Shares of XinRen Aluminum <XIRN.SI>, a Singapore-listed Chinese aluminium producer, rose as much as 3% on Tuesday after a Reuters report that it was looking to build or acquire a fourth smelting plant.

XinRen was up 2% at $0.505 on a volume of 1.4 million shares at 14:25 p.m. It had earlier reached an intraday high of $0.51.

“The continuous search for suitable opportunities to expand its operations is within its normal business practices, given the strong demand for aluminium products across the region,” XinRen said in a filing to the Singapore Stock Exchange.

A senior company executive told Reuters that the location for the fourth smelting plant must be close to resources such as coal due to the firm’s energy-intensive production process, as well as having easy access to transportation and end user markets.