Shares in Tongling Nonferrous Metals Group Co, China's biggest
copper producer, jumped to a record in Shenzhen trading yesterday
after announcing a share sale plan to fund purchases of miners and
increase production.
Shares of the Anhui Province-based company rose 6.5 percent to
close at 37.60 yuan (US$5), after surging as much as the daily
maximum of 10 percent earlier.
Tongling plans to sell shares to buy from its parent a
35-percent holding in Xiamen Zijin Tongguan Investment Development
Co, which holds 89.9 percent of Monterrico Metals Plc, a United
Kingdo-based copper miner, the Chinese company said.
(Shanghai Daily October 20, 2007)
