CHALIECO (02068.HK): Nigeria Aluminium Project Gets First Prepayment

NewTimeSpace News: On 30 October 2026, China Aluminum International Engineering Corporation Limited (stock code: 02068) published a progress announcement on an overseas project. The company signed an EPC contract with an aggregate amount of about RMB14 billion with the overseas client Sudarshan Aluminium FZE on 26 December 2025, for which the client and project details were previously exempted from disclosure under confidentiality clauses. With the clauses now amended, the company has disclosed the project progress.

The announcement stated that the project is a 1-million-tonne-per-year aluminium smelting project in Akwa Ibom State, Nigeria, covering the construction of two phases totalling 1 million tonnes of annual capacity and supporting facilities. The company undertakes design, engineering, procurement and construction on a turnkey EPC basis, with a contract term of about five years.

The company said it has recently received the first prepayment of about RMB501 million, and the project is expected to commence construction before 31 December 2026, with the exact start date still under discussion. It cautioned that the long contract term and revenue recognition by progress involve execution and return uncertainties.