Chinese Ministry Denies National Copper Company Rumor

BEIJING, Aug. 12 -- Mr Zhang Fengkui, an official of China's Ministry of Industry & Information Technology, said that the ministry has never made the initiation to organize a national copper magnate, nor is China encouraging an administrative led industry reshuffle.

    Mr Zhang's statement went to refute market hearsay buzzing that China had been planning to establish a large national copper company similar to Aluminum Corporation of China which was formed in 2001 when 12 Chinese enterprises and institutions in the aluminium industry were consolidated.

    He added that without any market requirements laid forth, MIIT will not issue administrative instructions to enforce an industrial reshuffle. But according to a leader from China Nonferrous Metals Industry Association, setting up a national copper company would strengthen China's voice in determining copper processing fees and help in its overseas expansion.

    (Source: Xinhua)