26,288	1,511
Other payables and accrued liabilities	42,659	1,019
Contract Liabilities	27,190	13,453
Joint ventures
Balances with related parties
Trade and notes receivables, before provision for impairment	628,231	761,392
Other current assets, before provision for impairment	1,486,510	1,364,615
Trade and notes payables	229,994	561,508
Other payables and accrued liabilities	49,618	3,940
Contract Liabilities	535	519
Associates
Balances with related parties
Trade and notes receivables, before provision for impairment	1	2,287
Other current assets, before provision for impairment	359,917	421,947
Other non-current assets	111,845	111,845
Trade and notes payables	32,668	10,562
Other payables and accrued liabilities	19,926	28,424
Contract Liabilities	139	79
Non-controlling shareholder of a subsidiary and its subsidiaries
Balances with related parties
Trade and notes receivables, before provision for impairment	24,465	46,450
Other current assets, before provision for impairment	7,450	11,700
Trade and notes payables	105,174
Contract Liabilities		656
Other state-owned enterprises
Balances with related parties
Long-term loans and borrowings payable	37,287,000	35,029,000
Short-term loans and borrowings payable	¥ 4,906,000	¥ 29,781,000

SIGNIFICANT RELATED PARTY BAL_3

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Compensation of directors, supervisors and senior management (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant related party transactions
Fees	¥ 579	¥ 683	¥ 780
Basic salaries, housing fund, other allowances and benefits in kind	4,526	3,996	4,665
Pension costs	449	207	513
Total remuneration	5,554	4,886	5,958
Key management personnel
Significant related party transactions
Fees	580	683	780
Basic salaries, housing fund, other allowances and benefits in kind	6,225	5,810	6,945
Pension costs	634	301	715
Total remuneration	¥ 7,439	¥ 6,794	¥ 8,440

FINANCIAL AND CAPITAL RISK MA_3

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Foreign currency risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	5.00%	5.00%
Percentage of reasonably possible decrease in assumption	5.00%	5.00%
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ 28	¥ 74
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	¥ 28	¥ 74
Interest rate risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	1.00%	1.00%
Percentage of reasonably possible decrease in assumption	1.00%	1.00%
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ 421	¥ 430
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	¥ 421	¥ 430

FINANCIAL AND CAPITAL RISK MA_4

FINANCIAL AND CAPITAL RISK MANAGEMENT - Commodity price risk (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Futures contracts
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset		¥ 17,311
Commodity price risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	3.00%	3.00%
Percentage of reasonably possible decrease in assumption	3.00%	3.00%
Commodity price risk \| Primary aluminum
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ (5,000)	¥ (40,000)
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	6,000	5,000
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	69,000	27,000
Commodity price risk \| Primary aluminum \| Futures contracts \| Financial assets at fair value through profits or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset	¥ 0
Commodity price risk \| Primary aluminum \| Futures contracts \| Financial assets at fair value through profits or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial asset		¥ 17,000

FINANCIAL AND CAPITAL RISK MA_5

FINANCIAL AND CAPITAL RISK MANAGEMENT - Credit risk (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	¥ 28,709,135	¥ 25,695,237
Credit risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	28,469,597
Credit risk \| Trade receivables
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	3,066,654
Credit risk \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	2,274,907
Credit risk \| Restricted cash
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	1,324,748
Credit risk \| Notes receivable
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	3,838,196
Credit risk \| Cash and cash equivalents
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	17,853,244
Credit risk \| Financial assets in other non-current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	111,848
Credit risk \| 12-month expected credit losses
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	21,230,322
Credit risk \| 12-month expected credit losses \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	1,940,482
Credit risk \| 12-month expected credit losses \| Restricted cash
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	1,324,748
Credit risk \| 12-month expected credit losses \| Cash and cash equivalents
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	17,853,244
Credit risk \| 12-month expected credit losses \| Financial assets in other non-current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	111,848
Credit risk \| Lifetime expected credit losses \| Financial instruments not credit-impaired
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	180,611
Credit risk \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	180,611
Credit risk \| Lifetime expected credit losses \| Financial instruments credit-impaired
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	153,814
Credit risk \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	153,814
Credit risk \| Simplified
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	6,904,850
Credit risk \| Simplified \| Trade receivables
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	3,066,654
Credit risk \| Simplified \| Notes receivable
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	¥ 3,838,196

