Jiangxi Copper Corp., the largest copper producer in Mainland China, said it would establish a joint venture with the Jiangxi region branch of China’s largest oil refiner, China Petroleum & Chemical Corporation (Sinopec), to market oil products in China’s southeastern province.
The joint venture was described as a “win-win” for both companies, which will be 51% owned by Sinopec. The new company which will be called Jiangxi Copper Petrochemical Sales Co. will have a registered capital of RMB19 million (USD2.91 million), Reuters reported.
With headquarters in Nanchang, China, Jiangxi Copper has diversified its business from mineral resources development including copper, gold, silver, rare earth, lead and zinc to trade, financial, logistics field and technical support. It has built mining bases in China, Peru, Albania and Afghanistan.
In 2008, Jiangxi Copper Corp. listed in the Shanghai and Hong Kong stock exchanges. Jiangxi Copper Corp. is ranked as No. 339 among Fortune Global Top 500 in 2017, with sales revenues of USD31,679.8 million.