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Jiangxi copper hopes afghan aynak mine to start in 2014-16 by 123wert sdfsf
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Jiangxi copper hopes afghan aynak mine to start in 2014-16 |
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Business,Business News,Business Opportunities
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March 28, (Reuters) - Jiangxi Copper Co Ltd , China's top copperproducer, said on Wednesday its copper mining projects in Peru andAfghanistan would be delayed over political and legal issues, butit hoped to start production between 2014 and 2016. The two projects had earlier been expected to start productionbetween 2014 and 2015. Jiangxi Copper owns 25 percent of the Aynakproject, with 75 percent owned by Metallurgical Corp of China. Thefirm owns 40 percent of the Peru project, with 60 percent owned byChina Minmetals Non-Ferrous Metals.
"Due to various politics and legal issues, the progress of the twoprojects is different from what we had expected," Chairman LiYihuang told a news conference in Hong Kong. Progress at Afghanistan's Aynak project has slowed after Buddhistremains were uncovered at the mine southwest of Kabul in 2010. Li said the company hoped a relocation plan would be finalized inthe first half of this year but could not give a timeframe forcompletion. He said the copper mine project in Northern Peru was undergoing anenvironmental assessment, with construction to start after thelocal government approved the assessment.
Li's comments came after the copper producer reported an increaseof a third in its 2011 net profit. But Li said this year's copper prices may not be as good as in 2011and Jiangxi Copper expects domestic prices to average 57,000 yuan($9,000) a tonne in 2012. Spot copper traded at 59,550 yuan in thedomestic market on Wednesday. OUTPUT Despite delays on overseas mining projects, Jiangxi Copper plans tolift production to 1.09 million tonnes of refined copper cathodethis year, an increase of 16 percent from 940,000 tonnes last year,which itself saw a rise of 4.4 percent from 2010. The firm's mines in China will produce 210,000 tonnes of coppercontained in concentrates this year, up 4 percent from 202,000tonnes last year.
Financial controller Gan Chengjiu said Jiangxi Copper planned toraise imports of raw material concentrate 13 percent to 1.02million tonnes of copper concentrates this year, from about 900,000tonnes last year. About 70 percent of the imports would be underterm contracts and the rest would be bought in the internationalspot market. The spot purchases will be determined on spot treatment andrefining charges (TC/RC), which are paid by overseas sellers toJiangxi Copper to convert concentrate imports into refined metaland deducted from concentrate sale prices based on London MetalExchange copper prices. This week, spot standard-grade concentrate was sold to China atTC/RCs of $53 a tonne and 5.3 cents a pound, respectively, comparedto TC/RCs of $60-$63.5 and 6-6.35 cents for shipments in 2012, twosmelter sources said.
Offers from international trading houses wereat around $40 and 4 cents. LEAD, ZINC, RARE EARTHS Chairman Li said Jiangxi Copper planned to expand into other areasin order to keep growth, but gave no details. But the parent of Jiangxi Copper had no plan to inject its lead,zinc and rare earths assets into the listed company, said Li, whois also chairman of the parent. The parent operates one 100,000-tonne-a-year lead smelter and one100,000-tonne-a-year zinc smelter in the southeastern province ofJiangxi. Li said the parent was preparing to kick off massivemining of rare earths.
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