China's Jinchuan Group to expand production scale in 2009

Jan. 7, 2009 (China Knowledge) - China's Jinchuan Group Ltd, the largest integrated non-ferrous metallurgical and chemical engineering enterprise in Asia, announced that it would increase its output this year, in a bid to lower costs despite the weakening nickel and copper market.

The Gansu-headquartered company plans to produce 125,000 tons of nickel, 400,000 tons of copper, 7,800 tons of cobalt and 2.1 million tons of chemical products in 2009.

The group expects its operating revenue to keep growing this year, sources said, citing Li Yongjun, chairman of Jinchuan Group, as saying.

Last year, Jinchuan Group's operating revenue was RMB 53.6 billion, slightly more than that of 2007. However, its profits shrank sharply due to the slump of nickel and copper prices.

Recently, Jinchuan Group raised the factory price of nickel by RMB 5,000 to RMB 87,000 per ton for the first time in the past half year in line with the rebound in the global price.