31 May 2010 12:22

Xinjiang Nonferrous aims for sales revenues of $7.32 bln by 2015

Shanghai. May 31. INTERFAX-CHINA - State-owned copper, aluminum and nickel producer Xinjiang Nonferrous Metal Industry (Group) Ltd. has set a target to generate annual sales revenues of RMB 50 billion ($7.32 billion) by 2015, the company announced on May 29.

The Group plans to expand its annual production capacities for refined copper and refined zinc to 100,000 tons, refined nickel to 20,000 tons, sulfuric acid to 600,000 tons, gold to 100 tons and electrolytic cobalt to185 tons by the end of 2010.

The company also has plans to invest RMB 1 billion ($146.46 million) over the next three years toward the acquisition of new mining resources.

Xinjiang Nonferrous is the parent company of Hong Kong Stock Exchange-listed Xinjiang Xinxin Mining Industry Co. Ltd.

The Group generated sales revenues of roughly RMB 4 billion ($585.82 million) for 2009.