Jiangxi Copper Holding 65% Of Guoxing Copper



Jiangxi Copper Holding 65% Of Guoxing Copper

Through centralized price bidding, Jiangxi Copper Company Limited bought shares of Yantai Guoxing Copper Co., Ltd. at listing price. After the completion of share transferring, Jiangxi Copper will join hands with Yantai Guofeng Investment Holdings Co., Ltd. to add the investment of RMB 1 billion in Guoxing Copper. Jiangxi Copper and Guofeng Company subscribe the newly-added capital by shareholding ratio (65%:35%). On the morning of Jan., 3, the both party gave a signing ceremony of jointly-established 180000-ton copper smelting project.

Guoxing Copper is a limited liability company registered in Yantai Economic Development Zone and is effective continuously. Guofeng Company holds its 100% shares while the shareholder and actual controller of Guofeng Company is Yantai SASAC(State-owned Assets Supervision and Administration Commission). In Nov., 2018, Guofeng Company listed 65% of Guoxing Copper shares in Yantai Joint Property Transaction Center for transferring, with listing price of RMB 325 million, and termination date was Dec., 27, 2018.

The project of energy saving, emission reduction, relocation and reconstruction of 180000-ton cathode copper of Guoxing Copper is the key project conducted by Yantai Guorun Copper Co., Ltd. to achieve “withdrawal from urban area and entering park” and upgrading of traditional industry. It is located in industrial park in development zone. Covering an area of 840 mu, it boasts an investment of RMB 2.5 billion. The project plans to achieve annual yield of 180000-ton cathode copper, 11.89-ton gold and 147.5-ton silver, with annual revenue of RMB 10 billion and profits and taxes of RMB 400 million. After the completion, it will be a new growth point in industrial cluster development oriented by “7+N” in Yantai.