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China publishes revitalisation plan for metals

Mon May 11, 2009 1:33am EDT

BEIJING, May 11 (Reuters) - China will restrict new aluminium projects for three years and push for consolidation of base metals production, the State Council said on Monday, as it published a plan to revitalise the sector.

The plan, a draft of which was published in February, will seek to have 3-5 big firms by 2011, with the top 10 firms controlling 90 percent of copper production by 2011, 70 percent of aluminium, 60 percent of lead and 60 percent of zinc.

The State Council, China's cabinet, also said it would examine the case for further tax changes and more state stockpiling of base metals. It also confirmed targets to close outdated production capacity. [nPEK316487]

((tom.miles@reuters.com; +86 10 6627-1200; Reuters Messaging: tom.miles.reuters.com@reuters.net))

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