Jiangxi Copper to increase production after snow storm

Jiangxi Copper Co Ltd<600362><358>, China's second- largest producer of the metal, will speed up smelting to redeem lost output caused by the harshest winter weather in five decades, according to its chairman, Li Yihuang.

Li said the full-year target was set to produce up to 700,000 tons of copper, up 26% from the previous year, to satisfy the surging demand in the world's largest copper consumer.

The snow crisis in South China was estimated to have reduced production of refined copper by as much as 40,000 tons. Jiangxi Copper has forced to cut smelting capacity and close several mines last month due to a lack of power and transportation delays of raw materials.

In 2007, China totally consumed 4.56 million tons copper, accounting for 25.2% of the global consumption.