Funds needed to help boost firm's expansion into other resources
Jiangxi Copper Corp, China's largest copper producer, is seeking further investments and looking to expand into other resources such as rare earths, in a bid to become one of the world's top five mining groups within 10 to 15 years.
"We would like to further our investment in the securities and banking sector, in particular, to support that goal," said Li Baomin, the chairman and a deputy of the 12th National People's Congress.
Li, who was appointed chairman on March 4, said the company is ranked 24th globally, taking into consideration sales revenue, profits and market value.
It is currently the second-largest shareholder in Bank of Nanchang, a local bank in Jiangxi province, and has also invested 1 billion yuan ($160.8 million) in establishing an international trade company in Shanghai, which, according to Li, has already made 300 million yuan in profits in the last two years.
"Next, if the conditions are right, we would like to make breakthroughs into other sectors such as lead-zinc and rare earths, and to nurture one or two more listed companies," Li said.
JCC was listed in Hong Kong in 1997 and Shanghai in 2001.
In June 2008 it bought the country's second-largest rare earths mine in Mianning, Sichuan province, for 430 million yuan, which has verified reserves of nearly 2 million metric tons.
"The building of our rare earth mine in Sichuan is making orderly progress, but when it starts operation depends on the speed of various procedural issues."
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