Jiangxi Copper, China's second largest producer of copper, plans to increase output of its mainstay copper cathode product to 318,500-350,000 tonnes this year from last year's 231,613 tonnes, South China Morning Post said. Completion of the Guixi smelter phase-three renovation project, planned for this year, would increase total annual capacity to 400,000 tonnes.
The move is intended to offset a profits squeeze, caused by a 6.3 per cent drop in the selling price of its copper cathode. A rise in import prices also cut into profits and the company's parent, Jiangxi Copper Corp, has formed China United Copper with other copper producers to buy into overseas copper mines to secure a stable supply.
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