Zhejiang Hailiang gets approval for copper firm in Vietnam

Published: 03 Jun 2009 01:25:03 PST

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Jun. 3, 2009 (China Knowledge) - Zhejiang Hailiang Co Ltd<002203>, a subsidiary of Hailiang Group, one of the world's largest producers of copper and copper alloys, said that it has obtained the approval from the National Development and Reform Commission (NDRC) and the Department of Commerce of Zhejiang Province to set up a copper firm in Vietnam, the Shanghai Securities News reported.

Zhejiang Hailiang said in a statement filed with the Shenzhen Stock Exchange that it will invest US$47.18 million to set up the copper firm, which is expected to produce 71,000 tons of copper and copper alloy pipes a year.

In fact, a production plant has already been built, and Zhejiang Hailiang has already obtained the investment license from the local regulator.

Previously, Hailiang Group had set up a subsidiary in Vietnam, namely the Hailiang (Vietnam) Metal Products Co Ltd, whose factory area covers a floor area of 26,800 square meters.

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