Poland copper and Minmetals sign 100,000-ton electrolytic copper supply agreement

November 5, KGHM Polish Copper Group (hereinafter called Copper) said in a press release that Polish copper has signed a total of 100,000 tons of electrolytic copper sales contracts with China Minmetals on November 3.　　The value of the 2011 Sales contract is about USD 424 million to $849 million, depending on the quantity purchased, the expected copper price and the exchange rate.　　Hebert Wirth, chairman of Bo Copper, said copper and Minmetals would continue to negotiate details for the next 6 years of the Electrolytic Copper supply program, which is expected to end in 2011.　　As the world's Nineth-largest copper producer, copper and Minmetals signed a strategic cooperation agreement in 2007, which plans to sell 450,000 tonnes of electrolytic copper to minmetals each year, accounting for 10% of its output, which has now risen to 20% per cent.　　Minmetals Group President Zhou Zhengji at the opening ceremony of Copper Shanghai subsidiary, said Minmetals in the 13 years of cooperation with the wave copper imports 600,000 tons of electrolytic copper, the total value of about 3 billion U.S. dollars, Jimbo copper Annual output of 20%. Minmetals and Copper Group signed this year's purchase contract in January 2010, with a total value of about USD 400 million.　　According to the Minmetals official website information, the group 2009 electrolytic Copper operating volume increased by 48% year-on-year. Bo Copper on October 30 in Shanghai set up a subsidiary Kegoham (Shanghai) Copper Trade Co., Ltd., registered capital of 500,000 U.S. dollars, plans to help copper wave further open the Chinese market.