China’s Jiangxi Copper reports lower sales

Jiangxi Copper Company Limited, one of China’s largest metal producers, reported a sales revenue of 201 billion yuan ($30.6 billion) in 2015, down three percent year on year, Xinhua quoted a company executive as saying.

Even this reduced revenue is seen as an achievement given copper prices fell by around 27.5 percent in 2015, said Long Ziping, general manager of the company.

He said the company paid 4.1 billion yuan as taxes in 2015, down 46 percent, but gave no explanation for the drastic decline.

The company will look for international resource program for acquisition and boost its overseas sales in 2016, Long said.

Ten leading Chinese copper producers, including Jiangxi Copper, announced in December that they will reduce refined copper output in 2016 by 350,000 tonnes, about five percent of China’s annual production to reduce overcapacity in the struggling non-ferrous metal industry.

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