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Chinalco Group, the parent of Aluminum Corp of China Ltd, said yesterday that it has agreed to buy an additional 3.74 percent stake in Southwest Aluminum (Group) Co Ltd from the Chongqing branch of China Construction Bank for 78.05 million yuan ($10.57 million).

In a statement published on its website, the company said its stake in Southwest Aluminum, the largest aluminum producer in southwest China, will rise to 16.83 percent after the deal, making it the third-largest shareholder.

The current two largest shareholders of Southwest Aluminum are China Huarong Asset Management Corp (AMC) and China Cinda AMC will hold 48.33 percent and 32.29 percent respectively.