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China to push consolidation in non ferrous sector

Shanghai Securities News reported, citing unidentified sources that China will encourage consolidation among its non-ferrous metal industry, part of a series of measures to help a slowing economy. The newspaper said China expects to see three to five major non-ferrous metal groups that will account for 90%, 70% and 60% respectively, of the country's production of copper, aluminum and zinc by 2011. It said the government will encourage restructuring among major copper makers such as Aluminum Corp of China Ltd, Jiangxi Copper, Tongling Nonferrous 000630.SZ and Jinchuan Group Ltd. The article said Chalco is also expected to play a leading role in the consolidation among aluminum makers, while the government encourages Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ, Guangxi Nonferrous Group, Yunnan Metallurgical Group Co and Hunan Nonferrous Metals Holding Group Co to develop into major metal groups through acquisitions. It said the energy and real estate industries will not be included in the government's stimulus measures.

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