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Jiangxi Copper to inject capital to subsidiary

By Jiang Wei (chinadaily.com.cn)
Updated: 2008-12-24 12:58

Jiangxi Copper Corporation, China's second-biggest copper producer, plans to inject 268 million yuan ($39.12 million) of capital into a subsidiary to almost double its production capacity of electrolytic copper foil.

Production capacity of the subsidiary, JCC-Yates Copper Foil Company, a joint venture between Jiangxi Copper and US-based Yates Copper, will rise from 6,000 tons per year to 11,000 tons per year, Jiangxi Copper said in a stock exchange filing today.

It is expected to achieve an annual sales volume of 408.7 million yuan.

Shares of Jiangxi Copper dropped 2.07 percent to 11.37 yuan at 11.30am on the Shanghai stock exchange today.