Exclusive-China's Nanfang to open major copper smelter ahead of expectations
LONDON: China's largest private copper producer Nanfang Nonferrous is due to bring a major new smelter to production by October, more than doubling its capacity, a few months ahead of expectations, four sources with direct knowledge of the matter told Reuters.
Nanfang's new copper plant which will take its total copper production capacity to 700,000 metric tons a year from 300,000 tons suggests China's goal of supply-side reforms to make the country self-sufficient is achievable, the sources said. China's central bank earlier in August outlined measures to guide more financial resources to the private sector to help revive economic activity and growth.The 400,000 metric ton-per-year smelter, located in Chongzuo city of Guangxi prefecture, will start processing copper concentrates within three months - compared with market expectations for the first half of 2024.
Copper prices are down from the record highs hit last year, but they are still nearly double the levels they fell to in March 2020 when COVID lockdowns hit manufacturing activity and industrial metals demand.
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