Shares in Tongling Nonferrous Metals Group Co, China's biggest copper producer, jumped to a record in Shenzhen trading yesterday after announcing a share sale plan to fund purchases of miners and increase production.

 

Shares of the Anhui Province-based company rose 6.5 percent to close at 37.60 yuan (US$5), after surging as much as the daily maximum of 10 percent earlier.

 

Tongling plans to sell shares to buy from its parent a 35-percent holding in Xiamen Zijin Tongguan Investment Development Co, which holds 89.9 percent of Monterrico Metals Plc, a United Kingdo-based copper miner, the Chinese company said.

 

(Shanghai Daily October 20, 2007)