Jiangxi Copper Co. Ltd. (00358.HK) is planning to spend up to 1 billion yuan (US$161 million) on mergers and acquisitions this year, chairman Li Baomin said Wednesday.
The company has a war chest of 800 million yuan to 1 billion yuan to fund acquisition of new gold and copper sites. The spending is part of a 6.8 billion capital expenditure program this year, Li said
He expects copper prices to hit as much as 7,600 yuan per metric ton this year from 6,600 yuan.
Meanwhile, the company plans to produce 1.12 million metric tons of copper cathode, 25.4 tons of gold, 560 metric tons of silver and 2.95 million metric ton of sulphuric acid. The target is unchanged from last year
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