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Jiangxi Copper to Increase Spending as Prices Gain to Record

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Copper May Rise in London Trading Before U.S. Jobs Report: LME Preview

Mar.30 (Bloomberg) --Jiangxi Copper Co., China&rsquo;s biggest producer of the metal, plans to increase spending by 47 percent this year to boost capacity and benefit from record prices.
Investments will reach 5 billion yuan ($762 million) in 2011, Financial Manager Jiang Liehui said at a media briefing today in Hong Kong, where the company is listed. Capital spending last year was 3.4 billion yuan. Capacity will increase to 1 million metric tons this year and to 1.5 million tons by 2015 from 900,000 tons last year, Vice Chairman Li Baomin told reporters at the event.
Jiangxi Copper is benefiting from prices that reached a record $10,190 a ton last month. Chinese copper demand will grow by as much as 12 percent this year, Huang Dongfeng, assistant to general manager, said today.
&quot;China&rsquo;s copper demand will continue a good growth momentum as the nation pushes ahead with construction of ultra high-voltage power-grids and high-speed railways,&rdquo; Li said.
Jiangxi Copper rose the most in almost five months in Hong Kong trading. The shares rose 5.5 percent to HK$26, the most since Nov. 5, at the 4 p.m. close of trading. The key Hang Seng Index rose 1.7 percent.
Derived Earnings 
Second-half profit more than doubled to 2.79 billion yuan. The result was derived by deducting first-half figures from full-year profit released yesterday by the company on the Shanghai stock exchange.
Full-year net income more than doubled to 4.91 billion yuan in 2010, based on Chinese accounting standards, Jiangxi Copper said. Net profit was 4.99 billion yuan by international standards, beating the 4.7 billion yuan mean estimate of 11 analysts surveyed by Bloomberg. Sales rose 48 percent to 76.4 billion yuan.
Jiangxi Copper plans to build new projects or buy mines in China, Vice Chairman Li said. The company will start operations at its projects in Peru and Afghanistan as early as in 2014, Huang said today. The Peru project will cost Jiangxi Copper and partner China Minmetals Nonferrous Metals Co. $2.5 billion to develop, Huang said.
The Aynak copper mine in Afghanistan, in which Jiangxi Copper has 25 percent stake, will cost $1.7 billion to develop, Huang said. The mine will start producing 200,000 tons of copper a year as early as 2014, he said. 
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