Taiwan talks for metal trader
CHINA'S national metal trader is to hold talks with a leading Taiwanese cable dealer on trade co-operation, according to a mainland official.
China National Non-ferrous Metals Import and Export Corp (CNNMIEC) president Fang Dacheng said officials from his company would meet a delegation from Taiwan's Pacific Cable in Beijing later this month.
Mr Fang said his corporation was seeking to sell materials to the Taiwanese, and possibly buy some products from them.
He said CNNMIEC was considering building a warehouse in Taiwan to assist in the deal.
CNNMIEC is a wholly owned subsidiary of China National Non-ferrous Metals Industry Corp (CNNMIC).
Mr Fang, who is also general manager of CNNMIC, said CNNMIC's wholly owned subsidiary, Jinchuan Non-ferrous Metals, was seeking to acquire more shares in Paladin, in which Jinchuan already had a 30.1 per cent stake.
He said Jinchuan would also target shares in other Hongkong companies.
''Jinchuan is a well-run company which has made profits in the last 10 years. Its participation in Hongkong companies will be mutually beneficial,'' said Mr Fang.
Meanwhile, CNNMIEC's turnover was US$2 billion for 1992.
Export business had been hit by Japan's restrictions on the purity level of imported metals, said Mr Fang.
He expected the company to import more metal this year as coal mines in China had reduced production.
Of its 41 subsidiaries, three - in Anhui, Harbin and Mongolia - lost money last year.
China imported 200,000 tonnes of bronze and exported 160,000 tonnes last year. It produced between 500,000 and 600,000 tonnes.
Mr Fang was speaking at the ninth China Non-ferrous Metals Fair yesterday.
The fair attracted 88 representatives from 60 companies to see 1,000 exhibits.