Baiyin Nonferrous kicks off operations at 100,000-ton refined copper facility
Shanghai. September 24. INTERFAX-CHINA - Baiyin Nonferrous Metals (Group) Co. Ltd., a leading state-owned lead and zinc smelter, recently began operations at its new 100,000-ton refined copper production facility in Gansu Province, according to a company announcement on Sept. 21.
"The facility is the first phase of a 200,000-ton refined copper production project. The second phase is expected to start production by the end of 2010," an employee surnamed Zhang, from Baiyin Nonferrous, told Interfax on Sept. 24.
Previously, the company had an annual refined copper production capacity of 50,000 tons. It also has another 200,000-ton refined copper production facility in the pipeline, and may commence construction work shortly.
In addition, Baiyin Nonferrous plans to list on the Shanghai Stock Exchange before the end of 2011, as well as expand its total annual nonferrous metals production capacity to 650,000 tons and boost its sales revenue to RMB 30 billion ($4.39 billion) per annum.
Baiyin Nonferrous currently has a total annual refined lead and zinc production capacity of 200,000 tons, and in June, it commenced construction work on a 200,000-ton refined zinc production facility, according to Zhang.
Furthermore, Baiyin Nonferrous is also planning to acquire nonferrous metals mining resources in Gansu and overseas, he added.
CITIC Group currently holds a 49 percent stake in Baiyin Nonferrous, while the local Gansu government holds the remaining 51 percent stake.