Jintian Copper Expands Footprint into New Energy Application with Net Profit Up 50.75% in H1

SHANGHAI, Aug 26 (SMM) – Jintian Copper has expanded application of its products in new energy vehicles by increasing capacity of flat wire products used in new energy products to 20,000 mt by 2022.

The high-end copper-based new material project, invested with Jintian Copper’s convertible bond, includes 350,000 mt/yr of high-strength, high-conductivity and high-toughness copper wires, 20,000 mt/yr of special magnet wires for new energy vehicles and high-efficiency motors, and 20,000 mt/yr of precise copper busbar which has commenced production as scheduled. The other two production lines will be put into production by the end of the year.

Jintian Copper currently has a capacity of 5,000 mt of rare earth magnetic materials. After the Baotou project is commissioned, total capacity of rare earth permanent magnet materials will reach 13,000 mt.

Net profit attributable to listed shareholders rose 50.75% to 373 million yuan in H1.

Jintian Copper mainly engages in nonferrous metal processing business, including copper products and rare earth permanent magnet materials. Copper products include copper rods, copper strips, copper tubes, copper wires (rows), copper cathodes, valves, magnet wires and other products.