Metal Products News
- Jiangxi News
Date: 20-Apr-2007 Sources: (Shenzhen Daily)
JIANGXI Copper, China's top integrated copper producer, said Thursday its smelting capacity is expected to rise by three-quarters to 700,000 tons by the end of 2007.
Strong demand from China, the world's largest copper consumer, had helped international copper prices hit record highs last year and boosted the company's earnings.
Jiangxi Copper posted a net profit of 4.62 billion yuan (US$598.6 million) in 2006, up from 1.87 billion yuan in 2005, it said in a statement.
But the result lagged expectations of 4.97 billion yuan, according to 12 analysts.
Jiangxi Copper said its 300,000-ton-a-year smelting capacity expansion at Guixi Smelter would be fully completed by the end of 2007.
This would lift Jiangxi Copper's capacity of refined copper cathode to 700,000 tons a year, making it one of the largest copper makers in the world, it said.
The company also set up a division in February to make an overall plan on development and exploration of local and overseas mines to secure the raw material for production.
Jiangxi Copper did not provide production data of refined copper in 2006 but its State-owned parent reported in January it put out 443,000 tons of refined copper cathode as of Dec. 25, 2006, against 422,000 tons in 2005.
The listed arm operates the parent's metal production.
The company plans to acquire Chengmenshan Copper Mine through the parent and intends to build production bases of copper scrap and blister, a semi-processed material for refined copper production.
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