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A joint venture between Hong Kong Huakun International and Zhejiang Tangmen Metal Structure will invest RMB300M to fully commission a 100,000t/y copper plate and 50,000t/y copper foil production facility. The operation will be based in Fuzhou Jinchao Economic Development Zone and is anticipated to come on-stream 2 years after the September 2012 start-of-construction date.

An opening ceremony was held to mark an agreement to build a new 150,000t/y copper semis facility in the Jinchao Economic and Development Zone, Fuzhou City, Jiangxi Province. Construction is expected to commence this month, in September 2012. The operation, which is a joint venture between Hong Kong Huakun International Co. Ltd. and Zheiang Tangmen Metal Structure Co. Ltd., will be capable of producing 100,000t/y of copper flat rolled products and 50,000t/y of copper foil.

The Chinese government announced that it will terminate its old-for-new home appliances subsidy scheme on 31st December 2011. The subsidy, which was introduced on 1st June, provides consumers in Beijing, Shanghai, Tianjin, Fuzhou, Changsha and the provinces of Jiangsu, Zhejiang, Shandong, and Guangdong with a 10% discount on a selected group of appliances. These include televisions, refrigerators, washing machines, air-conditioners and computers. All of these appliances are major end use segments for copper semis products.