Anhui Tongling Invests 1 Billion Yuan to Set up “Copper Industry Fund”

On September 12, the signing ceremony for“Anhui Copper Industry Fund” set up by Anhui Tongling Development & Investment Group Co., Ltd. and Shanghai V. Stone Investment Management Co., Ltd. was held in Tongling.The fund is 1 billion yuan.

At the ceremony, Hou Ximin, Mayor of Tongling, noted that “Anhui Copper Industry Fund” would further promote Tongling’s copper industry. In Hou’s view, this time the agreement between Shanghai V. Stone Investment Management Co., Ltd. and Tongling Development & Investment Group Co., Ltd. is the product of sincere cooperation between the two sides as they accurately grasp the national industry policy and exert their respective advantages. Not only is the project of great significance to promoting the optimization and upgrade of industrial structure in Tongling, it also holds profound impact on fostering copperbased new products with proprietary intellectual property, addressing the heavy reliance on imports for high-end copper-based electronic materials and building a complete industry chain with international competitiveness.

According to Zhang Guoyi, Vice Mayor of Tongling, the fund involved in the agreement is 1 billion yuan, with Shanghai V. Stone Investment Management Co., Ltd. contributing 75%and Tongling Development & Investment Group Co., Ltd. 25%. 60% of the money will be invested in Tongling’s copper and copperbased new material industries. Meanwhile, new energy, new materials, energy and environmental conservation and modern industries are also fields that attract attention from the fund.

It is learned that in February this year Tongling Municipality formulated the 12th five-year Development Plan of Tongling Municipality for the Copper-based New Materials Industry,specifying the goals and emphasis of developing the copper-based new material industry.During the 12th Five-year Plan period,Tongling will invest more than 60 billion yuan in the R&D of copper-based new materials and node projects. By 2015, it strives to achieve annual sales revenue of more than 80 billion yuan from copper-based new material, annual sales revenue of 100 billion yuan from copper processing, bringing the total sales revenue to 200 billion yuan annually from copper, and forming an influential pillar industry in the country.