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Simpson Thacher's Beijing office is advising Aluminum Corporation of China (Chinalco), the Chinese government-controlled diversified metals and mining company, in a joint venture contract with Aricom PLC (a metals and mining group with substantially all of its operations in Russia and listed in The Main Market of the London Stock Exchange) which was entered into on August 12, 2008, to form China's largest titanium sponge manufacturing enterprise with an initial production capacity of 15,000 metric tons per year.  The total investment of the joint venture is approximately RMB 2.2 billion (approximately US$ 320 million).  Chinalco will initially own a 35% equity interest in the joint venture.  The transaction is pending PRC government approval and is expected to close in September of 2008.  

The Simpson Thacher team for this transaction includes: Leiming Chen, Shaolin Luo, Ning Liu, Sha Sa and Qinghong Cai.  Corporate paralegal Jianping Lu and Emma Liu also provided valuable assistance on this transaction.