FINANCIAL AND CAPITAL RISK MA_6

FINANCIAL AND CAPITAL RISK MANAGEMENT - Liquidity Maturity profile (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 132,758,299		¥ 133,826,736
Net current liabilities	3,467,000	$ 544,010	16,364,356
Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	22,805,998		12,597,276
Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	42,125,186		43,014,564
Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	19,275,700		19,009,960
Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	5,400,000		2,400,000
Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	9,219,330		20,738,030
Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	10,390,599		11,126,381
Financial Liabilities At Fair Value Through Profit Or Loss [Member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	68,871		26,684
Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,497,831		7,972,469
Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,469,341		1,497,018
Trade and notes payables [member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	15,505,443		15,444,354
Within 1 year
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	49,996,561		61,867,300
Within 1 year \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,590,204		1,151,332
Within 1 year \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	5,859,115		3,629,014
Within 1 year \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,000,000		7,109,960
Within 1 year \| Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	5,400,000		2,400,000
Within 1 year \| Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	9,219,330		20,738,030
Within 1 year \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,620,867		2,935,356
Within 1 year \| Financial Liabilities At Fair Value Through Profit Or Loss [Member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	68,871		26,684
Within 1 year \| Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,497,831		7,972,469
Within 1 year \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	234,900		460,101
Within 1 year \| Trade and notes payables [member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	15,505,443		15,444,354
Between 1 and 2 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	20,061,389		12,476,551
Between 1 and 2 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,473,711		473,410
Between 1 and 2 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	11,837,652		6,702,688
Between 1 and 2 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	4,400,000		3,000,000
Between 1 and 2 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,147,795		2,105,844
Between 1 and 2 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	202,231		194,609
2 to 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	28,083,393		27,922,385
2 to 5 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	4,347,713		1,263,824
2 to 5 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	9,771,437		15,638,088
2 to 5 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	9,875,700		6,900,000
2 to 5 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,941,541		4,046,106
2 to 5 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	147,002		74,367
Over 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	34,616,956		31,560,500
Over 5 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	15,394,370		9,708,710
Over 5 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	14,656,982		17,044,774
Over 5 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,000,000		2,000,000
Over 5 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,680,396		2,039,075
Over 5 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 885,208		¥ 767,941

