Copper firms look overseas

China's largest copper producers have formed a new company to tap overseas mines to feed their smelters, China Daily said. The new company, called China Nonferrous Metal International Mining, would either buy stakes in existing overseas mines or directly operate them. A company spokesman said that it was currently seeking to develop copper mines in neighbouring countries such as Indonesia, Burma, Mongolia and Kazakhstan. China Non-ferrous Foreign Construction Corp, which operates China's first overseas copper mine in Zambia, has a 24.7 per cent stake in the new firm.