SHANGHAI, Mar. 9 (SMM) -- After generally completing whole listing in 2008, Jiangxi Copper, China's largest copper smelter, is actively looking for opportunities for merger and restructuring since CHALCO restructured Yunnan Copper Company.
Li Yihuang, NPC deputy and president of Jiangxi Copper said in an interview when the NPC and CPPCC meetings are underway in China, "how to improve China's copper industry concentration is worth studying, and our company is speeding up efforts to seek opportunities in coastal areas for merger and restructuring." Based on the adjustment and revitalization plan of nonferrous metal industry announced in 2009, concentration ratio in domestic copper industry will increase to 90% from existing 70%.
According to market sources, Jiangxi Copper is holding purchasing talks with Yantai Penghui Copper Industry Company. At present, the two companies have signed a preliminary cooperation agreement, but have not got approval from Yantai State-owned Assets Supervision and Administration Commission. Jiangxi Copper is inclined to take control of Yantai Penghui Copper Industry Company, and the biggest problem between two involved parties is the number of investment funds.
Jiangxi Copper also had a preliminary contact with another copper smelter in Yantai, Li added
(Edited by SMM )