Lihua starts production on new copper anode smelters
Lihua International, Inc., a Chinese developer, designer and manufacturer of pure copper product alternatives such as refined copper products, superfine and magnet wire, as well as copper clad aluminum wire, has disclosed that the company completed pre-heating and began producing copper anode on its two newly-constructed smelters. With these smelters on-line, Lihua has increased copper anode production capacity from 35,000 tons to 85,000 tons per year. Total refined copper production capacity has increased from 85,000 tons to 135,000 tons annually.
Additionally, the company has reiterated its full-year 2012 guidance, which calls for gross profit to be between $93 to $96 million, and non-GAAP net income between $61 to $64 million, representing year-over-year growth of 23 to 27 percent and 22 to 28 percent respectively. The company expects that 2012 growth will be largely the result of the additional refined copper production capacity and continued strong demand in China for recycled copper and copper alternative products in end markets that include household appliances, consumer white goods and infrastructure.