Golden Dragon to set up a plant in Mexico

Golden Dragon Precise Copper Tube Group Inc, China's top precise copper tube producer, is to establish a plant in Mexico, it said yesterday.

The new plant, located in Mexico's Copper-rich Coahuila, has a designed capacity of 70,000 tonnes of precise copper tube. The first test production will be started by the end of this year, company president Li Changjie told reporters.

The plant, involving a cost up to US$ 80 million, will be funded by Standard Chartered, Goldman Sachs and Lehman Brothers.

The headquarter of Golden Dragon Group, located in Xinxiang, Henan Province, has established 10 subsidiaries in Shanghai, Shandong, Wuxi, Zhuhai and so on , as well as sales companies in the U.S., Japan, Europe and Hong Kong.

According to Li, Golden Dragon plans to list in Shanghai in 2009 with the aim to raise RMB 1.5 billion (about US$214.3 million).