August 31 -- Yunnan Copper Industry (Yunnan Copper) (000878) clarified that it will not obtain two copper mines from parent company Yunnan Copper Industry Group this year, reports Shanghai Securities Daily.

The Lala copper mine belongs to Liangshan Mine Industry, with copper reserves of 141,000 tons. Yunnan Copper Industry Group holds a 40-percent stake in Liangshan Mine Industry, while Yunnan Copper and Sichuan Kangxi Copper Industry respectively hold 20 and 40 percent stakes, respectively. Liangshan Mine generated revenue of 1.71 billion yuan and net profit of 314 million yuan in the first half of 2011. The firm produced 11,536 tons of copper concentrate over the same period.

The Pulang copper mine belongs to Yunnan Diqing Non-Ferrous. Yunnan Copper Industry Group holds 70 percent stake in the latter firm, while Yunnan Gold Mine Group and Diqing Investment and Development respectively hold 20 and 10 percent stakes, respectively.

Source:capitalvue