Jiangxi expects Chinese copper demand up by 12pct in 2011

Reuters reported that Jiangxi Copper Company Limited expects China's copper consumption to rise by 10% to 12% this year and plans 60% rise in its own production capacity by 2015.
As per report, Jiangxi's consumption estimate for China was higher than the 8% forecast by state backed research firm Antaike.
Mr Wu Yuneng deputy GM of Jiangxi said that consumption could rise a bit more than GDP growth this year. Output could rise given that smelters have been building new capacity. He put China's copper consumption at 6.8 million tonnes in 2010 and said his company expected record high international copper prices this year.
Mr Li Baomin vice chairman of Jiangxi said that the company planned to expand production capacity to 1.5 million tonnes by 2015, 60% above its annual capacity in 2011. Jiangxi Copper was looking to build 100,000 tonnes to 200,000 tonnes a year of capacity in coastal provinces such as Guangdong.
Mr Li said that to feed the increased capacity, the company would expand its copper mines in China to 240,000 tonnes to 250,000 tonnes of copper in concentrate a year by 2015 from 200,000 tonnes expected in 2011. The company is building 400,000 tonnes a year of copper rod plant in Guangdong, which will boost its annual copper products capacity to 850,000 tonnes by May next year.
He said that we aim to become one of the top three copper firms in the world. By 2015, the parent company of Jiangxi Copper may also inject the parent's lead, zinc and rare earth assets into the listed arm.

(Source: http://www.steelguru.com/metals_news/Jiangxi_expects_Chinese_copper_demand_up_by_12pct_in_2011/198735.html)