Yunnan Copper to expand business into Australia

(Agencies)
Updated: 2007-11-13 15:14

China's third largest copper producer Yunnan Copper Industry Group is extending its reach into Australia through a newly listed company it has dubbed its international investment house.

Yunnan Copper has a 21.2 percent stake in China Yunnan Copper Australia Ltd, which listed on the Australian stock exchange last month.

Yunnan Copper executive vice general manager Yu Weiping said on Tuesday the company would provide funding and projects to rapidly build China Yunnan Copper.

"China Yunnan Copper will become Yunnan Copper's international investment/mining house," Dr Yu told a briefing in Sydney.

"We feel confident that we can introduce high value projects to the company on an ongoing basis, which with our financial assistance will allow China Yunnan Copper to rapidly expand.

"Yunnan Copper will be able to provide technical expertise, project funding and competitive off-take agreements to China Yunnan Copper."

China Yunnan Copper has a portfolio of projects prospective for copper, gold and uranium across Queensland.

Yunnan Copper also produces lead, zinc, aluminium, precious metals and rare metals and is expected to generate revenue of about $5.6 billion in calendar 2007.


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