FINANCIAL AND CAPITAL RISK MA_7

FINANCIAL AND CAPITAL RISK MANAGEMENT - Financial instruments by category (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER CURRENT ASSETS
Current financial assets	¥ 28,357,749	¥ 24,040,780
Non-current financial assets	351,386	1,654,457
Total financial assets	28,709,135	25,695,237
OTHER CURRENT LIABILITIES
Current financial liabilities	47,246,652	59,144,273
Non-current financial liabilities	64,976,713	58,555,014
Total financial liabilities		117,699,287
Financial liabilities at fair value through profit or loss
OTHER CURRENT LIABILITIES
Current financial liabilities	68,871	26,684
Interest-bearing loans and borrowings
OTHER CURRENT LIABILITIES
Current financial liabilities	24,506,122	34,707,283
Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT LIABILITIES
Current financial liabilities	7,166,216	8,965,952
Trade and notes payables
OTHER CURRENT LIABILITIES
Current financial liabilities	15,505,443	15,444,354
Financial liabilities included in other non-current liabilities
OTHER CURRENT ASSETS
Total financial assets	1,036,917	880,864
OTHER CURRENT LIABILITIES
Non-current financial liabilities	880,864	1,036,917
Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Non-current financial liabilities	64,095,849	57,518,097
Total financial liabilities	112,223,365
Held for trading
OTHER CURRENT LIABILITIES
Current financial liabilities	68,871	26,684
Total financial liabilities		26,684
Held for trading \| Financial liabilities at fair value through profit or loss
OTHER CURRENT LIABILITIES
Current financial liabilities	68,871	26,684
Held for trading \| Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Total financial liabilities	68,871
Financial liabilities at amortized cost
OTHER CURRENT LIABILITIES
Current financial liabilities	47,177,781	59,117,589
Non-current financial liabilities	64,976,713	58,555,014
Total financial liabilities		117,672,603
Financial liabilities at amortized cost \| Interest-bearing loans and borrowings
OTHER CURRENT LIABILITIES
Current financial liabilities	24,506,122	34,707,283
Financial liabilities at amortized cost \| Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT LIABILITIES
Current financial liabilities	7,166,216	8,965,952
Financial liabilities at amortized cost \| Trade and notes payables
OTHER CURRENT LIABILITIES
Current financial liabilities	15,505,443	15,444,354
Financial liabilities at amortized cost \| Financial liabilities included in other non-current liabilities
OTHER CURRENT LIABILITIES
Non-current financial liabilities	880,864	1,036,917
Financial liabilities at amortized cost \| Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Non-current financial liabilities	64,095,849	57,518,097
Total financial liabilities	112,154,494
Trade receivables
OTHER CURRENT ASSETS
Current financial assets	3,066,654	4,753,210
Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	3,838,196	4,560,437
Financial assets at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial assets		17,311
Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	1,324,748	1,056,037
Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	17,853,244	9,671,477
Financial assets in other current assets
OTHER CURRENT ASSETS
Current financial assets	2,274,907	3,982,308
Other financial assets measured at fair value
OTHER CURRENT ASSETS
Non-current financial assets	239,538	1,526,703
Other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	111,848	127,754
Held for trading
OTHER CURRENT ASSETS
Current financial assets		17,311
Total financial assets		17,311
Held for trading \| Financial assets at fair value through profit or loss
OTHER CURRENT ASSETS
Current financial assets		17,311
At amortized cost
OTHER CURRENT ASSETS
Current financial assets	25,660,483	19,463,032
Non-current financial assets	111,848	127,754
Total financial assets	25,772,331	19,590,786
At amortized cost \| Trade receivables
OTHER CURRENT ASSETS
Current financial assets	3,066,654	4,753,210
At amortized cost \| Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	1,140,930
At amortized cost \| Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	1,324,748	1,056,037
At amortized cost \| Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	17,853,244	9,671,477
At amortized cost \| Financial assets in other current assets
OTHER CURRENT ASSETS
Current financial assets	2,274,907	3,982,308
At amortized cost \| Other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	111,848	127,754
Equity investments designated at fair value through other comprehensive income [member]
OTHER CURRENT ASSETS
Non-current financial assets	239,538	1,526,703
Total financial assets	239,538	1,526,703
Equity investments designated at fair value through other comprehensive income [member] \| Other financial assets measured at fair value
OTHER CURRENT ASSETS
Non-current financial assets	239,538	1,526,703
Debt instrument at fair value through other comprehensive income
OTHER CURRENT ASSETS
Current financial assets	2,697,266	4,560,437
Total financial assets	2,697,266	4,560,437
Debt instrument at fair value through other comprehensive income \| Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	¥ 2,697,266	¥ 4,560,437

FINANCIAL AND CAPITAL RISK MA_8

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value measurement of assets
Financial assets	¥ 28,709,135	¥ 25,695,237
Fair value measurement of liabilities
Financial liabilities		117,699,287
Financial liabilities at amortized cost
Fair value measurement of assets
Financial assets	52,297,135	53,369,922
Financial assets, at fair value	50,632,689	50,001,551
Financial liabilities included in other non-current liabilities
Fair value measurement of assets
Financial assets	1,036,917	880,864
Financial assets, at fair value	903,141	767,922
Long-term interest-bearing loans and borrowings, excluding lease liability
Fair value measurement of assets
Financial assets	51,260,218	52,489,058
Financial assets, at fair value	¥ 49,729,548	¥ 49,233,629

