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China's Daye to double refined copper output by 2015

(Agencies)
Updated: 2009-11-09 13:51

Daye Nonferrous Metals Co Ltd, the fifth-biggest copper smelter in China, plans to double refined copper production to 500,000 tons by 2015 and is eyeing an initial public listing, the smelter's president said.

"We are trying to speed up the pace for the listing," Zhang Lin told a copper conference in Wuhan in Hubei province. Zhang did not provide a timeframe for the IPO.

Daye has annual 400,000 tons of smelting capacity and 250,000 tons of refining capacity in China. Refined copper production is expected to stay at the 260,000 tons level this year and next year, surpassing the refining capacity.

It also has 160,000 tons of annual capacity to turn refined copper into semi-finished copper products and plans to boost the output to 400,000 tons by 2015.

In addition, the smelter holds a stake in products producer Chinalco Central China Copper Co, which is majority owned by Chinalco, the parent of the country's top aluminium producer Aluminum Corp of China Ltd. Chinalco Central has 130,000 tonnes of annual capacity.

Related readings:  Copper down on dollar rebound  Chinese smelter in Africa to double copper production  Drug cartel behind Zijin Peru copper project attack  Copper imports see big surge

Daye, demanding more concentrates and scrap for its expansion of copper production, hopes the Chinese government will help domestic copper smelters cut the cost of production and source more concentrates, the semi-processed ores for copper production.

"Following rising smelting capacity in China, the deficit of copper resources is getting obvious. Competition for the resources are fierce," Zhang said, referring to concentrates.

He urged the government to strengthen exploration of copper mines and set policy to give local proven copper reserves to state-owned companies, such as Daye, in their locations.

The government should reduce the value-added tax for imports of copper concentrates and cut the tax on exports of refined copper as that would give flexibility to Chinese smelters in international trade, Zhang said.