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Ministry of Industry and Information Technology of the PRC ordered 19 industries to eliminate backward production capacity in 2013

industries to eliminate backward production capacity in 2013 Ministry of Industry and Information Technology of the PRC announced the list of the first batch of enterprises to eliminate backward production capacity on July 25. The list includes a total of 19 industries, e.g. iron smelting industry. Based on the statistical data in the list, the planned elimination of backward production capacity of copper (including recycled copper), electrolytic aluminum, lead (including recycled lead) and zinc (including recycled zinc) this year is 654.4kt, 260kt, 807kt and 146.2ktrespectively. The total backward production capacity to be eliminated is 1,867.6ktNote. Ministry of Industry and Information Technology of the PRC urged all relevant parties to take effective measures and strive to shut down the backward production capacities of the enterprises in the list and ensure their elimination before end of September. The backward production capacity should not be relocated to other regions.

For the non-ferrous metals listed in the elimination of backward production capacity, the percentages of the elimination of backward production capacity of copper and lead industries are relatively large, while those of aluminum and zinc industries are relatively small. This will be more conductive to changing the current oversupply situation of copper and lead. Although the elimination of backward production capacity does not necessarily mean an immediate decrease of actual production, for a medium-term basis, the supply of basic metal will decrease, which will help stabilize metal prices and improve the profitability of enterprises.

Note: The customers of China Polymetallic Mining Limited are not included in the list.

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