FINANCIAL AND CAPITAL RISK MA_9

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	¥ 68,871	¥ 26,684
Futures contracts
Fair value measurement of liabilities
Liabilities at fair value	68,871	26,684
Financial liabilities included in other non-current liabilities
Fair value measurement of assets
Assets at fair value	903,141	767,922
Assets measured at fair value
Fair value measurement of assets
Assets at fair value	2,936,804	4,887,894
Futures contracts
Fair value measurement of assets
Assets at fair value		17,311
Notes receivables [member]
Fair value measurement of assets
Assets at fair value	2,697,266	3,343,880
Listed equity investments
Fair value measurement of assets
Assets at fair value	7,674	8,812
Other unlisted investments
Fair value measurement of assets
Assets at fair value	231,864	1,517,891
Quoted prices in active markets (Level 1) \| Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	68,871	26,684
Quoted prices in active markets (Level 1) \| Futures contracts
Fair value measurement of liabilities
Liabilities at fair value	68,871	26,684
Quoted prices in active markets (Level 1) \| Assets measured at fair value
Fair value measurement of assets
Assets at fair value	7,674	26,123
Quoted prices in active markets (Level 1) \| Futures contracts
Fair value measurement of assets
Assets at fair value		17,311
Quoted prices in active markets (Level 1) \| Listed equity investments
Fair value measurement of assets
Assets at fair value	7,674	8,812
Significant unobservable inputs (Level 3) \| Assets measured at fair value
Fair value measurement of assets
Assets at fair value	2,929,130	4,861,771
Significant unobservable inputs (Level 3) \| Notes receivables [member]
Fair value measurement of assets
Assets at fair value	2,697,266	3,343,880
Significant unobservable inputs (Level 3) \| Other unlisted investments
Fair value measurement of assets
Assets at fair value	231,864	1,517,891
Fair value of instruments not measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	50,001,551	50,632,689
Fair value of instruments not measured at fair value \| Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Liabilities at fair value	767,922	903,141
Fair value of instruments not measured at fair value \| Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Liabilities at fair value	49,233,629	49,729,548
Fair value of instruments not measured at fair value \| Significant observable inputs (Level 2)
Fair value measurement of liabilities
Liabilities at fair value	50,001,551	50,632,689
Fair value of instruments not measured at fair value \| Significant observable inputs (Level 2) \| Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Liabilities at fair value	767,922	903,141
Fair value of instruments not measured at fair value \| Significant observable inputs (Level 2) \| Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Liabilities at fair value	¥ 49,233,629	¥ 49,729,548

FINANCIAL AND CAPITAL RISK M_10

FINANCIAL AND CAPITAL RISK MANAGEMENT - Transfers of fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL AND CAPITAL RISK MANAGEMENT
Transfer of financial assets fair value from Level 1 to Level 2	¥ 0
Transfer of financial assets fair value from Level 2 to Level 1	0
Transfer of financial liabilities fair value from Level 1 to Level 2	0
Transfer of financial liabilities fair value from Level 2 to Level 1	0
Financial assets fair value transfer into Level 3	0
Financial assets fair value transfer out of Level 3	¥ 0
Financial liabilities fair value transfer out of Level 3		¥ 0

FINANCIAL AND CAPITAL RISK M_11

FINANCIAL AND CAPITAL RISK MANAGEMENT - Gearing ratio (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2018CNY (¥)
Gearing ratio
Total liabilities (excluding deferred tax liabilities, income tax payable and deferred government grants)	¥ 117,492,000		¥ 121,816,774
Less: Restricted cash, time deposits and cash and cash equivalents	19,177,992		10,727,514
Net debt	98,314,008		111,089,260
Total equity	72,783,497	$ 11,421,319	71,305,164	¥ 70,852,855	¥ 67,699,521
Add: net debt	98,314,008		111,089,260
Non-controlling interests	15,518,810	$ 2,435,240	16,855,847
Total capital attributable to owners of the parent	¥ 155,578,695		¥ 165,538,577
Gearing ratio	63.00%	63.00%	67.00%

