Mad Money Spotlight: Cramer Likes Chinalco

Aluminum Corp. of China(ACH Quote), otherwise known as Chinalco, may have been in the headlines recently after its deal to buy a big piece of the mining giant Rio Tinto(RTP Quote) fell apart last week, but Jim Cramer remains bullish on the company's stock.

In the Lightning Round segment of his "Mad Money" broadcast Friday evening, Cramer said, "I've been looking at this one. I like that pick and I want to be a buyer."

Chinalco was to infuse $19.5 billion into debt-ridden Rio Tinto, in exchange for doubling its stake in the Anglo-Australian miner to 18%.

But rallying commodities prices since the deal was struck in February made Chinalco's Rio investment seem too cheap to Rio shareholders. This, combined with political controversies spurred by China's raw-materials landgrab across the globe, eventually doomed the deal. Instead, Rio chose to raise money through a rights offering and to join some of its iron-ore assets with BHP Billiton(BHP Quote).

Chinaclo, based in Beijing, is a bauxite miner and China's biggest alumina smelter. Blaming falling metals prices, it lost about 1.9 billion yuan in its first quarter. Revenue, meanwhile, dropped 24%. (The company posted full-year 2008 revenue of more than $9 billion.)