Lihua International, a leading Chinese company dealing with development, design, and manufacture of high quality recycled to pure copper products, announced that production of copper anode has begun on its two newly-constructed smelters with initial pre-heating process completed on June 1, 2012.
The new smelters have enabled Lihua to increase production capacity of copper anode from 35,000 tons to 85,000 tons and the production of refined copper from 85,000 tons to 135,000 tons annually.
Jianhua Zhu, Chief Executive Officer and Chairman of Lihua, said that production using the newly acquired smelters is an important milestone for Lihua and an important progress for the copper industry in China. The increased capacity will help Lihua easily meet customers’ demands for copper products. He stated that further efforts are being made to use the remaining area of the 30-acre site, which will expand Lihua’s product portfolio, market competition and value proposition for shareholders, customers and partners.
Lihua has adhered to its 2012 full-year guidance, which proposes a gross profit of $93 to 96 million and non-GAAP net income of $61 to 64 million with a 23%-27% and 22%-28% year to year growth. The constant demand for copper alternative products in China, plus the extra production capacity, will ensure the company’s growth to a great extent.
Source: http://www.lihuaintl.com