NON - CONTROLLING INTERESTS (De

NON - CONTROLLING INTERESTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021CNY (¥)	Dec. 31, 2021USD ($)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Dec. 31, 2021USD ($)
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Profit for the year allocated to non-controlling interests	¥ 2,709,457	$ 425,173	¥ 834,942	¥ 638,449
Accumulated balances of non-controlling interests at the reporting dates	15,518,810		16,855,847		$ 2,435,240
Revenue	269,748,232	42,329,384	185,990,577	190,215,398
Profit for the year	7,789,019	1,222,267	1,599,248	1,234,092
Total comprehensive income for the year	8,012,038	1,257,264	1,718,880	1,244,942
Current assets	48,714,043		46,268,649		7,644,297
Non-current assets	143,662,854		148,772,262		22,543,838
Current liabilities	52,180,792		62,633,005		8,188,307
Non-current liabilities	67,412,608		61,102,742		$ 10,578,509
Net cash flows from operating activities	28,230,385	4,429,963	14,907,468	12,505,876
Net cash flows used in investing activities	(744,301)	(116,797)	1,932,820	(13,395,833)
Net cash flows used in financing activities	(18,478,273)	(2,899,644)	(15,773,421)	(10,474,035)
Effect of foreign exchange rate changes, net	¥ 73,911	$ 11,599	¥ (88,401)	¥ 21,205
Ningxia Energy
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Non-controlling interests (in percent)	29.18%	29.18%	29.18%
Profit for the year allocated to non-controlling interests	¥ (90,237)		¥ 48,040
Dividends distributed to non-controlling interests	115,380
Accumulated balances of non-controlling interests at the reporting dates	5,055,069		5,178,314
Revenue	7,670,316		6,932,708
Total expenses	7,979,557		6,768,073
Profit for the year	(309,241)		164,635
Total comprehensive income for the year	(309,241)		164,635
Current assets	2,912,805		6,037,632
Non-current assets	29,086,775		31,242,070
Current liabilities	8,256,229		9,779,461
Non-current liabilities	12,710,354		16,256,073
Net cash flows from operating activities	5,458,921		2,617,463
Net cash flows used in investing activities	(802,678)		(652,297)
Net cash flows used in financing activities	(5,381,480)		(1,792,661)
Net increase/(decrease) in cash and cash equivalents	¥ (725,237)		¥ 172,505
Shanxi Zhongrun [member]
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Non-controlling interests (in percent)	60.00%	60.00%	60.00%
Profit for the year allocated to non-controlling interests	¥ 745,212		¥ 147,747
Accumulated balances of non-controlling interests at the reporting dates	2,020,621		1,277,602
Revenue	8,028,780		3,561,831
Total expenses	6,786,760		3,315,585
Profit for the year	1,242,020		246,246
Total comprehensive income for the year	1,242,020		246,246
Current assets	375,567		643,121
Non-current assets	3,945,351		4,138,211
Current liabilities	890,245		2,595,397
Non-current liabilities	25,773		45,365
Net cash flows from operating activities	1,895,610		418,528
Net cash flows used in investing activities	(365,340)		(188,504)
Net cash flows used in financing activities	(1,530,330)		(404,548)
Net increase/(decrease) in cash and cash equivalents	¥ (60)		¥ (174,524)
Guizhou Huaren New Material Company Limited
PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS
Non-controlling interests (in percent)	60.00%	60.00%	60.00%
Profit for the year allocated to non-controlling interests	¥ 558,020		¥ 420,737
Dividends distributed to non-controlling interests	252,837
Accumulated balances of non-controlling interests at the reporting dates	1,642,061		1,359,716
Revenue	7,284,585		6,094,811
Total expenses	6,354,551		5,393,582
Profit for the year	930,034		701,229
Total comprehensive income for the year	930,034		701,229
Current assets	2,150,014		1,610,363
Non-current assets	2,529,274		2,601,807
Current liabilities	1,026,955		1,003,650
Non-current liabilities	530,531		932,570
Net cash flows from operating activities	1,677,338		992,304
Net cash flows used in investing activities	(16,069)		(27,475)
Net cash flows used in financing activities	(974,588)		(612,892)
Net increase/(decrease) in cash and cash equivalents	¥ 686,681		¥ 351,937

