Yunnan province launches base metal stock plan

Published: 04 Jan 2009 01:07:58 PST

Jan. 4, 2009 (China Knowledge) - China's Yunnan province has launched the plan to purchase more than half of the 1 million tons of base metals from nine local metal producers, the official Xinhua News reported.

The first batch of metal totaled 552,000 tons, including 180,000 tons of aluminum, 30,000 tons of tin, 236,000 tons of zinc, 104,000 tons of lead and 2,000 tons of copper, according to the statement of Yunnan Economic Committee.

Nine producers, including Yunnan Aluminium Co Ltd <000807>, Yunnan Coal Chemical Industry Group and Yunnan Tin Co Ltd<000960>, were allowed to sell the metal within one year and the prices would be based on spot prices in domestic market.

The plan is expected to help metal companies reduce their revenue loss due to the sharp downslide in prices.

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