China's Largest Copper Firm Listed on Shanghai Bourse

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Last updated at: (Beijing Time) Saturday, January 12, 2002

China's Largest Copper Firm Listed on Shanghai Bourse

China's largest copper firm, the Jiangxi Copper Co., Ltd., was listed on the Shanghai Stock Exchange Friday.

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China's largest copper firm, the Jiangxi Copper Co., Ltd., was listed on the Shanghai Stock Exchange Friday.

On its first trading day, the Jiangxi company's stock closed at 4.61 yuan per share, compared to an issue price of 2.27 yuan per share.

Jiangxi Copper holds one-third of the country's proved copper resources and owns several of the largest open-pit mines in China.

Its stock was first listed on the Hong Kong and London bourses in 1997, making it the first Chinese mining firm listed overseas.

The firm boasts total assets worth 12 billion yuan and a turnover of 3.525 billion yuan in 2001.

Chairman He Changming said the firm plans to increase its annual copper production to 400,000 tons and sales income to 12 billion yuan by 2005, which will place it among the world's top five copper firms.

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