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RPT-China's Daye to double refined copper output by 2015

Mon Nov 9, 2009 7:55am IST
 
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(Repeats story first sent on Nov 7)

* Daye to double refined copper output by 2015

* Beijing urged to help smelters to source ores

By Polly Yam

WUHAN, China, Nov 7 (Reuters) - Daye Nonferrous Metals Co Ltd, the fifth-biggest copper smelter in China, plans to double refined copper production to 500,000 tonnes 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 city in Hubei province on Saturday. Zhang did not provide a timeframe for the IPO.

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

It also has 160,000 tonnes of annual capacity to turn refined copper into semi-finished copper products and plans to boost the output to 400,000 tonnes 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 (2600.HK: Quote, Profile, Research) (601600.SS: Quote, Profile, Research). Chinalco Central has 130,000 tonnes of annual capacity.  Continued...

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