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| Friday, September 05, 2008 23:37:01 |
Yunnan Cooper to boost production
Yunnan Copper, the third largest metal producer in China, aims to boosts its copper mining output to cover half of its ore demand in five years, up from a third, The Standard reported.
The paper quoted Zhang Yizhong, vice general manager at Yunnan Copper, as saying that the firm is expanding its mining output at home and overseas to produce 300,000 tonnes of copper in ore in 2010, from about 130,000 tonnes. It will also produce 100,000 tonnes of zinc in ore.
Record-high copper prices have boosted profits of global mining companies such as BHP Billiton, but the prices have hurt profits at Chinese smelters, which rely on imported concentrate, the raw material.
The parent of listed Yunnan Copper Industry will join state-owned China Nonferrous Metal Mining to invest a total of 1.5 billion yuan (187 million US dollars) to expand production by 50,000 tonnes a year of copper ore at Zambia's Chambishi mine, which is controlled by China Nonferrous, Zhang said.
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