BUSINESS COMBINATION UNDER CO_3

BUSINESS COMBINATION UNDER COMMON CONTROL - (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2021CNY (¥)	Sep. 30, 2021USD ($)	Jun. 30, 2020CNY (¥)
Disclosure of detailed information about business combination [line items]
Cash consideration	¥ 395,624,000
Purchase consideration:
Cash transferred	395,624,000
Total purchase consideration	395,624,000
Gallium business
Disclosure of detailed information about business combination [line items]
Cash consideration			¥ 396,000,000	$ 396
Revenue	178,229,000	¥ 112,428,000
Net profit	32,315,000	26,219,000
Purchase consideration:
Cash transferred			¥ 396,000,000	$ 396
Current assets	103,353,000	66,215,000
Non-current assets	70,660,000	74,270,000
Current liabilities	(3,770,000)	(7,037,000)
Non-current liabilities	(4,480,000)
Net assets - closing balance	165,763,000	133,448,000
Net assets - beginning balance	¥ 133,448,000	¥ 95,389,000
Chongqing Xinan Transportation
Disclosure of detailed information about business combination [line items]
Cash consideration					¥ 8,189,000
Purchase consideration:
Cash transferred					¥ 8,189,000

BUSINESS COMBINATION UNDER CO_4

BUSINESS COMBINATION UNDER COMMON CONTROL - Suzhou Zhongse Metal Materials Technology (Details) - CNY (¥)	Jun. 01, 2019	Jun. 30, 2019	Sep. 30, 2021	Jun. 30, 2020	Apr. 30, 2020	Apr. 29, 2019	Dec. 31, 2018
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value			¥ 395,624,000
Liabilities
Total purchase consideration			¥ 395,624,000
Suzhou Zhongse Metal Materials Technology Co., Ltd
Disclosure of detailed information about business combination [line items]
Consideration transferred, acquisition-date fair value	¥ 237,000	¥ 237,000
Proportion of voting rights held in subsidiary	100.00%	100.00%
ASSETS
Property, plant and equipment	¥ 55,746,000						¥ 55,747,000
Land use rights							26,574,000
Right-of-use assets	26,318,000
Other current assets	2,229,000						2,561,000
Deferred tax assets	143,000						86,000
Trade and notes receivables	2,758,000						3,485,000
Cash and cash equivalents	136,000						183,000
Liabilities
Deferred tax liabilities							(111,000)
Interest bearing loans and borrowings	(51,908,000)						(51,908,000)
Other payables and accrued expenses	(33,404,000)						(34,536,000)
Trade and notes payables	(1,564,000)						(1,664,000)
Net assets	454,000						¥ 417,000
Net assets acquired	454,000
Difference recognized in equity	(217,000)
Total purchase consideration	¥ 237,000	¥ 237,000
Suzhou Zhongse Metal Materials Technology Co., Ltd \| Zhongse Technology Co., Ltd
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired						70.00%
Suzhou Zhongse Metal Materials Technology Co., Ltd \| Suzhou Research Institute of Non-ferrous Metals Co., Ltd
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired						30.00%
Henan Zhongzhou Logistics
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired					100.00%
Chongqing Xinan Transportation
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired				51.00%

