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China Nonferrous Metal invests in copper smelter Daye
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Tuesday, 01 Feb 2011

Reuters quoted a Daye executive said a state owned miner will invest CNY 3 billion in Daye Nonferrous Metals, China's fifth largest copper producer by capacity for an unspecified stake.

The executive who declined to be name said the investment could help Hubei province owned Daye plan to boost capacity 70% to 600,000 tonnes a year of copper by 2015 using the cash infusion from China Nonferrous Metal Mining.

The executive said "The investment should be CNY 3 billion. But it is sure that China Nonferrous won't take a majority stake."

A public affairs official at Daye said the two parties would start discussing investment details after the Lunar New Year holiday in February.

Daye has been the target of other Chinese companies in the past few years

Daye has 200,000 tonnes of annual smelting capacity and 350,000 tonnes of refining capacity in China currently. But it buys the bulk of its raw materials from the local and overseas suppliers.

(Sourced from Reuters)

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