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China to push consolidation in non-ferrous sector

(Agencies)
Updated: 2009-02-25 10:42

China will encourage consolidation among its non-ferrous metal industry, part of a series of measures to help a slowing economy, the Shanghai Securities News reported, citing unidentified sources.

Related readings:  Chalco 2008 net down over 50% on prices, closures  Chalco raises spot alumina prices 10%  China Jan imports of refined copper fall 14.7% on month

China expects to see three to five major non-ferrous metal groups that will account for 90 percent, 70 percent and 60 percent, respectively, of the country's production of copper, aluminum and zinc by 2011, the newspaper said.

The government will encourage restructuring among major copper makers such as Aluminum Corp of China Ltd (Chalco), Jiangxi Copper, Tongling Nonferrous and Jinchuan Group Ltd, the newspaper said.

Chalco is also expected to play a leading role in the consolidation among aluminum makers, while the government encourages Shenzhen Zhongjin Lingnan Nonfemet, Guangxi Nonferrous Group, Yunnan Metallurgical Group Co and Hunan Nonferrous Metals Holding Group Co to develop into major metal groups through acquisitions, the article said.

The government has unveiled a string of policy packages to help industries, ranging from steel to automobile and consumer goods manufacturing, to ride out the slumps in the Chinese and global economies.

The energy and real estate industries will not be included in the government's stimulus measures, the article said.