Yuguang plans new smelting lines, capacity expansion(附中文翻译)

屈联西

        Lead producer Henan Yuguang Gold & Lead Co Ltd (Yuguang), is expanding its output and launching two new smelting lines in China this year to capitalize on the global price rally for the metal.  

        Yang Anguo, chairman of Yuguang, told China Daily that the company would grow lead output by 17 percent this year to 350,000 tons.  

        The company is also bolstering its resource footprint and has initiated talks to acquire mining assets. "Hopefully, we will be able to close some of the deals soon," said Yang without giving any details.  

        Yuguang's lead smelting line in Central China's Henan province, with a production capacity of 80,000 tons, is expected to start trial production by April. Yuguang and Western Mining Co Ltd would set up the second smelting line in Northwest China's Qinghai province this year, with an estimated capacity of 100,000 tons.  

        The company's listed arm said in a recent regulatory filing it expects the parent firm to report a 50 percent growth in 2009 net profit to 61 million yuan.  

        Lead prices rose nearly 144 percent last year and rose from $1,000 to $2,440. Yang, however, prefers to remain subdued on the outlook for this year.  

        "Though we have abundant supplies, overseas demand is yet to pick up," said Yang.  

        "Lead prices, to a certain extent have been boosted by the weak dollar and excess liquidity. However, prices may fluctuate this year due to the uncertainties in macroeconomic policies," he said.  

        To hedge the risks of fluctuating lead prices, Yuguang is cautiously using financial derivatives like futures and options. "The position will not be more than 30 percent of our total resource demand," said Yang.  

        Besides price fluctuation, other challenges before the company are the shortage of raw lead ore, rising electricity prices and lead pollution.  

        Nearly one third of Yuguang's resource feed is from lead powder imports. "Our resource self-supply is weak and we have decided to acquire more resources this year," said Yang.  

        The company is also looking at recycled storage cells to augment resource supplies. Yuguang recycled 150,000 tons of storage cells and reclaimed 60,000 tons of lead in 2009. The recycling capacity will be doubled in 2010 and account for nearly 30 percent of the resource demand, said Yang.  

        The company is also seeking for government approval to buy electricity directly from power plants at discounted prices, said Yang.  

        To save energy and reduce pollution, Yuguang plans to close its obsolete smelting lines, which make up for nearly for 10 to 15 percent of the total production capacity, this year.

(China Daily 02/03/2010    中文翻译见后第二条跟帖)  

如媛

又是很多都看不懂了。加中文啊

屈联西

铅生产企业河南豫光金铅股份有限公司计划扩展其产量，将于今年内投产两条新的生产线.  
      豫光公司董事长，杨安国透露，今年产量将提高17%，达到35万吨。  
      该公司也向资源矿产方面扩展，杨总表示，“如果有可能的话，我们将停止一些业务。”  
     豫光的铅生产工厂位于中原地区河南省，可望于4月份投产年产量8万吨的生产线，进一步提高其产量。  
     今年豫光和西部矿业股份有限公司将联合在中国西北部即青海省建立一条生产线，年产量预计为10万吨。  
     其母公司2009年净利润上涨50%，达到6100万元。  
      去年铅价上涨了将近144%，从1000美元涨到2440美元。而杨总对今年行情表示不太看好。
杨总说：“尽管我们产量充足，但国外需求仍有待于提高。”“在一定程度上，对于美元走弱和流动性过剩，铅价的涨幅已经很高了。然而，由于宏观经济政策的不确定因素，价格起伏也是正常的。”  
      为有效规避价格风险，豫光利用了一些金融衍生产品如期货和期权。对此，杨总说：“我们将头寸控制在我们所需资源总量的30%以下。”  
      除了价格波动外，公司也面临着其他挑战如铅精矿的短缺、电价上涨和铅冶炼污染等问题。  
      豫光约三分之一的原料依靠进口，杨总说：“我们的矿山自给量很小，因此计划今年开发更多的资源。”  
      公司也在寻求以回收蓄电池来加大原料供应。2009年豫光回收蓄电池15万吨，合6万吨铅金属量。2010年再生铅产量就实现翻番，提高原料供应约30%.  
      此外，杨总表示，公司也在申请得到政府支持，从电厂直接购买电，以降低成本。  
      为节约能源、降低污染，豫光今年将关停其落后生产线，该生产线产量约占公司总产量的10-15%.  
      (中国日报02/03/2010        豫光进出口部  李嘉欣  翻译)