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* Chinese copper producer had planned to process scrap inSabah
* Copper prices to stay high on strong China demand -chairman
* Firm's Guixi smelter still profitable at decade-lowTC/RCs- CFO
BEIJING, April 8 (Reuters) - China's Jiangxi Copper Cois not building or investing in apreviously planned project to make refined copper from scrap ineastern Malaysia, the company's chairman Zheng Gaoqing said onThursday.
Zheng's predecessor Long Ziping had said in 2019 thatJiangxi Copper wanted to build the processing plant in theMalaysian state of Sabah on the island of Borneo, for easyonward shipment to top copper consumer China, but there has beenno update on the scheme since. [https://bit.ly/3s4oUj0]
Asked about its status in an online Q&A for investors, Zhengsaid Jiangxi Copper "is not building a copper recycling plant"in Sabah.
He did not provide a reason for the move, although a sourcewith knowledge of the matter said the project was cancelledbecause Malaysia was following China in only allowinghigh-quality scrap imports, making the idea of processinglow-grade scrap in Sabah impossible.
Meanwhile, Jiangxi Copper's raw material procurementchannels will be expanded based on the market situation, amidtight copper concentrate supply, Chief Financial Officer Yu Tongsaid.
The company's main Guixi smelter is still profitable atdecade-low treatment and refining charges (TC/RCs), which arepaid to smelters to process copper concentrate into refinedmetal, he added, with production costs falling year after year.
Spot treatment charges in China <AM-CN-CUCONC> are currentlyaround $30 a tonne. REUTERS