Domestic Copper Consumption Growth This Year To About 7%
China’s second largest copper producer – Tongling Nonferrous Metals Group, expects the domestic copper consumption was 600 million tons, the growth rate significantly dropped to about 7%, while the first half of the copper situation will be slightly better in the second half.
The Group chairman Wei Jianghong Sunday in the “two sessions” (the NPC and CPPCC sessions) space, since there are no recent expansion, the Group’s copper production this year will basically remain at last year’s level of around 700,000 tons.
“The domestic market (copper) consumption, softer this year than last year,” he said, growth in consumption structure due to difficulties in the original, the new upgrade of consumption structure, not the formation of large growth.
China is the world’s largest copper consumer. Wei Jianghong given copper consumption in China last year was 560 million tons, 4.8 million tons compared with 2008 growth of nearly 17%.
Wei Jianghong that the copper in the first half of this year the situation will be slightly better in the second half of the dollar, Chile earthquake and the Greek financial crisis and other factors. But price movements also need to determine the combination of the actual situation.
He said that this year copper concentrate processing fees low, Tongling Nonferrous Metals Group intends to reduce the copper concentrate imports. If copper prices remain at current high copper supply will be sufficient. In addition, the copper concentrate supply situation will improve later this year and next year.
Driven by the large number of Chinese imports, rising international copper prices doubled last year. London Metal Exchange (LME) three-month copper futures closed Friday USD 7,545 per tonne.
Tongling Nonferrous Metals Group, Tongling Nonferrous listed company owns.
** Actively involved in industry consolidation to continue to expand overseas **
Asked whether it will participate in industry consolidation, the Weijiang Hong said the company has been considering a number of related mergers and acquisitions with smaller companies, but does not rule out top-ranking business and industry integration.
“If the opportunity is good, and the small businesses than some co-operation, while not ruling out big business than to mergers and acquisitions that we, Tongling is an open enterprise.
In addition, he also pointed out that, following the acquisition together with the China Railway Construction Canadian mining company, Tongling Nonferrous Metals Group, is continuing concern about overseas acquisition opportunities, and the acquisition will extend the field of lead, zinc and other areas.
The end of 2009, the Canadian junior mining company Corriente Resources, said in a value of about 679 million Canadian dollars in the deal, China Railway Construction Investment Co., Ltd. agreed to buy a copper crown all of its outstanding shares. China Railway Construction Copper Crown by the China Railway Construction Corporation set up a joint venture with Tongling Nonferrous, both accounting for 50% of the shares.
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