China – Leading Chinese copper recycler and manufacturer Lihua has broken ground on its second red metal recycling hub following acquisition of land use rights from Jiangsu’s provincial government.
The company’s Chairman and CEO Jianhua Zhu says: ‘Similar to our current facility, this new facility is designed and constructed to meet the most stringent environmental standards, and includes a smoke collection system to filter the exhaust, as well as a water collection system which allows Lihua to recycle the water used for the cooling of molten copper, in addition to a variety of other technologies.’ The new recycling and smelting facility, which is expected to become operational during the second half of 2011, is being built on approximately 30 acres of land adjacent to Lihua’s existing recycling set-up in Danyang, China. Based on the company’s construction plan, the facility will initially house two smelters and will increase Lihua’s annual refined copper production capacity to 100 000 tonnes from around 50 000 tonnes at present. Total costs associated with the new facility – including the acquisition of 50-year land use rights, construction and equipment – are expected to total US$ 35-40 million. The construction and all associated costs will be fully funded from Lihua’s cash on hand which totalled US$ 87 million as of June 30 2010.
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