DISPOSAL OF SUBSIDIARIES (Detai

DISPOSAL OF SUBSIDIARIES (Details) - CNY (¥) ¥ in Thousands	Feb. 20, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2019	Dec. 31, 2019
Shandong Shanlv Electronic Ltd
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)		75.00%
Gain (loss) on disposal		¥ 10,720
China Aluminum Nanhai Alloy
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)				100.00%
The fair value of the remaining equity interest in subsidiary				¥ 350,000
Fair value gain (loss) recognized for remaining equity interest				¥ 258,000
Chinalco Innovative
DISPOSAL OF SUBSIDIARIES
Ownership interest in associate (in percent)				19.4852%
Inner Mongolia Fengrong Co Ltd and Ningxia Fenghao, Disposal Group Held For Sale [Member]
DISPOSAL OF SUBSIDIARIES
Gain (loss) on disposal	¥ 3,014
Inner Mongolia Fengrong
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)	40.00%
Ningxia Fenghao
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)	60.00%
Shanghai Kailin
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)			100.00%
Gain (loss) on disposal			¥ 160
Zhengzhou Chalco Longyu Mining
DISPOSAL OF SUBSIDIARIES
Ownership interest in subsidiary (in percent)			51.00%
Gain (loss) on disposal					¥ 113

OTHER EQUITY INSTRUMENTS (Detai

OTHER EQUITY INSTRUMENTS (Details) ¥ in Thousands, $ in Millions	Dec. 02, 2020CNY (¥)	Nov. 19, 2019CNY (¥)	Dec. 31, 2020CNY (¥)	Dec. 31, 2019CNY (¥)	Nov. 07, 2021USD ($)	Oct. 21, 2021CNY (¥)
OTHER EQUITY INSTRUMENTS
Proceeds from issuance of perpetual securities			¥ 1,000,000	¥ 1,500,000
2016 Senior Perpetual Securities
OTHER EQUITY INSTRUMENTS
Notional amount \| $					$ 500
2018 Perpetual Medium-term Notes
OTHER EQUITY INSTRUMENTS
Notional amount						¥ 2,000,000
2019 Perpetual Medium-term Notes
OTHER EQUITY INSTRUMENTS
Notional amount		¥ 1,500,000
Interest rate (as a percent)		4.20%
Proceeds from Medium-term Notes		¥ 1,499,000
Initial spread (as a percent)		1.31%
2019 Perpetual Medium-term Notes \| Maximum
OTHER EQUITY INSTRUMENTS
Margin rate (as a percent)		3.00%
Margin rate term (in years)		5 years
2020 Perpetual Medium-term Notes
OTHER EQUITY INSTRUMENTS
Notional amount	¥ 1,000,000
Interest rate (as a percent)	4.45%
Proceeds from issuance of perpetual securities	¥ 1,000,000
2020 Perpetual Medium-term Notes \| Maximum
OTHER EQUITY INSTRUMENTS
Initial spread (as a percent)	1.42%
Margin rate (as a percent)	3.00%
Margin rate term (in years)	5 years

COMMITMENTS (Details)

COMMITMENTS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Capital commitments on property, plant and equipment
Property, plant and equipment	¥ 1,375,405	¥ 1,437,354
Joint ventures and associates
Other capital commitments
Capital contribution commitment	¥ 441,800	¥ 761,800

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	Mar. 22, 2022	Feb. 22, 2022	Feb. 21, 2022	Jan. 26, 2022	Jan. 19, 2022	Dec. 31, 2021
EVENTS AFTER THE REPORTING PERIOD
Final Dividend Payable						¥ 545
Short-term bonds \| Issuance of short-term bonds
EVENTS AFTER THE REPORTING PERIOD
Face value			¥ 1,000		¥ 2,000
Par value (RMB per unit)			¥ 100		¥ 100
Interest rate (as a percent)			2.20%		2.49%
Final Dividend Payable	¥ 545
medium-term bonds \| Issuance of medium-term bonds
EVENTS AFTER THE REPORTING PERIOD
Face value		¥ 400		¥ 2,000
Interest rate (as a percent)		2.68%		3.00%