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Mar
9
China’s Xiangguang Copper eyes CuDeco stake..
March 9, 2010 | Leave a Comment
BEIJING, March 10 – China’s Xiangguang Copper plans to buy 15 percent of a mine owned by Australian gold and copper miner CuDeco Ltd (CDU.AX) to bolster its raw material supplies, China Daily quoted the head of the Chinese firm as saying on Wednesday.
“We are interested in purchasing overseas resources to secure our material supplies and CuDeco could be a good option,” Xiangguang Copper President Liu Zhiguang told the paper.
It said the company wanted to buy 15 percent of the Rocklands mine in Queensland. CuDeco’s Chairman Wayne McCrae was quoted as saying the mine would have a 10-year exploration timeframe, annual production capacity of 3 million tonnes and annual revenue of about $960 million.
“The Xiangguang deal will help improve our finances, while the Chinese firm will get access to copper supplies,” McCrae said.
CuDeco’s shares were up 4.57 percent at A$4.35 by 0141 GMT.
CuDeco also said the company was in talks with Chinese iron ore trader Sinosteel for project financing estimated at around $100 million, the China Daily report said.
Xiangguang Copper is part of China’s Shandong Fengxiang Group, which mainly supplies chicken to global fast food chains.