Xiangguang Copper Co Ltd, China's biggest privately held copper smelter, has been accorded LME registration, becoming the first private Chinese copper producer listed on the world's largest and most well-known metals exchange market. Standard Bank Group (SBG) has sponsored the registration of Xiangguang's copper cathode with the LME, making it the eighth Chinese copper company registered on the LME.
The company's copper cathodes is now being traded under the symbol "XGC", which has been approved as a "Grade A" copper brand by the LME. The copper cathodes produced by Xiangguang adopt the most advanced technology in the production process -- double flashing furnace, which is the world's second and China's only copper smelter adopting this technology. The brand registration has enabled the company to deliver its premium copper products to LME warehouses around the world.
"We're delighted with this important step in our company's access to the international market by securing the LME registration, with the sponsorship of Standard Bank, whose team provided invaluable advice and facilitation throughout the process. Furthermore, this registration is an affirmation of Xiangguang's commitment to product quality and recognition of our company strength. The registration has delivered tangible change to our business in terms of increased liquidity and enhanced credibility," Zhiguang Liu, CEO of Xiangguang Copper, said.
"Standard Bank is always one of our closest and most important business partners. Currently we are trading with Standard Bank not only in Futures but also physical copper. The LME registration is a milestone of this partnership and will push it to a higher level. The successful LME registration is the result of a one-year long process which was initiated in July 2010, involving a disciplined review process by the LME board as well as repeated tests of the company's products by the world's top three manufacturers."
Xigang Zhao, Managing Director of Standard Resources (China) Ltd, said: "We believe the LME registration will help Xiangguang to further expand its international market position and deliver significant added value to its customers. We are delighted to be able to sponsor Xiangguang in this process, as we continue to assist more and more Chinese commodities players in participating in the global market through the LME."
Xiangguang Copper, located to the south of Shifo town, Yanggu County, Shandong Province, is a modernized and large-scale nonferrous smelter with an annual production of 400 000 tons of cathode copper. Its business focuses on the smelting and processing of nonferrous metals, alloys, gold and silver, and the production and distribution of sulfuric acid.
With offices in Beijing, Shanghai and Hong Kong, Standard Bank is a leading structured trade and commodity finance player in Asia. Standard Resources (China) Ltd is a commodity trading platform of Standard Bank Group in China. It is active in base metals, precious metals and other metal and mineral products and provides value added services to consumers, producers and traders.
Standard Bank Group facilitation of Woolworths' ground-breaking acquisition wins Deal of the Year ....
Standard Bank Arranges USD 1.25 Billion Eskom Bond Sale to International Investors