CNMC buys into copper product producer in Shandong
Shanghai. September 11. INTERFAX-CHINA - State-owned China Nonferrous Metal Mining (Group) Co. Ltd. (CNMC) has acquired a controlling stake in Shandong Albetter Albronze Co. Ltd., a state-owned copper tube, plate and strip producer located in Shandong Province's Linqing City, according to a CNMC announcement on Sept. 9.
CNMC said it is branching out into downstream industries and the acquisition will help Albetter to develop in the future. However, the announcement did not reveal the size of the investment or specify the stake taken.
"CNMC has many overseas copper resources, which will ensure our refined copper supply and significantly reduce our production cost," an unnamed employee from Albetter told Interfax.
Albetter has an annual production capacity of 100,000 tons of copper plate and strip and 60,000 tons of copper tube. "We will expand our total copper product production capacity to 200,000 tons per annum by the end of 2010. Meanwhile, CNMC also plans to support our company in setting up new facilities to produce other copper products in the future, although a plan has not been finalized yet," the employee added.
CNMC's overseas resources include the Luanshya Copper Mine and the Chambishi Copper Mine in Zambia, Africa's top copper producing country.