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Yunan Province Launches a Series of Measures to Promote Economic Development

        A fresh stockpiling plan, led by the provincial and municipal governments, has been launched in Yunnan province recently. The plan targeted to stockpile major metals including copper, zinc and aluminium, as well as other minor metals including germanium and indium etc, from several listed companies in Yunnan province. The stockpiling plan included 300,000 tonnes of metals in total, including 200,000 tonnes of aluminium, 20,000 tonnes of copper and 50,000 tonnes of zinc. The plan was launched in September and would continue until the end of the year. Participating enterprises included Yunnan Chihong Zinc and Germanium Company Limited, Yunnan Luoping Zinc & Electricity Co., Ltd. and Yunnan Xiangyun Feilong Nonferrous Metal Company. In addition, tariff preferential policies have also been launched in Yunnan province, with an aim to encourage local development. Under the plan, participating enterprises would be able to draw subsidised loans from banks using their stocks as collateral. The government would help to repay the interest on bank loans while the enterprise itself would have to bear the risk of price fluctuation. Commodities would still belong to the participating enterprises upon the stockpiling period.

        Market sentiment of zinc industry was weak this year and smelters were facing various challenges. Domestic production volume of zinc ingots posted negative growth. In which, production volume of zinc ingots in Yunnan declined 9.12% y-o-y to 456,400 tonnes in the first eight months this year. This interest subsidy plan is designed to help smelters to lower their cost of financing so as to provide them with more liquidity. It is expected that, production of zinc ingots in Yunnan province will be improved upon the implementation of the plan, thus supporting the Group as well as other upstream enterprises which produce zinc concentrates.

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