SHANGHAI, Nov. 25 (SMM) –Zijin Mining is expanding its copper concentrate and refined copper expansion even when copper prices constantly hit six-year lows.
What are the reasons behind its expansions and how will it affect copper prices?
The company is building a 100,000-tpy refined copper smelter in Hunchun, Jilin province, it told SMM in latest interview. The smelter’s capacity is so small that it will have little i impact on copper market, Zijin Mining said.
Its 300,000-tpy copper concentrate expansion project is already under construction and scheduled to enter operations in H2 2016, it added. The move is designed to reduce reliance on imports and cut costs for downstream processing, it explained.
Many Chinese SME copper producers are running in losses because of a slump in copper prices. Zijin Mining, however, told SMM that it expects itself to maintain growth in earnings this year by product portfolio adjustment, such as focusing on gold business and layoffs.
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