Privately-owned copper smelter Shandong Fangyuan in China plans to receive funding from state-owned Xiamen ITG. However, the details of the transaction were not disclosed.
The smelter’s potential capacity is 3pc of the world’s output in 2020, translating to 700,000mt per year. However, since 2019, the unit has run on low capacity citing liquidity issues.
The funding can improve Fangyuan’s consumption of raw materials like copper scrap and concentrate, media reports indicated on Friday.