Jiangxi Copper, the mainland's largest Hong Kong-listed producer of the metal, aims to generate 25 per cent more refined copper this year as it expects global prices to remain relatively high.
'With the fourth phase of the Guixi smelter expansion starting operation gradually, this year's refined copper output will grow to 550,000 tonnes, bigger than in 2005,' chairman Li Yihuang said a day after the company reported a lower than expected 147 per cent jump in profit for last year.
The 3.64 billion yuan smelter, which will have an annual capacity of 300,000 tonnes of refined copper when it becomes fully operational by the end of the year, is expected to begin partial production by June.
On completion of the plant, Jiangxi Copper's capacity would reach 700,000 tonnes a year, said Mr Li, who was promoted to chairman in January.
The firm produced 440,000 tonnes of refined copper last year, a 5.2 per cent increase from 2005.
Mr Li said the production of gold and silver this year should remain stable at about 13 tonnes and 350 tonnes, respectively.
He said the company would focus on developing its own resources and acquiring external resources in the mainland and overseas to increase the ratio of self-supplied raw materials and increase the use of scrap copper for production.