China's Tongling to buy into smelter for $65.7 mln

China's Tongling Nonferrous Metals 000630.SZ said on Wednesday it planned to buy a 51 percent stake in a copper smelter based in Inner Mongolia for 450 million yuan ($65.7 million).

Tongling, China's second-largest copper producer, said the purchase of Chifeng Jinjian Copper Co would increase the company's copper cathode output, helping expand its market share.

Jinjian can produce 80,000 tonnes of copper cathode a year, Tongling said in a statement.

China is now urging its biggest smelters buy out smaller rivals and consolidate the industry, a policy that has had more success for copper than for other metals.

The investment in Jinjian requires approval from Tongling's board of directors and shareholders. ($1=6.852 Yuan)

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