By staff reporter reporter Yan Jiangning

From Caijing Online

Aluminum Corporation of China announced today that its president Xiao Yaqing is stepping down to take a government position, sources told Caijing. 

Xiong Weiping, general manager of China Travel Service (Holdings) Hong Kong Ltd., is expected to take Xiao's place as Chinalco' president, the sources said. Xiong served as president of Chinalco's Hong Kong-listed subsidiary, Aluminum Corporation of China Ltd., between 2004 and 2006.

After announcing Chinalco's US$19.5 billion investment in mining giant Rio Tinto in London on Feb 12, Xiao flew to Beijing instead of flying to Australia to settle the deal, as he has done after similar announcements.

One source said the State Council appointed Xiao in early February and rumors of the move were widely reported then. Caijing reporters confirmed from various sources that the announcement will be made on Tuesday.

Xiao last met the press at Chinalco's Beijing headquarters on Feb 16 to discuss Rio Tinto's investment. He has not denied speculation about his departure from the company.

He stressed, however, that the investment came after detailed planning and discussions within the management team and that "Chinalco will not change its course due to any personnel changes."

Xiao was appointed as President and Secretary-General of Chinalco's executive committee in 2004. He is also CEO and Chairman of the company's Hong Kong-listed subsidiary, Aluminum Corporation of China Limited (SH: 601600; HK: 02600).  

Full Article in Chinese: http://www.caijing.com.cn/2009-02-17/110069600.html